Category
Banking
Retail sales show festive fervour
UK retail sales were better than expected in November as Christmas shoppers began their seasonal flock to the High Street, figures show. The Office fo…
Dutch bank to lay off 2,850 staff
ABN Amro, the Netherlands' largest bank, is to cut 2,850 jobs as a result of falling profits. The cuts - amounting to 3% of the bank's workforce - wil…
Bank opts to leave rates on hold
The Bank of England has left interest rates on hold at 4.75% for a sixth month in a row. The Bank's Monetary Policy Committee (MPC) decided to take no…
US economy still growing says Fed
Most areas of the US saw their economy continue to expand in December and early January, the US Federal Reserve said in its latest Beige Book report. …
Bank voted 8-1 for no rate change
The decision to keep interest rates on hold at 4.75% earlier this month was passed 8-1 by the Bank of England's rate-setting body, minutes have shown.…
Deutsche attacks Yukos case
German investment bank Deutsche Bank has challenged the right of Yukos to claim bankruptcy protection in the US. In a court filing on Tuesday, it said…
Malaysia lifts Islamic bank limit
Malaysia's central bank is to relax restrictions on foreign ownership to encourage Islamic banking. Banks in Malaysia will now be able to sell up to 4…
UK economy facing 'major risks'
The UK manufacturing sector will continue to face "serious challenges" over the next two years, the British Chamber of Commerce (BCC) has said. The gr…
UK house prices dip in November
UK house prices dipped slightly in November, the Office of the Deputy Prime Minister (ODPM) has said. The average house price fell marginally to £180,…
German business confidence slides
German business confidence fell in February knocking hopes of a speedy recovery in Europe's largest economy. Munich-based research institute Ifo said …
Bank set to leave rates on hold
UK interest rates are set to remain on hold at 4.75% following the latest meeting of the Bank of England. The Bank's rate-setting committee has put up…
'Golden economic period' to end
Ten years of "golden" economic performance may come to an end in 2005 with growth slowing markedly, City consultancy Deloitte has warned. The UK econo…
House prices show slight increase
Prices of homes in the UK rose a seasonally adjusted 0.5% in February, says the Nationwide building society. The figure means the annual rate of incre…
Home loan approvals rising again
The number of mortgages approved in the UK has risen for the first time since May last year, according to lending figures from the Bank of England. Ne…
House prices drop as sales slow
House prices fell further in November and property sale times lengthened as rate rises took their toll, the Royal Institute of Chartered Surveyors fou…
'Post-Christmas lull' in lending
UK mortgage lending showed a "post-Christmas lull" in January, indicating a slowing housing market, lenders have said. Both the Council of Mortgage Le…
Survey confirms property slowdown
Government figures have confirmed a widely reported slowdown of the UK's housing market in late 2004. House prices were 11.8% higher on the year in th…
Liberian economy starts to grow
The Liberian economy started to grow in 2004, but "sustained and deep reform efforts" are needed to ensure long term growth, the International Monetar…
Ebbers denies WorldCom fraud
Former WorldCom chief Bernie Ebbers has denied claims that he knew accountants were doctoring the books at the firm. Speaking in court, Mr Ebbers reje…
Fed chief warning on US deficit
Federal Reserve chairman Alan Greenspan has warned that allowing huge US budget deficits to continue could have "severe" consequences. Speaking to the…
SA unveils 'more for all' budget
The South African government has put tax cuts and increased social spending at the centre of its latest budget. Aiming to both stir economic growth an…
Brazil approves bankruptcy reform
A major reform of Brazil's bankruptcy laws has been approved by the country's Congress, in a move which it is hoped will cut the cost of borrowing. Th…
Two Nigerian banks set to merge
Nigerian banks United Bank of Africa and Standard Trust Bank have agreed plans to merge and create the biggest bank in West Africa. The deal is also i…
UK economy ends year with spurt
The UK economy grew by an estimated 3.1% in 2004 after accelerating in the last quarter of the year, says the Office for National Statistics (ONS). Th…
Bank holds interest rate at 4.75%
The Bank of England has left interest rates on hold again at 4.75%, in a widely-predicted move. Rates went up five times from November 2003 - as the b…
UK homes hit £3.3 trillion total
