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VIDEO: Human cost of Greek crisis

2011-11-04T00:35:00.000-07:00

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The people of Greece are now having to pay the price of past official financial mismanagement, as the government takes drastic steps to try to avert a euro debt default. Paul Mason went to Athens to report on the human cost of political hubris.

Broadcast on Wednesday 28 September 2011.

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Supergroup facing £9m profit hit

2011-11-03T19:58:00.000-07:00

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5 October 2011 Last updated at 15:59 GMT Continue reading the main story Shares in clothing firm Supergroup have fallen by a quarter after it said problems at a distribution warehouse would hit profits by between ￡6m and ￡9m.

The company behind the Superdry brand said the problems had seen a "reduction both in the amount of stock and range of sizes reaching its UK stores".

The firm said the problems centred on an upgrade to its Gloucester warehouse.

Supergroup's shares ended the day 30% lower at ￡7.07.

In a management statement, the firm said it estimated "the total cost of this isolated event, including the additional temporary warehousing capability and resulting lost sales will impact the current year's profitability by between ￡6m and ￡9m".

Supergroup, which is based in Cheltenham, also said its stock levels would increase by ￡2m.

Analysts believe the problem will add to a range of difficult factors facing the firm, including the tough consumer climate, a weak August and the unseasonably warm September weather discouraging the purchase of autumn clothes.

In July, Supergroup said that profits for the year to May had jumped by 110% to ￡47.3m.

Supergroup floated its shares on the London Stock Exchange in March 2010, at a price of ￡5 per share.

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VIDEO: Samsung's smartphone makes inroads

2011-11-03T15:09:00.000-07:00

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7 October 2011 Last updated at 05:06 GMT Help

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VIDEO: Typhoon Nesat shuts down Hong Kong

2011-11-03T11:37:00.000-07:00

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29 September 2011 Last updated at 13:19 GMT Help

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Markets see big quarterly falls

2011-11-03T07:28:00.000-07:00

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30 September 2011 Last updated at 20:14 GMT By Damian Kahya Business reporter, BBC News Continue reading the main story European and US stocks were down again on Friday, contributing towards one of the worst quarterly falls for the markets in the past decade.

Stocks in France and Germany have fallen in value by more than 25% since the end of June.

Shares in London's FTSE are down 13.7%, the worst quarterly performance since 2002.

Friday's falls follow an unexpectedly sharp rise in the eurozone inflation rate for September to 3%.

Investors had hoped the European Central Bank would move to lower interest rates in the eurozone, after raising them in July to 1.5% to limit inflation.

However, the latest inflation figures may make such a move less likely.

Wall Street's main Dow Jones index ended Friday trading down 2.2% to record its worst quarterly performance since 2008.

Eurozone worries

But Friday's falls were just the latest bout of volatility in European markets, which have failed to regain ground since crashing towards the end of July.

Continue reading the main story Jamie Robertson Presenter, BBC World News

Following all the violent swings in equity markets since the sharp falls at the beginning of August, the main markets have not really moved outside fairly narrow ranges: the FTSE between 5,000 and 5,400 and the Dow between 10,800 and 11,600.

The Nikkei, the Dax and the Cac 40 have been gradually trending downwards by about 6-10% over the past two months. This is almost entirely due to uncertainty over the debt crisis and the fate of the eurozone.

However, even if there is no further bad news on that front, things are likely to get very active for individual companies.

Many of them, particularly ones that move in tandem with the economic cycle such as those in mining, retail, the auto sector and manufacturing, are trading on values that imply double digit growth.

October's results season could upset a lot of earnings forecasts, as markets come to terms with the prospect of near-zero growth in Europe and the US, and companies undergoing what are politely called price adjustments.

Economists say worries over the ability of eurozone countries to pay their debts are sparking concerns of a new banking and credit crisis.

"The euro area debt crisis has potential ramifications to euro area banking sectors in particular," said Grant Lewis, head of research at Daiwa capital markets.

"You've got concerns that a Greek default going wider into something more serious in terms of an Italian default, for example, that would leave banking sectors under-capitalised as well as having a calamitous effect on the economic outlook."

Shares in Germany's Deutsche Bank and Commerzbank both lost more than 30% in value since the end of June.

Stocks in French banks fared even worse. Societe Generale saw its stock fall more than 50%, while BNP Paribas saw its share price fall more than 40%.

The share falls have therefore been most pronounced in eurozone countries, with the FTSE falling less than benchmark German and French exchanges.

Brent crude was also set for the biggest quarterly fall since the financial crisis of 2008.

Oil for delivery in one month's time fell just over 8% to $103 a barrel in London as investors worried about a slowdown in the global economy.

Worries ahead Global markets have been hit by a 'toxic cocktail' of factors, says one economist

Despite the record quarterly falls, markets remain up on the levels they reached after the 2008 financial crisis.

"There are certainly widespread indications of pretty serious financial stress, but they are not by and large as dramatic as they were in 2007 and 2008," George Magnus, European economist at UBS, told the BBC.

