The Office for National Statistics (ONS) will tomorrow publish its final reading of gross domestic product (GDP) for the fourth quarter of 2010. In January, the ONS revealed the UK economy contracted by 0.5% in the October to December period. Last month, the figure was revised down further to 0.6% with bad weather being attributed [...]
Figures today have revealed Ireland’s economy contracted by 1.6% in the October to December period, following a 0.6% growth rate in the previous quarter, according to the Central Statistics Office. The latest figures are a further blow to the former “Celtic Tiger” economy which suffered a prolonged recession and was one of the last euro [...]
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 [...]
The Australian Bureau of Statistics (ABS) has today reported the economy grew by 0.7% in the October to December period, boosted by private spending on machinery and equipment, and inventories. However, the figure was slightly lower than the 0.8% growth expected by analysts. According to the ABS, the quarter-on-quarter figure was up from a revised [...]
Germany has today posted economic growth of 0.4% for the fourth quarter – its seventh consecutive quarter of expansion, the Federal Statistical Office confirmed today. The data confirms an initial estimate published last week. Germany is driving the recovery in the euro zone and export demand helped to bring the economy out of recession in [...]
Eurostat, the European Union’s statistics office, has today revealed the euro zone economy grew by 0.3% in the October to December period. It also follows growth of 0.3% in the previous quarter. For the 2010 year, growth for the 17-member euro zone was 1.7%. Meanwhile, growth for the 27 countries that make up the EU [...]
Official data today revealed Japan’s economy, which is now the world’s third largest, contracted by 0.3% in the final three months of 2010. While it was marginally less than the 0.5% fall expected by analysts, it still represented the first contraction in five quarters. However, despite the contraction, analysts expect an export-driven recovery this year. [...]
The Commerce Department has today revealed US economic growth for the fourth quarter expanded by an annualised 3.2% – boosted by consumer spending. However, the rate of growth was slightly lower than the 3.7% expected by analysts but follows growth of 2.6% in the third quarter. Meanwhile, the world’s largest economy grew by 2.9% in [...]
Global stock markets were lower today as investors awaited US fourth quarter economic growth figures. Analysts expect the economy expanded at an annual rate of 3.5% in the final three months of 2010, after growth of 2.6% in the third quarter. The US economic recovery appears to be gathering momentum after positive figures for the [...]
Minutes of the Bank of England’s January meeting have been released today and have revealed that the Monetary Policy Committee (MPC) voted 7-2 to lift interest rates and 8-1 to restart the Bank’s quantitative easing (QE) scheme. Adam Posen, again, called for an injection of £50 billion via the QE scheme to boost the economy. [...]
The Office for National Statistics (ONS) has today revealed the UK economy contracted by 0.5% in the October to December period. The figures shocked economists who had expected growth of between 0.2-0.5% following growth of 0.7% in the third quarter and 1.1% in the April to June period. Meanwhile, economic growth rose by 1.7% on [...]
The initial reading of fourth quarter economic growth will be published today by the Office for National Statistics (ONS). Analysts expect growth to have slowed significantly to 0.2% in the quarter, down from 0.7% in the third quarter and 1.1% in the April to June period. Today’s estimate, however, is the first of three and [...]
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 Japanese economy grew at a better than expected 1.1% in the last three months of 2009, meaning it retains its status as the world’s second largest economy. Meanwhile, official figures show that GDP grew at an annualised pace of 4.6% in the fourth quarter of 2009, cementing a strong recovery from its worst recession [...]
Official figures have revealed the euro zone economy grew just 0.1% in the final three months of 2009, suggesting the economic recovery is faltering. The news came after poor GDP figures from the euro zone’s largest economies. Germany, which is the euro zone‘s largest economy, said GDP remained flat in the three month period, with [...]
Oil giant Royal Dutch Shell has today posted a 75% fall in profits for the fourth quarter to $1.2 billion (£755 million), compared with the $4.8 billion the company made a year ago. The Anglo-Dutch company, which is Britain’s second largest oil company, has been hit by a slump in demand for oil from a [...]
Oil giant BP has today posted a 45% fall to £8.75 billion in 2009-annual profit compared with the 2008 year. Meanwhile profit for the fourth quarter of 2009 rose 33% to £2.16 billion ($3.45 billion) compared with the $2.59 billion posted a year earlier, as a result of the recovery in oil prices. However, the [...]
The CIPS/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity rose at its fastest rate in 15 years in January. The figures will boost hopes that the economic recovery is gathering pace after last week’s disappointing fourth quarter GDP figures. The PMI grew to 56.7 in January, up from a revised 54.6 [...]
The Commerce Department has today revealed that the US economy grew 5.7% in the final three months of 2009 – the fastest pace in six years and higher than analysts expectations. The US economy emerged from recession in the third quarter after experiencing growth of 2.2% and today’s figures clearly show that after enduring the [...]
The world’s largest economy is to report its economic growth figures today for the final three months of 2009. Economists are forecasting growth of around 4.6% in the fourth quarter on an annualised basis, up from 2.2% in the previous quarter. The US economy emerged from recession in the third quarter after enduring the longest [...]
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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