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Savings in UK hit record high despite shrinking economy
Written on 30 Jun, 2009 at 12:50 in Featured, General | viewed 473 views times and users have made 0 comments so far
The amount of money Brits are putting aside for a rainy day has reached a record high, according to research by National Savings & Investments (NS&I). The average UK consumer deposited £92.41 per month into their savings account this spring, the highest amount since NS&I records began in 2004. The proportion of consumers saving regularly remained at 47% for the fifth consecutive quarter. Full Story : FinanceMarkets.co.uk….
(Continue reading)Financial Crisis Affects Borrowers Worldwide
Written on 1 Jun, 2009 at 16:12 in Business, Featured | viewed 606 views times and users have made 0 comments so far
According to research by PricewaterhouseCoopers (PWC), the credit crisis has wiped £1.9 trillion off the average level of UK wealth since 2007. Whilst the amounts vary considerably, PWC believes that this equates to a reduction of £40,000 for every UK adult over 18. This figure doesn’t even take into account the millions of retired people, not to mention those residing abroad, who no longer receive the income they once did due to falling interest rates. Economists estimate that over 50 trillion dollars of wealth was lost in 2008 alone. The loss in asset prices was led by the decline in property values. Full Story : Buylikebuffet.com….
Obama Urges Credit-Card Reform
Written on 9 May, 2009 at 12:15 in Business, Featured | viewed 524 views times and users have made 0 comments so far
President Barack Obama on Saturday pressed lawmakers to send him credit-card reform legislation by Memorial Day, May 25, saying consumers need stricter protections against unfair interest-rate hikes and penalties. Mr. Obama said Saturday that it is past time for a fair and transparent set of principles to guide the industry. That includes heightened monitoring, enforcement, and penalties for credit-card companies that break the rules. Full Story : WSJ.com…..
U.S. Initial Jobless Claims Fall to Three-Month Low
Written on 7 May, 2009 at 10:05 in Business, Featured | viewed 477 views times and users have made 0 comments so far
The number of Americans filing claims for unemployment insurance unexpectedly fell last week to the lowest level in three months, a sign the worst of the job cuts may be over. Initial jobless claims decreased by 34,000 to 601,000 in the week ended May 2, the fewest since late January, from a revised 635,000 the prior week, the Labor Department said today in Washington. Full Story : Bllomberg.com…..
People with higher IQs make wiser economic choices, study finds
Written on 27 Apr, 2009 at 23:15 in Featured, Science | viewed 245 views times and users have made 0 comments so far
According to a new study with researchers from the University of Minnesota’s Twin Cities and Morris campuses, people with better cognitive skills, in particular higher IQ, were more willing to take calculated risks and to save their money and made more consistent choices. They were also more likely to be cooperative in a strategic situation, and exhibited higher “social awareness” in that they more accurately forecasted others’ behavior. Full Story : Physorg.com…..
New home sales show signs of revival
Written on 24 Apr, 2009 at 12:45 in Business | viewed 249 views times and users have made 0 comments so far
Despite a decline in March, the annual rate remains above what economists expect after an even stronger than originally reported February. Sales of newly constructed homes slipped in March, after an increase the month before that was even bigger than originally reported, according to a government report released Friday. Full Story : CNN.com……..
A ‘Copper Standard’ for the world’s currency system?
Written on 18 Apr, 2009 at 14:57 in Business, Featured | viewed 277 views times and users have made 0 comments so far
China’s State Reserves Bureau (SRB) has instead been buying copper and other industrial metals over recent months on a scale that appears to go beyond the usual rebuilding of stocks for commercial reasons. The SRB has also been accumulating aluminium, zinc, nickel, and rarer metals such as titanium, indium, rhodium and praseodymium (glass). Full Story : Telegraph.co.uk…….
China says key currency countries need watching
Written on 18 Apr, 2009 at 11:30 in Business, Featured | viewed 276 views times and users have made 0 comments so far
China’s Premier Wen Jiabao said on Saturday that economic polices of countries which issue global reserve currencies require closer supervision as part of building a diversified international monetary system. Wen did not mention the United States by name but he has expressed concern in recent months about the safety of Chinese investments in U.S. dollar assets. Full Story : Reuters.com……
US Economy Could Recover Much Sooner Than Expected
Written on 10 Apr, 2009 at 10:59 in Business, Featured | viewed 298 views times and users have made 0 comments so far
A small but growing group of private-sector economists is disputing the idea that the recession will drag on for months. These economists and others see a V-shaped pattern, similar to that of the recession-recovery periods of the 1970s and 1980s. And they say there is ample evidence to support it. The auto sector, which posted a surprise increase in sales in March, also has the potential to be a driving force. Full Story : Cnbc.com…..