"Then, the whole edifice of the Western banking system was about to implode. At that point, I think it was far more dramatic than it is now."

But investors and economists fear the situation may deteriorate further.

Markets are likely to look to forthcoming company results and quarterly economic data for their next move.

In the longer term, economists say they are seeking reassurance from politicians.

"I think markets are expecting something of substance to be revealed by the G20 [group of leading nations] in November and if it isn't, we could be in a lot of trouble," Mr Magnus added.

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Hong Kong maid wins landmark case

2011-11-03T03:19:00.000-07:00

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30 September 2011 Last updated at 04:40 GMT By Katie Hunt Business reporter, BBC News Foreign domestic helpers are required to leave the country within two weeks if dismissed by employers Hong Kong's High Court has ruled that a domestic helper from the Philippines should be allowed to apply for permanent residency in the city.

The case was brought by Evangeline Banao Vallejos, who has lived in Hong Kong since 1986.

The ruling follows a landmark judicial review and could lead to more than 100,000 other foreign maids winning rights to residency.

The case has sparked widespread debate on equal treatment for foreign maids.

Mark Daly, the lawyer acting on behalf of Ms Vallejos, said that she was very pleased by the ruling, which meant that all domestic helpers now were able to apply for permanent residency.

"When we told her she said 'thank God'," he said, adding that it was a normal working day for her.

"It's a good day for the rule of law," he added.

Mr Daly pointed out that the government had 28 days to appeal.

A spokesman said the government was analysing the judgement and would issue a formal response later in the day.

Public resources

Some critics have said granting residency to domestic helpers would strain the provision of health care, education and public housing.

Continue reading the main story

We hope it will pave the way for Hong Kong to open its doors to equal treatment for migrant workers”

End Quote Norman Carnay Mission for Migrant Workers While other non-Chinese nationals can obtain residency after working in Hong Kong for seven years, immigration rules exclude domestic helpers from seeking permanent residency.

Human rights lawyers and many domestic helpers argue that this is discriminatory.

Permanent residency means that a person can remain in Hong Kong indefinitely, vote and stand in elections.

But some politicians and commentators warned that allowing foreign domestic helpers to have permanent residency would allow them to bring their children and other relatives to the city, who would require education and housing.

Equal treatment

Norman Carnay, programme officer at the Mission for Migrant Workers said that he welcomed the decision.

"We hope it will pave the way for Hong Kong to open its doors to equal treatment for migrant workers," he said.

But he added that right of abode was not necessarily a priority for many domestic helpers.

"From surveys of our community, the more pressing concerns are wages and working conditions," he said.

There are more than 300,000 foreign domestic helpers in Hong Kong, mainly from Indonesia and the Philippines. It is thought that around 120,000 have lived here for more than seven years.

They are required to live with their employers and cannot accept other jobs.

Without the right to permanent residency, if a maid is dismissed by her employer, she must find another job as a domestic helper or leave Hong Kong within two weeks.

Hong Kong's domestic workers have a guaranteed minimum wage of 3,740 Hong Kong dollars ($480; ￡308) a month and day off each week, meaning their working conditions are better than other countries in Asia with large numbers of domestic helpers, such as Singapore.

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US economic growth rate at 1.3%

2011-11-03T00:14:00.000-07:00

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29 September 2011 Last updated at 13:09 GMT Continue reading the main story The US economy grew at an annualised rate of 1.3% between April and June, the Commerce Department has said in its third estimate for the quarter.

This is higher than the 1% growth it reported in its second estimate, but the same as its first calculation for the three month period.

Consumer spending and exports were both stronger than previously estimated.

Last week, the Federal Reserve unveiled a new plan to try to help the economy.

Under a scheme dubbed Operation Twist, the US central bank is selling about $400bn (￡260bn) worth of bonds maturing within three years and buying longer-term debt.

The sluggish growth in the US economy has not been sufficient to reduce high levels of unemployment, with the jobless rate in August at 9.1%.

For the first six months of 2011 the US economy expanded by 0.9%, the lowest rate of growth in more than two years.

Joe Manimbo, analyst at Travelex Global Payments in Washington, welcomed the latest economic growth figures.

"The final print of second-quarter GDP came out a little bit faster than expected and that suggests the US economy entered the third quarter on a slightly better footing," he said.

Most economists expect the economy to improve in the third quarter, with predictions that it will grow at an annualised pace of about 2%.

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VIDEO: Japan businesses more optimistic

2011-11-02T19:48:00.000-07:00

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3 October 2011 Last updated at 01:21 GMT Help

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Oil prices fall on economy fears

2011-11-02T15:03:00.000-07:00

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5 September 2011 Last updated at 16:20 GMT Continue reading the main story Oil prices have fallen on concerns that the US could fall back into recession, and continuing anxiety about eurozone debt levels.

With fears about a slowdown in China also hitting sentiment, US light crude had fallen $2.40 a barrel to $84.05.

