Statistics New Zealand has today revealed the economy avoided recession after growing by 0.2% in the October to December period. The fourth quarter growth follows a contraction of 0.2% in the third quarter and takes the annual rate of growth to 1.5%. Two consecutive quarters of negative growth would have pushed the economy into another [...]
Asian shares and the yen have dropped after a 8.9 magnitude earthquake hit Japan. The earthquake hit the northeast coast of Japan, followed by a 13-foot tsunami wave sending shares tumbling. Shares had already lost ground following weak economic data and the Middle East turmoil. Japan’s Nikkei index was 1.7% lower, but Nikkei futures lost [...]
New Zealand’s central bank has today lowered interest rates as the economy attempts to rebuild itself after last month’s earthquake in Christchurch. Earlier this month, the country’s Finance Minister Bill English warned that the earthquake will impact negatively on economic growth. Mr English believes the 6.3 magnitude quake could push the nation into recession as [...]
New Zealand Finance Minister Bill English has today warned last week’s earthquake in Christchurch will impact negatively on economic growth. Speaking to Radio New Zealand, Mr English, who is also deputy prime minister, said: “June-to-June could be close to zero growth.” The disaster, which occurred on 22 February, is believed to have taken more than [...]
New Zealand MPs are set to vote on a bill that would ensure government funds are ethically invested. The bill, sponsored by MP Grant Robertson, would mean the government could only invest in socially and environmentally responsible companies. “I believe that New Zealanders want [government] investments to be ethically sound,” Robertson said. “What this Bill [...]
Australia, which is one of the few developed economies not to have fallen into recession like its counterparts throughout the world, has seen its currency hit the highest level in 12 months after investors are more confident about a global economic recovery. The Australian dollar rose 0.5% to AU$0.86 against the US dollar. Already this [...]
As expected the New Zealand central bank Governor, Alan Bollard, has cut interest rates for the seventh consecutive time, as the recession has slowed exports and reduced business investment on the island. The Reserve Bank of New Zealand has officially cut interest rates by 0.5 percent to a record low of 2.5 percent. After 18 [...]
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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