The National Bureau of Statistics has today revealed Chinese property growth eased in March. China‘s property prices have remained stubbornly high despite several Government incentives to avoid a property bubble. The country continues to grapple with high inflation in property and food prices. However, property prices slowed in March with fewer cities recording an increase, [...]
The Commerce Department has reported a further rise in consumer spending in the US for the month of January, albeit slower than expected. Spending grew 0.2% in the month after rising by 0.5% in December. While it represented the seventh consecutive monthly rise, it was the weakest pace since June. Consumer spending is closely monitored [...]
The Commerce Department today revealed US retail sales slowed in January – this was attributed to the heavy snowfall which gripped parts of the country during the month. According to the Commerce Department, sales grew 0.3% in January on a monthly basis – the slowest gain in seven months. However, on an annual basis, sales [...]
Europe’s largest economy, Germany, looks set to be continuing its strong recovery after Federal Statistical Office, Destatis, reported the economy grew by 0.4% in the fourth quarter. For the 2010 year, the economy expanded by 3.6%, said Destatis. However, both figures were slightly below forecasts with economists expecting quarterly growth of 0.5% and annual growth [...]
US President Barack Obama has today unveiled his budget for 2012, aimed at reducing the country’s spiralling deficit. The measures come as many major economies embark on massive spending cuts to trim their deficits. However, like many other economies, tough measures introduced to trim the budget deficit could hamper economic growth and slow the economic [...]
The slowdown in consumer spending looks set to continue after the John Lewis Partnership, which is regarded as a barometer of British retailing, reported a further fall in weekly sales. The renowned employee-owned chain said department store sales fell 0.9% o £49.5 million in the week to 29 January. In the week to 22 January, [...]
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 John Lewis Partnership, which is regarded as a barometer of British retailing, has revealed sales slowed in the week to 15 January – attributed to the VAT hike from 17.5% to 20%. In the previous week, the renowned employee-owned department store said the bank holiday, on Monday 3 January, saw shoppers buy furniture and [...]
The National Association of Estate Agents (NAEA) has today revealed property transactions slumped to an 8-year low in December. The severe wintry weather and the traditional slow Christmas period led to sales falling to their lowest level since January 2003. According to the Association, the average estate agent branch sold four properties in December 2010. [...]
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 [...]
Manufacturing activity in China slowed in December, two separate surveys have revealed. Firstly, the China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) fell to 53.9 in December, from 55.2 the previous month. It was the first time in five months that the index had fallen. However, the index remains above [...]
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 [...]
Consumer confidence in Germany, which is the euro zone’s largest economy, has fallen after six months of sharp gains, according to the GfK research group. GfK said its consumer climate indicator fell to 5.4 for January from 5.5 in December. The fall from the forward looking indicator, which questioned around 2,000 people, surprised some analysts. [...]
The Office for National Statistics (ONS) has today reported UK retail sales rose 0.3% in November – albeit slower than the revised 0.7% in October. However, the figure was in line with expectations and was driven by sales of toys, sporting accessories and jewellery. Demand for clothing, footwear and households goods remained weak The ONS [...]
The Australian economy, which is one of the few developed economies not to have fallen into recession like its counterparts throughout the world, has today reported a slowing in growth for the third quarter as the rise in the dollar hit export earnings and consumers were hit by higher interest rates. Official figures revealed the [...]
The core measure of inflation in the US slowed further last month, posting a 0.6% annual rise – the lowest year-on-year gain on record and way below the Federal Reserve’s target of about 2%. Core prices, which exclude food and energy costs, have now remained flat for three consecutive months, the Labor Department said today. [...]
The European Union’s statistics office, Eurostat, has today revealed growth in the 16 countries that use the euro slowed in the third quarter. According to Eurostat, the euro zone grew 0.4% in the July to September period, compared with 1% in the second quarter. On an annual basis, growth was recorded at 1.9%. It follows [...]
Germany, which is Europe’s largest economy, saw a slowdown in quarter three economic growth after a record second quarter. German statistics office, Destatis, said the economy grew 0.7% in the July to September period – compared with the record expansion of 2.3% in the April to June quarter – which represented the fastest since German [...]
Addressing the Treasury Select Committee today, Chancellor George Osborne suggested the Bank of England could resume its quantitative easing (QE) scheme next year if economic growth slows. There has been suggestions that economic growth will be severely hampered because of the Government’s massive spending cuts – many have even said a double-dip recession is likely. [...]
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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