Brent crude was also lower, dropping $1.66 to $110.67 per barrel.

The falls come after data on Friday showed that the US economy added no new jobs in August, a much worse reading than had been expected.

Analysts had predicted that the non-farm payrolls figures from the Department of Labor would show about 70,000 new jobs had been created.

The unemployment rate remained unchanged in August at 9.1%.

In Europe, the main share indexes were down sharply as concerns continue about the high debt levels of eurozone countries, and how these could impact on the wider economy.

Germany's Dax index and France's Cac were both 2.6% lower in morning trading.

Meanwhile, a report in China said that the country's service sector grew in August at its slowest pace since records began.

"Oil is falling on worries over weak demand, unemployment and talk of a double dip recession," said Eugen Weinberg, head of commodities research at Commerzbank in Frankfurt.

He added that oil prices would be falling further were it not for growing optimism that the US central bank, the Federal Reserve, will announce new measures later this month to try to stimulate the US economy.

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European financial tax 'bad idea'

2011-11-02T10:15:00.000-07:00

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30 September 2011 Last updated at 12:40 GMT Mr Borg said Sweden's experience of a financial transaction tax was "very bad" A European financial transaction tax is unlikely to raise the sums of money projected as it would encourage firms to move overseas, Sweden's finance minister has told the BBC.

Anders Borg said Sweden abandoned its own transaction tax after most trading companies left the country.

The tax "had a very detrimental impact on our financial markets", he said.

If the European Union introduces the tax, firms could simply move to New York or Asia, Mr Borg said.

'Very bad tax'

Sweden introduced a transaction tax on financial firms in the 1980s.

"Between 90%-99% of traders in bonds, equities and derivatives moved out of Stockholm to London," Mr Borg said.

Continue reading the main story

We are basically taxing growth away from Europe, and that is not a very good idea”

End Quote Anders Borg Swedish Finance Minister "The impact was basically that we did not get any tax revenue. It brought in very little tax money while moving most of the businesses outside of Sweden.

"We abandoned [the tax] because it was a very, very bad functioning tax."

The fact that the US has said it has no intention of introducing a similar tax, meant that firms would be free to move to other financial centres, Mr Borg said.

"So we are basically taxing growth away from Europe, and that is not a very good idea.

"I hope [policymakers] realise they might be losing out themselves. This is not a stable tax base."

Mr Borg said he was in favour of making the banking system pay, and making it more robust, but that any measures designed to bring this about should not push firms out of Europe.

Hard hit

The UK has also been vocal in its opposition to the tax proposed by the European Commission earlier this week.

A spokesperson for the UK Treasury said it would "absolutely resist" any tax that was not introduced globally.

London would be hardest hit by the tax as the majority of banking transactions in Europe come through the city.

However, a number of other European countries are in favour of the tax, including France, Austria, Belgium, Norway and Spain.

The commission has said it will look at implementing the tax just in the 17 member states of the eurozone if other EU members oppose it.

Under the proposals, the financial tax would be levied at a rate of 0.1% on all transactions between institutions when at least one party is based in the EU. Derivative contracts would be taxed at a rate of 0.01%.

The tax would raise about 57bn euros ($78bn; ￡50bn) a year and would come into effect at the start of 2014, the commission said.

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No temporary tax cuts - Osborne

2011-11-02T07:08:00.000-07:00

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3 October 2011 Last updated at 13:33 GMT By Brian Wheeler Political reporter, BBC News, in Manchester Chancellor George Osborne's full speech to the Conservative Party conference in Manchester.

Chancellor George Osborne has said taxes will only be cut when the government can afford to do so, in a speech to the Conservative conference.

Mr Osborne has found ￡805m to freeze council tax in England in 2012-13 - saving people ￡72 a year.

But he stressed that money is still tight and there will be no deviation from his deficit reduction plan.

He said solving the eurozone crisis remains the most important factor in kick starting growth in the UK.

The chancellor has been under pressure from Labour to cut VAT to inject money into the economy - and from senior figures in his own party to scrap the 50p top rate of income tax.

'Debt crisis'

But in a sober speech to party activists, the chancellor said it would be wrong to borrow money to fund temporary tax cuts or increase public spending.

He did, however, announce that the Treasury would engage in "credit easing" - a move aimed at cutting the cost of borrowing for hard-pressed businesses, as well as improving access to loans.

The BBC's business editor Robert Peston said the move, which would involve the public sector buying bonds issues by companies, was "potentially very significant" but full details would not be revealed until the chancellor's autumn statement in November.

In his speech, Mr Osborne said he had "thought hard" about what more can be done to boost growth and explored "every single option" - but "borrowing too much is the cause of Britain's problems, not the solution".

Continue reading the main story Nick Robinson BBC Political Editor

The most significant announcement in the chancellor's speech is also the one fewest will understand.

It is his pledge that the Treasury will engage in "credit easing" - ie some as yet unspecified way to underwrite loans to small businesses who are struggling to get credit now.

