Read this for news on the world economy, or just enjoy the interesting words the Brits use to describe their unemployment: Jobseekers Allowance (unemployment benefits), shadow work (?)…
UK unemployment total falls to 2.58m
The unemployment rate fell to 8.1% in the period, down from 8.3% in the previous quarter.
The ONS figures showed that the number of people in employment rose by 181,000 to 29.35 million.
However, the number of people claiming Jobseeker’s Allowance rose by 6,100 to 1.6 million in June.
The number of long-term unemployed also increased, with those out of work for more than two years rising by 18,000 to a total of 441,000, the highest since 1997.
The shadow work and pensions secretary Liam Byrne said: “You’ve seen another big rise in the number of long-term unemployed… nearly half the people on the dole have been out of work for more than six months.”
Average total earnings were 1.5% higher in the year to May, the ONS said. When bonuses are excluded, regular pay rose 1.8% from a year earlier.
On average, UK workers earned £442 per week excluding bonuses.
UK unemployment rates
- North East England 10.9%
- Yorkshire and the Humber 9.7%
- North West England 9.5%
- Wales 9.0%
- London 8.9%
- West Midlands 8.6%
- East Midlands 8.3%
- Scotland 8.0%
- Northern Ireland 6.9%
- East of England 6.6%
- South East 6.3%
- South West 5.9%
Source: BBC - UK unemployment total falls to 2.58m
Microsoft and Barnes & Noble have teamed up to compete against Apple and Amazon in the eBooks business. The new partnership sees Microsoft investing $300 million in a new Barnes & Noble subsidiary.
The $300 million investment in the Nook subsidiary of Barnes & Noble gives Microsoft about 17.6 percent ownership of this business unit. That values this part of the business at about $1.7 billion. Before the markets opened this morning, the Nook business was valued about $900 million more than Barnes & Noble itself.
In addition, Microsoft is paying another $305 million to get Nook on Windows 8 with some content:
Microsoft will be paying the Barnes & Noble subsidiary $180 million for revenue sharing on the Nook app that B&N will make for the Windows 8 platform. This is nonrefundable, the filing notes. Microsoft is also paying $125 million (equal to $25 million over five years) “for purposes of assisting NewCo in acquiring local digital reading content and technology development.” This, too, looks to be nonrefundable.
To put that in perspective, in the last quarter Barnes and Noble made $52 million in profit (on $2.4 billion in sales), and Amazon pulled in $130 million in profit (on $13 billion in sales). Clearly, Amazon has a big edge over B&N.
But, when you look at Microsoft’s earnings for the last quarter, $5.1 billion in profit (on $17 billion in sales), it looks like the big dog just entered the game. But, don’t forget that Apple is on the scene as well.
Clearly, the e-reader battle is just heating up and everyone wants a piece.
On a side note, Target just announced they are pulling all Kindle’s from their stores due to ‘showrooming.’ The practice of visiting Target to physically touch a product, so you can then buy it on Amazon.