British Prime Minister, David Cameron, is urging European leaders to take “decisive steps” to deal with the debt crisis. Mr Cameron said the crisis is putting the global economy in a “precarious” situation and told leaders of the 17-member nation they had a “collective responsibility” to avoid a disaster. Mr Cameron told the Financial Times [...]
The International Monetary Fund (IMF) has warned euro zone policymakers to take immediate action to prevent the debt crisis spreading outside Europe. The warning comes as Spain’s borrowing costs rose to a 9-year high today as fears continue to grow over the debt crisis in the euro zone. There are fears that Spain, which is [...]
The European Banking Authority (EBA) said eight out of 90 European banks failed the recent stress tests. The latest round of tests arose after last year’s failed to reveal the weakness among banks in Ireland and have been conducted to ensure banks have enough capital to cope with difficult economic situations, such as recession. The [...]
Japanese shares rose more than 3% earlier today following some much needed good news. Stock markets were boosted by the news that Japanese carmakers, Toyota and Honda, may restart production this week, while it was revealed that progress is being made in containing radiation leaks. In the aftermath of the earthquake and tsunami on 11 [...]
Finance ministers of the group of seven nations have agreed to intervene to stabilise the Japanese yen – which has reached record highs this week. Earlier this week, the yen reached a post-war record high against the US dollar following last Friday’s earthquake and tsunami. The disasters also sent global shares into freefall earlier this [...]
The People’s Bank of China has again raised interest rates in a bid to curb high inflation. The central bank first lifted rates last October – the first such move since 2007. Today’s rise represents the third in four months and the Bank has increased the one-year yuan lending rate from 5.81% to 6.06%, and [...]
The Bank of England’s Deputy Governor, Charles Bean, has said the Monetary Policy Committee (MPC) may be forced to hike interest rates if commodity prices remain high and inflation becomes embedded. His comments, published in the Western Mail newspaper, come as inflation remains well above target. MPC member, Andrew Sentance, has previously warned that the [...]
Despite being one of the first major economies to emerge from recession – in the second quarter of 2009 – Japan faces many risks to its recovery. Not only is it battling with deflation, it struggling with a strong yen, which continues to weaken demand for exports and threatens the economic recovery. A short period [...]
In two separate interviews, Bank of England policymakers, David Miles and Andrew Sentance, have both given their views on the UK economy. David Miles said there is no rush to withdraw any stimulus but said the Bank must avoid taking action that could derail the recovery. In an interview with the Northern Echo newspaper, Mr [...]
Japanese core private-sector machinery orders – a highly volatile series seen as an indicator of corporate spending – surged 10.1% in August – confounding expectations of a 4.5% fall. The increase in orders represented the third consecutive monthly rise, according to the Cabinet Office, and follows June’s 1.6% increase and July’s 8.8% growth. The surprise [...]
US Federal Reserve chairman, Ben Bernanke, has said the outlook for the world’s largest economy remains “unusually uncertain”. The US housing market, in particular, has experienced a double-dip in activity after the expiration of a Government incentive. Furthermore, higher unemployment and a slowdown in manufacturing have sparked fears of a “double-dip” recession. However, Mr Bernanke [...]
Telecoms giant BT has avoided strike action after reaching an agreement on pay with the Communication Workers Union (CWU). Workers were threatening strike action after senior executives were awarded huge bonuses which angered staff. However, a new deal, which the union has described as “fantastic” for its members resulted in a 2.3% rise in BT’s [...]
Telecoms giant BT could be faced with industrial action after the union which represents BT workers has confirmed that a strike ballot will go ahead. The ballot will open on 18 June with the result is due on 5 July. The vote for strike action, which would be the first in 25 years, comes as [...]
The Financial Services Authority (FSA) has today found that poor advice is still being given to people switching pension funds. The findings come after a major review of the sector conducted by the FSA in 2008. The City Watchdog has raised concerns about the advice being given and, as a result, is to take enforcement [...]
In its twice-yearly Financial Stability Report, the Bank of England said that over the last six months, the financial sector has become “significantly more stable”. While the Bank acknowledged that commercial banks still had more to do to improve their long-term stability, action taken to strengthen the sector, such as historically low interest rates and [...]
In a bid to prevent the 12-day strike planned by cabin crew over Christmas, British Airways (BA) is to take legal action to prevent what could cause misery for millions of passengers this festive season. The Unite union has called a walkout from December 22 to January 2 in a dispute over working conditions, jobs [...]
British Airways (BA) cabin crew are set to cast their vote on whether strike action will take place. The Unite trade union is predicting that 14,000 air stewards and stewardesses will vote in favour of strike action over the Christmas period in a dispute over cost-cutting measures. The measures include a two-year pay freeze for [...]
Royal Mail is in talks with the Communication Workers Union (CWU) in a bid to avoid the planned national postal strikes this week. However, according to a report by Sky News, Royal Mail said it will call in conciliation service Acas to try to resolve its industrial dispute if unions agree to call off the [...]
More than 180 of the world’s biggest investors have called on world leaders to work together on fighting climate change. A collective statement from the investors, with collective assets of over $13 trillion, said all countries must commit to a low-carbon future. “From an investment perspective it is critical that developing countries, especially the highest [...]
Last month, the Office for National Statistics (ONS) revealed that UK unemployment had reached 2.26 million – the highest level since November 1996, while the unemployment rate rose to 7.2% – the highest since July 1997. The ONS is set to reveal official figures later today that could show the total number of people out [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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