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Wednesday 03rd of June 2009

News Tag: stimulus package

April 23, 2009

French manufacturers and business confidence increases in April

by Peter Charalambous
In April, business morale in France increased following record lows in previous months and this has increased the speculation that the worst of the recession is seemingly over. The French national statistics office announced today that its business confidence index increased to 71 points in April, three points higher than in March and two points higher than economists’ predictions. Having been ...

April 6, 2009

UK public sector debt at record levels

by Peter Charalambous
The latest figures from the Institute for Fiscal Studies (IFS) shows that the UK will need to raise an extra £39 billion a year for the next five years if the Government is going to balance the books by 2015. This would mean that if the money was to be raised solely through an increase in taxation then the average household ...

Japan announces further stimulus package to tackle recession

by Kay Murchie
Japan has today announced a fiscal stimulus plan of 10 trillion yen (£66 billion, $99 billion) in an attempt to drag the country out of recession. The export-dependent economy, which was once seen as relatively unscathed by the global financial crisis, is being hit by a slump in demand for its products overseas. Many economists believe the economy is heading ...

April 1, 2009

Japan’s economy hit by more bad news as business sentiment at record low

by Kay Murchie
The latest Bank of Japan's quarterly Tankan survey has revealed that business confidence among major manufacturers in Japan has hit the lowest level ever. The survey of 10,000 companies, which is seen as a key indicator of the health of the country's economy, revealed that confidence has plummeted to a 35-year low. The world’s second ...

March 31, 2009

Australians have stockpiled 123 million days leave

by Peter Charalambous
A trend of Australians not taking their full annual leave has worsened following the onset of the economic downturn and, as a result, has collectively accrued 123 million days leave which amounts to AUS$33 billion in wages. The Tourism Minister, Martin Ferguson, has revealed that he is currently considering spending the $900 stimulus payment in order to encourage breaks. The Tourism Australia ...

March 6, 2009

US Labor Department reveals worse than expected jobless figures

by Kay Murchie
Official figures from the US Labor Department revealed today that 651,000 jobs were lost in February in the US, taking the jobless rate 8.1% - the highest level since December 1983. Meanwhile, the organisation adjusted its January figures upwards to 655,000, while December’s losses were revised to 681,000 - the biggest single monthly decline since October 1949. A total ...

March 4, 2009

Recession looks inevitable for Australia as economy contracts

by Kay Murchie
There are fears for Australia after its economy contracted by 0.5% in the October to December period last year - the first time in eight years that the economy had slipped into negative territory. In comparison, the Japanese, the US and the UK economies experienced a fall of 3.3%, 1.6% and 1.5% respectively in the fourth quarter of 2008. An ...

February 6, 2009

US unemployment rate highest since 1992

by Kay Murchie
Figures published today by the US Labor Department have revealed that the rate of unemployment in the US rose from 7.2% in December to 7.6% in January - the highest level since 1992. The organisation said 11.3 million Americans are now out of work. Meanwhile, 598,000 jobs were lost in the public and private sectors in January - the most since ...

February 2, 2009

France reveals €26bn stimulus package to boost economy

by Kay Murchie
The euro zone’s second largest economy has unveiled a €26 billion (£23.5 billion) stimulus package in a bid to boost its economy and fight off the economic downturn. It is hoped that the plan will produce economic growth of around 1.3%. Francois Fillon, France's Prime Minister, unveiled the package earlier today which is to be divided into three sections: €11 billion ...

January 30, 2009

US heads for deepening recession as economy slows further

by Kay Murchie
Official figures from the Commerce Department have revealed that the world’s largest economy contracted at its sharpest rate in over 26 years in the last three months of 2008. The figures show that US economic output plummeted 3.8%, the worst quarterly contraction since 1982, when output fell by 6.4%. While the figure was not as bad as analysts had ...

January 29, 2009

US new home sales drop/factory orders tumble

by Kay Murchie
There is more bad news for the US economy today as the Commerce Department revealed that new home sales fell by 14.7% last month. Meanwhile, for the full 2008 year, sales fell by 37.8% to 482,000 homes - the fewest since 1982, when 412,000 homes were sold. However, on a positive note, while sales of new homes have fallen, the slump ...

January 9, 2009

US job losses highest since World War II

by Kay Murchie
Over half a million jobs were lost in the US in December, taking the jobless rate to 7.2%, up from 6.8% in November - the highest since January 1993. The figures have sparked concern that the world’s largest economy will be in recession for a long time to come. Figures from the US labour department said job losses for the 2008 ...

January 8, 2009

Barack Obama calling for drastic action to pull US out of recession

by Kay Murchie
President-elect Barack Obama, who takes over at the White House on January 20, is urging Congress to approve his $800 billion (£526 billion) stimulus package to avoid a prolonged recession. In his first major policy speech at George Mason University in Fairfax, Virginia, Mr Obama said he believes the recession could last for years unless ‘drastic ...

December 19, 2008

Japan cuts interest rates further in a bid to stave off prolonged recession

by Kay Murchie
Japan cuts interest rates further in a bid to stave off prolonged recession
The Bank of Japan has lowered interest rates today in an attempt to fight off a prolonged recession. The rate was cut from 0.3% to 0.1% - the lowest rate since 2006. Last month, it was announced that the Japanese economy, which is the world’s second largest, was officially in recession - its first in seven ...

November 28, 2008

Unemployment rises in eurozone, inflation falls

by Kay Murchie
Unemployment in the eurozone has risen to 7.7%, according to figures published by the EU's statistics office. The rise represents the highest level for two years and highlights the severity of the economic slowdown. The lowest unemployment level among the 15 European nations was reported in Spain, where the rate increased from 12.1% to 12.8%. Meanwhile, in France the rate increased from 8% ...

November 16, 2008

BCC warns of prolonged recession

by Kay Murchie
The British Chambers of Commerce (BCC) has warned that the recession in the UK will be prolonged with a sharp rise in unemployment. The organisation said that gross domestic product (GDP) in the UK will fall by 1.6% next year, with a peak-to-trough fall of 2.5% throughout the recession. The group is forecasting a modest recovery in 2010 with a 1.1% increase in ...

November 10, 2008

China unveils $586bn stimulus package to boost economy

by Kay Murchie
In a bid to boost its weakening economy, the Chinese Government has announced a four trillion yuan (£374 billion, $586 billion) economic stimulus package. In the last two months alone, China's central bank has cut interest rates three times in an attempt to boost the economy, which has been hit by falling exports. The State Council announced the package over the ...

November 4, 2008

Australia makes surprise 0.75% interest rate cut

by Kay Murchie
The Reserve Bank of Australia (RBA) has surprised the market today by cutting its key interest rate from 0.75% to 5.25%. In line with many other countries, the move was made in a bid to stave a recession. Central banks in the US, Japan and China have all cut interest rates in the last week in a bid to fight off ...

November 3, 2008

Economies announce rescue packages, shares rise

by Kay Murchie
Global shares have risen today on the back of Government intervention after South Korea has become the latest country to announce a stimulus package to boost its economy. The package, worth around 14 trillion won (£6.6 billion, $10.9 billion), has been announced by the Ministry of Strategy and Finance in a bid to stave off a recession. Eleven trillion won is to ...

October 30, 2008

Japan unveils further stimulus package to boost economy

by Kay Murchie
Taro Aso, Japan’s Prime Minister, has revealed a second stimulus package for the country. The 5 trillion yen (£31 billion, $51 billion) package is an attempt to stimulate the world's second largest economy and include tax cuts, funding for care of children and the elderly and loans for small businesses. The package is Japan’s second in as many months after the ...