News in Scotland - Thursday

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UK economic crisis hitting Scots as official economic figures remain grim

 

Scottish news: News in Scotland - Thursday

SCOTLAND

Scotland’s independence may boost the fishing industry
In the event of regaining independence, Scotland could join the European Free Trade Association, Jim Sillars and Gordon Wilson, former leader and Deputy Leader of the SNP proposed. This proposal could be the answer to a rebuff from the EU, although, as they point out: "As the EU's major oil producer and important contributor to the Common Fisheries Policy, Scotland is not in the position of a beggar at the Brussels gate."

Scotland is still stuck in recession
One of Scotland’s leading economic think-tanks announced yesterday (Wednesday) that the country’s economy is stuck in recession which is described as a continuing “after-shock “of the 2008 financial crisis. The institute declared:” It is not until 2014 that we see much pick-up in growth.”

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Salmond is not leaving the political scene
On the day Alex Salmond became Scotland’s longest serving First Minister he said he has no intention of going “on and on” in politics. He noted he had no plans to leave the scene immediately because of the independence referendum due in 2014. But he ducked questions about his future if voters reject his bid to take Scotland out of the UK.

SNP accuses council of snubbing Sturgeon
Scotland’s biggest Labour-run council was accused by the SNP for snubbing Deputy First Minister Nicola Sturgeon over an offer to speak at a major economic conference. The Scottish Government had proposed Ms Sturgeon, who is also a Glasgow MSP, to speak at Glasgow's annual State of the Economy Conference. However, the offer was rebuffed by the council in favour of an invite to former chancellor Alistair Darling.

Half of Scotland carries “ginger gene”
The team at ScotlandsDNA believe that up to half of the nation’s population may be hidden carriers of the so-called red hair gene, which can be passed on to their children or grandchildren. Alistair Moffat, managing director of ScotlandsDNA, said: “There should be no more ginger jokes, because as much as half of Scotland might carry these variants.”

Alex Salmond argues over famous Scot with old university lecturer
Yesterday, on the landmark day of his 2002nd day in office, Alex Salmond made the claim that the legacy of Adam Smith has been “used and abused” by the Adam Smith institute, which is run by a university contemporary of Alex Salmond, Dr Eamonn Butler.  While Salmond wanted to stress that other parts of Smith’s works, like morality, are often overlooked,Butler stated: ”Smith would have regarded a nation, like Scotland today, that was dependent on government for nearly three-quarters of its national income, as being the most dismal tyranny.”

UK and WORLD

Cameron asks for 'dementia friends' to solve crisis
A project called Dementia Friends will aim to train one million people to spot the signs of dementia and lend support to sufferers. Trends show that the number of sufferers will double over the next thirty years leading to David Cameron describing the situation as a national crisis.

Bank of England to halt new money creation
The Bank of England (BoE) is expected to halt its new money creation programme after official statistics showed that Britain came out of recession in the third quarter. The data is based on GDP which tracks financial transactions. An increase in the money supply can improve GDP figures while having zero long term impact on real economic activity. The BoE's Monetary Policy Committee (MPC) has created £375bn of new cash into the financial system since March 2009 including £50bn between July and November. Using the new money as reserves, banks can then create over ten times that amount in new credit inflating the money supply hugely.

ECB not putting into action threatened ‘bazooka’ programme
The ECB announced at their meeting yesterday that it is unlikely that they will put their OMT bond-purchase program, announced in September, into practice. Just the announcement of the ‘bazooka’ program was enough to bring down borrowing costs in places such as Spain.  The ECB are planning to keep interest rates the same, and will probably not be announcing any new liquidity measures. 

Obama faced with new global decisions
Newly-elected President Obama must begin referring to several global problems, emphasized by David Cameron’s insistence that Syria is the top priority. Cameron stated "That means more help for the opposition, more pressure at the UN, more help for the refugees, more work with the neighbours but also a general sort of: 'look, let's be frank, what we've done for the last 18 months hasn't been enough'."  Obama has also been asked to recognised peace talks between Israel and Palestine and to consider America’s important relationship with China. 

Russia sees new Western approach towards Syria
Russian Foreign Minister, Sergei Lavrov, said in an interview published today (Thursday) that Russia believes the West is reviewing its approach toward the Syrian opposition. Moscow believes it is crucial to unite the opposition around the Geneva communiqué. So far, attempts have been made to unite it over “a platform of the relentless struggle against Assad to the victorious end, and that is wrong,” Lavrov said.

Coal miners in a surprise deal in South Africa
South African coal companies have signed a surprised wage deal with the unions in an attempt to avoid a wave of illegal strikes that have rocked the country's gold and platinum sectors. The Chamber of Mines said on Wednesday that the companies, which include Anglo American, had agreed to raise certain entry-level wages by up to 5 percent and offered one-off payments to higher categories of workers.

Departing Chinese president wants to stamp out corruption
Hu Jintao, the departing president of China, has called for a reform of the Communist Party of China. He stated: “We must continue to make both active and prudent efforts to carry out the reform of the political structure and make people's democracy more extensive, fuller in scope and sounder in practice." No one expects full democracy, despite numerous pro-democracy protests, and self-immolations by Tibetans in protest against Chinese rule.

Protests fail to dissuade Greek government from austerity cuts
The Greek government yesterday just managed to pass through a bill that will see spending cuts and tax hikes, despite nearly 100,000 Greeks protesting in Syntagma Square in central Athens. The austerity package has been put through to unlock vital aid and stop avert bankruptcy, while unions have stated that the measures protect the wealthy and will affect the poot. 

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published this page in News 2012-11-08 11:19:56 +0000