The Office for National Statistics (ONS) has today revealed the UK economy grew by 0.4% in the October to December period – slightly higher than the 0.1% and the 0.3% previously estimated. Today’s figures represent the third and final figures for growth in the fourth quarter and the ONS is scheduled release its first estimate [...]
Oil giant Royal Dutch Shell has today announced it will axe a third of its global petrol station network and shed a further 1,000 jobs by the end of next year, as part of its ongoing cost cutting programme. The Anglo-Dutch firm, which is Britain’s second largest oil company, has been hit by a slump [...]
The Labor Department has today revealed the US unemployment rate remained unchanged at 9.7% in February and lower than the 10% rate reported in December. According to the Labor Department, employers cut 36,000 jobs last month – fewer than the 50,000 analysts had been expecting and compares to a revised 26,000 job cuts in January. [...]
The latest publication of the US Federal Reserve’s influential Beige Book reported that the world’s largest economy has continued to grow this year but at a “modest” pace. The Beige Book, which is compiled eight times a year, is based on reports and comments from businesses throughout the US. It said despite a pick up [...]
The Venezuelan economy, which relies heavily on revenues from its oil reserves for its economic growth, contracted by 5.8% in the fourth quarter of 2009 compared with a year earlier. According to the Central Bank of Venezuela (BCV), the economy shrank 3.3% during the 2009 year. The BCV said the global economic crisis and “the [...]
Official figures have revealed Australia’s economy grew 0.9% in the October to December period, while on an annual basis the economy expanded 2.7%. In comparison, the UK, Germany and Japan all contracted by around 5% in 2009, while the US shrank by 2.4%. Australia’s Federal Treasurer Wayne Swan described the country’s growth as “the envy [...]
The CIPS/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity grew faster than expected in February – sustaining the previous month’s 15-year high rate of growth. The positive figures will boost hopes that the economic recovery is gathering pace after last week’s fourth quarter GDP figures were revised upwards. Last week, the [...]
The Office for National Statistics (ONS) has today revealed that the UK economy grew by 0.3% in the October to December period – slightly higher than the 0.1% estimated last month. The figures will come as a relief to many who had feared the worst with growth being revised downwards. However, the revised figures still [...]
The Office for National Statistics (ONS) has today reported a sharp fall in business investment, raising concern over the second estimate of fourth quarter GDP figures, which are due to be published tomorrow. According to the ONS, business investment fell by 5.8% in the fourth quarter of 2009 to £27.1 billion – the steepest annual [...]
Hong Kong’s economy expanded by 2.3% quarter-on-quarter in the final three months of 2009 – beating analysts expectations. The figures are further proof that Asia is leading the global recovery and come just a few days after figures showed Taiwan’s economy grew at an annualised rate of 18% in the final quarter of 2009. Meanwhile, [...]
There was further evidence of Asia leading the global recovery today after Taiwan’s economy grew at an annualised rate of 18% in the final quarter of 2009. The strong performance was fuelled by demand for hi-tech products from top buyer China and other key export markets in the region. Last month, Taiwan exports experienced their [...]
The euro zone’s woes appear to be far from over today after the area’s third largest economy, Italy, unexpectedly contracted by 0.2% in the final three months of 2009, causing concern over its economic recovery. The news comes shortly after Germany, which is the euro zone‘s largest economy, said GDP remained flat in the three [...]
Official figures have today revealed Germany’s GDP remained flat in the last three months of 2009, with growth unchanged compared with the third quarter. Germany, which is the euro zone’s largest economy, emerged from recession in the second quarter of 2009 after experiencing positive growth. However, in the fourth quarter, GDP fell below expectations of [...]
The Spanish economy is still in recession after the economy contracted by 0.1% in the fourth quarter of 2009 – the seventh consecutive quarter of contraction. The figures from the INE, the national statistics agency, show that Spain is now the last major economy still in recession. Meanwhile, on an annual basis, the economy shrank [...]
The Office for National Statistics (ONS) revealed UK factory output grew more than expected in December, boosting hopes of an upward revision to the initial estimate of fourth quarter GDP figures. According to the ONS, output increased by 0.9% in December after strong gains in the transport, paper and publishing and electrical and optical equipment [...]
Spanish banking giant Santander has today revealed a 13% rise in fourth-quarter net profit to €2.2 billion (£1.9 billion). Meanwhile the bank, which is the second largest banking group in the world after HSBC, said gross income grew almost 24% to €10 billion. For the 2009 year as a whole, net profit was up 1% [...]
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% for the eleventh month in a row. In addition, it has put the brakes on its quantitative easing (QE) scheme – introduced to stimulate growth within the economy. QE, also [...]
The Bank of England’s Monetary Policy Committee (MPC) is today expected to keep UK interest rates on hold at the historically low level of 0.5% for the eleventh month in a row. In addition, many analysts expect the Bank to pause its quantitative easing (QE) scheme. Economist Allan Monks of JP Morgan said there remained [...]
Exxon Mobil, which is the world’s largest oil company, has today announced a 23% fall in fourth quarter profits. The company reported profits of $6.05 billion (£3.8 billion) for the three months to December 31, compared with $7.82 billion in the same period a year earlier. Revenues grew 7% to $89.84 billion exceeding analysts expectations [...]
A survey by accountants PricewaterhouseCoopers (PwC) revealed that many business managers are concerned that Britain is heading towards a double-dip recession (whereby the economy goes into recession twice without having undergone a full recovery in between.) Last week, official figures revealed that the UK economy grew by 0.1% between the October and December period, suggesting [...]
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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