New pension scheme set to be called NEST

Randgold Resources leads gains on 100, in London mining sector

European equities markets were lower Friday after the US Labor Department reported that there was no job growth in the United States in August, leaving the unemployment rate at 9.1 percent, and that for those with jobs, the number of hours worked and hourly earnings were both down during the month. The FTSE 100 was [...]

US unemployment rate holds steady at 9.1%

According to the Labor Department, the world’s largest economy added no new jobs last month, which was a surprise after markets had expected 70,000 new jobs. This represented the first time since 1945 that there has been a zero payrolls figure after 17,000 jobs were added in the private sector last month but these were [...]

Obama administration downgrade US economic growth prospects

There have been fears of late that the US economy could fall back into recession this year but the Obama administration does not envisage this and is predicting growth of 1.7% this year – albeit 1% less than its forecast earlier this year. Official data from the Commerce Department show the economy grew by just [...]

China manufacturing activity improves in August

Manufacturing activity in China grew for the first time in four months in August, two separate surveys have revealed. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers’ index (PMI) edged higher to 50.9 last month from July’s reading of 50.7. The index remains just above the crucial 50 level, [...]

UK construction growth slows further in August

The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) has today revealed growth in the UK construction industry weakened in August. The PMI dipped to 52.6 in August from July’s reading of 53.5 – however, the figure was in line with expectations. Furthermore, the index remains above the crucial 50 mark, which [...]

Hargreaves Lansdown leads 100 for second consecutive session on full-year results

European equities markets were mostly higher Thursday, but the Dax dropped 0.94 percent to 5,730.63 in Frankfurt after private consumption dropped by 0.7 percent in German in the second quarter and the economy there saw more imports than exports. The FTSE 100 was up 0.45 percent to 5,418.65 in London, while the FTSE 250 added [...]

Brazil in unexpected interest rate cut

Brazil’s central bank has cut the country’s key interest rate to 12% from 12.5% - a move which surprised economists. However, the bank said there had been a “substantial deterioration” in the outlook for the global economy and that was its reason for the rate cut. One analyst said the rate cut is a “huge [...]

South Korea inflation jumps to three-year high

Statistics Korea has today revealed South Korea’s inflation rate jumped to a three-year high of 5.3% in August as food costs continued to rise. The rate is up from 4.7% in July and represents the eighth consecutive month that inflation has been above the central bank’s target of 4%. Inflationary pressures are rife throughout the [...]

UK manufacturing activity hits 26-month low

The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity contracted at the fastest pace in more than two years in August. The closely-watched CIPS/Markit manufacturing PMI fell to 49.0 last month from an upwardly revised 49.4 in July. The latest figure means the index remains [...]

BCC revises UK economic growth forecast

The British Chambers of Commerce (BCC) has today revised its growth prospects for the UK economy. The lobby group is now forecasting growth of just 1.1% this year, down from its 1.3% forecast in June and much lower than the 1.9% it estimated at the start of the year. Meanwhile, it is expecting growth of [...]