The Bank of Japan (BoJ) has today left interest rates at almost zero, in a bid to boost the economy and continue its battle deflation. The move follows its surprise decision last month to cut interest rates to this level. The Japanese recovery has been faltering of late and exports, a crucial driver for economic [...]
The European Central Bank (ECB) today elected to keep interest rates on hold at the historic low of 1% – where they have been since May 2009. Interest rates are expected to remain on hold until at least 2011, as a result of uneven growth and low inflation. The news comes after the Bank of [...]
The Bank of England’s Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5% – where they have been since March 2009. Furthermore, the Bank opted not to inject any more funds into the economy via its quantitative easing (QE) scheme – introduced to [...]
The Bank of England’s Monetary Policy Committee (MPC) is tomorrow expected to keep UK interest rates on hold at the historically low level of 0.5%, where they have been since March 2009. Furthermore, it is expected to hold off, for the short-term at least, with its quantitative easing (QE) programme. Recent strong data from the [...]
Following a two-day meeting, US central bank, the Federal Reserve, has announced it will introduce a fresh round of stimulus. The move was widely expected after concerns for the US economic recovery amid low inflation and rising unemployment. The Federal Open Market Committee (FOMC) has agreed to inject an additional $600 billion (£373 billion), albeit [...]
According to the Commerce Department, consumer spending in the US rose by 0.2% in September, after increasing by 0.5% the previous two months. The figures suggest consumers are tightening their purse strings despite very low prices. Consumer spending makes up for more than two-thirds of overall economic activity in the US. Meanwhile, personal incomes saw [...]
The US dollar has fallen to a fresh 15-year low today against the Japanese yen and also fell against the euro. Many are calling this week “the busiest week in decades” as interest rate decisions are expected across the globe. US central bank, the Federal Reserve, could be set to provide extra stimulus to strengthen [...]
The Commerce Department has revealed US economic growth for the third quarter grew by an annualised 2%. The rate of growth was slightly higher than the 1.7% reported in the previous quarter and came despite rising unemployment and a weak housing market. Meanwhile, compared with the second quarter, the US economy grew by 0.5% between [...]
The Commerce Department has revealed a rise in US housing starts for the month of September, but building permits fell, giving mixed signals for the property market. According to the Commerce Department, construction of new US homes rose 0.3% last month to a seasonally adjusted annual rate of 610,000 units – the highest level since [...]
According to Government figures, the US budget deficit fell to $1.294 trillion (£813 billion) in the 12 months to the end of September. The deficit equates to 8.9% of GDP, down from 10% of GDP in 2009, but still represents the highest since the end of the Second World War. The target for President Barack [...]
US central bank, the Federal Reserve, has hinted it will take measures to stimulate the economy by way of buying up US Government bonds in order to lower borrowing costs. The fresh round of stimulus comes as the world’s largest economy is struggling with a sluggish recovery, low inflation and high unemployment. Furthermore, growth in [...]
Japan’s Prime Minister, Naoto Kan, has today said he is “very concerned about the currency situation” as the yen continues to strengthen against the US dollar. The Japanese yen is currently hovering around 15-year highs against the dollar. Last month, the Bank of Japan (BoJ) intervened to stem its currency against the dollar – the [...]
The FTSE 100 received a boost today after speculation that the US Federal Reserve will provide extra stimulus to strengthen the economy. The news emerged from the Fed’s minutes from the most recent FOMC meeting, which cheered investors. The FTSE closed up 85.76 points, at 5,747.35 – its highest closing level since April 26, and [...]
The price of gold continues to surge after the US Federal Reserve hinted that it is prepared to inject more money into the economy, if needed. In a statement, the Fed said it would “continue to monitor the economic outlook and financial developments and is prepared to provide additional accommodation if needed to support the [...]
The Federal Reserve yesterday elected to keep US interest rates at the historically low level of between 0% and 0.25%, as widely expected. Interest rates in the world’s largest economy have been at the low level since December 2008 and the bank has previously said that as a result of subdued inflation and high unemployment, [...]
The latest Beige Book report, published by the Federal Reserve, has revealed widespread signs that the US economic recovery is slowing. The Fed reported “continued growth in national economic activity” in the six weeks to the end of August, “but with widespread signs of a deceleration.” The most recent official figures revealed the US economy [...]
The Federal Reserve has elected to keep US interest rates at the historically low level of between 0% and 0.25%, as widely expected. Interest rates in the world’s largest economy have been at the low level since December 2008 and the bank has previously said that as a result of subdued inflation and high unemployment, [...]
As uncertainty surrounds the world’s largest economy, investors are awaiting the outcome of the Federal Reserve’s policy meeting today. The US Fed is set to announce its decision on interest rates and other stimulus measures. Interest rates in the world’s largest economy have stood at the low level of between 0% and 0.25% since December [...]
After a two-day policy board meeting, the Bank of Japan (BoJ) has elected to keep interest rates at 0.1%, as widely expected. Interest rates in the world’s second largest economy have been at the low level since December 2008 in a bid to fight off deflation. Deflation (where prices fall rather than increase) can be [...]
US Federal Reserve chairman, Ben Bernanke, has said the outlook for the world’s largest economy remains “unusually uncertain”. The US housing market, in particular, has experienced a double-dip in activity after the expiration of a Government incentive. Furthermore, higher unemployment and a slowdown in manufacturing have sparked fears of a “double-dip” recession. However, Mr Bernanke [...]
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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