European stock markets have lost ground today as the euro zone debt crisis continues and Italy becomes the latest nation to come under scrutiny. European stock markets were down earlier today with London’s FTSE, Germany’s Dax and France’s Cac 40 all losing between 1.6% and 1.9%, following falls in Asia earlier. Meanwhile, the euro slipped [...]
Speculation is mounting again that Portugal may need financial assistance after a rise in bond yields. Yields on Portuguese 10-year bonds climbed to 8.17% yesterday – a record high after last week’s rise to 8%. The country’s borrowing costs have risen in recent months – mimicking what happened in Greece and Ireland – just before [...]
China has today hit back at the US saying it will continue to reform its currency policy – but at its own pace. The US has been pressuring China to let the value of its currency, the yuan, appreciate against other currencies. In June, Beijing loosened its currency peg and, while the move was welcomed, [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity continued to slow in September. The closely-watched CIPS/Markit manufacturing PMI slid to a 10-month low of 53.4 in September, down from a revised 53.7 in August. The reading represented the lowest since November 2009 and fell [...]
Official figures today revealed Japanese core consumer prices fell 1.0% in August compared with a year ago – representing the 18th consecutive monthly decline that the world’s no.2 economy has been in deflation. A short period of deflation (where prices fall rather than increase) could be a serious threat to the economy because it deters [...]
The John Lewis Partnership, which is regarded as a barometer of British retailing, today announced that sales grew 17.7% to £55.1 million in the week to 8 May, compared with the same period a year ago. The renowned employee-owned department store said colder weather has not deterred shoppers and the firm will continue to outperform [...]
Addressing parliament today, Chancellor Alistair Darling warned that UK unemployment would continue to rise “for a while”. The latest official figures show that UK unemployment stands at 2.46 million – a rate of 7.8%. The Organisation for Economic Co-operation recently forecast that UK unemployment will increase to a rate of 9.3% in 2010 and to [...]
Wolseley, which is the world’s largest supplier of plumbing and heating equipment, today reported a 45% fall in underlying profits in the three months to the end of October. The company has been badly hit by the housing market downturn and warned that its struggles continue after revenue slumped 13% to £3.4 billion in the [...]
Sterling started its fight back against the euro and the dollar in recent weeks, and analysts at CaxtonFX expect this trend to continue. Currency exchange provider CaxtonFX pointed out that last week’s stock market rallies and a 5% rise in the FTSE 100 banking index caused sterling to rise to €1.13 and above $1.50. By [...]
According to US Congress, America’s $700 billion (£380 billion) bailout plan is still in negotiations but considerable progress is being made. According to Harry Reid, the Senate majority leader, there are 15 outstanding issues to be resolved in agreeing Treasury secretary Henry Paulson’s Troubled Asset Relief Programme (Tarp). Meanwhile, The White House said the prospect [...]
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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