The Office for National Statistics (ONS) has today revealed the UK economy grew by 0.5% in the January to March period – unchanged from the previous two estimates. In the meantime, annual growth was revised down to 1.6% from 1.8%. The growth, albeit slow, expanded primarily due to exports, with net trade contributing 1.4% points [...]
Figures today have revealed Ireland’s economy returned to growth in the January to March period, following a 1.4% contraction in the final quarter of last year. According to the Central Statistics Office, the economy grew by 1.3%, partly attributed to net exports, which grew 20% on an annual basis. However, consumer demand continues to be [...]
The Customs Agency has today reported slower growth in China’s exports, rising by 19.4% in May on an annual basis but much slower than the 29.9% rate in April. The rate was also less than the market forecast of a 21% increase. Meanwhile, imports surged by 28.4% on an annual basis – beating expectations of [...]
The US trade deficit narrowed sharply in April, figures showed today, due to a record increase in exports. According to the Commerce Department, the trade deficit narrowed to $43.7 billion from March’s figure of $46.8 billion – surprising analysts who had expected a rise to $48.7 billion. Exports rose 1.3% on a monthly basis to [...]
The Office for National Statistics (ONS) has today revealed the UK’s trade deficit narrowed more than expected in April – attributed to a sharp fall in consumer goods. According to the ONS, the global goods trade gap narrowed to £7.38 billion in the month from £7.70 billion in March – lower than the £7.55 billion [...]
Statistics office Destatis has today revealed German exports and imports fell in April, giving a trade surplus of €10.9 billion. According to Destatis, exports fell by 5.5% on a monthly basis to €84.3 billion (£75.6 billion) – much more than analysts had expected and the sharpest decline since January 2009. Meanwhile, imports were 2.5% lower [...]
Australia’s Bureau of Statistics today revealed retail sales recovered in April, hitting a 17-month high. Sales grew 1.1% in April on a monthly basis – the biggest rise since November 2009 and nearly three times more than expected. The figures come just a day after the Bureau revealed the economy contracted in the first quarter [...]
The Australian economy, dubbed the “wonder from down under”, contracted in the first quarter after flood and cyclone disasters led to a fall in coal and agricultural exports. According to the Australian Bureau of Statistics, the economy contracted by 1.2% in the January to March period – the largest quarterly contraction since 1991 – the [...]
The Ministry of Finance has today revealed Japan’s exports plunged by in April – hit by the 11 March earthquake and tsunami. Official figures revealed exports fell by 12.5% in April on an annual basis as the twin disasters forced some of Japan’s largest exporters to halt production. Meanwhile, imports surged by 8.9% in April [...]
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 [...]
The US trade deficit swelled in March to $48.18 billion (£29.5 billion) – up from $45.4 billion the previous month. The widening was attributed to higher prices for imported oil, the Commerce Department reported. Imports rose 4.9% to $220.8 billion, while exports grew 4.6% to a record high of $172.7 billion – the largest monthly [...]
Statistics office Destatis has today revealed German exports rose to a record high in March, driving its trade surplus up. Exports rose 7.3% in March on a monthly basis to €98.3 billion (£87 billion), while imports also rose to a record high, by 3.1% on a monthly basis, to €79.4 billion. A statement said: “That [...]
South Korea, which is Asia’s fourth largest economy, has experienced growth of 4.2% in the first quarter on an annual basis, according to official data today. The economy grew by 1.4% in the January to March quarter from the previous three months – the fastest rate in nine months. The better than expected growth was [...]
Last month’s earthquake and tsunami has resulted in a fall in Japan’s trade surplus after exports declined. However, a fall in exports was expected after the twin disasters forced some of Japan’s largest exporters to halt production. According to the Ministry of Finance, exports were 2.2% lower at 5.87 trillion yen on an annual basis [...]
The Asian Development Bank (ADB) has said inflationary pressures remain rife in Asia’s developing economies and could pose a challenge for many, leading to social tensions. However, the region is powering ahead in the economic growth stakes, due to soaring exports, and has been leading the way in the global economic recovery. Growth rates for [...]
Australia has posted its first trade deficit for 11 months in February after flood and cyclone disasters led to a fall in coal and agricultural exports. The Australian Bureau of Statistics published a deficit of AUS$205 million (£131 million), from a downwardly revised surplus of AUS$1.433 billion the previous month. Analysts were shocked by the [...]
Statistics Korea has today announced the inflation rate has jumped to a 29-month high – driven by higher food and fuel costs. According to Statistics Korea, the consumer price index rose by 4.7% in March on an annual basis. The rate is now at the higher end of the central bank’s 2%-4% target. On a [...]
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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