The price of spot gold fell further today – to a 2½-month low of $1,624 – after reaching a record high of $1,920.94 a troy ounce earlier this month. This represents the sharpest drop since March 2009 – in the aftermath of the collapse of US bank, Lehman Brothers. Gold is now down 9% from [...]
The price of gold has risen to a fresh all-time high of $1,610 an ounce on the back of US and euro zone debt worries. As debt concerns in the US build, the dollar continues to weaken and the price of gold typically moves in the opposite direction to the precious metal. Some believe gold [...]
The price of gold rose to an all-time high of $1,589.56 an ounce in early trading today, before falling to $1,584.51. The dollar also fell against the Japanese yen and a weakening US dollar typically results in a rise in the price of gold as the currency generally moves in the opposite direction to the [...]
The Australian dollar has hit a 29-year high against the US dollar to $1.0318 – a level not seen since it was floated in 1983. Analysts have attributed the rise to increasing demand for the country’s commodities. Australia has benefited from an increase in commodity prices, while exports have received a boost due to demand [...]
Chinese Premier Wen Jiabao said today his Government can control stubbornly high inflation and rejected any changes to its tightly managed currency, the yuan. Last week, China’s National Bureau of Statistics (NBS) revealed inflation rose 4.9% in February on an annual basis – the same figure as January. It remains well in excess of the [...]
Concern has been raised for Japan’s recovery today after the Cabinet Office said the economy is at a standstill, attributed to the rising yen, which is weakening demand for exports. As a result of a rising yen, the Bank of Japan (BoJ) intervened to stem the currency against the US dollar – the first time [...]
Japan’s Prime Minister, Naoto Kan, has today said he is “very concerned about the currency situation” as the yen continues to strengthen against the US dollar. The Japanese yen is currently hovering around 15-year highs against the dollar. Last month, the Bank of Japan (BoJ) intervened to stem its currency against the dollar – the [...]
The Japanese yen has dipped against the US dollar today, raising suspicion that Japan has again taken action to weaken its currency. Last Wednesday, the Bank of Japan (BoJ) intervened to stem its currency – which hit a fresh 15-year high against the dollar. It was the first time in six years that such action [...]
For the first time in six years, the Bank of Japan (BoJ) has taken action to stem its currency – which has been rising against the US dollar. Yesterday, the yen hit a fresh 15-year high against the dollar after Prime Minister, Naoto Kan, won a ruling party leadership vote, defeating Ichiro Ozawa. The currency [...]
The Japanese yen has hit a fresh 15-year high against the US dollar today after Prime Minister, Naoto Kan, won a ruling party leadership vote, defeating Ichiro Ozawa. The currency has been rising against the dollar over recent weeks but a stronger yen has meant demand for exports has weakened – fuelling concerns for the [...]
Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), has said that China’s yuan was still too low, despite a pledge by the People’s Bank of China to make its exchange rate more flexible. The US has previously expressed dissatisfaction that China is keeping the value of the yuan low to help its exporters [...]
Talks have commenced between China and the US today with the main issue to be the Chinese currency. Hillary Clinton is leading the US delegation as the US argues that China’s currency policy unfairly favours its exporters. US legislators and trade groups say the yuan, which is also referred to as the renminbi, is kept [...]
Wen Jiabao, China’s Premier, has denied his Government is keeping the yuan undervalued after lawmakers and economists said it is hampering a global recovery. Mr Wen argued keeping the yuan stable was “an important contribution” to global recovery and said: “We oppose countries pointing fingers at each other and even forcing a country to appreciate [...]
The latest quarterly SME Trends Survey by the CBI has found that small and medium-sized manufacturers are starting to stabilise after seven quarters of decline. According to the business body, manufacturers are starting to benefit from the weakness of the pound, which has fallen slightly against the US dollar over the last few months. The [...]
Naoto Kan, Japan’s newly appointed finance minister, is calling for a weaker yen after the Japanese currency continues to gain strength against the US dollar. While a strong yen is good news for the economy, it makes Japanese exports less competitive – but means imports are more affordable to Japanese consumers. Exports are a key [...]
The price of gold has ended its run of all-time highs after positive economic US data sent the dollar higher. On Friday, the Labor Department revealed that the US economy lost fewer jobs in November with the unemployment rate falling to 10% from a rate of 10.2% in October. Figures show that US employers cut [...]
The price of gold continues to surge to record highs and has touched $1,201.63 an ounce on the London Bullion Market as the US dollar continues to be a turn off for investors. The rise of the price of gold over recent weeks has been attributed to a weakening US dollar, which typically moves in [...]
The US dollar continued its slide today against the Japanese yen, falling to a 14-year low. The greenback dipped to 84 yen – its lowest level since 1995, due in part to the Federal Reserve indicating that US interest rates will remain low. Earlier this week, Yutaka Miura at Mizuho Securities said: “This yen strengthening [...]
Historically low interest rates in the US is making the dollar unappealing to investors sending the US currency to a 14-year low against the Japanese yen. The greenback has dipped to 86.5 yen – its lowest level since July 7, 1995, due in part to the Federal Reserve indicating that US interest rates will remain [...]
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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