The value of the UK's housing stock reached the £3.3 trillion mark in 2004 - triple the value 10 years earlier, a report indicates. Research from Hali…
House prices rebound says Halifax
UK house prices increased by 1.1% in December, the first monthly rise since September, the Halifax has said. The UK's biggest mortgage lender said pri…
Tokyo says deflation 'controlled'
The Japanese government has forecast that the country's economic growth will slow to 1.6% in the next fiscal year starting in April 2005. While it pre…
India's Maruti sees profits jump
India's biggest carmaker Maruti has reported a sharp increase in quarterly profit after a booming economy and low interest rates boosted demand. Net p…
South African car demand surges
Car manufacturers with plants in South Africa, including BMW, General Motors, Toyota and Volkswagen, have seen a surge in demand during 2004. New vehi…
Steady job growth continues in US
The US created fewer jobs than expected in December, but analysts said that the dip in hiring was not enough to derail the world's biggest economy. Ac…
Fannie Mae 'should restate books'
US mortgage company Fannie Mae should restate its earnings, a move that is likely to put a billion-dollar dent in its accounts, watchdogs have said. T…
S Korean consumers spending again
South Korea looks set to sustain its revival thanks to renewed private consumption, its central bank says. The country's economy has suffered from an …
ID theft surge hits US consumers
Almost a quarter of a million US consumers complained of being targeted for identity theft in 2004, official figures suggest. The Federal Trade Commis…
German growth goes into reverse
Germany's economy shrank 0.2% in the last three months of 2004, upsetting hopes of a sustained recovery. The figures confounded hopes of a 0.2% expans…
US consumer confidence up
Consumers' confidence in the state of the US economy is at its highest for five months and they are optimistic about 2005, an influential survey says.…
Sales 'fail to boost High Street'
The January sales have failed to help the UK High Street recover from a poor Christmas season, a survey has found. Stores received a boost from bargai…
US retail sales surge in December
US retail sales ended the year on a high note with solid gains in December, boosted by strong car sales. Seasonally adjusted sales rose 1.2% in the mo…
Oil companies get Russian setback
International oil and mining companies have reacted cautiously to Russia's decision to bar foreign firms from natural resource tenders in 2005. US oil…
No seasonal lift for house market
A swathe of figures have provided further evidence of a slowdown in the UK property market. The Council of Mortgage Lenders (CML), British Bankers Ass…
US economy shows solid GDP growth
The US economy has grown more than expected, expanding at an annual rate of 3.8% in the last quarter of 2004. The gross domestic product figure was ah…
UK interest rates held at 4.75%
The Bank of England has left interest rates on hold again at 4.75%, in a widely-predicted move. Rates went up five times from November 2003 - as the b…
Libya takes $1bn in unfrozen funds
Libya has withdrawn $1bn in assets from the US, assets which had previously been frozen for almost 20 years, the Libyan central bank has said. The mov…
Christmas sales worst since 1981
UK retail sales fell in December, failing to meet expectations and making it by some counts the worst Christmas since 1981. Retail sales dropped by 1%…
German economy rebounds
Germany's economy, the biggest among the 12 countries sharing the euro, grew at its fastest rate in four years during 2004, driven by strong exports. …
Small firms 'hit by rising costs'
Rising fuel and materials costs are hitting confidence among the UK's small manufacturers despite a rise in output, business lobby group the CBI says.…
US bank boss hails 'genius' Smith
US Federal Reserve chairman Alan Greenspan has given a speech at a Scottish church in honour of the pioneering economist, Adam Smith. He delivered the…
Mixed signals from French economy
The French economy picked up speed at the end of 2004, official figures show - but still looks set to have fallen short of the government's hopes. Acc…
Senior Fannie Mae bosses resign
The two most senior executives at US mortgage giant Fannie Mae have resigned after accounting irregularities were uncovered at the company. Chief exec…
Golden rule 'intact' says ex-aide
Chancellor Gordon Brown will meet his golden economic rule "with a margin to spare", according to his former chief economic adviser. Formerly one of M…
Call centre users 'lose patience'
Customers trying to get through to call centres are getting impatient and quicker to hang up, a survey suggests. Once past the welcome message, caller…