Friday, December 7, 2012

Chris Brown Tweets Again, Promises "Fresh Start"

Source: http://www.thehollywoodgossip.com/2012/12/chris-brown-tweets-again-promises-fresh-start/

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iPad mini vs. Nexus 7: The debate"

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Friday Highlights: NBC posts the full interview with Tim Cook; transcripts available at the Los Angeles Times, 9 to 5 Mac; Cook says the television is of intense interest to the company, tells Brian Williams no one should bet against Apple, Forbes' Anthony Kosner suggests though, that Cook mutes the real issues, while fellow Forbes writer Connie Guglielmo has ten follow up questions for Cook; the Associated Press says Apple's "softer side" is emerging; from the Albany Times Union comes word of top-secret talks that Apple, chip suppliers are looking to area for chip factory; WSJ on Apple's power within; MacStories maps out Apple's retail expansion; Judge Koh says Apple/Samsung spat feels like she's in Groundhog Day; Jonny Evans doesn't see a realistic scenario where the two companies will have patent peace; Horace Dediu on "the real threat" posed to Apple by Samsung; there is a hint in Microsoft's Hotmail-to-outlook.com push that a Mac client is in the works; whether Tim Cook's USA manufacturing comments are symbolic or not, hope is that other companies will step up and make it happen; Chuck Jones at Forbes analyzes Chitika's November report comparing iPad ad impressions against unit market share; Pepsi promo launched, to use Passbook; where do Apple's glass projects go from here?; if you were hoping your new 27" iMac would be under your Christmas tree, unfortunately you'll have to wait until January; the 21.5" model reviewed at Macworld, and Ars Technica which says the new box has taken two steps forward, but one back; PC Advisor reviews the 13" MacBook Pro; do you find reading text a little difficult on your iPad mini?; CNET's Maggie Reardon on whether malware should factor into the iPhone vs. Android debate; and Macworld's Chris Breen and Melissa Perenson debate iPad mini versus the Nexus 7.

