US banking giant Citigroup has today announced first quarter net earnings fell to $3 billion (£1.8 billion), down 32% compared with the same period a year ago. According to the bank, the drop was attributed to a fall in revenues – which were 22% lower, at $19.7 billion, with the firm’s investment bank hardest hit. [...]
Figures have today revealed the Chinese economy expanded 9.7% in the first quarter – much better than expected. The data from the National Bureau of Statistics said it was the fastest rate since 2008. The economy, which is the world’s second largest, has been the world’s fastest growing nation over the last two decades and [...]
US banking giant JP Morgan has today reported a rise in first quarter profits boosted by a strong performance in its credit card operation. Net income for the three months to the end of March rose to $5.56 billion (£3.4 billion) compared with the $3.33 billion in the same period a year ago. Its card [...]
In its latest Red Flag Alert, Begbies Traynor reports a 15% increase in financial distress across all UK business sectors, with sectors dependent on discretionary spending suffering “particularly badly”. The recovery specialist’s survey for the first quarter of 2011 reveals that 186,554 firms are experiencing “significant” or “critical” financial problems, compared with 161,601 in the [...]
The Treasury department has estimated that the disasters that hit Australia earlier this year will cost the economy AUS$9 billion (£5.8 billion). The figure is considerably higher than a previous estimate of AUS$5.6 billion. Australia, which is one of the few developed economies not to have fallen into recession like its counterparts throughout the world, [...]
A survey by the Engineering Employers’ Federation (EEF), the manufacturers’ trade body, has revealed manufacturing output eased at the start of 2011, however, firms are optimistic about this year‘s prospects. The survey revealed a balance of 25% of firms reported an increase in output in the first quarter, down from 33% in the previous quarter. [...]
Australia, which is one of the few developed economies not to have fallen into recession like its counterparts throughout the world, could see its economy contract in the January to March period. The warning came from Treasurer Wayne Swan after the country has been hit by flood and cyclone disasters, which has led to a [...]
Budget airline easyJet has today said it was hit by the severe wintry weather in Europe last month and was hit by costs of £31 million, which also included strike action by French air traffic controllers. However, taking this into account, the airline said revenue in its first quarter (the final three months of 2010) [...]
Gross mortgage lending increased in June, to an estimated £13.1 billion, with the total up 15% on a month earlier and 7% year-on-year, according to the Council of Mortgage Lenders (CML). During the second quarter of the year lending stood at around £35 billion, having risen 17% compared with the previous three months and showing [...]
Irish budget airline Ryanair has today revealed a fall in first quarter net profits – due to the disruption of the volcanic ash cloud. The airline said net profits were down 24% to €93.7 million (£80 million), due to nearly 10,000 flights having to be cancelled, which cost the airline €50 million. Ash from the [...]
The Office for National Statistics (ONS) today reported business investment in Britain soared in the first quarter of the year, suggesting the economic recovery is gathering pace. According to the ONS, business investment grew 7.8% to £29.14 billion in the period – an improvement on the 6% increase initially reported, but 7.7% down on the [...]
The Office for National Statistics (ONS) has announced the third and final estimate of the UK’s first quarter GDP figures will be delayed, due to a “potential error”. According to the ONS, the unusual move was caused by concerns over the reliability of some of the data. Gross Domestic Product (GDP), a key measure of [...]
According to the Commerce Department, consumer spending in the US rose to an eight-month high in May, by 0.2% on month, suggesting the recovery is still on course. The rise in consumer spending, which makes up for more than two-thirds of overall economic activity in the US, slightly exceeded expectations of a 0.1% rise. The [...]
EU’s statistics agency Eurostat today revealed the euro zone economy grew by 0.2% in the January to March period – unrevised from the previous estimate. However, Eurostat also announced that the euro zone economy actually expanded by 0.1% in the October to December period last year, against its previous estimate of zero growth. Consequently, the [...]
The Commerce Department has revealed the US economy grew by an annualised 3% in the January to March period – slightly lower than the 3.2% previously estimated. The figures surprised analysts who had predicted an upward revision to 3.4%. The downward revision was due to a slower rate of business investment, which fell to 3.1% [...]
The Office for National Statistics (ONS) has today revealed the UK economy grew by 0.3% in the January to March period – slightly higher than the 0.2% previously estimated. However, the 0.2% was the first estimate, which was based on just 40% of the full set of data. Analysts had expected GDP to be revised [...]
The Office for National Statistics (ONS) will today provide its second estimate for first quarter UK economic growth. Last month, the ONS said GDP expanded by an estimated 0.2% in the first three months of the year. However, this was the first estimate, which is based on just 40% of the full set of data. [...]
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 remains a problem for the economy. Japanese core [...]
Figures published today by the European Union’s statistics office, Eurostat, have revealed a poor quarter one performance for many euro zone nations. According to Eurostat, Greece’s debt-ridden economy contracted by 0.8% in first three months of the year, while Spain just emerged from recession with 0.1% growth. Meanwhile, France grew by just 0.1%, slowing from [...]
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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