According to a preliminary estimate from Eurostat today, euro zone inflation eased in May to 2.7%, from 2.8% in April. Last month, the European Central Bank (ECB) raised interest rates from 1% to 1.25% – the first time in almost three years in a bid to fight inflation. However, despite the fall, analysts expect inflation [...]
The Paris-based Organisation for Economic Cooperation and Development (OECD) has revised its growth forecasts for the global economy. The US, which is the world’s largest economy, is expected to see growth this year of 2.6% – revised upwards from a previous estimate of 2.2%. It maintained its 2012 growth forecast at 3.1%. “Growth in the [...]
The Munich-based Ifo think tank has revealed confidence among German firms remained flat in May. The closely-watched Business Climate Index remained unchanged at 114.2 in May, surprising analysts’ who had expected the index to slip to 113.7. Ifo surveys around 7,000 German manufacturing, construction, wholesale and retail companies each month. Export demand helped to bring [...]
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 [...]
Dominique Strauss-Kahn, managing director of the International Monetary Fund (IMF), could be sentenced to up to 25 years in prison if he is convicted of the most serious charge. Sixty-two-year-old Strauss-Khan was arrested at the weekend after being accused of sexually assaulting a hotel maid in New York. Mr Strauss-Kahn denies the charges and is [...]
According to figures from Eurostat today, euro zone inflation edged higher to 2.8% last month from March’s figure of 2.7%. The figure, which was more than expected, is the highest since October 2008 and comes as food and energy prices continue to rise. Last month, the European Central Bank (ECB) raised interest rates from 1% [...]
Official figures have today revealed the 17-member euro zone economy grew by 0.8% in the January to March period – up from 0.3% in the previous quarter. Germany, which is the largest economy in Europe, grew by 1.5%, while France reported growth of 1%. Other good performers were Estonia, growing by a staggering 2.1% but [...]
The euro zone’s largest economy, Germany, grew by 1.5% in the January to March period – much better than forecast, according to Destatis today. On an annual basis, growth jumped 5.2% – the largest increase since reunification in 1990. Export demand helped to bring Germany out of recession in the second quarter of 2009 – [...]
The International Monetary Fund (IMF) has today warned that the euro zone debt crisis could still spread, despite bailouts for Greece, Ireland and Portugal. A report by the IMF said: “Contagion to the core euro area, and then onwards to emerging Europe, remains a tangible downside risk.” There are already further fears for Greece after [...]
Eurostat has revealed inflation in the 17-member euro zone rose to 2.7% in March – remaining above the European Central Bank’s (ECB) target of just below 2%. Rising inflation in the region led the ECB to lift interest rates this month from 1% to 1.25% – for the first time in almost three years. The [...]
The Office for National Statistics (ONS) is scheduled to announce the UK inflation rate for March tomorrow morning, with analysts expecting the annual rate to hold steady at the 28-month high of 4.4%. With inflation more than double the 2% target, many continue to speculate whether interest rates will be lifted next month. Last week, [...]
It looks as if Germany will continue to drive the recovery in the euro zone after forecasts said the economy will expand by 2.8% this year. In a closely monitored twice-yearly report, the country’s leading economic institutes upwardly revised an earlier forecast of 2% growth. The report said: “In the spring of 2011, the world [...]
The European Central Bank (ECB) has today elected to lift interest rates from 1% to 1.25% – for the first time in almost three years. The move comes to tame rising inflation in the 17-member euro zone and was widely expected by analysts after the ECB had hinted that rate rises were on the cards. [...]
After months of speculation, it has been announced that Portugal will seek financial help. EU finance ministers are set to meet in Hungary this week when the bailout will be discussed. Portuguese borrowing costs rose to more than 10% this week – the first time since the introduction of the euro. A surge in borrowing [...]
The European Union’s statistics agency has today announced the unemployment rate in the 17-member euro zone fell below the 10% mark in February. According to Eurostat, 77,000 fewer people were out of work taking the rate to 9.9%. The jobless rate has been hovering around the 10% mark since last July and hit a record [...]
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 [...]
The European Union’s statistics office Eurostat has revealed inflation in the euro zone rose to 2.4% on an annual basis in February, up from January‘s 2.3%. The rate remains above the European Central Bank’s (ECB) target of just below 2% and marks the third consecutive month inflation has been above target and represents the highest [...]
Statistics office Destatis has today revealed German exports unexpectedly fell 1% in January on the month after a 0.5% rise in December. However, on an annual basis, exports were up 24.2%. Germany is the world’s second largest exporter after China and export demand helped to bring Germany out of recession in the second quarter of [...]
The European Central Bank (ECB) today elected to keep interest rates on hold at the record low of 1% for the 21st consecutive month. The move came despite inflation exceeding the Bank’s target. Inflation in the 17-member euro zone rose to 2.4% in January – above the ECB’s target of just below 2%. The bank [...]
The European Commission today said the 17-member euro zone economy will grow at a better than expected rate this year. The upbeat statement comes as the Commission said there are “better prospects for the global economy” and positive “EU business sentiment.” Economic and Monetary Affairs Commissioner Olli Rehn said the euro zone is expected to [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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