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  • "Live stream: Brian Williams & The Verge editor Joshua Topolsky answer questions about Tim Cook interview"?NBC News?7:57 AM
  • "Apple move excites Elk Grove: It was a source of community pride ? the first candy-colored iMac computers, the ones that fueled Apple's comeback in the late 1990s, were assembled at the company's Elk Grove campus."?Sacramento Bee?8:04 AM
  • "'Made in USA' not just Apple: Apple's announcement that it will shift some of its production back to the United States hopefully will encourage other companies to follow suit, manufacturing industry insiders said: even if Apple's move is mostly a symbolic step."?Fortune Small Business?9:38 AM
  • "Apple's iPad Ad Impressions vs. Unit Market Share"?Forbes?9:21 AM
  • "Amazon, Samsung, Google tablets are 'credible competition' to the iPad: report"?ZDNet?10:23 AM
  • "Scalpers Lay Seige to iPad Mini Launch in Beijing"?WSJ Blogs?8:27 AM
  • "Turnout for Apple's iPad mini in mainland China is minimal"?Fortune?8:17 AM
  • "China's mini Apple takes slice of smartphone pie"?Reuters?8:21 AM
  • "Video: Apple's iPhone 5 draws crowds in Samsung's home turf"?Fortune?10:56 AM
  • "Apple Brings iPad Mini to India"?WSJ Blogs?8:19 AM
  • "iPad mini and iPad 4 Goes on Sale in Malaysia Today"?VernonChan?10:57 AM
  • "Without iPhone, Japan's biggest mobile carrier is losing subscribers at a record rate"?VentureBeat?8:03 AM
  • "China's mini Apple takes slice of smartphone pie"?Reuters?8:57 AM
  • "Mobile developers: this is how you get 500,000 installs in one day"?VentureBeat?12:24 PM
  • "Apple's Jony Ive supports UK design industry as they tell Michael Gove to put design into the EBacc: Apple's design chief signed a letter to education minister asking him to reconsider omission of art and design in the EBacc qualification"?Digital Arts?12:29 PM
  • "iPads Continue To Vanish At The Airport Thanks To Thieving TSA Officers"?Cult of Mac?8:58 AM
  • "Pepsi Launches Promo With Apple's Passbook"?Mashable?8:11 AM
Non-Apple News
  • "Make IT Better: Every pupil should have the chance to code, says Raspberry Pi creator"?V3?12:29 PM
  • "RIM touts importance of 4G to BlackBerry 10 success"?V3?12:28 PM
  • "Sony silently surprises with web-based digital store"?TG Daily?12:09 PM
  • "These contact lenses have embedded LCD displays"?TG Daily?12:09 PM
  • "A Personal Assistant Created from the Crowd by Smart Software"?Technology Review?12:03 PM
  • "Samsung's New Premium Suite Update Brings Split-Screen Multitasking To The Galaxy S III"?TechCrunch?12:02 PM
  • "PayPal phishing scams ramp up for holidays"?CSO?11:27 AM
  • "Cablevision Increasing Broadband Prices by $5 Per Month"?PC Magazine?11:22 AM
  • "Go Phishing: Rapid7 Lets Companies Test Their Own Networks"?CRN?10:11 AM
  • "Kindle Fire Family Now Available at GameStop"?PC Magazine?11:22 AM
  • "Kindle Fire line builds its voice and touch accessibility skills: Amazon is expanding support for two important accessibility features to its entire Kindle Fire tablet series."?CNET News?9:48 AM
  • "YouTube Makeover Offers Larger Videos"?Webmonkey?12:36 PM
  • "YouTube redesigns again, tightens focus on channels"?Washington Post [Free Registration Required]?12:33 PM
  • "Google Kills Free Google Apps For Business, Now Only Offering Premium Paid Version To Companies Of All Sizes"?TechCrunch?12:03 PM
  • "Google to start charging small businesses for Google Apps: The company has done away with a free version available to firms with 10 or fewer users, but private users are still free"?IDG News Service?10:13 AM
Publications/Podcasts
  • "Gene Steinberg meets Kirk McElhearn, Macworld's 'iTunes Guy,' and best-selling author Bob 'Dr. Mac' LeVitus this week on The Tech Night Owl LIVE!"?The Tech Night Owl LIVE?11:08 AM
  • "Podcast: Tim Cook, GTA Vice City, T-Mobile, iPhone sans contract, Eneloop Batteries"?Insanely Great Mac?8:05 AM

Deal Brothers Daily Deal: Zombie 3 Day Survival / Disaster Preparedness Kit: $35 bucks (Updated)