The speech that they are quoting at the top of government is by Adam Posen (a member of the Bank of England's interest rate-setting committee).

Although I'm told that his proposal for a new bank may take too long to implement.

"We would be risking our nation's credit rating for a few billion pounds more, when that amount is dwarfed by the scale and power of the daily flows of money in the international bond markets, swirling around ready to pick off the next country.

"We will not take that risk. We are in a debt crisis, it is not like a normal recovery. You can't borrow your way out of debt."

And he added: "I'm a believer in tax cuts - permanent tax cuts paid for by sound public finances.

"Right now, temporary tax cuts or more spending are two sides of exactly the same coin, a coin that has to be borrowed - more debt that has to be paid off."

Mr Osborne said Britain's economic troubles were caused by the "catastrophic mistakes" of the previous Labour administration, as well as banks which "let down their customers, let down their shareholders and let down this country".

'Underspend'

He said the government is helping businesses by keeping interest rates low - "the most powerful stimulus that exists" - but borrowing billions of pounds more would put that at risk.

Mr Osborne's speech comes as the Institute of Directors called for a fresh effort to boost economic growth in the UK.

The chancellor announced increased investment in scientific research and the extension of mobile phone coverage to six million people - as well as extra cash from a Whitehall "underspend" to fund a council tax freeze.

The government cannot force councils to freeze bills but it is offering to give those that limit spending rises to 2.5% the money they need.

Money would also be offered to the Scottish and Welsh administrations, which will choose how it is spent.

Speaking earlier to BBC News, Mr Osborne said a solution to the eurozone debt crisis must be found by the time the Group of 20 nations meet next month and failure to do so would be "terrible not just for Britain, not just for Europe, but for the entire world economy".

The chancellor, who is travelling to Luxembourg for a meeting with European finance ministers, told BBC News that the 17 eurozone nations meeting in Luxembourg on Monday must decisively figure out how to handle Greece's debts, and urged them to extend the size of their bailout fund.

Credit rating

The chancellor's speech comes as Standard and Poor's said it would hold the UK's credit rating at the highest possible level in light of its "wealthy and diversified economy" and said the outlook remained "stable".

But the agency, which released the announcement just as Mr Osborne took to the stage in Manchester, said the government's efforts to correct the UK's public finances would "weigh on the economy".

For Labour, shadow Treasury minister Chris Leslie said it was "staggering" the speech did not give more attention to the "growth problem".

He said: "His speech really seemed incredibly complacent and quite frankly out of touch, out of touch with the realities of some of the costs that ordinary people face, the difficulties that businesses are facing and no plan for growth."

But Andrew Tyrie, the senior Conservative backbencher who said at the weekend that the government was not doing enough to promote economic growth, told the BBC: "I think it's a huge step forward, and will be widely welcomed not only in the party, but by all those people in the country who also need a growth strategy to help them move forward."

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Minimum wage up by 15p to £6.08

2011-11-02T02:24:00.000-07:00

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30 September 2011 Last updated at 23:01 GMT The increase takes account of the current economic uncertainty The minimum wage has gone up, with the main rate for adults aged 21 or over rising by 15p to ￡6.08 an hour.

The development rate - for those aged 18 to 20 - goes up by 6p to ￡4.98 an hour, for 16 and 17-year-olds it rises by 4p to ￡3.68 an hour and the hourly apprentice rate rises by 10p to ￡2.60.

The TUC welcomed the rise but Unison said the rates were still too low.

The minimum wage was introduced in 1999 at ￡3.60 an hour for adults, and is set each year by the Low Pay Commission.

The commission recommended this year's increase in a report to the government in April.

It said the increases would balance the needs of low-paid workers and their employers facing difficulties during a period of economic uncertainty.

As levels of youth unemployment are relatively high, it recommended a lower increase for young workers than for their older counterparts, to try to encourage employers to keep them on.

The TUC it estimated the increases would benefit nearly 900,000, mainly female, workers.

The general secretary of the public sector union, Unison, said ￡8 an hour was needed to provide a living wage.

"The rise to ￡6.08 is a welcome cushion, but with the price of everyday essentials such as food, gas and electricity going up massively, it won't lift enough working people out of the poverty trap," Dave Prentis said.

As a result, he called on employers to pay more than the absolute minimum.

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Zambia president nulls bank sale

2011-11-01T21:51:00.000-07:00

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3 October 2011 Last updated at 17:10 GMT President Sata has begun a mass shake-out of political appointees inherited from his predecessor Newly-elected Zambian President Michael Sata has cancelled the controversial sale of one of the country's banks.

The $5.4bn sale of Finance Bank to FirstRand of South Africa was agreed under his predecessor, Rupiah Banda.

The bank had been seized from its shareholders in 2010 by Zambia's central bank, who alleged illegal and unsound practices.

Mr Sata, whose election ended the 20-year rule of the previous regime, has vowed to shake-up the political system.

After only a week in power, the president has already sacked the head of the central bank, as well as a string of other appointees of the previous government, including the head of the anti-corruption authority.

