The value of the Swiss franc continues to rise today as investors regard it as a safe haven amid the economic turmoil. Today, the US dollar hit an all-time low against the Swiss franc, while rising against the euro to 1.0917. A report from the Bloomberg news agency suggests the franc is higher this year [...]
China and the US are set to hold economic talks in Washington DC next month as the two countries endeavour to reach an agreement over currency issues. The State Department announced yesterday: “The third meeting of the U.S.-China Strategic and Economic Dialogue (S&ED) will be held in Washington, DC, May 9-10, 2011.” China has been [...]
The Government’s General Statistics Office has revealed consumer prices in Vietnam rose to 9.46% in March – up from February’s 8.46%. The latest rise – which is the seventh consecutive gain – will add further pressure on the central bank to lift interest rates. Inflationary pressures are rife in Asia and in the last few [...]
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 [...]
The euro has today hit a fresh low despite news that Ireland’s rescue package has been signed off. The single currency dipped to $1.3181 – its lowest level since late September – as investors digested the news of Ireland‘s bailout. Full details of the rescue package, which is worth €85 billion (£72 billion), will be [...]
As more doom and gloom surrounds the euro zone economy, the Organisation for Economic Cooperation and Development (OECD) has today issued a positive statement and suggested that “the euro as a currency has a long life, it is alive, well and kicking”. Fears have been raised that the 16-nation euro currency will fail in the [...]
A gathering of finance ministers and central bankers in Gyeongju, South Korea, has taken place this weekend and high on the agenda was the threat of a currency war. The currency issue was left unresolved earlier this month after the International Monetary Fund (IMF) and World Bank annual meeting in Washington failed to reach an [...]
The Bank of Korea (BoK) has today opted to leave interest rates on hold at 2.25% – for the third consecutive month. The decision surprised many economists who had expected rates to be lifted to 2.5%. The central bank left interest rates at the record low 2% for 17 months following the global economic downturn [...]
The US dollar has fallen to a fresh 15-year low against the Japanese yen today after this weekend’s International Monetary Fund (IMF) annual meeting in Washington failed to resolve the currency issue. Last week, the IMF expressed its concern for a currency war and said if Governments across the world use exchange rates as a [...]
The pressure on China to allow a flexible yuan is increasing after the US House of Representatives is ready to pass a bill, which will allow it to impose retaliatory tariffs when another nation is found to be manipulating its currency’s value. The US has previously expressed dissatisfaction that China is keeping the value of [...]
The Japanese yen has dipped against the US dollar today, raising suspicion that Japan has again taken action to weaken its currency. Last Wednesday, the Bank of Japan (BoJ) intervened to stem its currency – which hit a fresh 15-year high against the dollar. It was the first time in six years that such action [...]
Chinese Premier Wen Jiabao has hit back over pressure to let its currency appreciate further. The US has previously expressed dissatisfaction that China is keeping the value of the yuan low to help its exporters at the expense of overseas competitors. Trade groups have argued that the yuan, also referred to as the renminbi, is [...]
Figures today revealed Chinese exports grew by 43.9% in June compared with a year earlier. The figure, which exceeded expectations, comes after China overtook Germany as the world’s biggest exporter earlier this year. Germany had held the top spot since 2003. Meanwhile, imports increased by 34.1% year-on-year in June. As a result, China posted a [...]
China faced renewed pressure at this weekend’s G20 summit Toronto, Canada, after a draft said: “Emerging surplus economies will undertake reforms tailored to country circumstances to… enhance rate flexibility.” Beijing has previously ruled out a one-off appreciation of its currency and has previously said keeping the yuan stable is “an important contribution” to global recovery. [...]
This weekend’s G20 summit, held in Toronto, Canada, saw more than 400 protesters arrested. Four police cars were set alight, while shop windows were broken with baseball bats and hammers, according to reports. Similar protests have occurred during the summit in past years and this year was no different as demonstrators came in their droves [...]
China has today taken action to honour its pledge in making its currency, the yuan, more flexible. On Saturday, policymakers pledged to make the yuan more flexible but then just 24 hours later the central bank’s website said: “There is at present no basis for major fluctuation or change in the [yuan] exchange rate.” However, [...]
Stock markets in Asia have gained today after comments by China’s central bank about its currency policy this weekend. Policymakers had pledged to make the yuan more flexible but then just 24 hours later the central bank’s website said: “There is at present no basis for major fluctuation or change in the [yuan] exchange rate”. [...]
China’s central bank has refused to bow to pressure to allow its currency, the yuan, to find its own level, after the bank’s website said: “There is at present no basis for major fluctuation or change in the [yuan] exchange rate”. The country’s currency policy has been widely criticised and its comments come just 24 [...]
Chinese inflation continued to increase last month on the back of rising house and food prices. According to China’s statistics bureau, consumer prices in May were up 3.1% on an annual basis – up from April’s rate of 2.8% and exceeding the Government’s target of 3%. A spokesperson for the bureau admitted that the pressure [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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