  • "Why I'm writing on the iPad"?Macworld?1:25 PM
  • "Apple's Bad Omen From Losing To Nokia In China"?Forbes?12:30 PM
  • "Apple's bringing some manufacturing back to the U.S. But is it just a stunt?"?VentureBeat?9:06 AM
  • "iPad 5: release date, specs, price, news and rumours"?T3?9:02 AM
  • "Would You Pay More For A 'Made In The U.S.A.' Mac?"?Forbes?8:27 AM
  • "One future of Apple's US manufacturing, as suggested by the fantasy assembly line Steve Jobs built at NeXT in the 1980s"?Quartz?8:17 AM
  • "10 Follow Up Questions For Apple CEO Tim Cook, If You Please"?Forbes?10:56 AM
  • "'Post-PC' is more than just marketing buzz for Apple CEO Tim Cook"?BGR?10:20 AM
  • "Apple CEO Tim Cook to Brian Williams: 'Don't bet against us.'/NBC interview offers a few frank quotes from Cook about Apple and Steve Jobs."?Ars Technica?11:34 AM
  • "Quotations from CEO Cook"?Fortune?8:52 AM
  • "Analyst: Apple's Television is Coming, Just not Yet"?The Mac Observer?12:23 PM
  • "Excited About Apple TV? Don't Watch This Video"?AllThingsD?8:50 AM
  • "Apple sees TV 'as a market that's been left behind'"?GigaOM?8:24 AM
  • "Has Apple gone soft? Tim Cook, say it ain't so: Bloomberg Businessweek suggests that with recent corporate expressions such as moving some Mac production to the U.S., Apple is showing its 'softer side.' Oh, really?"?CNET News?8:16 AM
  • "Tim Cook tells Brian Williams that 'TV has been left behind'"?The Verge?8:05 AM
  • "Apple CEO Tim Cook Goes Public To Reveal More Of What Makes Apple Tick"?PixoBebo?8:03 AM
  • "Modern Combat 4 for iPad, iPhone: The Reviews Are In"?Tapscape?8:01 AM
Non-Apple
  • "So this is how it ends: DARPA demos a flying drone with a 6-foot claw (Video)"?Engadget?1:25 PM
  • "Why Amazon's Cloud Business Is Like Kindle Sales"?InformationWeek?1:17 PM
  • "Want to see what the first GamePad looked like?"?CNET News?1:13 PM
  • "McAfee's wild and crazy ride leads back to Belize"?MarketWatch?1:03 PM
  • "RIM BlackBerry 10: Initial Impressions Positive"?TheStreet?1:00 PM
  • "15 holiday gamer geek gifts" [Slideshow]?ZDNet?12:45 PM
  • "My Nexus S can't keep up with Android's pace, but I'm (mostly) not bitter"?ZDNet?12:44 PM
  • "Inside ARM: The British success story taking the chip world by storm"?ZDNet?12:44 PM
  • "Your Own Private Google: The Quest for an Open Source Search Engine"?Wired Magazine?12:35 PM
  • "Christmas tablet frenzy to shake up corporate IT in 2013"?V3?12:29 PM
  • "Developers Will Love This: Facebook Now Auto-Generates Documentation From Source Code"?TechCrunch?12:01 PM
  • "Carrier Wi-Fi, optical net markets are booming"?EE Times?11:36 AM
  • "10 gifts for obscenely wealthy PC fanatics" [Slideshow]?PCWorld?11:23 AM
  • "Triumph and disaster: Two migrations to OpenOffice/Two cities dumped Microsoft Office for OpenOffice, with vastly different results. Here's what went right -- and terribly wrong"?InfoWorld?10:52 AM
  • "GameStop: Can it brave the digital storm?"?Fortune?10:44 AM
  • "US video game sales 'dip' despite mega-launches"?BBC?10:00 AM
  • "T-Mobile Ending Phone Subsidies: A Victory For Transparency"?BYTE?9:54 AM
  • "My Best Tech Gift Ever: A 133MHz IBM PC 350"?CNET News?9:48 AM
  • "CarryAlongs Dominate, Enterprise Struggles and Hacktivists Rule in 2013"?AllThingsD?9:34 AM
  • "Tech Guru Mark Anderson's Top 10 Predictions For 2013"?Forbes?9:30 AM
  • "Reality Absorption Field: The one-two punch (minus the two)"?TUAW?7:58 AM
