| Tax cuts may reduce individual debt but won't boost retirement savings: survey
Canadians are as likely to spend their savings from the recently introduced federal tax cuts on paying down debt (38%) as on miscellaneous spending (37%), according to a new poll sponsored by Edward Jones.
�What we are seeing is two critical elements of financial planning competing for priority amongst Canadians,� says Mary Chan, a partner at Edward Jones. �We face unavoidable expenses every day and debt is an unfortunate reality for many, so it's not a huge surprise that these two factors struck home with Canadians.�
Canadians were asked to choose two options on which to spend their tax cuts. Other options selected included retirement savings (13%), saving for a vacation/travel (13%) and investing (11%). Only 5% of Canadians plan to save for a home and only 3% for their children's education.
Government seeks European green light for Northern Rock rescue plan
The British Government must secure official approval from the European Commission if it is to be certain that any financial rescue plan for Northern Rock respects European Union state aid rules and will not face a legal challenge. Officials in London and Brussels have been in regular contact over the bank’s future since the end of August, but no formal proposal has been submitted to the Commission’s competition regulators. "Before we can adopt a decision under state aid rules, we need formal notification of the details. To date, that has not taken place," Jonathan Todd, the Commission’s competition spokesman said yesterday. EU treaties ban any government funding that distorts or threatens to distort competition in the single market by favouring certain firms or the production of certain goods.
New Host For Breakfast Business
Corin Dann is one of New Zealand's leading economics and finance reporters. During a nine-year career in radio he has specialised in business and politics. As Radio New Zealand's economics correspondent, he provided expert commentary on the issues affecting the New Zealand economy as well as producing and presenting Insight Documentaries for the station. Corin also has extensive experience as a parliamentary reporter both for Radio New Zealand and Newstalk ZB, and has been a back-up presenter for flagship Radio New Zealand programmes Morning Report and Checkpoint. .
Opposition targets Scottish Water
The future of Scottish Water has come into play as part of the Budget negotiations at Holyrood. Labour has opened the door on talks with other parties about making it into a mutual company, removing it from public ownership and control by ministers. It would join both Liberal Democrats and Conservatives, who were arguing before the May election that around £180m in capital subsidy could be released for spending on other priorities if it were freed up to borrow from the private capital markets. .
Nursing Home Company Declares Bankruptcy
A nursing home company, run by the same executive who heads up the record label for country star Travis Tritt, has declared bankruptcy amid allegations of poor care and a state inquiry into whether it illegally used federal funds meant for patients for other purposes including a lakeside home and the record company's launch. .
Titan Energy Worldwide Releases 3rd Quarter Financial Statements
Titan Energy Worldwide, Inc. (OTC BB:TEWI.OB - News) announced today it has released its financial statements for the 3rd Quarter of 2007. The Company reported gross revenues of $1,639,677 and an operating loss of $673,228 for the Quarter. This compares to revenues of $2,803,848 and losses of $514,970 for the previous quarter. Approximately $276,000 of the 3rd quarter losses were attributable to interest expense, amortization of debt discounts and financing costs related to the Company's fund raise. .
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