| Wall Street whiplash: Stocks plunge, then post big gains on day after ...
Amid tumbling housing prices, an ongoing credit crisis and growing fears of a recession, turbulence has become a hallmark of Wall Street in recent weeks. And after five straight days of pullbacks, analysts saw some positive signs in Wednesday's trading. Investors certainly found a reason to buy, perhaps encouraged by the Federal Reserve's unprecedented 0.75-point interest rate cut a day earlier and a widely held bet on another half-point cut next week. By day's end, the Dow had swung 631.86 points from its low point to its high — the largest single-day turnaround in more than five years. .
DAVID LEASK and DOUGLAS FRASER
Our research scotches five key myths, concluding that Scotland does well in some ways, but does not get special treatment within the UK. Scotland, with pockets of deprivation, one-third of the UK's land-mass and far-flung communities, does indeed receive substantial state spending, but its average of £9631 public money per head is still less than London's at £9748 or Northern Ireland's £10,271. Latest estimates show the tax take from Scotland - buoyed by the financial success of companies such as Royal Bank of Scotland - is higher than anywhere outside London. Arguments rage over North Sea oil and gas, but there is no doubt revenue from the natural resources found in waters off Scotland is being used fill the coffers of the UK exchequer. While cities such as Glasgow have high levels of incapacity benefit, the overall welfare bill at £3086 per head is actually lower in Scotland than in swaths of northern England.
Editorial: Grouper
Is it worth the time, effort and expense of state investigators to check restaurants to determine whether they are selling real or fake grouper? Yes. When you consider a grouper sandwich is part of the Florida experience for so many visitors — not to mention year-round residents — and that restaurants that do choose to be honest are put at a financial disadvantage by those who cheat, it is well worth the while of the Florida Department of Business and Professional Regulation. Perhaps a fine for consumer fraud should be raised from today's $500 for a first-time offense. With some fake grouper wholesaling for about one-fourth of the $11 a pound reportedly paid by one restaurant for the real thing, a stronger financial disincentive may help do the trick. Other victims of the fraud include fishermen and wholesalers.
Taylor Wimpey cuts payments to subcontractors in ‘urgent action’
Contractors working for Taylor Wimpey have been told they will be paid 5 per cent less than previously agreed as the housebuilder tries to cut costs. A letter to contractors working for the Bryant Homes division of the business states: "We need to take urgent action to manage down our cost base. We are reviewing our overheads, house designs and build processes to drive out inefficiencies, but also need subcontractors to play their part. We are therefore introducing a 5 per cent reduction in price on all outstanding works on existing orders as well as all future orders placed after January 2, 2008, and will be looking for an equivalent reduction in future tenders." A subcontractor told Construction News that the housebuilder, which has sent the letters from its South East operation, was using bullying tactics to reduce its costs.
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