Humor/Cartoons
  • "Can HP and Dell Duplicate IBM's Success?"?TheStreet?9:03 AM
  • "IBM Draws Flak for Change to 401(k) Plan"?Bloomberg?9:28 AM
  • "IBM Shakes-Up 401(k) Benefit Policy Payment Terms" [Video Report]?Bloomberg?9:29 AM
  • "IBM Launches Cloud Docs; Eyes Google, Microsoft: IBM gets serious about becoming a player in end-user cloud services for the enterprise."?InformationWeek?10:48 AM
  • "IBM adds collaboration tools to SmartCloud"?V3?12:28 PM
  • "Goldman Sachs: Microsoft has gone from 97% of computing market to 20%"?Seattle Times?11:35 AM
  • "China Unicom, Microsoft Forge Alliance To Boost Windows Phone Sales In China"?TechCrunch?12:02 PM
  • "Microsoft to release 'critical' Windows 8, IE10 patches"?ZDNet?12:44 PM
  • "Windows 8, RT to receive more critical patches next Tuesday"?CNET News?9:47 AM
  • "Microsoft to push Surface tablets through retailers in two-phase rollout?"?ZDNet?12:43 PM
  • "Surface tablets may be heading to retailers soon: Redmond is set to begin selling its Surface RT devices through non-Microsoft retail stores in two phases, a source tells one Windows watcher."?CNET News?1:13 PM
  • "Microsoft pulls the plug on its Silverlight.Net site"?ZDNet?12:44 PM
  • "Xbox 360 outshines Wii U in November, NPD says"?CNET News?9:47 AM
  • "2 Emerging Markets HP Should Enter to Turn Itself Around"?CIO?11:27 AM
  • "Dell storage boss Topgun Thomas leaves 'to pursue a new opportunity': Darren Thomas, head of Dell's Storage Group, is leaving the company, following several quarters of declining revenue and an influx of new executive blood into Dell."?The Register?12:23 PM
  • "AMD Cuts Chip Orders From Globalfoundries Amid PC Slump"?Bloomberg?9:24 AM
  • "AMD slashes chip orders as PC market slumps: The company has reduced orders to contract chip maker GlobalFoundries in the current quarter from $500 million down to $115 million"?IDG News Service?10:56 AM
  • "Intel upping Atom ante"?EE Times?10:23 AM
  • "Intel releases open source GraphBuilder for big data"?V3?12:28 PM
  • "Intel says it remains committed to user-replaceable CPUs for 'foreseeable future'"?ZDNet?12:44 PM
  • "Cisco's Chambers Affirms Revenue Target Amid Expansion"?Bloomberg?9:26 AM
  • "Cisco's Chambers: Here's How We've Outgunned Our Competitors"?CRN?10:11 AM
  • "Cisco's mid-term growth strategy betting on IT software, security"?ZDNet?12:43 PM
  • "Cisco bets on software and services for mid-term growth"?Reuters?1:06 PM
  • "Cisco CEO sees tech services driving steady growth"?MarketWatch?1:04 PM
  • "Cisco to 'Bring Sex' to Marketing Campaign"?TheStreet?12:59 PM
  • "FAA urged to allow portable devices during takeoff"?TG Daily?12:08 PM
  • "The UN's Internet power grab: An FAQ/What it is, what it isn't, and how it will affect you."?PCWorld?11:27 AM
  • "Silicon Valley Needs To Get Out More: The next great technology problems to solve are out there in rail yards, power plants and farm fields. If Silicon Valley is going to drive this 'Internet of things,' it needs to build closer ties with companies in established industries."?InformationWeek?9:53 AM
  • "The grinch who stole IT's Christmas: Bad news about IT wages and bonuses, as well as job pressures from offshoring and shift to the cloud, dampen holiday cheer"?InfoWorld?10:54 AM
  • "Why the desktop PC may see a comeback in the mobile era"?InfoWorld?10:54 AM
? ?

