Ratings agency Moody’s today announced it has put Spanish bonds on watch for a possible downgrade due to its high funding requirements. However, the agency said it does not expect Spain to turn to the EU fund for a bailout. In a statement, Moody’s lead analyst on Spain Kathrin Muehlbronner, said: “Moody’s does not believe [...]
A meeting of euro zone finance ministers is taking place today to discuss boosting the EU rescue fund in light of the debt crisis that is currently eating its way into the nation. The recent Irish bailout has done little to allay fears and speculation has been mounting that other weaker euro zone economies may [...]
A meeting today of euro zone finance ministers is expected to see pressure mount to boost the EU rescue fund in light of the debt crisis. The recent Irish bailout has done little to allay fears and speculation has been mounting that other weaker euro zone economies may need financial aid. Dominique Strauss-Kahn, chief of [...]
Spain’s finance minister has insisted that the country will not follow Greece and Ireland and seek a bailout. In a newspaper interview published today, Elena Salgado said: “Our fiscal adjustment is on track… we have done all the things that we had to do with our financial sector.” She added that Spain is “absolutely not” [...]
The euro is continuing its slide against the US dollar over debt concerns in the euro zone. The single currency is falling as investors are nervous that the debt crisis could spread to weaker economies, such as Portugal and Spain – despite reassurances from both countries that the recent Irish bailout will stabilise the euro [...]
The European Union’s statistics agency has announced the unemployment rate in the 16-member euro zone hit 10.1% in October – the highest since July 1998. This time last year, the rate stood at 9.9%. According to Eurostat, 15.95 million people were unemployed in the euro zone during the month, with the figure rising by 80,000. [...]
Fears have been mounting for Spain and Portugal over recent days as borrowing costs surge but spreads on Italian and Belgian bonds have now risen as Ireland’s bailout does little to reassure the markets. The euro continues to slide, hitting a two-month low of $1.31, while London’s FTSE dived nearly 118 points to 5,550. Nick [...]
Fears of contagion were raised again today after Spain’s borrowing costs surged to 5.330% from 5.148% – an eight-year high. Markets are nervous about the current euro zone situation and fears are growing that Spain and Portugal could be next in line for a bailout as yields on 10-year bonds rise to dangerous levels – [...]
A German newspaper has today reported that Portugal is under pressure to seek emergency aid from the EU rescue fund – something which the country strongly denies. Today, the Financial Times Deutschland reported that a number of euro zone nations and the European Central Bank were urging Portugal to follow Ireland and Greece and seek [...]
Portugal came to a standstill today after its biggest strike in more than 20 years as workers protested against the Government’s austerity measures. The Government has introduced massive spending cuts and tax hikes, which are currently being pushed through parliament. They are aimed at bringing the budget deficit down to 4.6% next year, from the [...]
Ireland will become the latest euro zone nation to unveil unpopular austerity measures, in a move designed to bring down the country’s budget deficit. Many other nations have introduced similar measures but they are likely to cause protests and trade unions have already warned of “civil unrest”. Ireland is aiming to save €15 billion (£13 [...]
Once again, fears for Portugal and Spain are raised as borrowing costs surge to high levels as Ireland’s debt crisis looks set to spread. Yields on 10-year Portuguese bonds rose to 6.9% – mimicking what happened in Greece and Ireland – just before they were forced to seek emergency aid. Meanwhile, 10-year Spanish bonds surged [...]
The UK’s FTSE 100 index dropped to a 6-week low today as the euro zone debt crisis continues to weigh heavily on investors minds, despite the imminent bailout for Ireland. The index lost 36 points to 5,644.48 by 8:57 am after earlier falling to 5,614.65 – its lowest since the beginning of October. So far [...]
Jean-Claude Juncker, Luxembourg Prime Minister and Eurogroup Chairman, has warned that Ireland’s debt crisis could spread to Portugal and Spain, despite assurances from both countries that Ireland’s emergency bailout will allay investors fears. Today, Portuguese Prime Minister, Jose Socrates, said it “has no need for any aid” and insisted that its difficulties are different to [...]
Yesterday’s meeting in Brussels of euro zone finance ministers concluded with failing to convince Ireland to ask for financial aid. The Irish Government continues to reject a bailout, insisting it is fully funded until at least the middle of next year. However, the country’s financial situation was described as “our most pressing challenge” by EU’s [...]
There were fresh fears for the euro today after it emerged that the International Monetary Fund (IMF) could be called in to assist the euro zone in resolving the banking crisis in Ireland. Ireland’s Prime Minister, Brian Cowen, has again, however, reiterated that his country has not asked for emergency funds and said the economy [...]
Figures have revealed that Spain’s economy stalled in the July to September period. The disappointing 0.2% annualised growth will be a blow to the economy, which is stalling due to measures taken by the Government to trim its spiralling budget deficit. The country is also battling with the highest unemployment rate in Europe. However, last [...]
Spain’s statistics office has revealed that the country’s unemployment rate has finally fallen – to 19.8% in the July-September period. It was the first fall in unemployment in three years but the rate still remains the highest in Europe. Spain’s jobless rate is almost double the 10% for the euro zone as a whole with [...]
Nobel prize winner, Joseph Stiglitz, has expressed his concern for the euro and the euro zone’s fragile recovery. Sixty-seven-year-old Stiglitz, the former chief economist of the World Bank, warned that the future of the single currency is bleak, while the region’s recovery is threatened by a series of austerity measures, which have been introduced by [...]
The European Union’s statistics agency has announced unemployment in the 16-member euro zone remained steady at 10.1% in August. According to Eurostat, 15.87 million people were unemployed in the euro zone during the month. Spain continues to have one of the highest unemployment rates within the 16-bloc nation at 20.5%, while Germany’s rate continues to [...]
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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