Growth in the UK’s closely-watched service sector slowed in May, figures have revealed today. The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) eased to a 3-month low of 53.8 in May from 54.3 the previous month. Analysts had expected the index to be around the 54.0 level. However, the index remains [...]
Asian shares fell today after the world’s largest economy raised fears of a slowdown. Figures issued in the US yesterday revealed manufacturing activity slowed to its lowest level since September 2009 and was weaker than economists had expected. Furthermore, payroll processing firm ADP said private employers created a less than expected 38,000 jobs last month [...]
Manufacturing activity in the 17-member euro zone fell in May, figures showed today. The Markit Purchasing Managers’ Index (PMI) posted a reading of 54.6 in May, from April’s level of 58. However, the index continues to remain above the crucial 50 level which indicates expansion. The slowdown was attributed to the nation’s weaker economies, which [...]
Manufacturing activity in China eased last month, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) dipped to 52 in May from 52.9 in April. While the reading was better than expectations of 51.6, it represented the lowest for nine months. Secondly, [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity slowed more than expected in March. The closely-watched CIPS/Markit manufacturing PMI dropped to 57.1 in March – a five-month low – down from a revised 60.9 in February. The reading was much lower than the 60.5 [...]
Manufacturing activity in China appears to have improved in March, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) rose to 53.8 in March from February’s six-month low of 52.2. Secondly, the HSBC China Manufacturing PMI edged higher to 51.8 in March [...]
Accountancy firm BDO has joined many other leading business groups by suggesting a premature interest rate hike could derail the economic recovery. According to the latest Business Trends report, BDO said a rise in interest rates would strengthen the pound and therefore, reduce export competitiveness, having a negative impact on manufacturing. The manufacturing sector, which [...]
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. [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit construction purchasing managers’ index (PMI) has today revealed UK construction activity surged to an eight-month high in February. The PMI rose to 56.5 in February, up from January’s 53.7 – confounding analysts expectations of a drop to 52.9. The index remains above the crucial 50 mark, which [...]
The European Commission today said the 17-member euro zone economy will grow at a better than expected rate this year. The upbeat statement comes as the Commission said there are “better prospects for the global economy” and positive “EU business sentiment.” Economic and Monetary Affairs Commissioner Olli Rehn said the euro zone is expected to [...]
Manufacturing activity in China eased in February, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) dipped to 52.2 in February from January’s 52.9. According to the CFLP, this was the third consecutive month in which activity fell. However, the index remains [...]
The Munich-based Ifo think tank has announced confidence among German firms rose in February to another record high. The closely-watched Business Climate Index climbed to 111.2 in February, up from 110.3 in January – the ninth consecutive monthly increase and the highest reading for the former West Germany since 1969. The results confounded analysts expectations [...]
The latest survey from the Institute for Supply Management (ISM) has revealed a rise in US factory output. According to the ISM, the manufacturing activity index rose to 60.8 in January, from December’s 58.5. The reading, which was the highest since May 2004, was better than analysts expected and drove US stocks up to a [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit construction purchasing managers’ index (PMI) has today revealed UK construction activity recovered last month on the back of better weather. The PMI rose to 53.7 in January, up from December’s 49.1 – which represented the first fall in 10 months due to the severe wintry weather during [...]
Wall Street’s Dow Jones Industrial Average closed above 12,000 points on Tuesday – the first time since June 2008. Positive corporate earnings, a strong rise in US car sales and solid manufacturing data boosted US stocks as all major indices were up on the day – despite the political unrest in Egypt. In addition, the [...]
Manufacturing activity in China remained strong in January, two separate surveys have revealed. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) dipped to 52.9 in January, from 53.9 the previous month. Secondly, the HSBC China Manufacturing PMI edged higher to 54.5 in January, from 54.4 in December. [...]
Influential think tank, the Ernst & Young Item Club, is urging the Bank of England not to be pressurised into lifting UK interest rates as it could threaten the economic recovery. Interest rates have been at the historic low of 0.5% since March 2009 – when the economy was in the midst of recession. Despite [...]
The British Chambers of Commerce (BCC) has today warned of a fragile economic recovery in the UK with growth expected to slow in the final quarter of 2010. There has been suggestions that economic growth will be severely hampered because of the Government’s massive spending cuts. There is a possibility that the Bank of England’s [...]
The Chartered Institute of Purchasing and Supply (CIPS)/Markit construction purchasing managers’ index (PMI) has today revealed UK construction activity contracted unexpectedly in December. The Purchasing Managers’ Index slumped to 49.1 in December, from 51.8 in November – the first fall since February last year and surprised analysts. The latest figures mean the index is now [...]
The Singapore economy grew at a record pace in 2010, driven by a sharp rise in manufacturing activity, official figures have revealed. The economy expanded by 14.7% last year – performing strongly after a 1.3% contraction in 2009 and cementing its position as the fastest growing Asian economy in 2010. The economy grew by 12.5% [...]
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 [...]
About | Privacy | Disclaimer | Resources | XML Feeds | Press Releases | Directory | Contact us