Source: http://www.macsurfer.com/redirr.php?u=745846

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Thursday, December 6, 2012

Kids May Be at Slightly Higher Asthma Risk If Parents Had Infertility ...

ASTHMA Kids May Be at Slightly Higher Asthma Risk If Parents Had Infertility Treatments
By Steven Reinberg
HealthDay Reporter

THURSDAY, Dec. 6 (HealthDay News) ? Children born after in vitro fertilization are more likely to have asthma, according to a new British study.

Experts say, however, that parents shouldn?t be overly concerned about the new findings, and point out that the risk isn?t much higher than in other children.

?This is not a thing to worry about,? said Dr. David Cohen, chief of reproductive medicine and an associate professor of obstetrics and gynecology at University of Chicago. ?The incidence is really small.?

?I never really imagined such an association,? added Cohen, who was not part of the study. ?Association is not the same thing as causation ? and I wonder about the biological possibility.?

The report was published in the Dec. 6 online edition of Human Reproduction.

Lead study author Claire Carson, a researcher at the National Perinatal Epidemiology Unit at the University of Oxford, put the asthma-IVF association into context.

?We think it is important to note that, in absolute terms, the difference in asthma prevalence in [assisted reproductive technologies] children is quite small ? 24 percent of [assisted reproductive technologies] children in our study were asthmatic, compared to a national average of one in five in the U.K.,? Carson said. ?It is also important to remember that asthma is a manageable condition for most children, and that it should not prevent them from living a full and active life.?

For the study, Carson?s team analyzed data on almost 19,000 children born between 2000 and 2002 who took part in a large observational study.

The researchers found that, at age 5, the children born using any fertility treatments, including drugs to induce ovulation, were 39 percent more likely to develop asthma, 27 percent more likely to develop wheezing and almost twice as likely to be taking asthma medications than children born without fertility assistance.

Children born after in vitro fertilization or intracytoplasmic sperm injection had a nearly three-fold increased risk of asthma, almost a doubled risk of wheezing and more than a quadrupled risk of taking asthma medications, compared to others in the study.

These findings held when the children reached age 7, although they were slightly reduced, the researchers noted.

To assure the strength of their findings, the researchers took into account the mothers? history of asthma, smoking status, weight, socioeconomic status, and whether they had pets, as well as the babies? gestational age at delivery, type of delivery and whether they were breast-fed.

Many possible explanations could account for the observed association between infertility problems and asthma, the researchers said. These include the severity of the infertility, infertility treatment, over-reporting of asthmatic symptoms by protective parents or other factors.

?This work adds to a small but growing body of evidence that suggests that children born after [assisted reproductive technologies] are more likely to experience childhood asthma,? Carson said. ?However, at this time we do not yet know if the observed association is causal, or the mechanism by which it acts. Further research is needed to establish what might be causing the association.?

More information

To learn more about in vitro fertilization, visit the American Pregnancy Association.

SOURCES: Claire Carson, researcher, National Perinatal Epidemiology Unit, University of Oxford, England: David Cohen, M.D., chief, reproductive medicine, and associate professor, obstetrics and gynecology, University of Chicago; Dec. 6, 2012, Human Reproduction, online

Last Updated: Dec. 06, 2012

Copyright ? 2012 HealthDay. All rights reserved.

HEALTHDAY Web XSmall Kids May Be at Slightly Higher Asthma Risk If Parents Had Infertility Treatments

Source: http://news.health.com/2012/12/06/kids-may-be-at-slightly-higher-asthma-risk-if-parents-had-infertility-treatments/

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Citigroup cutting 11,000 jobs, taking $1 billion in charges

REUTERS - Citigroup Inc (NYS:C), which has lagged behind its peers in recovering from the financial crisis, said it is cutting 11,000 jobs worldwide, about 4 percent of its staff, to save as much as $1.1 billion a year in expenses.

The move will initially result in pre-tax charges of $1 billion against fourth-quarter earnings, the bank said on Wednesday.

The cuts are Chief Executive Michael Corbat's first major steps to reorganize the company since he took the reins in October after directors pushed out his predecessor, Vikram Pandit.

"We have identified areas and products where our scale does not provide for meaningful returns," Corbat said in a statement issued by the company. "We will further increase our operating efficiency by reducing excess capacity and expenses."

The job cuts are part of a reorganization that will reduce annual revenues by "less than $300 million," the statement said.

Citigroup shares rose nearly 4 percent to $35.62 in New York Stock Exchange trading shortly after the enouncement.

Analysts have expected action of this sort since Corbat was introduced as CEO by Chairman Michael O'Neill. O'Neill is known in the banking industry for shrinking companies to eliminate businesses that are not earning satisfactory returns.

