South Korea, which is Asia’s fourth largest economy, has experienced growth of 3.4% in the second quarter on an annual basis, down from 4.2% in the previous quarter, according to official data today. Meanwhile, quarter-on-quarter growth was 0.8%, down from 1.3% as exports slowed and manufacturing weakened. “Private consumption steadily increased and facilities investment rose. [...]
The Zew economic sentiment index has revealed German analyst and investor confidence unexpected fell in March - the first drop in five months. The index, which measures expectations of economic activity over the next six months, dipped to 14.1 points from 15.7 in February. Analysts had expected and represented a reading of 15.9. The index [...]
Industrial & Commercial Bank of China (ICBC) has opened its first branch in Madrid, Spain, which will provide a wide range of financial services to 166,000 Chinese nationals living in the country. ICBC, which is the world’s largest bank by market value, has a total workforce of 386,723 and operates more than 150 foreign branches [...]
Europe’s powerhouse, Germany, is expected to see growth of 2.3% for 2011, as domestic demand is expected to strengthen. Europe’s largest economy will grow much faster in 2011, the Government said today, with the latest forecast much higher than the 1.8% estimated in October. Economy minister Rainer Bruederle said the economy had “achieved the comeback [...]
The Zew economic sentiment index has revealed German analyst and investor confidence surged in January. The index, which measures expectations of economic activity over the next six months, jumped to 15.4 points in January, from 4.3 last month. The reading wash much higher than analysts had expected and represented the highest level since July 2010. [...]
Despite efforts to calm fears over Ireland’s debt problems, global markets have fallen today. The Shanghai Composite index closed down 5% as speculation mounted that the central bank could hike interest rates again to curb inflation. Yesterday, the National Bureau of Statistics (NBS) said Chinese inflation continued to increase in October, driven by higher food [...]
The European Automobile Manufacturers Association (ACEA) has revealed registrations of new cars in Europe fell in September on year. According to the ACEA, 1.26 million cars were registered, a fall of 9.2% on last year’s levels. September represents the sixth consecutive monthly fall as incentive schemes to boost the ailing car industry have expired. In [...]
In its half-yearly health assessment of the financial system, the International Monetary Fund (IMF) has said it is concerned about the global financial system. The crisis in the European sovereign debt markets has meant the prospects for global stability have been pushed back, said the IMF. The crisis is Europe has recently been exacerbated by [...]
Stock markets throughout the world improved during September with Wall Street experiencing its biggest September recovery since the start of the Second World War - more than seven decades ago. The S&P 500 was up almost 9% during the month, while the Dow Jones gained 7.7%. Increases like this have not been seen since September [...]
The International Air Transport Association (IATA) has today revised its forecasts for the airline industry and said the recovery had been “stronger and faster than anyone predicted”. According to the industry body, global airlines will make profits of $8.9 billion (£5.7 billion) in 2010. The figure is a sharp upward revision from the one it [...]
A report by property firm Cushman & Wakefield has revealed New Bond Street in London is Europe’s most expensive retail location with rates soaring by 19.4% on year. Store rents grew to £536 per square foot per year, higher than those on Paris’ Avenue des Champs-Elysees. New Bond Street is home to exclusive brands such [...]
Two of Ireland’s most important financial institutions demonstrated their resilience this week by passing a European stress test. The Bank of Ireland and AIB passed the test conducted by the Committee of European Banking Supervisors in partnership with the European Central Bank. The test measured the banks’ potential to survive intact through difficult economic circumstances. [...]
The results of the European banking stress tests are to be published today. The stress tests were conducted to ease increasing anxiety over Europe’s finance sector. A total of 91 banks from across Europe have been tested and regulators have assessed whether banks are strong enough to cope with any future economic crises, or to [...]
The European Automobile Manufacturers Association (ACEA) has today revealed registrations of new cars in Europe fell in May on year. According to ACEA, 1.12 million cars were registered, a fall of 9.3% on last year’s levels. European car sales also slumped in April, by 7.4% on year, but a decline has been expected after incentive [...]
The European Automobile Manufacturers Association (ACEA) has today revealed registrations of new cars in Europe fell in April on year - the first annual fall in 10 months. According to ACEA, 1.14 million cars were registered, a fall of 7.4% on last year’s levels. However, a decline was expected after incentive schemes to boost the [...]