The original decision of the central bank to strip the bank's shareholders has also been overturned.

"There's no document of sale for Finance Bank and I am directing the ministry of finance to take the bank back to its owners immediately," said Mr Sata.

The bank's chairman, Rajan Mahtani, said he was grateful: "I am happy that Zambian investment has been restored to Zambian investors. It was all politically motivated."

FirstRand, a major South African bank, said it had received no formal notification of the decision and would continue to liaise with the Zambian central bank.

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VIDEO: Thailand launches new rice price policy

2011-11-01T17:25:00.000-07:00

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7 October 2011 Last updated at 01:47 GMT Help

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Qatar gears up for 2022 World Cup

2011-11-01T13:02:00.000-07:00

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6 October 2011 Last updated at 23:01 GMT By Bill Wilson Business reporter, BBC News Qatar now has 11 years to prepare for the 2022 World Cup To say the football world was shocked when Qatar was given the right to host the 2022 football World Cup would be an understatement.

Critics, and many still remain, wondered how such a massive event could be held in a country with a total population less than Greater Manchester's, and where the summer temperature can reach 50C.

However, the man at the helm of organising the tournament insists criticism is misplaced and that the Middle Eastern Emirate will be able to stage a memorable tournament 11 years from now.

Hassan al-Thawadi, the secretary-general of the Qatar 2022 Supreme Committee, is looking to provide a World Cup memorable for all the right reasons.

Mr al-Thawadi said that two billion people were within a four-hour flight of Qatar, and that the World Cup would "build bridges of understanding between the Middle East and rest of the world".

And some bridges need to be built.

He said that since Fifa had awarded it the tournament, the emirate had faced an "avalanche of accusations and allegations" relating to claims it had bribed its way to securing the World Cup.

Mr al-Thawadi said Qatar had in fact conducted its bid campaign "to the highest ethical and moral standards".

'Promises'

Now he wants to focus on leaving a "bold legacy" from hosting a World Cup which some analysts estimate could cost as much as ￡138bn to bring about.

Qatar hopes to leave a legacy in the areas of football development, air-cooling technology, building modular stadiums (which can be downsized after the event), and fan experience.

New stadiums will be built and existing ones will have their capacity extended

"We can deliver... and fulfil the promises we made to the world," Mr al-Thawadi told delegates at the Leaders in Football conference in London.

He said Qatar has been drawing inspiration about how to host a successful event from a number of sources, including London 2012.

The small nation, population 1.7 million, is now looking to appoint a project management company by the end of the year - "a crucial appointment which we must get right".

It is also looking to draw up a "master schedule" for stadiums and infrastructure, in order to resolve any potential pitfalls on the road to 2022 as soon as possible.

There will be 12 stadiums in use at the World Cup, and it is hoped the first new one with air-cooling technology with will be in place by 2015.

Cooling

In addition, Mr al-Thawadi said the 2022 World Cup would benefit from a "state-of-the-art transport infrastructure" which needed to be largely constructed from scratch.

The official said that the small size of the emirate meant fans would be able to stay in the same hotel for the duration of the tournament, and also to travel easily and take in two games in one day at different venues.

One on the thorny question of temperature, the country says it is also developing air-cooling techniques.

"Technology is already being trialled in open spaces in Qatar," says Mr Al al-Thawadi.

There has been talk of moving the World Cup to the winter, but this notion has been scotched my many, including the German football federation.

"We submitted a bid that looks towards hosting a summer World Cup - we are moving towards that," says the 2022 supremo.

He said it was up to the global football community to come to any unanimous decision if that situation was ever to be changed.

Meanwhile, nine of the stadiums being used will be modular, and Qatar will donate 170,000 seats to developing countries after the World Cup, when stadiums are slimmed down.

That he said, meant the country would not be lumbered with any large "white elephant" rarely full stadiums after 2022.

Alcohol

For potential visiting fans, Mr al-Thawadi wanted to quell fears that there would be nothing for them to do after matches.

Continue reading the main story

We are confident and excited that this will leave a legacy of understanding, and that people can unite through a shared love of football”

End Quote Hassan al-Thawadi Qatar 2022 "There is significant investment in tourism in Qatar, museums and entertainment sites, and a service industry dedicated towards fans," he says.

"We have always said alcohol would be available. It might not be as available as it is in London, but any fan that wants to enjoy a drink can do so."

He said the Qatar public would also be prepared for the influx of fans and, for example, their different dress sense.

In addition, he said Qatar was host to many different communities, including English people, and was "used to being hospitable".

He added: "We have hosted major events over the years" - including the 2006 Asian Games.

Catalyst

The country has also applied to host the 2017 World Athletics Championship - in competition with London - and also the 2020 Olympics.

"The Olympic Games bid is not a distraction to 2022, and may be an opportunity for some synergies with the World Cup."

It is hoped the 2022 World Cup will help improve football quality in Qatar

Hosting these large sporting events could, he said, be used as "an economic tool".

