Japanese core private-sector machinery orders – a highly volatile series seen as an indicator of corporate spending – rose 4.2% in January on a monthly basis – easily beating expectations of a 3.1% increase. The increase in orders represented the second consecutive monthly rise, according to the Cabinet Office, and follows December’s 1.7% rise and [...]
Provisional estimates have revealed Spain’s economy grew 0.2% in the fourth quarter of 2010. However, the economy contracted 0.1% during 2010, the National Statistics Institute (INE) said today. The news is a further blow to the economy which has the highest unemployment rate in the industrialised world – at more than 20%. The country has [...]
Speaking in Newcastle last night, the Governor of the Bank of England, Mervyn King, said inflation could rise as high as 5% but will fall back to its target by 2012. Mr King previously dismissed fears that higher inflation would demand a significant rise in interest rates in the months ahead. The CPI inflation rate [...]
A survey by the Engineering Employers’ Federation (EEF), the manufacturers’ trade body, has revealed manufacturing output continues to operate at record levels, however, they are cautious about next year‘s prospects. The survey revealed a balance of 33% of firms reported an increase in output in the fourth quarter, unchanged from the previous quarter – which [...]
The CIPS/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity grew at its fastest rate since October 1994 in March. The closely-watched CIPS/Markit manufacturing PMI climbed to 57.2 in March from 56.5 the previous month. The index has exceeded the crucial 50 mark, which represents growth, since July 2009 and March’s figure [...]
US consumer confidence recovered in March after taking a dive in February. The closely-monitored Consumer Confidence Index from the Conference Board rose to 52.5 in March, up from the 46.4 reading in the previous month. However, despite the rise, the index still remains far away from the 90 points required to show that the world’s [...]
The Commerce Department has revealed that the world’s no.1 economy grew at a slower rate in the fourth quarter than previous estimates showed. According to official figures, the US economy grew by an annualised 5.6% between the October and December period, rather than the 5.9% and the 5.7% previously estimated. For the whole of 2009, [...]
The Office for National Statistics (ONS) has today reported a sharp fall in business investment. According to the ONS, business investment fell by 4.3% in the fourth quarter of 2009 to £27.3 billion – the steepest annual fall since records commenced in 1967. Meanwhile, on an annual basis, business investment fell by a record 23.5%. [...]
The latest global economic research by Baring Asset Management’s (Barings) suggests that of the major global economies, the UK looks most vulnerable to a renewed dip into recession. According to Barings, there is a slightly higher risk of the UK falling back into recession than there was a few weeks ago. However, should the UK [...]
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 [...]
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 [...]
The Commerce Department today revealed that the world’s no.1 economy grew at a faster rate in the fourth quarter than previous estimates showed. According to official figures, the US economy grew by an annual 5.9% between the October and December period, rather than the 5.7% previously estimated. For the whole of 2009, GDP declined at [...]
The quarterly Confederation of British Industry (CBI) report has revealed shoppers returned the High Street in their droves in February after UK retailers reported their strongest growth in sales volumes for two years in early February. The CBI also believes further growth will be experienced in March as consumers begin to loosen their purse strings. [...]
Last month, the Office for National Statistics (ONS) revealed the UK crawled out of recession in the fourth quarter by seeing growth of just 0.1% in the final three months of 2009. However, the figures were only the first estimate and the second estimate is to be released this morning. Yesterday, the ONS reported a [...]
Fears over US consumer spending were raised today after retailing giant Wal-Mart reported weaker than expected sales. The company, which is the world’s largest retailer, reported a 22% rise in its fiscal fourth-quarter profit, but sales at stores open at least 12 months disappointed the market. Quarterly sales fell to $113.65 billion – slightly below [...]
The Labor Department has today revealed that the US unemployment rate fell from 10% in December to 9.7% in January – its lowest level in five months. According to the Labor Department, employers cut 20,000 jobs last month – many analysts had predicted the economy to add jobs. US President Barack Obama has pledged to [...]
According to the Commerce Department, US consumer spending rose by just 0.2% in December after a 0.7% rise in November. The rise in consumer spending, which makes up for more than two-thirds of overall economic activity in the US, was slightly under analysts expectations of a 0.3% gain. For 2009, consumer spending fell 0.4% – [...]
The UK’s second-largest drug maker, AstraZeneca, has announced plans to axe a further 8,000 jobs across its global operations over the next four years. The reduction in headcount is in addition to the 12,600 worldwide positions that have already been shed as part of the group’s massive cost-cutting programme. The latest job cuts are to [...]
Official figures today have revealed that the UK economy grew by 0.1% between the October and December period, suggesting that the economy has finally emerged from its worst recession since records began in 1955. Economists had expected that the economy would experience positive growth in the fourth quarter but growth of around 0.4% was expected. [...]
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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