China’s National Bureau of Statistics (NBS) has revealed the consumer price index rose 4.9% in January on an annual basis – up from December’s 4.6%. Inflation is still well in excess of the 3% target set by the Government but was in line with analysts forecasts. The Government recently announced measures to deal with double-digit [...]
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), [...]
Brazil appears to be bucking the trend after creating 1.3 million jobs last year – when other economies have battling with rising unemployment. The economy has been going from strength to strength, growing by an annualised rate of 5%. The country’s labour minister expects to create a further 2 million jobs in 2010 and, as [...]
Official figures today have revealed Japanese economic growth slowed in the April to June period. The economy expanded by just 0.1% in the three month period – far less than expected by analysts. Meanwhile, on an annual basis, the economy grew by 0.4% in the quarter, down from a revised 4.4% in the previous three [...]
China has surpassed Japan and become the world’s number two economy and could pinch the top spot from the US in the next 15 years. In an interview with China Reform magazine, Yi Gang, China’s chief currency regulator, said: “China, in fact, is now already the world’s second largest economy.” He added: “China is still [...]
It has been suggested that China, which is the world’s third largest economy, has overtaken Germany as the world’s biggest exporter, the Xinhua news agency reported today. China’s new status will come as no surprise to analysts who have described the economy’s recovery as impressive. Furthermore, it reflects the ability of its low-cost manufacturers to [...]
Swiss pharmaceuticals group, Novartis International, has started the New Year on a high with one of Europe’s largest ever takeovers. Novartis has agreed to take full control of Alcon, a leading maker of eye care products, in a deal worth $40 billion (£24.8 billion). Novartis bought 25% of eye care specialist Alcon, which is also [...]
It has emerged that Britain’s five largest banks have agreed to bonus terms set out by the world’s leading nations at last week’s G20 summit. The five UK banks that have accepted the curbs on bonuses are Barclays, HSBC, Lloyds, RBS and Standard Chartered. Under the new terms set out at last week’s summit, up [...]
A joint venture between mobile phone giants, T-Mobile UK and Orange, is to create the UK’s largest mobile phone company with more than 28 million customers and annual sales of €9.4 billion (£8.2 billion), the BBC has reported today. The combined company will have a 37% share of the UK mobile market – overtaking market [...]
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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