The Spanish economy is still in recession after the economy contracted by 0.1% in the fourth quarter of 2009 – the seventh consecutive quarter of contraction. The figures from the INE, the national statistics agency, show that Spain is now the last major economy still in recession. Meanwhile, on an annual basis, the economy shrank [...]
There were further hopes of a strong recovery today after the Chartered Institute of Purchasing & Supply (CIPS)/Markit purchasing managers’ index (PMI) rose to 48.6 in January, up from 47.1 the previous month – the smallest fall in activity during the current 23-month period of contraction. The figures came just a day after the CIPS/Markit [...]
Iceland’s economy plummeted at its fastest pace on record in the third quarter, falling by 5.7% compared to the previous quarter. However, on an annual basis the economy contracted by 7.2% – the biggest fall on record. The news comes as many economies throughout the world are now recovering as they emerge from recession. However, [...]
The Chartered Institute of Planning & Supply(CIPS)/Markit purchasing managers index fell to 46.2 in October, from 46.7 in September, marking the 20th consecutive month of falls due to a slump in demand for commercial and civil engineering work. Meanwhile, job cuts in the sector also increased at the fastest rate in four months, while input [...]
Construction giant Laing O’Rourke, the company which is running the building project for the London 2012 Olympic Games, has announced it is to reduce its headcount. In an email to staff, the company said: “With your help, the suggested changes will create a more efficient and effective organisational structure with the appropriate levels of professional [...]
Following the news that Germany and France had emerged from recession yesterday after experiencing economic growth during the second quarter of 2009, it has now been revealed that the euro zone continued to contract. Figures from Eurostat revealed that Gross Domestic Product (GDP) in the 16-member nation was down by 0.1% in the April to [...]
Official figures have today revealed that the UK economy shrank more than expected in the three months to June. Today’s figures, which are preliminary estimates and could be revised up or down in the next few months, show that the economy contracted 0.8% between April and June – economists had expected a fall of 0.3%. [...]
Accountants Ernst & Young (E&Y) have reported that the number of profit warnings by UK Plcs has stabilised but cautioned that the economy still had a “difficult road ahead”. The group said 63 profit warnings were issued in the April-June period – a year-on-year drop of 36% and represents the lowest second quarter figure since [...]
Official figures have today revealed that the UK economy shrank by 2.4% in the first three months of 2009 – far worse than expected and the biggest quarterly decline in 51 years. The Office for National Statistics (ONS) said the fall was worse than the earlier estimate of a 1.9% fall – and was worse [...]
The world’s largest economy received some good news today after the Commerce Department revealed that gross domestic product (GDP) fell by an annualised rate of 5.5% in the first three months of 2009. The figures were much better than previously thought and follow a 6.3% fall in the final quarter of 2008 and a fall [...]
The Federal Reserve has kept interest rates unchanged at the range of between zero and 0.25%. The Fed acknowledged that even though energy and commodity prices have recently risen, inflation will remain “subdued for some time”. Furthermore, the Fed suggested that the pace of economic contraction is slowing but the economy will remain weak. The [...]
It has emerged today that the Scottish Premier League (SPL) has pulled the plug on its live football deal with struggling Irish pay-TV sports broadcaster Setanta. The news comes after the English Premier League terminated its 46-match deal last week after the company missed a payment of £10 million. Setanta therefore lost its rights to [...]
Official data released today showed that the world’s second largest economy contracted at a revised 3.8% in the first three months of 2009. Despite the figure being revised downwards, the economy still shrank at a record pace. Meanwhile, the revised figure translates into an annualised contraction of 14.2%. The export-dependent economy, which was once seen [...]
The latest CIPS/Markit purchasing managers’ index (PMI) has revealed some good news for Britain’s manufacturing industry today after a rise was noted in new manufacturing orders. According to the PMI, new manufacturing orders increased to a 14-month high, while UK manufacturing contracted at its slowest pace in a year in May. May marked the third [...]
Spain’s economy has suffered another blow today after preliminary estimates have revealed the economy has suffered its steepest fall since 1959. According to the National Statistics Institute, which is set to release final statistics next week, GDP fell 1.8% compared with the previous quarter and is down 2.9% on an annualised basis. The Spanish Government [...]
Steel producer Corus may cut 2,000 jobs at its Teesside Cast Products plant after four international slab buyers, Marcegaglia, Dongkuk Steel Mills, Duferco Participations Holding and Alvory, have terminated a 10-year supply contract. As their main customers, the consortium have failed to fulfil their part of the contract which has been signed for ten years [...]
America, the world’s largest economy, has contracted a worse than expected 6.1% in the first quarter of the year and follows the 6.3% decline during the fourth quarter of 2008. The fourth quarter decline was expected after consumers and businesses were recovering from the demise of Lehman Brothers. Combined, the two quarters represent the sharpest [...]
Lithuania, which is in the worst recession since 1993, has been hit by declining industrial output, weakening demand for exported goods, a shortage of credit and falling wages. As a result, the country’s economy contracted by 12.6% in the first three months of the year, compared with the first three months of 2008, and is [...]
There are fears for Australia after its economy contracted by 0.5% in the October to December period last year – the first time in eight years that the economy had slipped into negative territory. In comparison, the Japanese, the US and the UK economies experienced a fall of 3.3%, 1.6% and 1.5% respectively in the [...]
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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