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December 12, 2008
by Peter Charalambous
The pound continues to struggle against the euro to the point that parity is only just around the corner as it is at its lowest level since 1999.
The pound however gained one cent against the dollar and is currently trading at $1.4924.
The dollar however fell against the other major currencies and is at its lowest level for six weeks ...
by Peter Charalambous
Taiwan’s central bank has lowered interest rates indicating the main reason fro the move being to reduce inflationary pressures and to cut the main threat economic growth according to the statement of its website.
The central bank cut the rate from 3.125 percent to 2.375 percent, and represents the fifth reduction in just 2 months as exports ...
by Peter Charalambous
Inflation is running at a two year low in China, which has given the central bank room to cut interest rates further.
During the first two months of the fourth quarter till November consumer prices have increased by 2.4 percent compared to 2007.
It is predicted that China is likely to begin a period of highly aggressive rate cuts after 11 years of ...
by Peter Charalambous
The Bank of Korea has announced the reduction of interest rates to just 3 percent ad the Governor Lee Seong Tae cut rates by 1 percent which is well above economists expectations.
However given the speed at which the nation’s economy has receeded the action was desperately needed in order to avert the economic crisis and recession hitting for the first ...
by Peter Charalambous
According to UK consumers predictions inflation is expected to fall to at least the levels experienced in 1999 as the recession begins to take a deeper hold according to survey conducted by GfK NOP on behalf of the bank of England.
The survey of 2,065 people in the middle of November revealed that it is the biggest drop since the start of the ...
by Peter Charalambous
In the face of the worst recession since 1982 the Swiss central bank has decided to cut interest rates to just 0.5 percent.
Rates are now at a four year low, as the central bank announced that further measures may come into play if needed in order to fight off recession.
The Swiss National Bank (SNB) has taken action ...
December 10, 2008
by Peter Charalambous
Following US president elect Barack Obama plans to stimulate and protect the nation’s car industry as well as an infrastructure investment programme costing up to $500 billion to help create 2.5 million jobs world leaders have all begun plotting their next steps.
Here in the UK, Prime Minister Gordon Brown, French President Nicolas Sarkozy and European Commission chief Jose Manuel ...
by Peter Charalambous
In what is heading to be one of the worst Christmas periods for retailers for over 13years, retail sales have fallen for the second consecutive month in November.
According to the British Retail Consortium-KPMG retail survey last months sales figures were down 0.4 percent from last year and on a like for like basis they have fallen by 2.6 ...
December 9, 2008
by Peter Charalambous
Of late the manufacturing industry has taken a real battering especially in the US however US President-elect Barack Obama has revealed plans to put increased pressure on the heads of the nation’s three biggest car companies calling for their heads if they fail to reform their business so that a federal bailout can be achieved.
Obama’s comments have followed a draft legislation to ...
by Peter Charalambous
The Royal Institute of Chartered Surveyors (RICS) has announced even worse news for a beleaguered property market with the estimate that commercial property will fall by a further 50 percent by 2011.
This would represent the worst downturn for over 20 years, and this forecast follows the prediction that capital values will fall by 16 percent by 2009.
The hardest hit is expected ...
by Peter Charalambous
Paul Thurston, HSBC's UK managing director announced that the bank will increase its lending in 2009 and hopes to reach £15bn in mortgages which is a 20 percent increase from this year even though the lack of mortgage availability is a large reason for the current slump in the property market.
Halifax revealed that the house price index had fallen by ...
by Peter Charalambous
In a Statement released 2 days ago Latvian Finance Minister Atis Slakteris announced that Latvia will be seeking an International Monetary Fund bailout package and its will involve loans from other European governments with the aim of pegging the country’s currency with the euro.
Lawmakers at the IMF said that they expected the devaluation of the Lats, in a period where the ...
by Peter Charalambous
Taiwan’s exports have experienced a drastic fall and are at a seven year low, with the latest estimates being that they will be down 12.1 per cent from a year earlier.
The steepness of the fall is due to the global economic downturn as demand for electronics products has fallen.
In November Taiwan's exports totalled $19.2 billion, down from $20.8 billion in October as shipments ...
by Peter Charalambous
The Indian government revealed yesterday that it would seek to increase spending to the tune of 200 billion rupees, thanks to a series of measures including cutting taxes on several products as well as increasing the growth in home loans and allowing a state firms to issue tax-free bonds worth 100 billion rupees in order to finance infrastructure projects and get ...
by Peter Charalambous
British producer prices and costs fell last month mainly driven by oil prices and petroleum product prices experiencing a sharp fall, as the Office for National Statistics reveal that output prices are down by 0.7 percent following on from Octobers 1 percent drop.
The Data released today is a further indication that inflationary pressures are cooling rapidly, as the annual rate of ...
December 5, 2008
by Peter Charalambous
Ireland’s unemployment figures do not make comfortable reading for policymakers, as the amount of people claiming benefit has risen by the highest in almost 12 years, as the recession is expected to hit deeper and longer in 2009.
Due to the global financial crisis, the prosperous property market has crashed and Ireland was the first of the euro zone nations to succumb ...
by Peter Charalambous
In their bid to reduce the risk on the global recession, the central bank of Indonesia has lowered interest rates for the first time in 2008 and joins other Asian central banks with the aim of cutting borrowing costs in a bid to sustain economic growth.
The government cut its economic growth forecast for next year to just 4.5 percent, which is a seven ...
by Peter Charalambous
According to leading analysts such as Jan Poser from Sarasin, recent economic data indicates that Switzerland is on the brink of a recession as the economy is stagnating in the final quarter.
The office of Economic Affairs announced yesterday that year-on-year growth has slowed by 1 percent to 1.6 in the second quarter and it is now most likely to be shrinking.
There is ...
December 4, 2008
by Peter Charalambous
The Swedish central bank has slashed interest rates by 1.75 percent, which is the biggest reduction for over 15 years, ahead of the nation’s slip into recession in 2009.
Interest rates have been lowered to 2 percent by the Stockholm-based Riksbank prior to the forecast that the economy will shrink by 0.5 percent next year.
There has been an unexpected and ...
by Kay Murchie
Supermarket giant, Morrisons, has benefited from an influx of new shoppers in its stores as like-for-like sales in the 13 weeks to 2 November, excluding new stores and fuel, rose 8.1%.
According to Marc Bolland, the supermarket’s chief executive, 700,000 new shoppers are visiting its stores each week, as a result of the ‘challenging economic environment‘. The group said it ...
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