Eurostat has revealed inflation in the 17-member euro zone rose to 2.7% in March – remaining above the European Central Bank’s (ECB) target of just below 2%. Rising inflation in the region led the ECB to lift interest rates this month from 1% to 1.25% – for the first time in almost three years. The [...]
Figures have today revealed the Chinese economy expanded 9.7% in the first quarter – much better than expected. The data from the National Bureau of Statistics said it was the fastest rate since 2008. The economy, which is the world’s second largest, has been the world’s fastest growing nation over the last two decades and [...]
Manufacturing activity in China appears to have improved in March, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) rose to 53.8 in March from February’s six-month low of 52.2. Secondly, the HSBC China Manufacturing PMI edged higher to 51.8 in March [...]
According to Justin Lin, the World Bank’s chief economist, China has the potential to overtake the US and become the world’s largest economy. Mr Lin’s comments come shortly after official data last month revealed China had become the world’s second largest economy – taking over from Japan, which slipped into the third place. At the [...]
The yuan has risen to an all-time high against the US dollar today – trading in a range from 6.5552 (a record high) to 6.5596 and up from Monday’s close of 6.5611. The currency has now risen about 4.1% since last summer and 0.2% this week alone. Beijing has been under pressure to let its [...]
Chinese Premier Wen Jiabao said today his Government can control stubbornly high inflation and rejected any changes to its tightly managed currency, the yuan. Last week, China’s National Bureau of Statistics (NBS) revealed inflation rose 4.9% in February on an annual basis – the same figure as January. It remains well in excess of the [...]
China’s National Bureau of Statistics (NBS) has today revealed the consumer price index rose 4.9% in February on an annual basis – the same figure as January. However, inflation is still well in excess of the 3% target set by the Government and was higher than analysts forecasts of 4.7%. The Government recently announced measures [...]
Official figures have today revealed China returned to a trade deficit last month on the back of a sharp slowdown in exports. According to the Customs Authorities, exports grew just 2.4% in February on an annual basis to $96.74 billion, while imports rose 19.4% to $104.04 billion. This compares with a 38% rise in exports [...]
China‘s property prices have remained stubbornly high despite several Government initiatives to avoid a property bubble. The Government recently announced plans to introduce a property tax. Shanghai Mayor Han Zheng said it is preparing for the “trial reform on property tax as required by the central Government”. It has also made it more expensive to [...]
Retailing giant Tesco has today unveiled a new joint property venture in China, which will see it develop shopping malls, each built around one of the supermarket chain’s hypermarkets. The supermarket giant, which is the UK’s largest, will build hypermarkets in three shopping malls – in Shenyang, Xiamen and Fuzhou. The £170 million agreement will [...]
China’s National Bureau of Statistics (NBS) has revealed the consumer price index rose 4.9% in January on an annual basis – up from December’s 4.6%. Inflation is still well in excess of the 3% target set by the Government but was in line with analysts forecasts. The Government recently announced measures to deal with double-digit [...]
Official figures have today revealed Chinese imports soared by 51% in January compared with a year ago – far exceeding forecasts of a 28% increase. Meanwhile, exports grew 38% in January on an annual basis, according to the customs authorities. Again, this easily beat expectations of a 22.4% rise. The strong rise in imports led [...]
Official data today revealed a contraction in the Japanese economy for the final three months of 2010. The latest figures mean China has now officially become the world’s second largest economy – taking over from Japan, which slides into the third place. At the end of 2010, Japan’s economy was worth $5.474 trillion (£3.414 trillion), [...]
The US trade deficit swelled in December to $40.6 billion, from $38.3 billion the previous month. The rise was attributed to higher prices for imported oil, the Commerce Department reported today. Imports surged at the fastest rate since June, rising by 2.6% $203.5 billion – exceeding the $200 billion threshold for the first time since [...]
Manufacturing activity in China remained strong in January, two separate surveys have revealed. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) dipped to 52.9 in January, from 53.9 the previous month. Secondly, the HSBC China Manufacturing PMI edged higher to 54.5 in January, from 54.4 in December. [...]
China, which is the world’s second largest economy, experienced growth of 10.3% in 2010 – much higher than expected, according to the National Bureau of Statistics. While the growth is staggering, it has again raised fears of the economy overheating, which is adding to inflation pressures. In addition, fourth quarter growth was better than expected, [...]
China’s property prices rose for the fourth consecutive month in December, albeit at a slower pace. According to the National Bureau of Statistics, prices rose 0.3% in December, taking the annual rate to 6.4% – although this is half of the peak reached in April 2010 – when prices surged 12.8%. However, prices have remained [...]
Figures today from the customs authorities revealed Chinese exports surged 17.9% in December to $154.15 billion on an annual basis. However, this was much slower than the 34.9% rise reported in November. Imports, meanwhile, also rose, by 25.6% on a yearly basis to $141.07 billion, narrowing the country’s controversial trade surplus to $13.1 billion in [...]
A new report from PricewaterhouseCoopers (PwC) is urging UK companies to focus on emerging markets, or join the “slow lane of history” by continuing to focus on markets in North America and Western Europe. In PwC’s latest “World in 2050″ series, the firm’s head of macroeconomics, John Hawksworth, comments: “Rapid growth in consumer markets in [...]
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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