The job cuts announcement came a few hours before Citigroup Chief Financial Officer John Gerspach was scheduled to speak at midday at a major conference of institutional investors.

About 35 percent of the fourth-quarter restructuring charges will be taken in the global consumer banking unit, where 6,200 jobs will be cut, the bank said. About 40 percent of those layoffs will be in technology and operations support areas.

The bank expects to sell or scale back consumer operations in Pakistan, Paraguay, Romania and Uruguay. As it continues to focus on 150 high-growth markets, it plans to shed 84 branches in five countries, more than half of them in the United States.

After the restructuring, the bank will have 4,000 branches around the world.

When the company changed CEOs, O'Neill said executives would continue Citigroup's strategy of paring back to operate core businesses more efficiently. The strategy has included emphasizing business in rapidly growing urban areas.

About 25 percent of the restructuring charges will be taken in the bank's investment and corporate banking businesses, and 10 percent in transaction services. Some 1,900 jobs are to be cut from those areas, with more than half coming from operations and technology functions that support the businesses.

Another 25 percent of the charges are for reworking corporate and miscellaneous other functions. About 2,600 jobs are being eliminated from corporate support services, global functions, real estate and the Citi Holdings portfolio of troubled assets that the company is shedding.

(Reporting by David Henry in New York and Rick Rothacker in Charlotte, North Carolina; Editing by John Wallace)

Source: http://news.yahoo.com/citigroup-cut-11-000-jobs-141254016.html

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Give Us Comments, Not Votes, Says Facebook

Facebook has elaborated on the changes it wants to make to its Data Use Policy and Statement of Rights and Responsibilities. This new explanation is in response to the user feedback it has received thus far on a proposal it made late last month. The crux of its proposed change is to scrap its user voting system and replace it with high-quality feedback instead.

Source: http://ectnews.com.feedsportal.com/c/34520/f/632000/s/264c7856/l/0L0Stechnewsworld0N0Crsstory0C767740Bhtml/story01.htm

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Use These Personal Finance Tips To Get Ahead

Posted by Admin on Dec 5, 2012 in PayDay Loan Blog | Comments Off

TIP! Manage your finances in the same manner that banks manage their finances. This means that you will need to be as precise and meticulous as possible with your income and expenses.

Personal finance is a lot less about dollars and cents than you may think. You just need to have common sense. Wisely managing your finances is a behavior that must be learned, often times, the hard way. Use the tips in this article liberally and make the changes you need to create a comfortable, bright future.

Feelings Towards Money

TIP! Use a debit card or carry about $10 around to buy small items. Merchants are allowed to establish a minimum account for credit cards.

Take the time to mull over your feelings towards money. If you want your personal finance to improve, you have to take into account how you?re spending your money first. Analyse your perspective on material possessions and write down some thoughts on your attitude toward money. See if they are related to events in your past. Doing this will allow you to curb any bad habits and work to build more feelings towards money that are more positive.

If you can make a automatic payment from your bank account to your credit card. Making this arrangement avoids you forgetting to ever do so.

TIP! Building up savings is a fundamental strategy of personal finance management. Any money you save could be used for something like a vacation or home improvements.

Set up a plan that automatically saves your money with your bank to ensure that a portion of your cash is sent into a savings account every single month via your checking account. This can be a great way to save money. It is a great technique for anyone saving for significant life events, like weddings or family trips.

TIP! Money management is key to success. Protect your current assets and act to increase them.

You can?t repair your credit without getting out of debt! You must cut back on your spending, save some money and pay off your loan and credit card debts. You can do things like eating in more and limiting yourself from going out on weekends. If you take your lunch to work and do not eat out during the weekend, you can save lots of money. If you are serious about having good credit, you will need to make a commitment to reduce your spending.

TIP! Taking small steps towards growing your personal finances can add up quickly. Giving up your morning coffee, daily candy bar or even soda can add up over the year.

