Respected US billionaire investor Warren Buffett has said the problems in the US property market will be over within a year. In his annual letter to shareholders in Berkshire Hathaway, the investment group controlled by Mr Buffett, he said prices will remain ‘far below bubble levels’ for the medium term. He added: “People thought it [...]
Figures from the US Labor Department have revealed that the unemployment rate in the US reached 10.2% in October, up from 9.8% the previous month and represents the highest level since April 1983. The US economy lost a worse-than-expected 190,000 jobs during the month with the majority of job losses in the construction, manufacturing and [...]
Online search giant Yahoo has posted its quarter three profits today and exceeded analysts expectations, suggesting that advertisers are spending again. Yahoo said it earned $186 million (£113.6 million) in the July to September period, more than treble the $54 million earned in the same period of 2008. Since chief executive Carol Bartz took over [...]
Internet search giant Google believes the worst of the recession is over after it posted a rise in third quarter profits. Google’s results suggest that the demand for online advertising is growing after the company reported net profit of $1.64 billion (£1 billion) during the 3-month period – a 27% increase compared with the same [...]
US Federal Reserve chairman, Ben Bernanke, said yesterday: “From a technical perspective, the recession is very likely over.” Mr Bernanke’s comments come one year after the collapse of US bank Lehman Brothers. Speaking at a conference at the Brookings Institution, a think tank based in Washington, Mr Bernanke did caution, however, that due to unemployment [...]
The latest Nationwide Consumer Confidence index suggests that the worst of the recession is over after its index rose from 61 in July to 63 in August – the highest reading since May 2008. According to the Nationwide, all of its measures of confidence rose during August with consumers feeling more positive about the current [...]
Japan is set to release GDP figures tomorrow with analysts predicting growth of 1% during the April to June period. After four consecutive quarter-on-quarter contractions, positive growth would mean the recession is over in Japan. Last week, figures revealed that Hong Kong had emerged from recession after the economy grew 3.3% in the second quarter. [...]
With suggestions that the UK recession may be coming to an end, sterling hit a 2009 high against the euro today. According to Reuters, sterling rose to 85.10 pence against the euro – its best performance since December. Sterling was also up against the US dollar, rising one cent to $1.6429. Sterling has been boosted [...]
According to the Organisation for Economic Cooperation and Development (OECD), the worst of the recession may be over for Britain. The OECD has gathered its evidence by measuring a range of statistics, including trends in stock markets and business surveys. The influential think tank said while output is still shrinking, there have been some green [...]
The CBI said today that the worst of the recession is over since it took a deeper grasp than expected in the first quarter of 2009. However, the expectation is that the economy will slow more gently in the second part of the year. The group was keen to stress that despite the worst being [...]
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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