It’s going to take more than €20bn January 25, 2011 SPAIN is running out of time to rescue its ailing banking sector. That’s why we expected economy minister Elena Salgado to come up with a recapitalisation plan that went the whole hog. But the €20bn package outlined late on Monday night is simply too small: it is little wonder that Spanish banks fell across the [...]
US mood rises despite house prices falling January 25, 2011 HOUSE prices in the US fell for a fifth consecutive month in November, a well regarded survey revealed yesterday. However, there was better news for the US recovery as official data showed consumer confidence hitting a seven-month high in January. The US Conference Board said its index of consumer sentiment jumped to 60.6 this month, [...]
BoJ trims its GDP forecast January 25, 2011 THE Bank of Japan revised up its inflation forecast yesterday, a move that reflects the impact of recent rises in commodity prices. Consumer price index (CPI) inflation will reach 0.3 per cent in the next financial year, it said. “However, the Bank could not be expected to say that inflation will remain negative as this [...]
India ups rates to beat inflation January 25, 2011 INDIA’S reserve bank raised the repo rate at which it lends to banks by 0.25 per cent to 6.5 per cent yesterday, in a bid to clamp down on resurgent inflation. The central bank also raised its inflation forecast for the end of the fiscal year in March to seven per cent from 5.5 per [...]
German consumers are upbeat January 25, 2011 Germany’s relentless recovery received another boost yesterday, as consumer confidence figures showed yet a further increase. The household confidence index is expected to rise to 5.7 next month. The level for January was revised up to 5.5 from an initial estimate of 5.4, following six months of increases. “Even the first wave of German austerity [...]
French car scheme boosts sales January 25, 2011 French consumption of manufactured goods rose 0.6 per cent in December compared to November, boosted by the final weeks of a government subsidisation scheme for car purchases. The rise was nonetheless above forecasts.
Davos leaders fear surge in unemployed January 25, 2011 GLOBAL unemployment will be at the top of the agenda at Davos this year, with one official of the World Economic Forum warning that the biggest danger for 2011 is the possibility of a “jobless recovery”. The warning comes as the International Labour Organisation (ILO), a UN body, announced yesterday that worldwide unemployment has stayed [...]
Cyber security global threat January 25, 2011 A BREAKDOWN in cyber security is now one of the five major risks facing the global economy, according to World Econmic Forum founder Klaus Schwab. A WEF report released as a preview to discussions planned at the conference this week highlighted cyber attacks and the possibility of “all-out cyber warfare” as a major threat. “We [...]
CEO confidence in outlook is near pre-crisis levels January 25, 2011 COMPANY bosses are in a positive mood about economic growth over the next year, with confidence levels amongst chief executives almost back to the levels seen in 2008. Of 1,201 executives polled by accountants PricewaterhouseCoopers, 48 per cent of respondents are “very confident” about their company’s prospects for growth over the next 12 months – [...]
DISCUSSING THE ROAD TO FUTURE PROSPERITY NOW January 25, 2011 GROUP CHIEF EXECUTIVE, AVIVA OUR business is about securing the long-term financial futures of our customers: providing prosperity and peace of mind. And our relationships with customers are enduring – potentially lasting 50 or 60 years through the savings and retirement phases of their lives. As a leading insurer, with 53m customers, we’re at Davos [...]
