UK’s factories bounced back this month August 23, 2011 BRITAIN’S manufacturing sector has held up surprisingly well this month, the Confederation of British Industry (CBI) claimed yesterday. The CBI survey for August was notably more upbeat than other recent studies – such as a purchasing managers’ index showing the factory sector contracting this summer. “Manufacturing order books are holding up, and expectations for output [...]
Eurozone staggers forwards August 23, 2011 THE EUROZONE economy has continued to grow this month despite escalating political turmoil over the debt crisis, fresh data suggested yesterday. A “flash” estimate of activity across the 17-nation single currency area came held steady at 51.1 in a purchasing managers’ index (PMI). All figures above 50 point to economic growth, yet the number “still [...]
Investors ask for 50-yr gilt August 23, 2011 INVESTORS are pushing for a new 50-year index-linked gilt for UK government bonds this autumn, it emerged yesterday. The Debt Management Office (DMO) held a quarterly meeting with so-called Gilt-Edged Market Makers (GEMMs) — primary dealers — and with gilt investors on Monday to discuss its issuance plans for the next three months. The 50-year [...]
How is Europe handling the crisis? August 23, 2011 This week, we are asking our readers’ panel, run in association with Politics Home, to rate Europe’s strategy for dealing with the debt crisis. Should Eurozone leaders be pushing for a break-up of the single currency, or working towards closer fiscal integration? And which leaders, if any, have impressed you during the crisis? To answer these [...]
Weak demand holding back lending, banks say August 23, 2011 Gross mortgage lending stagnated in July, the British Banking Association (BBA) said yesterday. The BBA reported £7.6bn in lending, the same level as in June – and slightly below the six-month average of £7.8bn. Net loan and overdraft lending also remained sluggish, coming in at minus £200m; net lending to non-financial companies was flat. “Demand [...]
US housing market remains in the doldrums August 23, 2011 Sales of new single-family houses in the US fell more than expected in July to hit a five month low according to a report released by the Commerce Department yesterday. The report showed that new home sales for July slipped 0.7 per cent from the revised June rate of 300,000 to 298,000. Compared to July [...]
Denmark to expand government spending August 23, 2011 Denmark’s centre-right government is set to attempt a fiscal stimulus package, it announced yesterday. In a bid to revive an economy mired in recession, and to address fears of a sputtering real estate market, the government said it hopes a 10.8bn Danish crown injection will boost growth rates from next year.
Huge drop in consumer confidence in the Eurozone August 23, 2011 Consumer confidence in the Eurozone has dropped at its sharpest rate since the default of Lehman Brothers in September 2008, according to new data from the European Commission. The initial estimate of high street morale across the single currency area came in at -16.6, down from -11.2 in July. Consumer confidence also dipped across the [...]
Strong Norwegian GDP growth in second quarter August 23, 2011 Norway’s mainland economy grew by one per cent in the three months to June, compared to the first quarter of the year, official data revealed yesterday.
UBS slashes 3,500 jobs to shrink costs August 23, 2011 SWITZERLAND’S biggest bank UBS became the latest major global bank to announce swingeing job cuts yesterday as it set out the detail of a 2bn Swiss franc (£1.5bn) cost-cutting plan. UBS said it would cut 3,500 jobs, about five per cent of its global workforce, by the end of 2013 as it copes with falling [...]
