Eurozone economic growth beat the UK in the first quarter of 2015 May 13, 2015 The Eurozone economy grew at a faster rate than the UK's during the first quarter of this year, topping off a stream of recent data suggesting the bloc is emerging from a long period of stagnation. Official statistics agency Eurostat said GDP rose 0.4 per cent across the euro area, towards the bottom of analyst estimates, [...]
Opec prediction on global oil demand pushes price back up May 12, 2015 Oil prices rallied again yesterday as the Organisation of Petroleum Exporting Countries (Opec) monthly report revealed that world oil demand is slated to grow at a higher rate than previously expected. Prices fell by over 50 per cent between July 2014 and the start of 2015 due to a combination of falling global demand, growing [...]
Sweden set to loosen monetary policy again as deflation strikes May 12, 2015 Prices fell again in Sweden in April despite policymakers’ attempts to banish deflation through very loose monetary policy, official figures showed yesterday. Consumer prices fell 0.2 per cent on the year, sliding after two months of positive inflation numbers. Policymakers at the Riksbank held interest rates at minus 0.25 per cent at their April meeting, [...]
ECB raises emergency loan limit to £57bn for Greek banks May 12, 2015 The European Central Bank (ECB) has raised its emergency loan limit for Greek banks by €1.1bn (£0.8). The Emergency Liquidity Assistance lifeline, which is provided by the Bank of Greece, is now worth €80bn (£57bn). The decision to raise the level was passed by the ECB's governing council today, and comes a day [...]
Greece raided reserves at IMF to meet debt repayment deadline May 12, 2015 Greece had to raid emergency reserves in its holding account at creditor the International Monetary Fund (IMF) in order to meet the deadline for its sizeable €750m (£544m) repayment. An official told Reuters the cash-strapped country had been forced to tap into around €650m (£467m) from its holding account with the organisation. "We made use [...]
Eurozone banks are at risk of failing now as much as they were in 2008, new research finds May 12, 2015 If you think the European Central Bank and Bank of England’s stress tests have made Europe’s banking crash proof, think again. Despite the changes to the banking system, many institutions are still as vulnerable as they were before the 2008 crash, according to research by the University of Portsmouth. Banks in Italy, France, and Spain [...]
Sterling soars to highest level this year after output smashes expectations May 12, 2015 The pound soared after this morning after UK output beat expectations in March, according to data released today by the Office for National Statistics. Total production and manufacturing rose in March, increasing 0.5 per cent and 0.4 per cent respectively. Industrial production smashed analysts expectations, as many had said it would remain flat month-on-month. This [...]
Why Opec thinks oil prices will stay below $100 for a decade May 12, 2015 The Organization of the Petroleum Exporting Countries (Opec) thinks oil will stay below $100 for a decade, and it's worried a low oil price environment won't be enough to snuff out the emerging US shale gas industry. A report seen by the Wall Street Journal has said that Opec thinks a best-case scenario will see oil prices [...]
General Election 2015: Conservative victory is about to give the pound its biggest boost in six years May 11, 2015 The pound is continuing to benefit from the Conservatives' victory in the General Election last week, and is about to achieve its biggest two-day increase against the euro in six years. After it became apparent that Cameron had won a majority on Friday, sterling went up by 1.9 per cent in value, as optimism over [...]
Greece beats deadline for €750m loan repayment to IMF May 11, 2015 Some expected Greece to default on it's latest debt repayment, but it has proved them wrong. Today, following extensive discussions with creditor nations on the struggling economy's future in the Eurozone, a transfer of €750m (£544m) was made from Greece to the IMF, beating tomorrow's deadline for the payment. It is not clear how [...]