"The World Cup can be a catalyst of economic change," he believes, not only for Qatar but for the whole Middle East region.

He said a number of yet-to-be-revealed initiatives were in the pipeline to involve other Middle East countries' participation in the World Cup.

Finally, on the playing field, it is hoped that 2022 will provide the same boost to football in West Asia that the 2002 World Cup in Korea and Japan did for East Asia, particularly the two host countries.

"We want people to come and explore, and learn about us," he says.

"We are confident and excited that this will leave a legacy of understanding, and that people can unite through a shared love of football."

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Online traders' 'refund failings'

2011-11-01T08:12:00.000-07:00

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6 October 2011 Last updated at 12:15 GMT By Kevin Peachey Personal finance reporter, BBC News The test purchases were part of an EU-wide campaign to check consumer rights More than half of traders failed to give full refunds to customers who pulled out of online purchases during a cooling-off period, tests have shown.

Under consumer rights law, all costs - including delivery costs - should be refunded if consumers decide to cancel the contract in the allotted time.

Test purchasing by European authorities found that in 57% of cases, traders failed to reimburse delivery costs.

A BBC investigation highlighted the issue in December.

Online shopping

When buying from the internet, unlike in a shop, customers are unable to examine the goods before they buy them.

As a result, a cooling-off period is available to people shopping online. In the UK, shoppers have seven working days to return items bought on the internet that they do not want to keep. In some European countries it is longer.

There are a few exceptions, such as unwrapped CDs and perishable goods, but otherwise the money should be credited to the buyer's account as soon as possible and within 30 days at the latest.

Continue reading the main story In the UK, there is a cooling-off period of seven working days for unwanted itemsTraders should refund within 30 days, unless previously agreed otherwiseDelivery charges should also be reimbursedSome perishable goods such as foods and flowers are exemptRights for goods that are not of satisfactory quality are the same as the High Street - a refund, replacement or repairAny refund should include delivery costs incurred by the customer.

During a mystery shopping exercise by European authorities in 2003, these delivery costs were not reimbursed in 53% of cases.

But 305 tests earlier this year, by the European Consumer Centres' Network, found that this had increased to 57%, although refunds for the items themselves were paid in 90% of cases.

"This needs to improve in order to ensure a continuous positive development in cross-border e-commerce," a spokesman for the UK European Consumer Centre said.

In 7% of all the purchases made, the trader did not inform the customer about the price of the delivery costs at all.

Changes

Some results of the test purchases do make better reading for consumers.

For example, the delivery rate for items ordered online improved significantly compared with 2003, as had the number of items delivered within 14 days. There was also an increase in the number of websites offering information in more than one language.

Many of the current consumer rules operating in EU countries pre-date the widespread use of the internet by shoppers.

So MEPs have approved plans to update the rules, including a 14-calendar-day cooling-off period for online purchases.

Governments will have two years to implement the changes.

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iPad 'gains 80% of tablet market'

2011-11-01T03:19:00.000-07:00

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AppId is over the quota
27 September 2011 Last updated at 16:00 GMT Apple's iPad, now in its second generation, has proven a big hit with consumers Apple's iPad captured 80% of the tablet computer market in the US and Canada in April to July, a report has said.

The iPad accounted for six million of all 7.5 million tablets shipped in North America during the second quarter of 2011, according to research group Strategy Analytics.

It described Apple as a "formidable market leader".

Yet it added that Amazon - which is expected to unveil its own tablet this week - could become a big challenger.

'Strong brand'

Stategy Analytics senior analyst Alex Spektor said: "Apple remains a long way ahead of its main rivals such as Motorola, Samsung, RIM, Asus and HTC.

"A combination of cool branding, user-friendly hardware, entertaining services and savvy retail distribution has made Apple a formidable market leader."

According to reports, online retailer Amazon could announce the release of its first tablet as early as Wednesday.

"Provided the pricing, screen size and hardware design are right, Amazon can be one of the main challengers to Apple's dominance," said Neil Mawston, director at Strategy Analytics.

"Like Apple, Amazon has a strong brand, compelling content, sophisticated billing systems and widespread distribution.

"In effect, Amazon's new tablet product represents a good opportunity to place an Amazon shopping cart in the hands of American consumers, offering optimised access to purchasing digital content or physical goods from the Amazon online store."

The continuing popularity of Apple's iPad comes despite its incompatibility with Adobe Flash software, meaning that users cannot view a large number of online videos.

Rivals such as Samsung are quick to highlight in their advertising that their tablets are able to use Flash.

Apple and Samsung, which makes the Galaxy range of tablets, are also continuing a number of legal disputes over patents.

On Monday, Apple declined to comment on reports that it had cut orders for iPad parts from its suppliers because of falling sales.

The study by an Asian analyst of US bank JPMorgan Chase said several suppliers had indicated that Apple had reduced its orders by 25%.

The iPad was first released in April 2010, with the second version, the iPad 2, following in March of this year.

