There is further evidence of a slowdown in the world’s largest economy after retail sales stagnated last month. Sales were flat from the month earlier after July’s figure was revised down to 0.3% from 0.5%. August’s figure was also worse than expected after car sales fell and excluding this item, sales rose just 0.1%. However, [...]
Oil prices have fallen further as investors continue to worry about the weak US recovery and Greece’s debt woes. Today, Brent crude for August delivery fell $2.95 to $102.72 a barrel, while US light, sweet crude dropped $1.13 cents to $90.14 a barrel. The US economy continues to struggle amid stubbornly high unemployment and a [...]
The Commerce Department has today revealed the US economy grew by an annualised 3.1% in the October to December period – higher than the previous estimate of 2.8%. It was also slightly better than analysts forecast of a 3% growth rate. The upward revision in GDP was attributed to higher consumer spending – which grew [...]
The Commerce Department has today revealed the US economy grew by an annualised 1.7% in the April to June period – slightly higher than the previous estimate of 1.6%. This figure is the third and final estimate for the second quarter and the upward revision was due to a higher rate of consumer spending, which [...]
Britain’s manufacturers are continuing to report “buoyant trading conditions” on the back of rising demand in overseas markets, according to a joint study from trade organisation, EEF, and accountancy firm BDO LLP. In their latest “Manufacturing Outlook” report, the pair suggest that the recovery begun at the end of last year has been sustained, with [...]
The US Institute for Supply Management (ISM) has offset fears of a double dip recession in America by reporting a rise in its index of factory activity, to 56.3 in August, up from 55.5 in July. A reading in excess of 42%, over a period of time, generally indicates an expansion of the overall economy [...]
Bank of Japan (BoJ) has announced new measures aimed at enhancing “easy monetary conditions” and holding back the rise in the value of the yen. Following an unscheduled meeting of its Monetary Policy committee, the Bank is to provide the country’s lenders with and additional 10 trillion yen in six-months funds, in a move that [...]
The Office for National Statistics (ONS) has today revealed the UK economy grew by 0.4% in the October to December period – slightly higher than the 0.1% and the 0.3% previously estimated. Today’s figures represent the third and final figures for growth in the fourth quarter and the ONS is scheduled release its first estimate [...]
Billionaire investor Warren Buffett this week said the US economy had ‘fallen off a cliff’ and warned that a rebound could trigger inflation more drastic than that experienced in the late 1970s. The 78-year old owner of insurance and investment firm Berkshire Hathaway spoke live on US cable network CNBC. “Not only has the economy [...]
The US economy continues to struggle and shows no sign of recovery after property prices fell at their fastest rate in the 12 months to October and the country experienced the worst Christmas shopping figures since 1969. The S&P Case-Shiller index (the closely monitored measure of residential property values across the US), said property prices [...]
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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