Official figures from Eurostat have revealed a 5.8% fall in exports in August in the euro zone compared with July. However, imports fell by a more modest 1.3%, suggesting a slump in global and internal demand and raises fears about a recovery in the region. As exports fell by more than imports, the euro zone [...]
There are signs of recovery within the US manufacturing sector after the Federal Reserve reported a rise in industrial production for the month of September. The US central bank said output at the nation’s factories, mines and utilities grew 0.7% during the month – higher than the 0.2% rise expected by analysts and follows the [...]
The British Chambers of Commerce (BCC) has cast doubt over the UK’s exit from recession in the third quarter. Many reports are suggesting that the UK will emerge from recession in the July to September, however the leading business group said while business confidence has strengthened, the economy was still “frail”. Recently, there has been [...]
The Chartered Institute of Purchasing & Supply (CIPS) index has revealed a fall in UK manufacturing activity in September by falling to 49.5 from 49.7 in August. The data shows that employers reduced headcount for the 17th consecutive month, while the rate of pick-up in new orders slowed. The fall was a surprise to many [...]
The Office for National Statistics (ONS) has today revealed that the UK economy contracted by 0.6% in the April to June period – rather than the 0.7% previously reported and the 0.8% reported prior to that. The latest revision comes as the manufacturing and construction sectors performed better than originally thought and brings further hope [...]
The finance ministry has reported that Japanese exports were down for the 11th consecutive month in August due to a slump in demand from the global economy. The world’s no. 2 economy saw exports tumble 36% in August compared with the same month last year to 4.5 trillion yen (£29.9 billion). Meanwhile, imports fell 41% [...]
According to a forecast from the European Commission, the euro zone will return to positive growth by the end of 2009, lifting the 16 countries that use the euro out of recession. The commission is forecasting growth of 0.2% for the July to September period but warns that the recovery might not be sustainable in [...]
The Japanese economy, which is the world’s second largest, has emerged from its longest recession since World War II after the economy grew by 0.9% in the second quarter. The news follows on from the announcement last week that Hong Kong had emerged from recession after the economy grew 3.3% in the second quarter. Furthermore, [...]
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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BoE Governor: Growth to resume in Q3
The Bank of England’s Governor, Mervyn King, has said today that there are signs that the UK economy is expanding again. The announcement will provide hope that the UK will follow France and Germany and exit recession by experiencing positive growth. However, in comments made to the Treasury Select Committee, Mr King expressed caution and [...]