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Friday, March 2, 2012 The European Union has imposed an oil embargo on Iran due to concerns over the country’s nuclear ambitions. Six European Counties have placed a ban on the purchase of oil from Iran which accounts for approximately half of the country’s income. Iran responded furiously to the sanctions and threatens to close the Strait of Hormuz.
Friday, March 2, 2012 The 2011/12 ISA allowance is £10,680 of which £5,340 can be saved in a cash ISA and a maximum of £10,680 can be invested in an investment ISA. If you or your partner have not already done so, the deadline for the tax free ISA allowance is 5 April 2012. Some of the retail banks are currently offering reasonably attractive rates at present and are likely to be better than the rates offered in April when more people will be looking to invest in next year’s ISA allowance.
From 6 April 2012, the 2012/13 ISA allowance of £11,280 will be available of which up to £5,640 can be saved in a cash ISA.
Thursday, March 1, 2012 Thailand’s worst flooding in 50 years caused major disruption costing insurers $20bn. The floods which took place last October cost Lloyds $2.2bn in insurance claims. The taxpayer owned bank reported that these costs were within the normal course of business.
800 people died in the floods and a number of factories were destroyed. The flooding caused a world shortage in consumer electronics with a resounding increase in the price of memory cards and other electronic goods.