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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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%. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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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