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Greek PM holds new bailout talks

2011-10-31T22:57:00.000-07:00

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30 September 2011 Last updated at 05:59 GMT Mr Papandreou, left, and Mr Van Rompuy are meeting at an international summit in Warsaw Greek PM George Papandreou is to hold further talks with European leaders as negotiations continue in Athens on a new instalment of bailout loans.

He is holding talks with European Council President Herman Van Rompuy in Warsaw before travelling on to Paris to meet French President Nicolas Sarkozy.

International inspectors are in Athens deciding whether Greece should receive bailout funds of 8bn euros (￡6.9bn).

The talks have triggered angry protests on the streets of the Greek capital.

The BBC's Chris Morris in Athens says Mr Papandreou is on a charm offensive, trying to convince his European colleagues that Greece can meet the demands imposed upon it by a tough austerity programme.

The unpopular reforms are vital to guarantee international loans aimed at stopping the debt-ridden country from going bankrupt.

President Sarkozy said that after his meeting with Mr Papandreou on Friday afternoon he would unveil a Franco-German strategy, but did not give any details.

Germany and France together represent about half of the 17-nation eurozone's economic output.

"It is very important that the Franco-German axis can make its voice heard about the concrete application of the decisions taken at the end of July [on a second rescue package for Greece]," Mr Sarkozy said during a visit to Morocco.

Targets missed

"After seeing the Greek prime minister... I will have an opportunity to say exactly what our strategy is for supporting countries like Greece," he added.

Since eurozone leaders agreed on a second rescue package for Greece, Athens has fallen behind on its debt reduction targets, raising fears of a Greek default.

A vote in Germany's parliament on Thursday to back a more powerful bailout fund for eurozone economies was welcomed in Athens.

Mr Sarkozy also congratulated German Chancellor Angela Merkel by telephone on Thursday, his office said, calling the vote a key step in stabilising the eurozone.

Greek taxi drivers have been staging a two-day strike over government reforms

Mr Papandreou held talks with Chancellor Merkel in Berlin on Tuesday.

But our correspondent says some analysts believe the whole strategy for Greece, with a possible second bailout, needs urgent readjustment.

That is partly because contagion from Greece to other eurozone countries is no longer a threat but a dangerous reality, he adds.

Greek taxi drivers held angry protests outside parliament on Thursday on the second day of their 48-hour strike.

The drivers are opposed to government reforms that would open their closed-shop profession.

Meanwhile, a second round of talks is being held in Athens between the Greek government and inspectors from the "troika" of international creditors supporting Greece - the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF).

Many Greeks believe that austerity measures are pushing the country's crippled economy deeper into recession and strangling any chance of growth.

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Southern Cross homes transferred

2011-10-31T19:17:00.000-07:00

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30 September 2011 Last updated at 07:57 GMT Southern Cross is to be wound up by the end of the year A third of Southern Cross care homes have been transferred to new operators, the company has announced.

Southern Cross said the transfer of 250 homes would be followed by further transfers in October and November.

Southern Cross was the UK's biggest care home operator, with 752 homes, but ran into difficulties when it was unable to pay its rent to landlords.

In July, the firm said it was to cease trading after all of its landlords said they wanted to leave the group.

The first "wave" of homes have been transferred to about 18 different operators.

Its largest landlord, NHP, which owns 249 of the homes, will be included in the second wave.

NHP is forming a new company with turnaround specialists Court Cavendish to run the homes itself.

Winding up

Southern Cross said it had entered unconditional business purchase agreements covering 70% of its homes, with the remaining 30% still in progress.

It said all the homes would be transferred by the end of the year and the company would be wound up.

The company also announced the resignation of it chairman, Christopher Fisher, who stepped into the role in April to oversee the restructuring process.

"Now that the transfer of homes has commenced, I consider my role complete," Mr Fisher said.

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VIDEO: No guaranteed oil contract reward

2011-10-31T15:09:00.000-07:00

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Aref Ali Nayed, Chief Operations Manager of Libya's Stabilisation Team, tells HARDtalk's Stephen Sackur that foreign support for the Libyan revolution should not be rewarded by oil contracts because support should have been motivated by humanity and not material gain.

You can watch the full interview on Wednesday 28 September at 03:30 GMT, 08:30 GMT, 15:30 GMT and 20:30 GMT. And on BBC News Channel at 0430 BST on Wednesday 28 September and 00:30 BST on Thursday 29 September.

Find out who is coming up on the programme by following us on Twitter.

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US bank hit after debit fee news

2011-10-31T12:02:00.000-07:00

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30 September 2011 Last updated at 21:56 GMT Bank of America will roll out the change from next year on a state-by-state basis Shares in Bank of America have fallen 2%, a day after it announced plans to charge debit card users $5 (￡3.20) per month to pay for their purchases.

Bank of America, the largest US bank by deposits, said it would introduce the fee early in 2012.

The move comes ahead of a new rule that will limit how much lenders can bill retailers for customer debit card transactions.

The bank's debit card holders will still get free cash withdrawals.