Bottled water is not a necessity. The cost of it is way too high, especially whenever you can drink tap water free of charge. Try adding a small pack containing fruit flavors or installing a filter within the sink to help obtain the same great taste. Both of the aforementioned will greatly benefit the taste and enjoyability of your water while keeping your wallet happier.

TIP! It?s often a good idea to build up your credit score before making a major purchase such as a house or a car. Opening a credit card account or two and paying them off regularly will help, as will paying off a small loan promptly.

Put some money into your IRA if you?re able to do this. You are cushioning your nest egg this way. If you?re interested you can open an IRA with your credit union, bank or maybe brokerage firm. Regularly contributing to your IRA will allow you to enjoy a financially secure retirement.

Interest Rates

TIP! Look over your insurance policies. It may be that you pay far too much in insurance premiums.

If you want to erase debts quickly, focus first on credit cards with high interest rates. It?ll save much more money to do this first instead of spreading your money equally. Credit card interest rates are only going to go up in the future, so whatever financial problems you may have, avoid accumulating credit card debt!

TIP! Utility bills are an expense that you must stay on top of to improve your credit rating. Sending in payments late can severely harm your credit score.

When you cannot seem to get enough money together for a home purchase, check for culprits in your credit history. Often, there are errors on these reports. If you do find errors, send the credit bureau a letter right away and ask for it to be removed.

Credit Card

TIP! It is always a good idea to make sure not to spend more money than you earn. By spending money the minute it is received, it is almost impossible to gradually build wealth.

Don?t keep using a credit card if you are finding it hard to pay off its balance. Reduce your expenses as much as possible and find another method of payment, so that you do not max out your credit card. Pay off what you owe before you charge anything else to the card.

TIP! Neglecting to maintain your car or your house is not going to help you save money in the long run. By taking proper care of your property, you will avoid bigger problems in the future.

Personal finance is personal; it differs in many ways from person to person and only you know what fits your life and will work for you. These ideas should make you more knowledgeable about how to improve your financial future so that you can see your bank statements increase with each passing return. Post reminders of the things you?ve learned in your home, wallet or desk. Applying the things you?ve learned will give you positive results.

Related posts:

  1. Personal Finance: A Few Good Tips For You To Use In Your Own Life
  2. Tips For Dealing With Personal Finance Problems
  3. Personal Finance Tips That Will Help You Save Cash
  4. Gain Valuable Information About Your Personal Finance
  5. Personal Finance Advice That Everyone Should Know

Source: http://cashnowpaydayloans.net/news/use-these-personal-finance-tips-to-get-ahead/

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Wednesday, December 5, 2012

Darker growth outlook pushes austerity plan off track

LONDON (Reuters) - Britain will endure more austerity and miss a key debt-cutting goal as the economy looks set to grow far slower than previously thought, the government said, in a bleak outlook that could hurt Prime Minister David Cameron's re-election chances.

Chancellor George Osborne said welfare payments will be squeezed and tax rises and spending cuts will drag on for an extra year until 2018, as tight lending and weakness in the global economy hold back Britain's recovery.

In a half-yearly budget update on Wednesday, Osborne said weaker-than-expected growth meant he would be a year late in meeting a self-imposed target of seeing debt fall as a share of Britain's national income by the 2015/16 tax year.

Missing that goal is an embarrassment for Osborne, who has staked his reputation on wiping out Britain's deficit and cutting public debt.

It also raises questions about the safety of Britain's coveted triple-A credit rating, with ratings agency Fitch saying it damaged the country's credibility.

The opposition Labour Party - which leads Cameron's Conservatives by around 10 points in the polls, 2-1/2 years before a 2015 election - said the austerity drive had failed and was damaging Britain's recovery.

But Osborne said he would not abandon the government's flagship recovery plans after the financial crisis caused the "largest shock to our economy since World War Two".

"Britain is on the right track. Turning back now would be a disaster," Osborne told parliament to roars of disapproval from opposition politicians.

