The Commerce Department has revealed US economic growth for the third quarter grew by an annualised 2%. The rate of growth was slightly higher than the 1.7% reported in the previous quarter and came despite rising unemployment and a weak housing market. Meanwhile, compared with the second quarter, the US economy grew by 0.5% between [...]
Oil giant Royal Dutch Shell has today announced third quarter profits rose 7% to $3.5 billion (£2.2 billion) – up from $3 billion last year. However, the group said net earnings dived 21% in the three month period, compared with the previous quarter. The company said it produced 3.058 million barrels of oil per day [...]
The Office for National Statistics (ONS) has today revealed UK economic growth for the third quarter slowed to 0.8%, albeit double the rate analysts had forecast. Today’s figures will reduce the chance of more quantitative easing from the Bank of England in the short-term, according to many. Some have been calling for an injection of [...]
Swiss banking giant UBS has today reported a net profit of SwFr1.66 billion (£1.1 billion) for the July to September period – exceeding analysts’ expectations. The figures compare with a loss of SwFr564 million for the third quarter a year ago. For the first time since the financial crisis, the bank said it restored client [...]
David Cameron is to deliver a speech today at the CBI’s annual conference and is expected to defend the recent spending cuts, while pledging to create a “new economic dynamism” in Britain. The Prime Minister intends to boost business confidence and growth and is expected to say: “This is an incredible opportunity for Britain – [...]
Chinese economic growth slowed in the July to September period, to 9.6%, official figures showed today. The world’s third largest economy has experienced sensational growth over recent times, expanding by 11.9% in the first quarter and 10.3% in the March to June period, according to figures from the National Bureau of Statistics (NBS). There were [...]
Banking giant Goldman Sachs today reported a fall in third quarter profits to $1.9 billion, or $2.98 per share, compared with $3.19 billion, or $5.25 per share, a year earlier. However, despite the fall, the results still beat expectations of $2.32 per share. The New York-based financial institution said net revenues for the quarter was [...]
US banking giant Citigroup has today revealed a third quarter profit of $2.2 billion (£1.4 billion) – beating market forecasts and compares with $101 million in the same period a year ago. Meanwhile, provisions for bad loans fell to $5.9 billion for the July to September period compared with $6.7 billion in the second quarter [...]
Wall Street banking giant JPMorgan has kicked off the banking reporting season by announcing a 23% increase in profits for the third quarter – better than the markets had expected. The bank said net profit came in at $4.4 billion (£2.8 billion), against a profit of $3.6 billion in the same period a year earlier. [...]
British Airways (BA) has today reported a £50 million loss in the three months to December 31 2009, compared with the £122 million it lost in the same period a year earlier. However, the loss was much less than analysts’ predictions for a £151 million loss. Meanwhile, the airline posted a surprise £25 million operating [...]
The Bank of England has published new figures indicating that during the third quarter of 2009, UK homeowners paid around £4.9 billion off their combined mortgage debt. Over the past six months, the credit crisis, recession, fear of negative equity and low savings rates have prompted mortgage borrowers to raise their stakes in their homes. [...]
Official figures have today revealed that Ireland’s economy grew by 0.3% in the third quarter compared with the previous quarter and has therefore exited recession. The economy has been one of the worst performers in the western world this year but has now emerged from what was one of Europe’s worst recessions. However, despite the [...]
The Cabinet Office in Tokyo has today revealed that the world’s no.2 economy grew at a far slower rate in the third quarter than previous estimates showed. According to official figures, the Japanese economy grew by 0.3% between the July and September period, rather than the 1.2% previously reported and slightly less than the 0.7% [...]
Iceland’s economy plummeted at its fastest pace on record in the third quarter, falling by 5.7% compared to the previous quarter. However, on an annual basis the economy contracted by 7.2% – the biggest fall on record. The news comes as many economies throughout the world are now recovering as they emerge from recession. However, [...]
Bank of America is to repay the $45 billion (£27 billion) of US Government bailout funds. The banking giant received the funds at the height of the financial crisis after accepting the Troubled Asset Relief Program (TARP). The repayment of the loan will see the bank escape curbs on executive pay, which in turn, has [...]
US consumer spending, which accounts for more than two-thirds of overall economic activity in the US, rose by 0.7% in October compared with September. The figures from the Commerce Department were more than the 0.5% rise expected by analysts and boosted hopes for a strong recovery. According to the Commerce Department, consumers increased their spending [...]
The Office for National Statistics (ONS) has today revealed that the UK economy contracted by 0.3% in the July to September period – rather than the 0.4% previously estimated. However, today’s figures still mean it is the first time the UK has endured six consecutive quarters without growth – the first time since the ONS [...]
The Commerce Department today revealed that the world’s no.1 economy grew at a far slower rate in the third quarter than previous estimates showed. According to official figures, the US economy grew by 2.8% between the July and September period, rather than the 3.5% previously reported. Today’s figures confirm that the economy exited its worst [...]
Bank Rossii, Russia’s central bank, has cut interest rates by 50 basis points to 9% – a record low and the ninth time rates have been cut since April in bid to boost demand. Russia’s economy, which is heavily reliant on oil exports, has suffered from a severe downturn but the economy appears to now [...]
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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