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February 25, 2009
by Peter Charalambous
According to the British Bankers' Association (BBA), mortgage approvals are up by 4 percent from December, although they are still down by 43 percent from the previous year.
There has been a small increase in the number of people remortgaging as 30,710 loans approved for people who are switching to take advantage of better rates elsewhere, according to the ...
by Peter Charalambous
The 2020 Group, which is headed by Bank of England policymaker Kate Barker, has made the recommendation that the UK government should use the construction of public housing as a stimulus to resurrect the construction industry and boost the economy.
The recommendations are to build 100,000 new homes over the next two years in order to prevent shortage ...
February 23, 2009
by Peter Charalambous
In January US consumer prices rose for the first time in 6 months due to the rise of energy costs which has cooled down heightened talk of the threat of deflation in the face of recession.
According to the Labor Department the consumer price index (CPI) rose 0.3 percent after a 0.8 percent fall in December, although the change can ...
February 20, 2009
by Peter Charalambous
There was an unexpected rise in UK retail sales in January as shops have been able to attract consumers with heavy discounting, which has been able to offset the effects of a faltering economy and job security, which has caused consumer confidence to plummet.
After a 1.7 percent rise in December, sales have again climbed again by 0.7 percent according to ...
by Peter Charalambous
The Council of Mortgage Lenders have announced that the number of homes repossessed by lenders in the UK increased by 54 percent, standing at 40,000 homes, however it is less than expected and repossessions are predicted to reach over 75,000 homes this year.
Both homeowners and industry experts have called for both lenders and the government to work in collaboration to ensure that ...
February 19, 2009
by Peter Charalambous
The Norwegian economy has shrank less than expected in the fourth quarter, receding by just 0.2 percent for the non-oil economy, although the latest figure does indicate that both the domestic an foreign demand is falling foul of the credit crunch.
The mainland economy, which excludes shipping and oil, has seen increased activity in general government, which has compensated against further ...
by Peter Charalambous
In January, Britain’s budget surplus was 3.3 billion, which is the smallest for 14 years.
Britain's public sector net cash requirement had a much bigger than expected surplus last month, following a revision due to a statistical reclassification that meant the figure was lowered by around 20 billion pounds, according to official figures released today.
Public finances are still in dire straights ...
by Peter Charalambous
Working alongside Barack Obama, Gordon Brown has revealed plans are afoot to toughen the rules on tax havens such as Switzerland and the Cayman Islands which allow investors to take advantage of loopholes and pay less UK tax.
It is by means of further regulatory action that Brown and Obama plan to tackle these jurisdictions having spoken to world leaders.
As part ...
February 18, 2009
by Peter Charalambous
There is further indication that the central bank of Australia is planning to give the economy a much needed boost, as the minutes of the latest meeting have been revealed.
It seems that a combination of a reduction in interest rates, as well as a further financial stimulus package, will be used in order to kick-start the economy over ...
by Peter Charalambous
The Retail Price Index (RPI) that measures inflation is estimated to have dropped further in 2009, having already dropped by 1.3 percent in January from December, which has driven the annual increase to just 0.1 percent which is the lowest since March 1960.
The cost of living according to the RPI dropped, thanks in part to the fall in mortgage interest and ...
February 17, 2009
by Peter Charalambous
According to the latest figures announced by the central bank of Greece, the economy of has been hit harder than expected with growth of only 0.5 percent being expected this year after a growth rate of 3.1 percent in 2008.
This has roused the opinion that both fiscal tightening and reforms are urgently needed in order to ride the storm and ...
by Peter Charalambous
Yesterday the Indian government announced that they are going to allocate 301 billion rupees ($6.2bn) towards a rural employment programme within the budget for 2009-2010.
The Minister of External Affairs Pranab Mukherjee also announced that within the budget, increases had been made for defense and that the total interim budget stands at 9,532.31 billion rupees ...
by Peter Charalambous
European Central Bank (ECB) President Jean-Claude Trichet said that the ECB council decision on 5 February defended the interest rate decision back on 15th January, although as anticipated the latest data has confirmed the forecast that the major trading partners of the euro zone have experienced significant problems in the face of the economic downturn.
As a result, Trichet has ...
by Peter Charalambous
For the fourth consecutive month, foreign direct investment (FDI) in China has declined as many companies throughout the world make cutbacks on spending and are showing real caution amid the global financial crisis.
According to data released by the Ministry of Commerce, China's foreign direct investment fell 33% as total investment reached $7.54 billion, which was down 5.7% from the previous year.
A ...
February 16, 2009
by Peter Charalambous
Following a period of increased stability, the Iraqi central bank has announced that the interest rate will be to reduced from 14 percent to 11 percent due to the decline in inflation.
Annualised inflation has fallen to 9.2 percent from 12.7 percent the previous month, which is a big drop given the fact that inflation was running close to 70 percent at ...
by Peter Charalambous
Russian billionaires have halved from 2008 going from 101 to 49 as the global economic downturn has hit them hard.
Currently top of the list is Mikhail Prokhorov, a technology and mining tycoon, who actually sold the majority of his assets last year prior to the crisis setting in.
According to the Russian business magazine, Finans, the top 10 wealthiest Russians lost about ...
by Peter Charalambous
According to the latest data from the Confederation of British Industry (CBI), the latest economic forecast has revealed today that the recession will scupper the whole of 2009 and recovery will not be seen until 2010, following on from the International Monetary Fund’s decision to revise the forecast for world economic growth downward.
The latest data has meant that the hope that emerging ...
by Peter Charalambous
The second largest economy in the world has bucked its own trend of steadfast reliable progression having experienced the fastest contraction in the economy for 35 years, according to the latest figures which revealed that the economy shrank 3.3 percent in the final quarter of 2008.
Japan is heavily reliant upon exports and the domestic consumption has weakened very ...
by Peter Charalambous
According to the latest data from the British Retail Consortium (BRC), retail sales in the capital have experienced a 6.5 percent year-on-year increase, which is positive news after four consecutive months of falling sales on a like-for-like basis.
In the course of January, it seems as though many consumers have taken the plunge and made the purchases that they had been putting ...
by Peter Charalambous
According to the latest figures from the property website Rightmove, the revival in asking prices is a false optimism from those who are selling their properties, as there is a huge shortfall in the housing stock as, in the last month, there were 45 per cent fewer properties being put up for sale compared to last year.
Those seeking to take advantage ...
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