Global stock markets were lower today as investors awaited US fourth quarter economic growth figures. Analysts expect the economy expanded at an annual rate of 3.5% in the final three months of 2010, after growth of 2.6% in the third quarter. The US economic recovery appears to be gathering momentum after positive figures for the [...]
A survey has revealed Europe’s powerhouse, Germany, continue to leads the recovery after the economy’s services sector rose to a 55-month high. Early findings from the business survey, Markit’s Flash Purchasing Managers’ Index for the 17-member nation rose to 55.2 in January from 54.2 in December, beating forecasts of a 54.3 reading. The index remains [...]
It has been revealed today that customers of Royal Bank of Scotland (RBS) and NatWest will be able to access their bank accounts through Britain’s 12,000 post offices. The announcement comes after Postal Affairs Minister, Edward Davey, recently said he was concerned that some banks do not allow customers at post offices to conduct transactions, [...]
Official figures have revealed the world’s largest economy experienced annualised growth of 2.4% in the April to June period, according to the US Commerce Department. The figure came in slightly below expectations but it is the first of three estimates and could be revised up or down in the next few months. However, the growth [...]
The Shanghai composite index has today closed at a 15-month low over concerns about rising inflation and a slowdown in the economy. The index lost 19 points (0.8%) to close at 2,364, which represented the lowest since April 8, 2009. The index is now down 32% from its high in August last year. The Chinese [...]
Chinese inflation continued to increase last month on the back of rising house and food prices. According to China’s statistics bureau, consumer prices in April were up 2.8% on an annualised basis – the highest rate in 18 months, while house price inflation hit 12.8% – fuelled by new luxury housing in Shanghai. While the [...]
Chinese state media has reported that annual car sales and production in China has accelerated and topped the 12 million mark to the end of November. In addition, the Xinhua News Agency reported that the China Association of Automobile Manufacturers expects car sales and production to exceed 13 million units for the full year. China [...]
Sir Richard Branson’s Virgin Money has applied to the Financial Services Authority (FSA) for a banking licence, which would enable the consumer credit arm of the Virgin Group to offer deposit accounts. The move comes at a time when consumers have lost confidence in existing High Street banks following the financial crisis and Sir Richard [...]
Chinese state media has reported that annual car production in China has accelerated and topped the 10 million mark for the first time and is set to overtake the world’s leading economies. Only the US and Japan (the world’s number one and two economies) have produced 10 million cars in a single year. China’s car [...]
Business Secretary Lord Mandelson is understood to be in full support of extending financial services at the UK’s 12,000 Post Offices. The Department for Business Enterprise and Regulatory Reform (BERR), led by Lord Mandelson, is in favour of creating a ‘People’s Bank’, which will see Post Office outlets as the backbone of a new national [...]
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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