The economy was forecast to grow by 1.2 percent in 2013, down from the 2 percent seen in March, Osborne said, citing figures from the independent Office for Budget Responsibility.

The government's fiscal watchdog expected the economy to shrink by 0.1 percent this year, compared to a prediction of 0.8 growth in March, and grow by 2 percent in 2014, compared to the 2.7 percent previously forecast.

"We suspect the risks to the growth forecasts are slanted to the downside, particularly from 2014 onwards, and that this poses an appreciable risk to the government's new fiscal targets," said Howard Archer, economist at IHS Global Insight.

"This could make life difficult and complicated for the government just ahead of the general election."

Although Wednesday's OBR forecasts showed Osborne was set to miss his debt reduction goals, there was less slippage on narrowing the budget deficit than many economists had expected.

He is on track to meet his primary goal of bringing Britain's structural current budget into balance in the 2016/17 tax year - defying expectations it would be pushed back a year.

The government made dealing with Britain's budget deficit - which hit a record 11.2 percent of GDP before the 2010 election - its biggest priority when it came to power.

Borrowing this year is forecast to total 108.5 billion pounds, equivalent to 6.9 percent of GDP, less than forecast in March.

Osborne said Britain's deficit would fall every year until the next election, adding: "The deficit is still far too high for comfort. We cannot relax our efforts."

LABOUR ON ATTACK

Labour accused Osborne of stubbornly sticking to a failed austerity plan that has choked growth, sapped demand and eroded much-needed tax revenues.

"Today after 2-1/2 years we can see, and people can feel in the country, the true scale of this government's economic failure," Labour finance spokesman Ed Balls told parliament.

Balls asked how the euro zone could be such a drag on the UK's recovery, given that the currency area had grown faster than Britain since the financial crisis.

"It is simply reckless and deeply irresponsible of this Chancellor to plough on with a fiscal plan we all know is failing on the terms he set," he said.

The government's watchdog said more than 300,000 extra public sector jobs would be lost by 2018 because of further spending cuts in 2017-18, taking total public sector jobs shed under the austerity programme to 1.1 million. The Trades Union Congress said Osborne had offered "pain without purpose".

Cameron and Osborne have had a bruising year marred by weak growth, criticism of his austerity measures and an unpopular budget in March that led to a series of policy U-turns.

Osborne says he had no choice but to deal with a record deficit left by the last Labour government, which was voted out in 2010. As a result, he said investors still flocked to the British government bond market, keeping borrowing costs at record lows.

Nonetheless, Britain could be in danger of losing its prized triple-A credit rating before long.

Fitch Ratings said it would conduct a full review of its British rating after Osborne's 2013 Budget, expected around March, but added that Wednesday's news was not promising.

"Missing the target weakens the credibility of the UK's fiscal framework, which is one of the factors supporting the rating," it said.

Moody's said it would take Osborne's statement into account "in our ongoing analysis of the UK's triple-A rating".

In a raft of announcements that are fiscally neutral overall, Osborne said he would consult on new tax incentives for the shale gas industry, extend a high-speed rail line into northwest England and launch a new 1.5 billion pound finance facility to support UK exports.

Under pressure to do more to restore growth, he said he would cut the main rate of corporation tax by a further 1 percent. It will stand at 21 percent from April 2014.

The Confederation of British Industry welcomed news of around 5 billion pounds for infrastructure projects such as schools, trains and roads.

Banks will not benefit, however, as a levy on their balance sheets will rise to 0.130 percent to offset any benefit. And unemployment benefit will only rise by 1 percent a year for the next three years, rather than the normal inflation-linked rise.

(Additional reporting by Matt Falloon, Mohammed Abbas, Tim Castle, Peter Schwartzstein, Kate Holton, Michael Holden, Estelle Shirbon and Jonathan Cable. Editing by Guy Faulconbridge and Mike Peacock)

Source: http://news.yahoo.com/osborne-tries-sweeten-pill-austerity-britain-000421356.html

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