Companies should not waste shareholders’ money on philanthropy, the chairman of Nestle claimed this week. Peter Brabeck-Letmathe, chairman of the Switzerland-based food giant, said corporate philanthropy is a “misuse” of shareholder money, Bloomberg reports. “I’m personally very much against corporate philanthropy,” Brabeck said in a television interview. “You shouldn’t do good with money which doesn’t [...]
Credit rating agency, Moody’s, has today warned that the credit rating of banks in Britain, Ireland, Italy, Portugal and Spain are at risk of being damaged because of “contagion” from the Greek debt crisis. Asian shares have already fallen sharply today as fears mount that the crisis would spread to other European countries. Meanwhile, Moody’s [...]
Asian shares have fallen sharply today as fears mount that Greece’s crisis would spread to other European countries. In an interview with French newspaper, La Parisien, the head of the International Monetary Fund (IMF), Dominique Strauss-Kahn, admitted earlier this week that the possible spread of the crisis was a concern. He said: “We have to [...]
Standard & Poor’s (S&P) have today downgraded Spain’s credit rating by one notch to AA from AA+ and comes as the head of the International Monetary Fund (IMF) warned that the crisis in Greece could spread throughout Europe. Following the news, the euro fell against the dollar to $1.3129 - a level not seen since [...]
Young drivers in the UK are less likely to make an insurance claim than their European counterparts, according to a new study. Research by AXA found that British motorists aged under 25 are 30% less likely to make a claim than young drivers in Spain or France, and 25% less likely than those in Germany. [...]
A year has passed since the government replaced Child Trust Funds with Junior ISAs (JISAs) but more than half of parents are unaware that they exist, according to research by friendly society Family Investments Children born between 1 September 2002 and 2 January 2011 were eligible to open a Child Trust Fund and to receive [...]
PPI costs increase for Lloyds and Barclays
Lloyds Banking Group has set aside a further £1 billion to cover compensation costs for customers who were mis-sold Payment Protection Insurance (PPI). Yesterday, Barclays revealed £700m of PPI costs in the 2012 third quarter increasing its total provision to £2bn. Lloyds Banking Group, which has made the largest PPI provision out of all the [...]
Bonfire Night worst day for burglaries warns Aviva
Insurance group Aviva is warning households to be vigilant over security at this time of the year, as burglaries tend to increase signficantly between Halloween and Bonfire Night. On Bonfire Night the number of burglaries increases by around 25 per cent compared with an average day, according to the company’s research. Aviva also reported a [...]
Consumer confidence hits six-month low
Although the UK has officially emerged from recession, consumer confidence fell to -30 in October from -28 in September, according to market researcher company GfK NOP. This is the lowest level of consumer confidence since April when the UK was in an economic slump. Analysts had expected the index to remain stable at -28. Respondents [...]
100,000 mortgage holders escape negative equity trap
New figures from the Council of Mortgage Lenders (CML) reveal that the number of borrowers in negative equity fell 13 per cent to 719,000 between the first quarter of 2011 and the first quarter of 2012. The number of borrowers paying a mortgage greater than the value of their property fell despite a further small [...]
Banking commission appoints counsel to cross-examine witnesses
The Parliamentary Commission on Banking Standards has appointed counsel to cross-examine witnesses during its inquiry into the collapse of Halifax Bank of Scotland. Barrister David Quest has been appointed to question witnesses in a public evidence session, as part of a sub-committee panel inquiry into the bank. Andrew Tyrie, chairman of the Commission said: “This [...]
Mortgage approvals increased in September
An increase in the number of mortgage approvals in September suggests that the ‘Funding for Lending’ scheme, launched by the Treasury and the Bank of England, may be starting to give the property market a boost. According to Bank of England figures, the number of loans approved for house purchase increased by 2,103 to 50,024 [...]
Five million paid less than living wage
Five million people in the UK are paid less than the ‘living wage’ of £7.20, or £8.30 in London, according to a new report by KPMG. In Northern Ireland, 24 per cent of workers receive less than they require in order to pay for essentials and the situation is little better in Wales where 23 [...]
Commission calls for radical change in housing market
A new study by the Future Homes Commission suggests that the way homes are built in the UK is dysfunctional and needs a radical overhaul. The organisation, which was established by the Royal Institute of British Architects, believes that 300,000 extra homes could be built every year without any input from Government funding. Instead, the [...]
The UK economy emerged from recession yesterday and now leads the way in Europe according to research group Capital Economics. Gross Domestic Product (GDP) grew by one per cent in the third quarter from July to September, the biggest rise for five years, the latest official figures from the Office for National Statistics (ONS) show. [...]
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