The monthly charge will apply to users of Bank of America's basic bank accounts, and will be in addition to any service fees they already have to pay.

A number of smaller US banks, such as SunTrust, a regional lender based in Atlanta, have already introduced charges for debit card purchases.

So far only Citigroup has ruled out introducing the change.

'Changed economics'

Bank of America said the new fee would be rolled out on a state-by-state basis.

Continue reading the main story

Bank of America is trying to find new ways to pad their profits by sticking it to its customers”

End Quote Richard Durbin Domocrat Senator Its move comes as an amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act goes into effect from 1 October.

The amendment, brought by Democrat Senator Richard Durbin, limits the fees that banks can charge retailers for processing debit card transactions to 21 cents.

This compares to the previous average of 44 cents, meaning a substantial fall in revenues for the banks.

A Bank of America spokeswoman said: "The economics of offering a debit card have changed."

Sen Durbin said Bank of America's move was "overt and unfair" and that he hoped its customers would "have the final say".

"Bank of America is trying to find new ways to pad their profits by sticking it to its customers," he said.

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VIDEO: Steve Jobs: Apple's driving force

2011-10-31T08:18:00.000-07:00

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6 October 2011 Last updated at 03:56 GMT Help

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VIDEO: 'Tough times' for climate finance

2011-10-31T03:36:00.000-07:00

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5 October 2011 Last updated at 01:10 GMT Help

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UK house prices 'treading water'

2011-10-30T23:04:00.000-07:00

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29 September 2011 Last updated at 06:03 GMT Buyers and sellers are still thin on the ground House prices continued to "tread water" in September - rising by 0.1% compared with the previous month, the Nationwide said.

This left the average price of a home 0.3% lower than a year earlier, at ￡166,256, the building society said.

Prices for the three months to September compared with the previous quarter were unchanged.

Market turmoil as a result of the eurozone debt crisis had hit confidence among buyers, Nationwide said.

"Sentiment towards major purchases is depressed, as a result of weak labour market conditions and ongoing pressure on household budgets from above-target inflation," said Robert Gardner, Nationwide's chief economist.

The figures are based on Nationwide's lending data at post-survey approvals stage.

'Sluggish demand'

He predicted that property prices would remain fairly stable over the rest of 2011, although the outlook for the global economy had "darkened".

Continue reading the main story

Approval figures continue to look promising as consumers take advantage of the competitive mortgage rates ”

End Quote Adrian Coles, Building Societies Association The struggle for people to find new jobs has resulted in "sluggish demand" from potential buyers.

That, together with a gradual rise in the number of properties on the market, had led to the current market conditions.

Some of these issues are most acute in the north-east of England.

Data from the Land Registry on Wednesday showed that prices in the region had fallen by 7.8% in the year to August.

In Hartlepool, prices had dropped by 15.7% over the same period, leaving the average home worth ￡82,561.

David Sharpe, a sales negotiator at Dowen estate agents in the port town, said that times were difficult for sellers, especially if they were unwilling to drop their asking prices.

"We are telling people to be realistic. If the price is right then it will sell," he said.

Negative equity

Many of the properties coming onto the market in Hartlepool were the result of repossessions, he said. These included repossessed properties from landlords who had overstretched themselves.

Hartlepool's sea defences are being rebuilt, but the housing market remains weak

This meant there were some two-bedroom homes in need of some work that were on the market for ￡20,000.

However, at the other end of the market, Dowen had just sold an eight-bedroom period property at auction for ￡345,000.

Many properties were selling if prices were lowered, Mr Sharpe said, including one "extreme case" which recently sold at auction for ￡30,000 when it had originally been on the market for ￡80,000.

Dropping prices was not necessarily an option for some sellers though.

"Those who bought at the peak of the market may well have borrowed more than the property is now worth," he said.

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Pension talks yield 'no progress'

2011-10-30T19:35:00.000-07:00

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6 October 2011 Last updated at 00:19 GMT TUC secretary general Brendan Barber has said the sides are a long way apart Talks between ministers and union chief Brendan Barber over public sector pension reform have resulted in no progress, sources have told the BBC.

TUC chief Mr Barber met Cabinet Office minister Francis Maude for impromptu private talks at the Conservative conference in Manchester this week.

Unions are balloting members for strike action on 30 November over plans to increase contributions from employees.

The next round of face-to-face talks is due on 24 October in London.

A source close to Mr Barber said he used the impromptu meeting to again urge the government to "give a degree of confidence that they are serious about maintaining sustainable public service pensions in the future".

'Groundhog day'

Unions say the changes are unfair and financially unnecessary. Ministers insist that pension contributions must be increased to make schemes sustainable.

In recent weeks Mr Maude has described the talks as "like Groundhog Day", with no progress being made.

Both sides have previously insisted they are committed to resolving their differences through talks but the BBC understands the latest meeting again yielded little.

Mr Barber also met Chancellor George Osborne at a party during the conference, although it is unclear whether the issue of pensions was discussed.

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