Figures today revealed Australia’s jobs market remains strong after employment hit a record high of 11.1 million people at work. According to the Australian Bureau of Statistics, the economy created almost 46,000 jobs last month – smashing analysts forecasts of 15,000. The latest figures means the unemployment rate held steady at 5.1%. Westpac Bank expects [...]
A survey by Westpac bank and the Melbourne Institute has revealed that Australian consumer confidence took another dive in June. The study, which questioned 1,200 people, found that consumer morale in June fell by 5.7% to a reading of 101.9 and followed a 7% drop in May. The fall was attributed to global economic worries [...]
There are fears that the debt crisis in the euro zone could hit the global economy but Australia believes its economy will be unaffected. According to the Reserve Bank of Australia (RBA) governor, Glenn Stevens, the country’s strong trade connections with East Asia means it will be relatively unaffected by the events in the euro [...]
The Reserve Bank of Australia (RBA) has today elected to leave interest rates on hold at 4.5% after a series of aggressive rate hikes since October. While the decision was widely expected, economists say the central bank will only leave rates on hold for the short-term. Australia was the first economy to raise rates from [...]
A survey by Westpac bank and the Melbourne Institute has revealed that Australian consumer confidence has been hit by the recent hike in interest rates. The study, which questioned 1,200 people, found that consumer morale in May fell for the second consecutive month – by 7% to a reading of 108. This represented the biggest [...]
The Reserve Bank of Australia (RBA) has today elected to lift interest rates from 4.25% to 4.5%, as widely expected. Australia was the first economy to raise rates from a 50-year low as the economic downturn eased. Other major economies opted for lower interest rates to boost their economies. Furthermore, it is one of the [...]
Influential think tank, the National Institute of Economic and Social Research (NIESR), said the UK economy avoided a double-dip recession in the first quarter of 2010 and is expected to see growth of 0.4%. However, official figures for quarter one GDP will not be published until April 23 but it appears many are optimistic for [...]
Leading business group, the British Chambers of Commerce (BCC), has today said it has concerns for the UK economy but the recovery is “still on course”. The BCC’s survey of more than 5,500 businesses showed that manufacturing sales were struggling, while new orders remained in decline. However, the business group said growth within the key [...]
The Reserve Bank of Australia (RBA) has today elected to lift interest rates from 4% to 4.25%. Australia was the first economy to raise rates from a 50-year low as the economic downturn eased. Other major economies opted for lower interest rates to boost their economies. Furthermore, it is one of the few developed economies [...]
Official figures have revealed Australia’s economy grew 0.9% in the October to December period, while on an annual basis the economy expanded 2.7%. In comparison, the UK, Germany and Japan all contracted by around 5% in 2009, while the US shrank by 2.4%. Australia’s Federal Treasurer Wayne Swan described the country’s growth as “the envy [...]
As widely expected, the Reserve Bank of Australia (RBA) has raised interest rates from 3.75% to 4%. The RBA has increased interest rates four times since October and many analysts believe interest rates could hit 4.25% in the short-term. Australia is one of the few developed economies not to have fallen into recession like its [...]
Research by the British Property Federation Retail Summit has revealed that the some British towns are turning into ghost towns as shoppers continue to avoid the High Street, in favour of online shopping. A recent study by the Centre for Retail Research (CRR) and shopping comparison website Kelkoo, found that UK shoppers spent more online [...]
Under a new personal, social, health and economic (PSHE) curriculum, children as young as five will be taught how to look after their money to avoid getting into debt in later life. The lessons are being ordered by schools secretary, Ed Balls, who said the lessons in personal finance will be compulsory for all pupils [...]
Lloyds Banking Group has today embarked on the biggest rights issue on record by asking shareholders to buy 1.34 new Lloyds shares for each one they already own. The rights issue price of 37p is slightly higher than expected but still heavily discounted at 59.5% on Monday’s closing price of 91.47p. According to Lloyds, the [...]
Australia, which is one of the few developed economies not to have fallen into recession like its counterparts throughout the world, has increased interest rates from 3.25% to 3.5%. It is the second month in a row that interest rates have increased and the move was not unexpected. The Australian economy has benefited from an [...]
According to press reports this evening, banking giant Lloyds is to pay the Government a fee of £2.5 billion to avoid the Government’s Asset Protection Scheme (APS). For some time now, there have been reports that Lloyds Banking Group has been exploring ways to avoid the scheme, which insures against losses arising from toxic assets. [...]
Lloyds Banking Group has today confirmed it is considering a rights issue, in order to repair its balance sheet which was battered following the takeover of rival HBOS, as well as avoiding participating in the Government’s Asset Protection Scheme (APS). There has been speculation that the bank, which is 43% owned by the taxpayer, has [...]
Lloyds Banking Group is reported to be embarking on a massive fundraising scheme, in order to repair its balance sheet which was battered following the takeover of rival HBOS, as well as avoiding participating in the Government’s Asset Protection Scheme (APS) . The bank, which is 43% owned by the taxpayer, is understood to be [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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Asian shares recover after Fed comments
Federal Reserve Chairman Ben Bernanke yesterday allayed investor fears after saying the US economy appeared to have enough momentum to avoid a “double-dip” recession. Mr Bernanke also said he believes European leaders are taking the right steps to ensure the survival of the euro. “European leadership is strongly committed to doing whatever is necessary to [...]