Industrial & Commercial Bank of China (ICBC) has opened its first branch in Madrid, Spain, which will provide a wide range of financial services to 166,000 Chinese nationals living in the country. ICBC, which is the world’s largest bank by market value, has a total workforce of 386,723 and operates more than 150 foreign branches [...]
Business leaders of 21 member economies from Asia and the Pacific Rim have gathered together for their annual forum and their primary focus this year was about the global economic downturn. The region’s leaders said that Asia is ‘leading the world out of the recession’. The Asia-Pacific Economic Co-operation’s (Apec) positive comments reflect those from [...]
Stephen Green, chairman of Europe’s largest bank HSBC, said the banking industry “owes the real world an apology” for the financial crisis. In an interview with the BBC, Mr Green who is also a Church of England priest, said: “I think the change in the public perception of the industry is entirely understandable. The banking [...]
The G20 has reached a decision in dealing with the financial turmoil, as British Prime Minister Gordon Brown has announced leaders are working on a $1 trillion deal as a global solution to a worldwide problem. It has created a direction that world leaders can focus on and officials are hoping that the International Monetary [...]
DeAnne Julius, chairman of think tank Chatham House, has warned that the world could face five years of economic slowdown and a 10% decline in output. Addressing a G20 breakfast seminar organised by BBC News, Mrs Julius, who was previously a Monetary Policy Committee member of the Bank of England, said there was a 40% [...]
President Barack Obama’s $819 billion (£572 billion) economic stimulus package has been approved by the US House of Representatives. The President hopes to sign the package into law in February and said the package includes $275 billion in tax cuts, including a credit worth $500 dollars for each worker and $1,000 for couples. However, the [...]
The International Monetary Fund (IMF) has revised its forecast for world growth this year to 0.5% – the lowest since World War II. Its previous forecast, back in November, was for 2.2% growth but the organisation said the “scale and scope of the current financial crisis have taken the global economy into uncharted waters”. While [...]
With the global financial crisis and countries entering recession, it’s no wonder world stock markets have suffered their worst year on record. In London, the FTSE closed yesterday at 4,434 points, at the same point in 2007, it closed at 6,457. The annual decline was the worst since the FTSE was established in 1984. In [...]
According to the United Nations, the world economy faces its worst downturn since the 1930s. The UN expects world economic output to contract by 0.4% in 2009, as a result of a slump among developed countries, such as Europe and the USA. Should the forecast be correct, it would signify the global economy’s first year [...]
As the US housing slump continues and unemployment rises, America’s slowdown will deepen in the latter half of 2008, according to a measure that predicts the economy’s direction. The US Conference Board’s index of ‘leading indicators’ fell 0.7% last month – this was triple the fall forecasted by analysts on Wall Street. The figures come [...]
Industrial & Commercial Bank of China (ICBC) has become the world’s most profitable bank after it reported a 57% rise in half-year profits. The bank, which is the largest in China, made 64.5 billion yuan (£5.01 billion, US$9.4 billion) in the six months to the end of June and easily outperformed its rivals worldwide, particularly [...]
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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