China, which is the world’s second largest economy, experienced growth of 10.3% in 2010 – much higher than expected, according to the National Bureau of Statistics. While the growth is staggering, it has again raised fears of the economy overheating, which is adding to inflation pressures. In addition, fourth quarter growth was better than expected, [...]
Manufacturing activity in China slowed in December, according to a survey published today. The HSBC China Manufacturing purchasing managers’ index (PMI) dropped to 54.4 in December from 55.3 in November as output and new orders grew at the slowest pace in three months. However, the index remains above the crucial 50 level, which indicates expansion [...]
The Bank of England’s Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5% – where they have been since March 2009. Furthermore, the Bank opted not to inject any more funds into the economy via its quantitative easing (QE) scheme – introduced to [...]
After a two-day policy board meeting, the Bank of Japan (BoJ) has elected to keep interest rates at 0.1%, as widely expected. Interest rates in the world’s second largest economy have been at the low level since December 2008 in a bid to fight off deflation. Deflation (where prices fall rather than increase) can be [...]
The Shanghai composite index has today closed at a 15-month low over concerns about rising inflation and a slowdown in the economy. The index lost 19 points (0.8%) to close at 2,364, which represented the lowest since April 8, 2009. The index is now down 32% from its high in August last year. The Chinese [...]
There is evidence today that China’s economy is cooling after two official independent surveys revealed a slowdown in manufacturing activity. The HSBC China Manufacturing purchasing managers index (PMI), fell from 52.7 in May to 50.4 in June. While the index experienced a drop, it is still just above the crucial 50 mark, which means the [...]
The Bank of England’s semi-annual Financial Stability Report, which has been published today, warned that UK banks are still at risk as a result of the euro zone debt crisis. While the report praised the €750 billion rescue package, agreed by the European Union and the International Monetary Fund (IMF), it said ongoing “market pressures” [...]
After a two-day policy board meeting, the Bank of Japan (BoJ) has elected to keep interest rates at 0.1%, as widely expected. Interest rates in the world’s second largest economy have been at the low level since December 2008 in a bid to fight off deflation. Deflation remains a problem for the economy. Japanese core [...]
After a two-day policy board meeting, the Bank of Japan (BoJ) has elected to keep interest rates at 0.1%. Interest rates in the world’s second largest economy have been at the low level since December 2008 in a bid to fight off deflation. Deflation remains a problem for the economy. Japanese core consumer prices fell [...]
Official figures today revealed Japanese core consumer prices fell 1.2% in February from a year earlier – representing the 12th consecutive monthly decline that the world’s no.2 economy has been in deflation. The latest figures suggest that ongoing deflationary pressure could ultimately threaten Japan’s fragile economic recovery. The economy was one of the first to [...]
After a two-day policy board meeting, the Bank of Japan (BoJ) has elected to keep interest rates at 0.1%. Interest rates in the world’s second largest economy have been at the low level since December 2008 in a bid to fight off deflation. It is anticipated that the central Bank will leave rates at the [...]
The Cabinet Office today revealed the world’s no.2 economy grew at a slower rate in the fourth quarter than previous estimates showed. According to official figures, the Japanese economy grew by 0.9% between the October and December period, rather than the 1.1% previously estimated. On an annual basis, the Japanese economy grew at a rate [...]
The recovery in the world’s second largest economy appears to be gathering strength after figures revealed a rise in industrial output and retail sales. Official figures have today revealed retail sales rose last month for the first time since August 2008. According to the Economics Ministry, retail sales were up 2.6% from a year earlier. [...]
The Bank of Japan has again elected to keep interest rates on hold at the low level of 0.1%, as widely expected. It is anticipated that the Bank will leave rates at the low rate until around 2012 as a result of deflationary pressures. The world’s no.2 economy exited recession in the second quarter of [...]
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 [...]
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