Businesses set to invest even less next year December 11, 2013 BUSINESS investment around the world is set to fall in 2014, defying hopes of an economic recovery according to analysts at Standard and Poor’s. The credit ratings agency expects capital expenditure by the world’s biggest 2000 firms to drop five per cent next year, a sharp fall after growing by a meagre two per cent [...]
Fischer eyed as next Fed vice chairman December 11, 2013 STANLEY Fischer, who led the Bank of Israel for eight years until he stepped down in June, has been asked to be the Federal Reserve’s next vice chair once Janet Yellen takes over as chief of the US central bank, a source said. Fischer, 70, is widely respected as one of the world’s top economists.
Eurozone GDP to stay below peak until 2016 December 11, 2013 THE EUROZONE economy will spend eight years below its pre-financial crisis peak, analysts at EY predicted today, warning the scars from the crash will continue to drag on the currency unions’ growth for years to come. By the end of 2017 the Eurozone’s economy will be three per cent above its previous peak, the analysts predicts – well [...]
Deflated Greek economy posts highest jobless rate on record December 11, 2013 GREEK unemployment reached an historical high as the third quarter came to an end, climbing to an eye-watering 27.4 per cent. The rate rose 0.1 per cent in September, up from 27.3 per cent in July and August. The number of people out of work and looking for jobs is now 5.9 per cent higher [...]
French jobs slip in third quarter December 11, 2013 FRENCH employment levels are still declining, as the country struggles for economic growth even as the Eurozone begins a feeble recovery. Figures released yesterday showed that payrolls in the company’s private sector dropped by 0.1 per cent during the third quarter, a loss of 15,600 positions. Excluding temporary jobs, the decline is even larger. Private [...]
Mild uptick for German prices December 11, 2013 GERMAN consumer price growth headed back upwards again during November, soothing deflation worries after inflation came in well below target in October. The country’s harmonised index of consumer prices showed growth of 1.6 per cent last month, up from 1.2 per cent previously. This indicates that price growth is still below the European Central Bank [...]
ECB official says bank funding is available December 11, 2013 EUROPEAN Central Bank vice president Vitor Constancio insisted yesterday there is no shortage of ECB-eligible collateral in any Eurozone country meaning that banks could easily increase their use of its funding if they so wished. Constancio blamed the region’s woes chiefly on a lack of demand.
Thomas Cook sells holiday extras business Essential Travel for £2m December 11, 2013 THOMAS COOK yesterday sold its travel add-ons website Essential Travel to rival firm the Holiday Extras Group for £2.1m. The company said that it will still offer its customers the same services after striking a deal for Holiday Extras to be its exclusive distributor of certain extra travel products such as airport parking, airport hotels [...]
Carney warned low rate vow is too complicated December 11, 2013 THE BANK of England’s pledge to keep interest rates at rock bottom may be too complicated for families and businesses to understand, losing much of its impact, top policymaker Martin Weale warned yesterday. If the policy is understood by borrowers, forward guidance could boost the economy by up to 0.75 per cent, the monetary policy committee (MPC) [...]
India court seeks value of Nokia factory seized during tax dispute December 11, 2013 AN INDIAN court has extended a hearing over local tax authorities’ seizure of a Nokia factory by seeking information on the plant value, adding to concerns whether the company can transfer the property to Microsoft as part of the sale of its mobile phone business. Nokia has offered to pay a €270m (£227.3m) deposit to [...]
