According to the finance ministry, India’s economy expanded by 7.7% in the April to June period – much slower than the 8.8% growth in the same period a year earlier. It was the weakest growth in six quarters and was attributed to a slowdown in construction activity. Construction saw an increase of just 1.2% during [...]
India, which is Asia’s third largest economy, has lowered its growth forecast for the current fiscal year to March 2012 to 8.2% from 9%. The revision comes amid global uncertainty and a series of interest rate hikes to combat stubbornly high inflation. Last week, the Reserve Bank of India (RBI) raised key interest rates for [...]
In its annual report, the Bank for International Settlements (BIS) has warned that global interest rates need to rise in order to tame inflation. The report also said low interest rates are a threat to world financial stability. In the aftermath of the financial crisis, central banks opted to slash interest rates in an effort [...]
The Statistics Bureau has today revealed Japan has overcome deflation for the first time in 25 months after consumer prices rose by 0.6% last month – in line with forecasts. A short period of deflation (where prices fall rather than increase) is a serious threat to an economy because it deters consumers and businesses from [...]
There are further fears for air travel today after Iceland’s Grimsvotn volcano erupted, which led to the shutdown of the country’s airports with 6,000 passengers affected by cancellations so far. According to forecasters, the plume from the volcano could drift to northern Scotland tomorrow and the rest of Britain by the end of the week. [...]
The Reserve Bank of India (RBI) has today raised key interest rates for the eighth time in less than a year, in a bid to tame stubbornly high inflation in a thriving economy. The move, which was widely expected, saw the central bank raise its repo rate, at which it lends to banks, to 6.75%, [...]
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% [...]
Federal Reserve chairman, Ben Bernanke, has warned that a prolonged rise in oil prices would pose a danger to economic growth in the US. Speaking to the Senate Banking Committee, Mr Bernanke’s comments come after Brent crude hit $119 a barrel – a two-and-a half-year high. There have also been fears about the impact on [...]
Official figures have today revealed Hong Kong’s economy grew by 6.8% in 2010 – boosted by business ties with mainland China. As a result, Hong Kong’s Financial Secretary John Tsang, expects the economy to expand by between 4% and 5% this year. According to analysts, Hong Kong has been benefiting from an increasing number of [...]
The Indian economy is projected to expand 8.6% in the current fiscal year, according to Government estimates. The Indian economy, which is the world’s second fastest-growing major economy behind China, grew by a staggering 8.9% on an annual basis in the July to September period. However, the economy faces headwinds – the country’s inflation rate [...]
Business Secretary Vince Cable has said he could quit the coalition if he is “pushed too far” in negotiations with the Conservatives. Mr Cable, who is the most senior Liberal Democrat member of the coalition after Deputy Prime Minister Nick Clegg, told undercover reporters from The Daily Telegraph the situation in the coalition was like [...]
Official figures today showed the Japanese economy continues to battle with deflation. Figures revealed Japanese core consumer prices fell 0.6% in October compared with a year ago – representing the 20th consecutive monthly decline that the economy has been in deflation. Last month, the Bank of Japan cut interest rates to almost zero. The move [...]
The French Government has today warned that strikes against pension cuts are costing the economy between €200 and €400 million per day. Ongoing protests and strikes against the Government’s changes to pensions have resulted in fuel shortages and travel chaos throughout the nation. France’s Finance Minister, Christine Lagarde, said: “Today, we shouldn’t be weighing down [...]
Last week, the International Monetary Fund (IMF) expressed its concern for a currency war. The Fund said if Governments across the world use exchange rates as a policy weapon, there could be a serious risk to global economic recovery. However, this weekend’s IMF and World Bank annual meeting in Washington saw the currency issue unresolved. [...]
The International Monetary Fund (IMF) has today warned that economic growth will be hit due to deep spending cuts. Olivier Blanchard, the IMF’s chief economic counsellor, said massive spending cuts may have to be revisited if growth in the UK is hampered. However, Mr Blanchard did highlight that his comments applied to all advanced economies, [...]
The Bank of Japan has today cut interest rates to almost zero, in a bid to boost the economy and continue its battle deflation. Last week, figures revealed Japanese core consumer prices fell 1.0% in August compared with a year ago – representing the 18th consecutive monthly decline that the world’s no.2 economy has been [...]
Official figures today revealed Japanese core consumer prices fell 1.0% in August compared with a year ago – representing the 18th consecutive monthly decline that the world’s no.2 economy has been in deflation. A short period of deflation (where prices fall rather than increase) could be a serious threat to the economy because it deters [...]
It has been announced that the tough austerity measures introduced by the coalition Government are set to lead to industrial action following a trade union gathering in Manchester today. At the annual Trades Union Congress (TUC) meeting, union leaders urged delegates to “stand up and fight” against the massive spending cuts. The motion was supported [...]
A survey by accountancy firm, BDO LLP, has revealed business confidence has slumped to a level not seen since the height of the financial crisis two years ago. The firm’s optimism index (which reflects how businesses expect trading to develop two quarters ahead), fell from 95.5 in July to 93.1 last month. According to BDO, [...]
The Japanese Government has today said it believes its economy expanded more than originally thought in the April to June quarter. It believes the economy grew by an annualised 1.5% in the three-month period – much higher than the first official estimate of 0.4%. Cabinet Office Parliamentary Secretary, Keisuke Tsumura, said Japan’s economy was “continuing [...]
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, [...]
About | Privacy | Disclaimer | Resources | XML Feeds | Press Releases | Directory | Contact us
