Statistics Korea has today revealed South Korea’s inflation rate jumped to a three-year high of 5.3% in August as food costs continued to rise. The rate is up from 4.7% in July and represents the eighth consecutive month that inflation has been above the central bank’s target of 4%. Inflationary pressures are rife throughout the [...]
The National Statistical Coordination Board has revealed the Philippine economy grew at an annual rate of 3.4% in the second quarter – slowing from an annual growth of 4.6% in the previous quarter. The expansion was less than the 4.4% expected by economists. Compared with the previous three months, the economy, which is South East [...]
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. [...]
South Korea’s central bank has today elected to hold interest rates for the second consecutive month despite rising inflation. The move surprised analysts who had forecast a 0.25% rise. The latest figures from Statistics Korea showed the consumer price index hit 4.2% in April on an annual basis. The rate is higher than the central [...]
South Korea, which is Asia’s fourth largest economy, has experienced growth of 4.2% in the first quarter on an annual basis, according to official data today. The economy grew by 1.4% in the January to March quarter from the previous three months – the fastest rate in nine months. The better than expected growth was [...]
The Bank of Korea has lifted its inflation forecast for the 2011 year as food and oil prices rise. Inflationary pressures are rife in Asia and many central banks have opted to hike interest rates in an attempt to combat rising prices. The latest figures from Statistics Korea showed the consumer price index rose by [...]
Statistics Korea has today announced the inflation rate has jumped to a 29-month high – driven by higher food and fuel costs. According to Statistics Korea, the consumer price index rose by 4.7% in March on an annual basis. The rate is now at the higher end of the central bank’s 2%-4% target. On a [...]
South Korea’s central bank has today elected to lift interest rates in order tame high inflation. The move did not come as a surprise to analysts after the bank lifted its main interest rate from 2.75% to 3%. Analysts believe more rate hikes are on the cards, with many predicting rates to be between 3.5% [...]
Statistics Korea today said South Korea’s industrial output has expanded at its fastest pace since September 2009. Output grew by 4.6% in January compared with December, while on an annual basis, output grew by 13.7% – much higher than the 10.6% annual gain posted in December. The figures easily beat analysts expectations of a 1.4% [...]
Statistics Korea has today announced the inflation rate has jumped to a 27-month high – driven by higher food and fuel costs. According to Statistics Korea, the consumer price index rose by 4.5% in February on an annual basis. The rate is now at the higher end of the central bank’s 2%-4% target. Analysts believe [...]
South Korea’s central bank has elected to keep interest rates on hold despite rising inflation. The move surprised analysts who had expected a further rate rise after last month’s increase to 2.75%. However, analysts believe rates will be increased next month, with many predicting rates to be between 3.5% and 3.75% by the end of [...]
South Korea‘s economy, which is Asia’s fourth-largest, saw growth slow to 0.5% in the October to December period. Last year, the economy expanded strongly – boosted by exports and increasing consumption and facilities investment. However, retail spending and manufacturing and construction slowed, which was attributed to the slowdown. The Bank of Korea were optimistic about [...]
The G20 group of nations have agreed to avoid “competitive devaluation” of currencies in what has been regarded as a tense summit in Seoul, South Korea. Most notably were the tensions between the US and China. The US has previously expressed dissatisfaction that China is keeping the value of the yuan low to help its [...]
The Bank of England Governor, Mervyn King, is urging the group of G20 nations to address the issue of trade imbalances. His comments echoed those of the US who said it wants the G20 group of nations to agree to curtail “excessive imbalances” in world trade. Mr King said: “We are very much in the [...]
Several topics are set to be high on the agenda at today’s G20 gathering in South Korea. The group of G20 nations, which accounts for about 85% of the global economy, comprise the world’s 19 leading national economies (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, [...]
A gathering of finance ministers and central bankers in Gyeongju, South Korea, has taken place this weekend and high on the agenda was the threat of a currency war. The currency issue was left unresolved earlier this month after the International Monetary Fund (IMF) and World Bank annual meeting in Washington failed to reach an [...]
The Bank of Korea (BoK) has today opted to leave interest rates on hold at 2.25% – for the third consecutive month. The decision surprised many economists who had expected rates to be lifted to 2.5%. The central bank left interest rates at the record low 2% for 17 months following the global economic downturn [...]
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 [...]
Ethical investors looking to put money into emerging market economies should avoid China, Egypt and Vietnam, the Ethical Investment Research Service (Eiris) has claimed. Research by the group found these three countries to be the worst performers in terms of Environmental, Social, and Governance indicators. The three best-performing emerging market countries were South Korea, Brazil, [...]
G20 finance ministers and central bank governors from the world’s top 20 developed and emerging economies have met in South Korea this weekend and have said excessive budget deficits should be dealt with immediately. The agenda was believed to be discussing the need for common standards across financial markets, including a global bank tax – [...]
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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