The value of the Swiss franc continues to rise today as investors regard it as a safe haven amid the economic turmoil. Today, the US dollar hit an all-time low against the Swiss franc, while rising against the euro to 1.0917. A report from the Bloomberg news agency suggests the franc is higher this year [...]
Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), has expressed his concern for a currency war. According to Mr Strauss-Kahn, if Governments across the world use exchange rates as a policy weapon, there could be a serious risk to global economic recovery. His comments come ahead of the IMF and World Bank annual [...]
Government data has today revealed a further slowdown in Japanese exports in August – the sixth consecutive month in which they have eased. The figures raise concern that the economic recovery is faltering. Exports rose 15.8% in August to 5.22 trillion yen on an annual basis – well below the 45.3% high seen in February. [...]
The Japanese yen has dipped against the US dollar today, raising suspicion that Japan has again taken action to weaken its currency. Last Wednesday, the Bank of Japan (BoJ) intervened to stem its currency – which hit a fresh 15-year high against the dollar. It was the first time in six years that such action [...]
For the first time in six years, the Bank of Japan (BoJ) has taken action to stem its currency – which has been rising against the US dollar. Yesterday, the yen hit a fresh 15-year high against the dollar after Prime Minister, Naoto Kan, won a ruling party leadership vote, defeating Ichiro Ozawa. The currency [...]
Sir Richard Branson is calling for urgent intervention to avoid damage to the UK economy after some airports were closed again at the weekend, due to the return of the volcanic ash cloud. Airports across the country closed from 1:00pm yesterday after the Civil Aviation Authority (CAA) extended its no-fly zone due to the ash [...]
Prudential, which is Britain’s second largest insurer, has announced today its $21 billion (£13.8 billion) cash call will be delayed due to intervention by the Financial Services Authority (FSA). The insurance giant was due to embark on the rights issue in order to fund its acquisition of AIA, the Asian arm of US company American [...]
The US dollar continued its slide today against the Japanese yen, falling to a 14-year low. The greenback dipped to 84 yen – its lowest level since 1995, due in part to the Federal Reserve indicating that US interest rates will remain low. Earlier this week, Yutaka Miura at Mizuho Securities said: “This yen strengthening [...]
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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Japanese yen falls after Minister’s comments
Last week, the US dollar continued its fall against the Japanese yen, sliding to a 14-year low. The falls led to Japan’s finance minister, Hirohisa Fujii, to say that the Government is monitoring the yen but did not suggest immediate intervention. While a strong yen is good news for the economy, it makes Japanese exports [...]