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1. Research in Motion Behind the success of Blackberry is Research in Motion (RIM), one of the
global leaders in wireless innovation that revolutionised the mobile industry with the introduction of Blackberry. Despite their achievements, RIM’s new chief executive, Thomas Heins, has publicised that they are now facing difficulties against market competitor Apple. The statement follows previous co-chief executives Mike Lazaridis and Jim Balsillie stepping down, although Heins reiterates that RIM remains strong and that there would not be a huge change of direction. In terms of their financial strength, shares in RIM have fallen by 75% during the past year, which Heins puts down to the companies rapid growth over the past few years that has been hard to follow. However, it seems there are more factors to place blame upon, namely product delays and missed financial targets.
2. UK economy shrinks The U.K. is now shrinking beyond economists expectations, leaving Britain on
the brink of another recession. The Office for National Statistics has highlighted that recent Public Sector strikes over pensions has impacted Gross Domestic Product, whilst the pound is continuing to decline against the dollar. David Cameron has blamed the deficit, high food prices and the Eurozone crises for the economy’s contraction. However, Bank of England Governor Mervyn King has stated that there will be safeguards issued to prevent a severe downturn, despite the Euro crisis also ploughing on precariously.
3. Greece’s financial meltdown German Chancellor Angela Merkel has cast doubt over Europe’s chance of
saving Greece from financial meltdown. She has stated that the multibillion pound loan has not been working, as well as confessing that the European Courts of Justice will be monitoring public spending across all Euro countries. However, it seems that Merkel defends her efforts with Greece by highlighting that nobody in the international community has been able to control the situation. Moreover, Merkel’s policies have been criticised for having more to do with Germany than saving the Euro.
4. Goldman Sachs Goldman Sachs, the City of London and Wall Street totem will offer up
£7.9bn in pay and bonuses among its staff, defying public and political opposition. Despite the investment banks claims to have cut salaries, bonuses and benefits, their latest actions have faced an outcry from unions. According to TUC general secretary Brendan Barber, excessive rewards for mediocre performance should spurn on the Government to get tough on pay. He also affirmed that ministers ‘should make pay and bonuses above £260,000 liable for corporation tax.’
13 entrepreneurcountry
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