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News Tag: euro zone

October 31, 2011

ILO: Global economy on brink of jobs recession

by Kay Mitchell
The International Labour Organization (ILO) has warned that the world economy is heading towards a new jobs recession, which could trigger social unrest in some countries. The recent slowdown in the global economy is “dramatically” affecting labour markets and it is expected to take at least five years for employment in developed economies to return to pre-crisis levels, according to ...

Cost-cutting boosts Barclays profits

by Kay Mitchell
In an interim management statement today, banking giant Barclays said profits climbed 5% in the third quarter – boosted by cost-cutting measures. For the three months to the end of September, the bank said pre-tax profits were £1.34 billion, versus £1.27 billion for the same period a year earlier. However, revenues for the three month period were down 3% at £7 billion, as a ...

October 26, 2011

Euro crisis: Leaders gather for emergency summit

by Kay Mitchell
EU leaders are travelling to Brussels for an emergency summit – the 14th in 21 months – designed to tackle the euro zone debt crisis. The summit will also see leaders discuss Greece’s second bailout, as well as boosting the €440 billion rescue fund. There are still growing fears that Greece’s debt crisis could spread to weaker nations, such as Italy and ...

October 18, 2011

Euro debt crisis impacts on Goldman Sachs Q3 results

by Kay Mitchell
US banking giant Goldman Sachs has today reported a fall in third quarter profits. Goldman Sachs, which is the US’ largest investment bank, made a net loss of $393 million (£250 million) for the third quarter compared with profits of $1.9 billion a year earlier. The bank said trading was "significantly impacted" by the euro zone debt crisis and uncertainty ...

October 17, 2011

Item Club warns of euro zone crisis impact

by Kay Mitchell
Leading think tank, the Ernst & Young Item Club, has warned that growth within the UK economy is “grinding to a halt” because of the euro zone debt crisis. The Item Club also warned that the quantitative easing (QE) measures, announced recently by the Bank of England, are unlikely to boost the recovery. Its comments come just a week after the ...

October 14, 2011

IMF downgrades growth forecast for Asia

by Kay Mitchell
The Washington-based International Monetary Fund (IMF) has downgraded its growth prospects for Asia amid the euro zone debt crisis and sluggish US growth. The IMF is now forecasting growth for Asia of 6.3% in 2011 and 6.7% in 2012. This is slightly lower than the 7% growth for both years it estimated in April. According to the Fund, risks for Asia were "decidedly tilted ...

October 13, 2011

Euro zone’s ‘powerhouse’ expected to slow

by Kay Mitchell
Growth in the Germany economy, which is the euro zone’s largest, is expected to slow sharply next year as the ongoing debt crisis persists. In a closely monitored twice-yearly report, Germany’s leading economic institutes have slashed their growth forecasts for the economy from 2% next year to 0.8%, citing the debt problems in the euro zone. The report will raise questions about the ...

October 12, 2011

Euro zone industrial output up 1.2% in August

by Kay Mitchell
The EU statistics office Eurostat has today revealed euro zone industrial output rose by 1.2% in August. On an annual basis, meanwhile, industrial output grew by 5.3%. Both sets of figures beat economists’ forecasts. On a regional basis, Germany, which is the euro zone’s largest economy, saw a monthly fall of 1% but was 7.8% higher on the year. Ireland, which ...

October 10, 2011

David Cameron urges action for euro zone

by Kay Mitchell
British Prime Minister, David Cameron, is urging European leaders to take "decisive steps" to deal with the debt crisis. Mr Cameron said the crisis is putting the global economy in a "precarious" situation and told leaders of the 17-member nation they had a "collective responsibility" to avoid a disaster. Mr Cameron told the Financial Times on Monday: "We need to push, but ...

October 6, 2011

Euro zone interest rates remain on hold

by Kay Mitchell
The European Central Bank (ECB) has today opted to leave interest rates unchanged at 1.5% – for the third consecutive month. The move was widely expected. Rates were lifted from the historic low of 1% in April and then raised further in July in a bid to curb rising inflation. Many major economies are battling with higher inflation, which is rising due to ...

October 3, 2011

Hometrack: House prices fall in September

by Kay Mitchell
According to housing intelligence group, Hometrack, house prices in England and Wales fell in September – the 15th consecutive monthly fall. According to Hometrack, house prices dipped by 0.1% in September on a monthly basis and are 3.5% lower on the year. Hometrack attributes the ongoing trend to weak demand for housing on the uncertainty surrounding the economy, the imbalance between supply and ...

UK manufacturing activity recovers in September

by Kay Mitchell
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity bounced back last month. The closely-watched CIPS/Markit manufacturing PMI rose to 51.1 in September from August’s reading of 49.4. Activity has contracted for the last three months and today’s survey means the index has moved back above the crucial 50 mark – ...

September 27, 2011

Price of gold extends losses

by Kay Mitchell
The price of spot gold fell further today – to a 2½-month low of $1,624 – after reaching a record high of $1,920.94 a troy ounce earlier this month. This represents the sharpest drop since March 2009 – in the aftermath of the collapse of US bank, Lehman Brothers. Gold is now down 9% from its record high as investors no longer see the ...

September 26, 2011

Ifo: German business confidence falls for third straight month

by Kay Mitchell
The Munich-based Ifo think tank has today revealed confidence among German firms fell for the third consecutive month in September. The closely-watched Business Climate Index dipped to 107.5 this month from August’s reading of 108.7 - this represented the lowest level since June 2010. However, the fall was not as bad as the 106.5 economists had expected. The fall ...

September 20, 2011

German analyst and investor confidence down in September

by Kay Mitchell
The Zew economic sentiment index has revealed German analyst and investor confidence fell to a 2½ year low in September as the ongoing euro zone debt crisis and fears of a global slowdown dampened sentiment. The index, which measures expectations of economic activity over the next six months, fell for the seventh consecutive month to -43.3 from August’s reading of ...

September 15, 2011

Euro zone growth will slow but no recession

by Kay Mitchell
The European Commission has today warned that euro zone growth will almost grind to a halt in the second half of the year. Its prediction comes amid the ongoing debt crisis in the 17-member region. It slashed growth forecasts for the third quarter to 0.2%, while growth for the final quarter has been revised down from 0.4% to 0.1%. Growth will be ...

September 8, 2011

Euro zone interest rates remain on hold

by Kay Mitchell
The European Central Bank (ECB) has today opted to leave interest rates unchanged at 1.5% - for the second consecutive month. Rates were lifted from the historic low of 1% in April and then raised further to 1.25% in July in a bid to curb rising inflation. Many major economies are battling with higher inflation, which is rising due to higher energy, ...

OECD lowers growth prospects for major economies

by Kay Mitchell
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, an unexpected sharp downgrade comes ...

September 5, 2011

Global stocks down on euro zone and recession fears

by Kay Mitchell
Global stocks have fallen to a one-week low today with banks among the worst performers. Concerns that the euro zone may not be able to contain its debt crisis, together with fears of the US slipping back into recession sent European shares falling this morning. Deutsche Bank lost 7.3% in early trading today, Societe Generale was 7.1% lower, Barclays ...

August 18, 2011

Stocks fall as Morgan Stanley downgrades global GDP

by Kay Mitchell
US banking giant Morgan Stanley today downgraded its forecast for global economic growth, sending stock markets falling throughout the world. The American bank lowered its expectations for world growth for the 2011 year to 3.9% from 4.5%, while also downgrading 2012 growth to 3.8% from 4.5%. The downgrade sent shockwaves through stock markets as double-dip fears increase. Meanwhile, Morgan Stanley criticised ...