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December 17, 2008
by Peter Charalambous
For the third consecutive month South African inflation slowed in November to an annual 12.1 percent.
This has meant that analysts are expecting the central bank to take the opportunity for action and lower interest rates by as much as 3 percent next year.
Statistics South Africa published the latest data on their website and the CPIX inflation rate, which does ...
by Peter Charalambous
European inflation has fallen at its sharpest rate since the early 1990s as a result of the drastic drop in the price of oil.
Between November and December, inflation has fallen to 2.1 percent experiencing a 1.1 percent drop in just a month.
This has given the European Central Bank (ECB) more leeway to cut interest rates as the ECB President, Jean-Claude Trichet, ...
by Peter Charalambous
Unemployment rates in the UK rose for the tenth consecutive month in November, as official data shows an increase of 75,700 which has taken the total number on jobless benefit to 1.072 million.
It is the first time since 2001 that the unemployment rate has gone past the million mark and is concrete evidence that redundancies have been increasing and firms are reducing ...
by Peter Charalambous
The British Chamber of Shipping has announced that they back the plans for the shipping industry to be brought into line with other polluting industries and subject to international emissions trading system.
It is estimated that the introduction of such a measure would cost shipowners billions of dollars a year, although the backing by the British Chamber of Shipping was ...
by Peter Charalambous
The high street has done all it can in order to entice buyers into their shops with some extraordinary sales to the tune of up to 50 percent and that has been done by some of the largest retailers such as Marks and Spencer as well as Tesco.
However it seems as though the high street may be fighting a losing ...
by Peter Charalambous
In December, European manufacturing and services have receded at the fastest pace in over 10 years which is a further indication that the recession is far deeper than expected.
According to an index based on both industries, a 1.6 point drop has been experienced in the period from 38.9 points in November
Within the euro region, payrolls have fallen in the last two ...
December 16, 2008
by Peter Charalambous
Federal Reserve Chairman, Ben Bernanke, is expected to cut interest rates below the current 1 percent, although policymakers are soon running out of options regarding cutting rates further and are also set to announce a number of other measures, such as buying debt backed by home loans.
This measure is hoped to bring back confidence in the housing market and ...
by Peter Charalambous
To add to the doom and gloom for car manufacturers, European car sales have fallen by 26 percent in November, which represents the biggest monthly drop for over 9 years.
It is a combination of the global recession which has lowered consumer confidence as well as tighter credit conditions which has meant that consumers have cut out unnecessary purchases and as a ...
by Peter Charalambous
Ahead of the US Federal Reserve policy announcement regarding interest rates, Saudi Arabia reduced interest rates.
The Saudi Arabian Monetary Agency has reduced its interest rate by 0.5 percent to 2.5 percent and this represents the fourth rate cut since October as the heat of the global economic downturn began.
According to the state-run Saudi Press Agency, the cut was taken to make sure ...
by Peter Charalambous
Inflation in the UK has fallen more than expected in November after data released today by the Office for National Statistics show that consumer prices have fallen by 0.1 percent bringing the annual inflation rate down to 4.1 percent from 4.5 percent the previous month.
The Retail Prices Index inflation rate, inclusive of housing costs, has fallen to 3% in November, from ...
by Peter Charalambous
Ahead of their latest meeting in Oran, Algeria, analysts anticipate that the Organisation of Petroleum Exporting Countries (OPEC) will announce that they will cut production.
It is expected that it will take some time for prices to increase and for consumers to feel the affect of any decision taken at the pumps. However a consensus has ...
December 15, 2008
by Elaine Frei
The pound strengthened versus both the euro and the US dollar Monday even though Rightmove (LSE: RMV) reported that the average asking price for a house in the UK dropped 2.3 percent in December.
The online property search service said the new decline brings house prices to 10 percent below their peak in May and that it expects another 10 percent decline ...
by Peter Charalambous
Australia has had to reduce its iron ore output for the period to July 2009 by 15 percent as the steel market has fallen, although metallurgical coal and copper production cuts have not been so drastic.
Production cuts across the mining world has lead to the collapse in global commodity prices, although the fall in the Australian dollar has meant that this has ...
by Peter Charalambous
In October, retail sales in Singapore fell, which is the latest indication that the economy is likely to contract for the third consecutive quarter, as a reduction in domestic consumer demand coupled with a drop in both manufacturing and exports have left the nation’s economy in a difficult position.
Retail sales have fallen by 3.6 percent compared to last month whilst ...
by Peter Charalambous
Business Secretary Lord Peter Mandelson has revealed that the government is in a position to announce a rescue package for car manufacturers this week in order to avoid even further job losses.
There are two options available in terms of a rescue package, one being to make low cost loans to the industry from the 400 billion pounds that has ...
by Peter Charalambous
According to the Bank of England’s latest bulletin, chief economist Spencer Dale has revealed that the latest problem to face the Monetary Policy Committee was the fact that households are facing an increasingly difficult situation as disposable incomes are falling and savings tumbling due to interest rate cuts.
With the lack of available credit, real incomes have been ...
by Peter Charalambous
The Tankan survey conducted quarterly by the Bank of Japan has shown that the business sentiment index has fallen to minus 24 from minus 3 and this is the fourth quarter of decline for the index.
Business confidence has suffered the biggest drop for over 34 years, which has increased pessimism and the thought that the recession may be more prolonged ...
December 12, 2008
by Peter Charalambous
For the first time in 15 years, India’s industrial output has fallen into negative zone in October as the manufacturing sector has tightened up due to the downward spiral even though the government has announced a series of rescue packages.
Industrial production fell to 0.4 percent which is over 5 percent less than the previous month and 12.2 percent down when compared ...
by Peter Charalambous
A very nervous high street before Christmas has resorted to slashing prices in order to boost sales resulting in a bargain hunt ‘frenzy’ for Christmas shoppers who were expected to be conservative with their Christmas purchases.
Sales and price cuts are expected following the manic from the sales launched across Woolworth stores yesterday following the decision ...
by Peter Charalambous
US jobless claims are now at a 26 year high with the number of job losses and recruitment rates frozen as the economy slows according to the latest data released by the Labour department yesterday.
State unemployment benefits increased by 58,000 to 573,000 last week and that surpassed the 1982 levels.
Steven Wieting, a Citigroup economist has suggested that the unemployment rate is ...
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