Quote of the Week
Robert Shrimsley on the rise of the Eurotechnocrat after Lucas Papademos, a former vice-president of the European Central Bank, was appointed Greece’s new Prime Minster, whilst in Italy, Mario Monti, another economist and a former EU Commissioner, is forming a new parliament:
“If ever modern Europe needed brave, charismatic leaders to carry their nation through turbulent times, it would seem to be now. Instead, it is as if the crew of the Starship Enterprise had concluded that Captain Jean-Luc Picard is no longer the man for the job and that it is time to send for the Borg. Efficient, calculating machines driving through unpopular measures across the eurozone with the battle cry ‘resistance is futile’ are apparently the order of the day. Faced with a deep crisis, once-proud European nations are essentially preparing to hand over power to Ernst & Young.”
Clip of the Week
Rick Perry Memory Lapse
If you have a three point plan its important to remember the third point! Texan Governor Rick Perry, a Republican Presidential candidate, fluffs his arguments during a key moment in a debate in Michigan last week.
RSM Tenon are conducting a survey in the Hospitality and Leisure sector, which aims to provide a regular barometer of London’s hospitality and leisure businesses, assessing the sector’s confidence and outlook. This is the first of a regular quarterly barometer.
The survey should only take 5 minutes of your time and your answers will be kept completely anonymous. The deadline for submission is Wednesday, 30th of November.
To complete the survey, please click here
All participating companies will receive a complimentary copy of the final results, shortly before publication. If you require more information please contact Ashleigh Halliday at email@example.com
Article of the Week
The news that Bill Toner is out of retirement has caused great interest. One of the most accomplished leaders of the past 15 years, Bill has proven that he is able to deliver real transformation in business, and as chief executive of Host Contract Management many expect the business to flourish. So has he changed during his time away? And will two such natural leaders in Bill and Jerry Brand (founder of Host) be able to work together effectively? https://www.epinsights.co.uk/back-into-the-fray/
From the business news this week
Further rises in unemployment ‘inevitable’
The jobs market is facing a “slow, painful contraction”, with firms scaling back decisions on whether to recruit more staff against a background of global economic “turmoil”, a new report has warned
- The quarterly poll of more than 1,000 private, public and voluntary organisations by the Chartered Institute of Personnel and Development (CIPD) showed that employers in all three sectors intended to add fewer jobs but also make fewer cuts than in recent quarters.
- “Many firms appear to be locked in ‘wait and see’ mode, with some companies scaling back on all employment decisions against a backdrop of increasing uncertainty as a result of the euro zone crisis and wider global economic turmoil,” said Gerwyn Davies, public policy adviser at the CIPD.
- The CIPD net employment index – which measures the difference between the share of employers that intend to increase their workforce and those that plan to shrink it – fell to -3 from -1 for the third quarter.
- That is equal to the reading for the first quarter, which was the lowest since the first three months of 2010.
- “Recruitment intentions are falling, which will make further rises in unemployment therefore seem inevitable,” Davies said.
- Longer-term outlook was not much better, with the equivalent 12-month index coming in at -2, although that was well above the -6 reading recorded in the previous survey.
- “There is no immediate sign of UK labour market conditions improving in the short or medium term,” Davies commented.
- The government has banked heavily on the private sector to create new jobs as public spending cuts are kicking in. However, unemployment in Britain jumped to its highest rate since 1996 in the three months to August.
OECD warns that global economy is slowing
The Organisation for Economic Co-operation and Development (OECD) says that every economy it monitors suffered a slowdown during September
- The OECD’s leading indicators index for the month is designed to highlight turning points in economic activity.
- The data showed growth slowing in all OECD countries and major developing economies monitored by the group.
- The OECD represents developed economies including the US, UK and Japan.
- The index tracks economic growth relative to the long-term trend for individual economies.
- Japan, Russia and the US saw their economies reverting to trend.
- However, Canada, France, Germany, Italy, the UK, Brazil, China, India and the euro area appeared to be falling below their long-term trend.
- In September, the OECD said it expected GDP to slow around the world.
- The OECD expects 0.3% growth in the UK in the last three months of the year, but said the economy could contract by as much as 1%, amid high uncertainty over its projections.
- It predicted the Group of Seven largest economies would grow by just 0.2%, while Germany could be most affected by a downturn in global trade.
- It estimated the German economy would contract by 1.4% in the last quarter of 2011.