US Treasury Secretary, Timothy Geithner has reiterated that China’s currency, the yuan, is still significantly undervalued. The US has previously expressed dissatisfaction that China is keeping the value of the yuan low to help its exporters at the expense of overseas competitors. Trade groups have argued that the yuan, also referred to as the renminbi, [...]
The Bank of England’s semi-annual Financial Stability Report, which has been published today, warned that UK banks are still at risk as a result of the euro zone debt crisis. While the report praised the €750 billion rescue package, agreed by the European Union and the International Monetary Fund (IMF), it said ongoing “market pressures” [...]
The finance ministers of the G20 group of developed and emerging economies issued optimism about the global economic recovery, after it met on April 23 in Washington, D.C. An announcement after the meeting stated that the global economy is emerging faster than expected from its worst recession since World War II. According to the G20 [...]
Sterling fell this morning to a near four-month low to $1.5917 against the US dollar before creeping back up to $1.5989. The level was the lowest seen since early June after G20 leaders said stimulus packages will remain until a recovery is sustainable. However, the pound is still currently higher than the low levels of [...]
At a meeting in Italy yesterday for the Group of Eight (G8) industrialised nations, it was acknowledged that there are signs of stabilisation in the world’s leading economies. G8 ministers said stock markets were rising, interest rates more stable, and consumer confidence was returning. However, finance ministers reluctantly admitted that the global situation still “remains [...]
US Treasury Secretary, Timothy Geithner, expects US banks to repay $25 billion (£16 billion) of bailout funds over the next 12 months. According to Mr Geithner, the money will be put towards helping other financial institutions in need of assistance. Mr Geithner told Congress it is imperative that the Government protect the remaining $123.7 billion [...]
Following the recent stress tests on 19 US banks, it has now been revealed that ten of the banks require a total of $74.6 billion (£50 billion) in extra capital to cover future losses. The stress tests were conducted by the Federal Reserve to establish which financial institutions are in a position to weather the [...]
Following the recent stress tests on 19 US banks, carried out to establish which financial institutions are in a position to weather the downturn, the Federal Reserve has revealed that no US banks are at risk of insolvency. However, the results have revealed that tens of billions of dollars are needed to strengthen balance sheets [...]
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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