The world’s largest economy continues its run of good news after consumer confidence rose in August. The closely-monitored Consumer Confidence Index from the Conference Board business organisation grew to 54.1 from an upwardly revised 47.4 the previous month. The latest reading exceeded market expectations but it is still well below the 90 mark – the [...]
US President Barack Obama has confirmed that Ben Bernanke has been nominated for a second term as chairman of the US central bank – the Federal Reserve. Mr Obama took a break from his summer vacation to make the announcement and said “Mr Bernanke had helped prevent a repeat of the Great Depression.” “Ben approached [...]
US President Barack Obama is expected to take a break from his summer vacation to announce that Ben Bernanke will be nominated for a second four-year term as Chairman of the US central bank – the Federal Reserve. If his appointment is confirmed, Mr Bernanke will commence his term when his current tenure ends in [...]
Positive economic news and hopes of a global recovery boosted the FTSE 100 again today after the index soared to a ten-month high and smashed through the 4,900 mark. The gains followed those seen in Asia earlier today, which were spurred on by Federal Reserve chairman Ben Bernanke’s comments last Friday. Mr Bernanke’s comments came [...]
Federal Reserve chairman Ben Bernanke said today the prospects for economic recovery “appear good” and sent global stock markets higher. The Dow Jones index gained 1%, London’s FTSE 100 index climbed 2% to close at 4,850.89. Germany’s Dax index rose 2.8%, while France’s Cac 40 added 3.1%. Mr Bernanke’s comments came at a speech in [...]
Figures released by ADP Employer Services have revealed that fewer jobs were lost in the private sector in April in the US. The news was welcomed on the stock markets with the Dow Jones industrial average up by 76.14 points to 8,486.79 in early trading. Furthermore, the euro rose against the dollar to $1.3355, while [...]
US President Barack Obama suggested earlier this week that the US economy is seeing signs of progress. However, his optimism may have been quashed after figures show that the number of US citizens losing their homes soared by 44% in March. Furthermore, a survey carried out by Foreclosures.com established that 175,199 homes were repossessed by [...]
Barack Obama has suggested that the US economy is seeing signs of progress but has stressed that times are still challenging. The President, who was delivering his latest economic speech at Georgetown University, said that this year will still be tough for the US economy with rising unemployment and more repossessions. Last month alone, the [...]
Official figures from the US Labor Department revealed today that 651,000 jobs were lost in February in the US, taking the jobless rate 8.1% – the highest level since December 1983. Meanwhile, the organisation adjusted its January figures upwards to 655,000, while December’s losses were revised to 681,000 – the biggest single monthly decline since [...]
According to the Beige Book, an influential source of information released by the US Federal Reserve, over the last six weeks the US economy has deteriorated. The report, which is also used to determine interest rates for the nation and will be used at the next meeting, said an improvement was not expected before the [...]
Ben Bernanke, Federal Reserve chairman, is calling for aggressive action to stimulate the US economy. Speaking in front of the Senate Budget Committee in Washington, Mr Bernanke said that stabilising financial markets is vital for economic recovery. Mr Bernanke said progress has been made on the financial side since last autumn but more bold action [...]
US Federal Reserve chairman Ben Bernanke has warned that unless policymakers can implement measures to stabilise the financial system, the world’s largest economy could see the recession lasting until 2010. Mr Bernanke made the comments to the Senate Banking Committee in Washington but did state that economic turnaround depends on the success of actions taken [...]
The US Federal Reserve’s Chairman, Ben Bernanke, is suggesting that the US needs another cash boost to encourage spending and promote consumer confidence. The suggestion comes after the country recently announced a $700 billion (£380 billion) package to rescue the country’s ailing banking industry. Mr Bernanke believes further Government spending may be required after he [...]
US billionaire investor, Warren Buffett, has described the current financial turmoil as ‘an economic Pearl Harbour’. Buffett, who is one of the world’s richest men, and US Federal Reserve chief, Ben Bernanke, are urging US Congress to quickly approve the $700 billion (£380 billion) financial rescue plan or risk serious consequences to the US economy. [...]
Global shares have received a boost this morning after reports of a proposal by the US Government to deal with the financial crisis. Henry Paulson, US Treasury Secretary, and Ben Bernanke, chairman of the Federal Reserve, are investigating the possibility of setting up a repository for bad bank, according to a report by CNBC. CNBC [...]
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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