The Washington-based International Monetary Fund (IMF) has downgraded its growth prospects for Asia amid the euro zone debt crisis and sluggish US growth. The IMF is now forecasting growth for Asia of 6.3% in 2011 and 6.7% in 2012. This is slightly lower than the 7% growth for both years it estimated in April. According […]
Inflation in the worlda��s second largest economy eased last month after reaching a 3-year high in July. According to the National Statistics Bureau, consumer prices rose by 6.2% in August on an annual basis, compared with 6.5% the previous month. Several other economies throughout the world are battling with higher inflation, particularly in Asia, which […]
The National Statistical Coordination Board has revealed the Philippine economy grew at an annual rate of 3.4% in the second quarter a�� slowing from an annual growth of 4.6% in the previous quarter. The expansion was less than the 4.4% expected by economists. Compared with the previous three months, the economy, which is South East […]
The Peoplea��s Bank of China has today lifted interest rates a�� the third time this year a�� as it battles to tame inflation. Inflationary pressures are rife in Asia and many central banks have opted to hike interest rates in an attempt to combat rising prices. The bank said the one-year lending rate will rise […]
Inflation in the worlda��s second largest economy reached the highest level in 34 months in May as food prices continue to rise. Consumer prices rose by 5.5% in May on an annual basis a�� higher than expectations of an annual rate of 5.3%. Food prices (the primary factor behind stubbornly high inflation) remain high, rising […]
Asian shares fell today after the worlda��s largest economy raised fears of a slowdown. Figures issued in the US yesterday revealed manufacturing activity slowed to its lowest level since September 2009 and was weaker than economists had expected. Furthermore, payroll processing firm ADP said private employers created a less than expected 38,000 jobs last month […]
India’s wholesale price index, the country’s main inflation rate, eased last month to an annual 8.66% from March’s figure of 9.04%. However, the figure was still above the 8.48% expected by analysts and comes as fuel and food prices continue to rise. The food price index increased 8.71%, while the fuel price index rose 13.32% […]
A report by the Asian Development Bank (ADB) has warned soaring food and fuel prices threaten to push millions into extreme poverty and hamper economic growth in Asian economies. Previous reports have suggested that Asia is leading the way in the global recovery with staggering economic growth figures but food price inflation is threatening growth […]
Supermarket giant Tesco has today announced overall pre-tax profits were A?3.5 billion for the year to 26 February a�� an 11.3% rise on a year ago. Profits were 30% higher in Asia at A?570 million with sales up 21% to A?11 billion, driven by a strong performance in Thailand and Korea. Today’s results represent the […]
The US Labor Department has today revealed consumer prices climbed to 2.7% in March from 2.3% in February. The rise, which was more than expected, was attributed to higher food and petrol prices. Meanwhile, on a monthly basis, consumer prices rose by 0.5% in March. Inflation is rising in many economies throughout the world, particularly […]
The Bank of Korea has lifted its inflation forecast for the 2011 year as food and oil prices rise. Inflationary pressures are rife in Asia and many central banks have opted to hike interest rates in an attempt to combat rising prices. The latest figures from Statistics Korea showed the consumer price index rose by […]
The Asian Development Bank (ADB) has said inflationary pressures remain rife in Asia’s developing economies and could pose a challenge for many, leading to social tensions. However, the region is powering ahead in the economic growth stakes, due to soaring exports, and has been leading the way in the global economic recovery. Growth rates for […]
The Peoplea��s Bank of China today lifted interest rates in a further attempt to fight stubborn inflation. The central bank increased the one-year yuan lending rate by 25 basis points to 6.31% and the one-year yuan deposit rate, also by 25 basis points, to 3.25%. The latest figures from Chinaa��s National Bureau of Statistics (NBS) […]
Statistics Korea has today announced the inflation rate has jumped to a 29-month high a�� driven by higher food and fuel costs. According to Statistics Korea, the consumer price index rose by 4.7% in March on an annual basis. The rate is now at the higher end of the central banka��s 2%-4% target. On a […]
The Government’s General Statistics Office has revealed consumer prices in Vietnam rose to 9.46% in March – up from Februarya��s 8.46%. The latest rise – which is the seventh consecutive gain – will add further pressure on the central bank to lift interest rates. Inflationary pressures are rife in Asia and in the last few […]
Asian shares and the yen have dropped after a 8.9 magnitude earthquake hit Japan. The earthquake hit the northeast coast of Japan, followed by a 13-foot tsunami wave sending shares tumbling. Shares had already lost ground following weak economic data and the Middle East turmoil. Japana��s Nikkei index was 1.7% lower, but Nikkei futures lost […]
South Koreaa��s central bank has today elected to lift interest rates in order tame high inflation. The move did not come as a surprise to analysts after the bank lifted its main interest rate from 2.75% to 3%. Analysts believe more rate hikes are on the cards, with many predicting rates to be between 3.5% […]
HSBC, which is Europea��s largest bank, has once again denied rumours that it is planning to relocate its UK headquarters to Hong Kong. A report in the Sunday Telegraph quoted an unnamed, investor as saying “we were told that a move [to Hong Kong] is now more than likely”. However, the bank has refuted the […]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was A?741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. […]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees […]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to A?12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on […]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages […]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The a�?Mind the Credit Gapa�? report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than A?50,000 could have a credit […]
Monthly incomes A?22 lower in 2012
The average monthly income of UK households fell by A?22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE […]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was A?1,186, more than double the average savings […]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though […]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Companya��s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailersa�� sites in the near future. Although the Paylater branding is similar to Wongaa��s, the Wonga name only appears in the small print. A […]
First-time buyers take a decade to save for a deposit
Before the credit crunch it took first-time buyers two to four years to save up a deposit for a property but a quarter of first-time buyers now say it will take them at least ten years. In its latest Property Tracker report, the Building Societies Association (BSA) suggests that since September 2010 raising a deposit […]
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