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Latest Economic News
The latest news on the UK, US and world economies:
February 9, 2010
by David Masters
Rising inflation is not deterring consumers from putting money aside into a savings account, according to research by Nationwide.
According to the building society, the number of occasional and regular savers is at the highest level for 16 months.
Nearly eight in ten (79%) consumers are now regular or occasional savers, according to Nationwide’s Importance of Savings Index.
Andy Hutchinson, Nationwide’s head of savings, ...
by Gill Montia
Having studied the latest figures from the Insolvency Service, Grant Thornton is predicting a glut of company failures in England and Wales during 2010.
Last year saw a record 4,161 companies placed in administration (up 1.7% on 2008) and the accountancy firm warns: "There is no light at the end of the tunnel for troubled companies that are relying on ...
February 8, 2010
by Kay Murchie
Greek unions have today vowed to strike on Wednesday to protest against the Government’s austerity measures.
Last week, Greek Prime Minister, George Papandreou, announced tough austerity measures to tackle the country’s spiralling debt. Measures include a public sector pay freeze, a hike in taxes and an increase to the retirement age.
Spyros Papaspyros, president of the ADEDY public sector union, ...
by Kay Murchie
Discount clothing retailer Ethel Austin has entered administration for the second time in two years.
The Liverpool-based retailer, which has 300 stores, will trade as normal while administrators MCR seek a new buyer.
However, MCR could not rule out closures or job losses since there were "no guarantees" that a buyer could be sought in the current economic ...
by Kay Murchie
The Indian Government has today announced that the economy is expected to expand 7.2% in the year to the end of March.
The economy is making a strong recovery and expanded at an annual pace of 7.9% in the three months to the end of September, after growing 6.7% in the year to the end of March 2009.
Meanwhile, today’s announcement has raised ...
by Kay Murchie
A report by the Labour Research Department (LRD) has found that despite rising inflation, the rate of wage freezes is growing.
The study found that a third of all pay deals now included a pay freeze - the largest proportion since the onset of the recession.
The findings come despite a rise in Retail Price Inflation (RPI). RPI, which includes mortgage costs ...
by Kay Murchie
The pound dived to a low not seen since May 2009 today over debt fears in the euro zone.
It was the fourth consecutive day of losses and the pound fell to $1.5535 in early London trade - an 8½ month low.
The losses came as investors worry about how euro zone economies (including Greece and Portugal) will tackle ...
by Kay Murchie
According to a report by Capita Registrars Research, UK companies paid out £57 billion to investors last year - 15% less than in the previous year - resulting in a loss of £10 billion.
Furthermore, the research found that investors are unlikely to fare any better this year because of a weak economic recovery.
The report found that those with shares in the banking ...
by Kay Murchie
Former IMF chief economist, Simon Johnson, has warned that the UK’s debt levels should be seen in the same category of highly indebted countries such as Greece.
Mr Johnson’s was speaking to the BBC about the UK’s debt as the G7 finance ministers discussed the crisis in some of the euro zone economies.
Last week, debt concerns in Europe resulted in heavy ...
February 5, 2010
by Kay Murchie
The Labor Department has today revealed that the US unemployment rate fell from 10% in December to 9.7% in January - its lowest level in five months.
According to the Labor Department, employers cut 20,000 jobs last month - many analysts had predicted the economy to add jobs.
US President Barack Obama has pledged to make job creation his top priority.
Meanwhile, the ...
by Kay Murchie
Figures from the Insolvency Service today highlighted the impact that the recession has had on many individuals.
According to the organisation, the number of people declared insolvent in England and Wales reached a record high in the last three months of 2009.
There were 35,574 people declared insolvent in the last three months of the year - a rise of 24.9% on ...
by Kay Murchie
The John Lewis Partnership, which is seen as a barometer of British retailing, today announced that sales grew 15.6% to £50 million in the week to 30 January compared with the same period a year ago.
The renowned employee-owned department store said it was the third consecutive week of increased sales and ended a "cracking" January.
According to Managing Director, ...
by Kay Murchie
British Airways (BA) has today reported a £50 million loss in the three months to December 31 2009, compared with the £122 million it lost in the same period a year earlier.
However, the loss was much less than analysts’ predictions for a £151 million loss.
Meanwhile, the airline posted a surprise £25 million operating profit in the three-month period, against a ...
by Kay Murchie
Debt concerns in Europe have resulted in heavy falls across Asian stock markets today with Japan's Nikkei index fell nearly 3% and stock markets in Hong Kong, Korea and China experiencing heavy declines.
The Nikkei fell almost 300 points to 10,057.1 - its lowest level in two months. Hong Kong‘s Hang Seng Index lost 592.31 points to 19,749.33 in morning ...
February 4, 2010
by Kay Murchie
Spanish banking giant Santander has today revealed a 13% rise in fourth-quarter net profit to €2.2 billion (£1.9 billion).
Meanwhile the bank, which is the second largest banking group in the world after HSBC, said gross income grew almost 24% to €10 billion.
For the 2009 year as a whole, net profit was up 1% to €8.94 billion, with good performances in continental Europe, Latin ...
by Kay Murchie
The Society of Motor Manufacturers and Traders (SMMT) has today revealed sales of new cars grew by 29.8% in January compared with the same month in 2009, boosted by the Government’s scrappage scheme.
The £400 million initiative, which was launched last May to boost the ailing car industry, pays drivers of cars at least 10 years old £2,000 off the price of ...
by Kay Murchie
The European Central Bank (ECB) today elected to keep interest rates on hold at the historic low of 1% for the ninth consecutive month, as widely expected.
Interest rates are expected to remain on hold for the long-term as a result of uneven growth and low inflation.
The euro zone as a whole emerged from recession in the third quarter ...
by Kay Murchie
The Bank of England’s Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5% for the eleventh month in a row.
In addition, it has put the brakes on its quantitative easing (QE) scheme - introduced to stimulate growth within the economy.
QE, also known as printing money, ...
by Kay Murchie
Oil giant Royal Dutch Shell has today posted a 75% fall in profits for the fourth quarter to $1.2 billion (£755 million), compared with the $4.8 billion the company made a year ago.
The Anglo-Dutch company, which is Britain’s second largest oil company, has been hit by a slump in demand for oil from a weak global economy.
For the full 2009-year, the ...
by Kay Murchie
The UK car scrappage scheme has been extended for one month - until the end of March.
The scheme, dubbed cash for bangers, was due to expire at the end of this month (or until funds ran out).
However no extra funds will be provided for the scheme but the Government said the extension would give dealers and manufacturers "more ...
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Rising inflation is not deterring consumers from putting money aside into a savings account, according to research by Nationwide.
According to the building society, the number of occasional and regular savers is at the highest level for 16 months.
Nearly eight in ten (79%) consumers are now regular or occasional savers, according to Nationwide’s Importance of Savings Index.
Andy Hutchinson, Nationwide’s head of savings, ...
Greek unions have today vowed to strike on Wednesday to protest against the Government’s austerity measures.
Last week, Greek Prime Minister, George Papandreou, announced tough austerity measures to tackle the country’s spiralling debt. Measures include a public sector pay freeze, a hike in taxes and an increase to the retirement age.
Spyros Papaspyros, president of the ADEDY public sector union, ...
