China records double-digit GDP growth January 20, 2011 CHINA’S economic boom shows few signs of abating, with growth for the fourth quarter of 2010 soaring past forecasts, it was revealed yesterday. And while inflation slowed in December it remains high enough for officials to tighten monetary policy, some economists have said. The Chinese economy expanded by 9.8 per cent year-on-year in the three [...]
Motoring taxes seen as too high January 20, 2011 TAXES on motorists hugely outweigh the cost they impose on the UK, according to research published yesterday. While road building costs £9.1bn, and the social costs of greenhouse gas emissions are estimated at £3.2bn, the government forced motorists to pay £30.2bn in 2008-09, the Taxpayers’ Alliance revealed. That implies motoring taxes were excessive by £17.9bn, [...]
Jobless claims down across US January 20, 2011 UNEMPLOYMENT benefit claims in the US dropped in the week ending 15 January, it was announced yesterday. And there was more positive news for the American recovery, as sales of existing homes rose 12.3 per cent in December. Construction of new homes has remained sluggish, it was confirmed yesterday, but the boost in sales provided [...]
Early election for Ireland as reshuffle fails January 20, 2011 IRISH Prime Minister Brian Cowen was pushed yesterday into calling an early election after his misjudged reshuffle plans fell apart, and a third of his cabinet resigned. Cowen had hinted before yesterday that the election was planned for late March or early April, but confirmed that it will now take place on 11 March, after [...]
EU risk body will prove itself January 20, 2011 EUROPEAN Central Bank president Jean-Claude Trichet rebuffed questions about the relevance of Europe’s new financial ‘super watchdog’ yesterday, saying it would gain authority. Chairing the first meeting of the European Systemic Risk Board (ESRB), Europe’s proposed solution to avoid a repeat of the recent financial crisis, Trichet faced a barrage of questions about the new [...]
Spain hopes its regional banks will fund bailout January 20, 2011 SPAIN is finalising plans to find fresh funds for its troubled savings banks, officials said, prompting speculation the government may have to spend more while fighting to slash a massive deficit. Madrid hopes the regional banks can raise the capital — which it has been denied would reach the €30bn (£25.4bn) cited in a newspaper [...]
Portugal optimistic on deficit January 20, 2011 PORTUGAL’S finance minister Fernando Teixeira dos Santos said yesterday that the country’s 2010 budget deficit was likely to have been below the government’s target of 7.3 per cent of gross domestic product. Teixeira dos Santos said that state sector budget data gave the government a “solid base” to conclude that last year’s budget deficit goal [...]
Robust eurobond sale for France January 20, 2011 France drew strong demand for its sale of €9bn (£7.6bn) worth of conventional bonds yesterday, particularly for the shorter-dated debt where investors recently elevated yields. It also sold €3bn of inflation-linked bonds, the top end of the target range, which were well-received, reflecting investors’ appetite for inflation protection, which has risen after Eurozone inflation jumped [...]
Barroso urges bailout fund boost January 20, 2011 European Commission President Jose Manuel Barroso yesterday called for quick, clear signals to markets that European leaders would bolster the EU bailout fund. “We’ve got to make it clear now to the markets that we’re not only making declarations but instead making decisions,” Barroso told Germany’s Stuttgarter Zeitung newspaper. “And that is not only the [...]
Swiss National Bank still bullish January 20, 2011 Switzerland’s economy is still in robust shape despite an unprecedentedly strong Swiss franc that is a big burden for some sectors, Swiss National Bank chairman Philipp Hildebrand said yesterday. “The indicators point to an overall still lively economic activity in our country,” Hildebrand said.
