The Paris-based Organisation for Economic Cooperation and Development (OECD) has revised its growth forecasts for major economies. The US, which is the world’s largest economy, is expected to see growth in the third quarter of 1.1% and 0.4% in the fourth – this is far lower than the previous estimates of 2.9% and 3%. However, [...]
A report by the Asian Development Bank (ADB) has warned soaring food and fuel prices threaten to push millions into extreme poverty and hamper economic growth in Asian economies. Previous reports have suggested that Asia is leading the way in the global recovery with staggering economic growth figures but food price inflation is threatening growth [...]
The Asian Development Bank (ADB) has said inflationary pressures remain rife in Asia’s developing economies and could pose a challenge for many, leading to social tensions. However, the region is powering ahead in the economic growth stakes, due to soaring exports, and has been leading the way in the global economic recovery. Growth rates for [...]
The euro is continuing its slide against the US dollar over debt concerns in the euro zone. The single currency is falling as investors are nervous that the debt crisis could spread to weaker economies, such as Portugal and Spain – despite reassurances from both countries that the recent Irish bailout will stabilise the euro [...]
There are fears that the debt crisis in Ireland will spread to Spain and Portugal – and other weak euro zone economies. However, Klaus Regling of the European Financial Stability Facility has stated it is “inconceivable” that the 16-nation euro currency will fail. The Irish debt crisis has caused the euro to fall more than [...]
This week has been described as “the busiest week in decades” as interest rate decisions are expected across the globe. Today, Australia and India have both opted to raise interest rates by 0.25% amid rising inflation. The Reserve Bank of Australia (RBA) lifted rates to 4.75% – a move which surprised analysts. Australia was the [...]
Economic think tank, the Organisation for Economic Co-operation and Development (OECD), has today said unemployment remains a concern in rich economies. In particular, the OECD has expressed concern for the UK economy, after the Government axed investment for job programmes. It believes the unemployment rate will hover around the 8% mark for at least the [...]
Influential think-tank, the Organisation for Economic Co-operation and Development (OECD), has raised its worldwide growth forecasts in its twice-yearly report. The Paris-based Organisation said the global economy is recovering faster than expected with Asia continuing to drive the expansion. However, debt crises in many countries may threaten expansion in the developed world, the OECD warned. [...]
Figures published today by the European Union’s statistics office, Eurostat, have revealed a poor quarter one performance for many euro zone nations. According to Eurostat, Greece’s debt-ridden economy contracted by 0.8% in first three months of the year, while Spain just emerged from recession with 0.1% growth. Meanwhile, France grew by just 0.1%, slowing from [...]
Greek unions have today vowed to strike on Wednesday to protest against the Government’s austerity measures. Last week, Greek Prime Minister, George Papandreou, announced tough austerity measures to tackle the country’s spiralling debt. Measures include a public sector pay freeze, a hike in taxes and an increase to the retirement age. Spyros Papaspyros, president of [...]
The economies of the 30 members of the Organisation for Economic Co-operation and Development (OECD) posted growth of 0.8% in third quarter – the first time economic output among the OECD economies grew since the January to March period last year. OECD members account for 61.3% of global Gross Domestic Product (GDP). The Organisation has [...]
The Organisation for Economic Co-operation and Development (OECD) has provided a positive outlook for major economies saying “a recovery is clearly visible in the US, Japan and all other OECD economies and major non-OECD economies.” The report will give a boost to the UK which did not emerge from recession in the third quarter as [...]
The unemployment rate in the euro zone hit 9.6% in August – the highest in over a decade after the number of jobless rose by 165,000 during the month, bringing the total jobless number using the single currency bloc to 15.17 million. The 10-year high comes despite the fact that many euro zone economies emerged [...]
The Organisation for Economic Co-operation and Development (OECD) warned today that in spite of signs of recovery in major economies, the global recession could mean 25 million people will lose their jobs. The news comes after the Office for National Statistics (ONS) today revealed that unemployment in the UK grew by 210,000 to 2.47 million [...]
The German and French economies, Europe’s two largest, have both experienced economic growth during the second quarter of 2009. The news has surprised many economists and French Finance and Economy Minister, Christine Lagarde, comments: “The data is very surprising. After four negative quarters France is coming out of the red.” Ms Largarde said that consumer [...]
Stock markets in Asia have experienced a fall in today’s trading after yesterday’s World Bank report provided a gloomy assessment. Both the US and Europe experienced declines yesterday following the report which predicted that the global economy would contract by almost 3% this year – revised from an earlier forecast of 1.7%. London’s FTSE 100 [...]
European Central Bank’s (ECB) president, Jean-Claude Trichet, is urging major economies not to implement any more stimulus packages by declaring that existing packages are “sufficient”. Stimulus packages have been implemented in many of the major economies throughout the world and are aimed at boosting economies. Mr Trichet said that the stimulus packages already in place [...]
According to the Organisation for Economic Co-operation and Development (OECD), the economic outlook for the world’s major economies is looking brighter after indications revealed the downturn may have finally bottomed out. The composite leading indicators (CLI) index for the 30 countries in the OECD gained 0.5 points in April to 93.2, up from 92.7 in [...]
Stockmarkets throughout the world have risen today as leaders of the world’s largest economies gather in London for the G20 summit. London‘s FTSE 100 index broke through the 4000 mark gaining 135 points to 4090.65 points this morning. However, the gains could also be attributed to the announcement from the Nationwide today, which revealed a [...]
Official figures show that the eurozone has fallen into recession after the economy contracted by 0.2% in the third quarter. This follows a 0.2% contraction in the previous quarter from April to June. Economists say the news is no surprise after it was announced yesterday that Germany, which is Europe’s largest economy, is now in [...]
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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