CEO gives employees $1,000 from his Pocket
Written on 4 Apr, 2009 at 0:26 in Business, Featured | viewed 338 views times and users have made 0 comments so far
A New Jersey CEO dipped into his own paycheck in a bid to stimulate the economy. Jack Windolf gave $1,000 to all 434 workers at Bollinger Insurance Solutions and told them “let’s jumpstart this economy.” The CEO calls it the “Bollinger Mini Stimulus package.” Full Story : Abclocal.com….
Dow jumps above 8,000 for first time in 2 months
Written on 2 Apr, 2009 at 17:58 in Business, Featured | viewed 261 views times and users have made 0 comments so far
Investors are buying up stocks again, sending the Dow Jones industrials above the 8,000 mark for the first time in nearly two months. All the major indexes soared about 4 percent on Thursday as optimism grew following more signs that the economy is on the mend. The Standard & Poor’s 500 index rose 33.22, or 4.1 percent, to 844.30. The Nasdaq composite index rose 68.89, or 4.4 percent, to 1,620.49. Full Story : AP.com…
France is threatening G20 walkout
Written on 31 Mar, 2009 at 10:51 in Business, Featured | viewed 269 views times and users have made 0 comments so far
France will walk away from this week’s G20 summit if its demands for stricter financial regulation are not met. Strengthening financial regulation will be one of the key issues at the G20. France is demanding a global financial market regulator to avoid what a French official on Monday called the “catastrophe” of competing regulation systems, under which the most lax system wins. The official declined to be named in line with official protocol. European countries are emphasizing a toughened regulatory system for global finance while the U.S. administration has urged more spending.
Americans cheer Obama’s tough auto moves
Written on 30 Mar, 2009 at 23:05 in Business, Featured | viewed 304 views times and users have made 0 comments so far
American taxpayers cheered President Barack Obama’s tough steps to shore up the reeling auto industry. Obama forced out General Motors (GM.N) chief executive Rick Wagoner, pushed Chrysler LLC toward a merger with Italy’s Fiat SpA (FIA.MI), and threatened bankruptcy for both, marking an escalation in Washington’s involvement in rescuing the faltering economy. Full Story : Reuters.com…..
China’s top banker proposes new world currency
Written on 24 Mar, 2009 at 9:10 in Business, Featured | viewed 270 views times and users have made 0 comments so far
In an essay published Monday, the head of China’s central bank proposed a plan to displace the American dollar as the world’s standard and replace it with a global reserve currency operated from the International Monetary Fund. He also emphasized his hope for the IMF currency’s supremacy over other dominant world benchmarks, such as the euro and the yen. Full Story : Rawstory.com
US the hot outsourcing hub, not India or China
Written on 19 Mar, 2009 at 10:51 in Business, Featured | viewed 361 views times and users have made 0 comments so far
Futurists have envisioned ‘virtual’ US corporations since the 1980s. And, for the most part, US firms have vigorously outsourced the management of IT systems to far-off India and China. But a new survey throws up startling news: the offshore option is losing its sheen for US technology firms, who say they are more likely to get the job done in America. Full Story : Dnaindia.com….
(Continue reading)Recession could end in ‘09
Written on 16 Mar, 2009 at 12:45 in Business | viewed 281 views times and users have made 0 comments so far
America’s recession “probably” will end this year if the government succeeds in bolstering the banking system, Federal Reserve Chairman Ben Bernanke said Sunday in a rare television interview. Full Story : Globeandmail.com
(Continue reading)Russia outlines plans to support oil prices
Written on 15 Mar, 2009 at 10:39 in @ a glance, Featured | viewed 704 views times and users have made 0 comments so far
Russia on Sunday proposed a list of measures to support world oil prices, calling for lower output from producers as part of the plan. Greater coordination among producers will raise concerns among oil consuming nations. Full Story : Reuters.com…..
(Continue reading)Too much oil on the market, says Iran oil minister
Written on 14 Mar, 2009 at 11:30 in Business, Featured | viewed 281 views times and users have made 0 comments so far
Iran’s oil minister suggested Saturday that a weekend OPEC meeting should decide to cut back on crude output. Other influential OPEC members have also said the group should reduce production. Full Story : AP.com….
World’s biggest banks to meet in London: report
Written on 9 Mar, 2009 at 10:51 in Business, Featured | viewed 312 views times and users have made 0 comments so far
Chief executives of leading banks from Japan, Europe and the United States will meet in London to discuss regulation of the financial sector, according to a report. The British government will host the talks on March 24, ahead of an April summit of Group of 20 leaders, the Nikkei economic daily said, without naming sources. Full Story : Yahoonews.com
(Continue reading)Ready to Take a pay cut to keep the job
Written on 4 Mar, 2009 at 13:35 in @ a glance | viewed 249 views times and users have made 0 comments so far
A recent survey by Ceridian in UK says that one in 10 UK workers would take a pay cut in order to keep their current job. One in 10 workers would be prepared to tolerate unacceptable managerial behavior. The survey was conducted among thousand UK workers.
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