Scotland’s economy shrank less than thought in the October to December period, official figures revealed today. GDP was revised upwards to a contraction of 0.4% rather than an earlier estimate of 0.5%. The contraction was attributed to the bad weather during the quarter which impacted on many businesses. On an annual basis, meanwhile, the economy [...]
The Office for National Statistics (ONS) has today revealed the UK economy contracted by 0.5% in the October to December period – slightly better than the second estimate of 0.6% but unchanged from the first estimate. Economists had expected the figures to remain unchanged. Today’s estimate is the third and final reading and the GDP [...]
The Commerce Department has today revealed the US economy grew by an annualised 3.1% in the October to December period – higher than the previous estimate of 2.8%. It was also slightly better than analysts forecast of a 3% growth rate. The upward revision in GDP was attributed to higher consumer spending – which grew [...]
Official figures today from Statistics Iceland revealed the economy contracted 1.5% in the October the December period. The figures come after the economy grew for the first time in the third quarter after contracting for seven consecutive quarters. The small economy of Iceland only emerged from its deep recession in the third quarter of last [...]
The Commerce Department has today revealed the US economy grew by an annualised 2.8% in the October to December period – lower than the first estimate of 3.2%. The growth rate was also lower than the 3.3% expected by most analysts. Today’s estimate is the second reading, a third and final estimate will be available [...]
The Office for National Statistics (ONS) has today revealed the UK economy contracted by 0.6% in the October to December period – slightly worse than the first estimate of 0.5%. Economists had expected the figures to remain unchanged. Today’s estimate is the second reading, a third and final estimate will be available next month. However, [...]
The Bank of Japan (BOJ) has today said the economy is emerging from a slowdown and is optimistic about future prospects. The statement comes just a day after figures revealed Japan’s economy, which is now the world’s third largest, contracted by 0.3% in the final three months of 2010. While it was marginally less than [...]
Europe’s largest economy, Germany, looks set to be continuing its strong recovery after Federal Statistical Office, Destatis, reported the economy grew by 0.4% in the fourth quarter. For the 2010 year, the economy expanded by 3.6%, said Destatis. However, both figures were slightly below forecasts with economists expecting quarterly growth of 0.5% and annual growth [...]
Official data today revealed a contraction in the Japanese economy for the final three months of 2010. The latest figures mean China has now officially become the world’s second largest economy – taking over from Japan, which slides into the third place. At the end of 2010, Japan’s economy was worth $5.474 trillion (£3.414 trillion), [...]
The Council of Mortgage Lenders (CML) has today reported a further fall in repossessions – the fifth consecutive quarter in which they have fallen. According to the Council, lenders seized 7,900 properties in the October to December period – an 11% fall from the 8,900 in the previous quarter. It was also 26% lower than [...]
Indonesia, which is Southeast Asia’s largest economy, experienced growth of 6.1% in 2010 compared with the previous year. This represented the fastest annual rate for six years – boosted by consumer spending and investment. The figures made it among the best performers in the G20 developing countries and the economy is now on track to [...]
South Korea‘s economy, which is Asia’s fourth-largest, saw growth slow to 0.5% in the October to December period. Last year, the economy expanded strongly – boosted by exports and increasing consumption and facilities investment. However, retail spending and manufacturing and construction slowed, which was attributed to the slowdown. The Bank of Korea were optimistic about [...]
The Bank of America has today reported its second consecutive quarterly loss – primarily due to the writedown of its mortgage business, Countrywide. The bank, which is the largest in the US by assets, today disappointed analysts with a fourth quarter net loss of $1.24 billion (£775 million), compared with a $5.2 billion loss a [...]
US banking giant Morgan Stanley has today announced fourth quarter profits surged by 60% – in line with forecasts. The Wall Street bank said net profit came in at $600 million (£375 million) for the final three months of 2010, against a profit of $376 million a year ago. Shares in the bank were up [...]
US banking giant Goldman Sachs has today reported a $2.39 billion (£1.49 billion) profit for the fourth quarter, 53% lower compared with a year ago. However, the figures were roughly in line with expectations but shares still fell 3.1% to $169.22 in pre-market trading. The fourth quarter figures come at the end of a difficult [...]
US banking giant Citigroup has today reported a $1.3 billion (£811 million) profit for the fourth quarter of 2010, against a loss of $7.6 billion loss a year earlier. Meanwhile, revenue surged to $18.4 billion, from $5.4 billion in the same period a year ago but were 11% lower compared with the third quarter. However, [...]
The Office for National Statistics (ONS) has today revealed the UK’s trade deficit widened to a record high in November. According to the ONS, the goods trade gap widened to £8.736 billion in November from an upwardly revised £8.591 billion the previous month. This represented the biggest deficit since monthly records began more than 30 [...]
Official data has revealed the value of British exports grew by just 0.05%, or £28 million, in the final three months of 2009 compared with the same period a year earlier. The figures were a surprise since a weak pound should make UK goods cheaper abroad. Analysis of Government data by Close Treasury revealed that [...]
The European Union’s statistics office has today revealed the euro zone economy grew at a slower rate in the fourth quarter than previous estimates showed. According to official figures, the economy stagnated during the three month period with a rate of 0%, revised down from the previously estimated 0.1%. The latest figures are a further [...]
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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