The Commerce Department has revealed the world’s largest economy grew by 1.3% on an annual basis in the April to June period – higher than an initial estimate of 1%. The figure was also slightly higher than analysts’ expectations of 1.2% and follows a 0.4% growth rate in the first quarter of the year. The [...]
The Council of Mortgage Lenders (CML) has today reported a fall in home repossessions. According to the Council, lenders seized 9,000 properties in the April to June period – 100 less when compared with the first three months of the year. Meanwhile, there were 18,100 repossessions in the first half of 2011, compared with compared [...]
South Korea, which is Asia’s fourth largest economy, has experienced growth of 3.4% in the second quarter on an annual basis, down from 4.2% in the previous quarter, according to official data today. Meanwhile, quarter-on-quarter growth was 0.8%, down from 1.3% as exports slowed and manufacturing weakened. “Private consumption steadily increased and facilities investment rose. [...]
Wall Street banking giant Morgan Stanley has today reported a rise in quarter two revenues – beating forecasts. The US bank reported a 17% rise in revenues for the three months to the end of June totalling $9.3 billion (£5.7 billion) – up from $8 billion in the same period a year ago. However, the [...]
The Office for National Statistics (ONS) will today issue its final reading for UK quarter two economic growth. However, there is expected to be no revision to 1.2% growth for the April to June period. Growth in the second quarter exceeded many expectations but growth in the second half of the year is expected to [...]
Ireland’s Central Statistics Office (CSO) has today revealed the economy contracted by 1.2% in the April to June period – surprising economists who had forecast an expansion. Furthermore, the CSO revised first quarter growth figures down from 2.7% to 2.2%. Many analysts believed the economy to be on the road to recovery but today’s figures [...]
The UK Payments Council, the body which oversees the strategy on payments systems, has said cheque usage continues to decline as consumers opt to use debit cards. In the April to June period, an average of 290,000 fewer cheques were written each day, a fall of 10% compared with the same period last year. The [...]
Supermarket giant Asda has today announced like-for-like sales (excluding fuel) declined by 0.4% in the second quarter. The fall was attributed to the tough austerity measures introduced by the Government, which has hit consumers, according to Asda. “Asda’s customers are facing recently announced tax increases and cuts in Government spending,” it said in a statement. [...]
Official figures today have revealed Japanese economic growth slowed in the April to June period. The economy expanded by just 0.1% in the three month period – far less than expected by analysts. Meanwhile, on an annual basis, the economy grew by 0.4% in the quarter, down from a revised 4.4% in the previous three [...]
Paris-based statistics office INSEE has today announced economic growth in France grew by 0.6% in the April to June period. The figures were higher than the 0.4% expected by analysts. In addition, first quarter growth was revised upwards from 0.1% to 0.2%, said INSEE. France’s economy has now grown for five consecutive quarters after the [...]
The Council of Mortgage Lenders (CML) has today reported a further fall in repossessions – the third consecutive quarter in which they have fallen. According to the Council, lenders seized 9,400 properties in the April to June period – 400 less than in January to March period. Experts argued, though, that many homeowners have been [...]
According to a study by professional services firm Deloitte, 76% of companies in the UK, US and Europe have exceeded City forecasts when reporting their second quarter profits. As a result of the findings of the study which looked at 543 firms, Deloitte said companies are making “real progress” but warned that consumer incomes and [...]
Figures today revealed the number of people being declared insolvent in England and Wales may have peaked after falling for the first time since 2007. According to the Insolvency Service, there were 34,743 personal insolvencies in the April to June period, a fall of 3% compared with the first quarter. However, they were still 5% [...]
Official figures have revealed the world’s largest economy experienced annualised growth of 2.4% in the April to June period, according to the US Commerce Department. The figure came in slightly below expectations but it is the first of three estimates and could be revised up or down in the next few months. However, the growth [...]
Exxon Mobil, which is the world’s largest oil company, has today announced profits nearly doubled in the April to June period – easily exceeding analysts’ expectations. The oil giant said net earnings rose to $7.56 billion, or $1.60 a share, against $3.95 billion, or 81 cents a share, in the same period a year earlier. [...]
Oil giant Royal Dutch Shell has today announced second quarter profits almost doubled after completing its restructuring programme ahead of schedule. Shell posted profits of $4.5 billion (£2.9 billion) – a rise of 94% on the $2.3 billion reported a year ago. The Anglo-Dutch firm, which is Britain’s second largest oil company, has undergone a [...]
Russia’s economy improved in the second quarter of 2010 after figures showed growth of 5.4% compared with the same period a year ago. Economic growth has been driven in the three month period by rising consumer demand, according to the country’s deputy economy minister, Andrei Klepach. In the first quarter, GDP expanded 2.9% from the [...]
Figures today revealed South Korea’s economy grew by 1.5% in the second quarter compared with the first quarter – much faster than economists had expected. On an annual basis, the economy expanded by 7.2% and, according to the central bank, growth has returned to the pre-crisis level. According to economists, the level of growth could [...]
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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