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Monthly Archives: March 2009
Eurozone lowest CP increase on record
Consumer prices in the eurozone slowed to a record low year-on-year increase of 0.6% in March, down from a 1.2% year on year increase in February, according to the Flash estimate released by Eurostat.
Eurozone inflation rate has never been this slow 1996 when records began. This is just the latest reason for the ECB to cut interest rates on the next monetary policy meeting on Thursday. Continue reading
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IMF calls for unity
The head of the International Monetary Fund has stressed the need for unity among world leaders at the G20 meeting in London next week. “It is absolutely necessary for leaders to find agreement,” said IMF managing director Dominique Strauss-Kahn. The UN has also called for urgent action at the G20 to prevent the financial crisis developing into a “catastrophe for human development”.
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U.K Retail Sales Slow
Retail sales growth in the UK almost stalled in February as consumers cut back on spending, figures from the Office of National Statistics show. Sales growth slowed to 0.4% last month, the smallest increase since 1995, after a 3.6% rise in January. Analysts had expected retail sales growth to slow to 2.5%. Continue reading
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Brown takes plan to U.S
Gordon Brown will repeat calls for greater fiscal stimulus and more financial regulation on a visit to the US as part of his pre-G20 summit tour. The prime minister’s strategies for reviving the economy appear to have been broadly backed by US President Barack Obama. Brown is touring three continents ahead of next week’s G20 summit, calling on governments to back plans for possible further stimulus action.
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Tagged Asian currencies, bank of england, best rates currency, Buy Currency, Canadian Dollar, commission free currency, Consumer Spending, currency exchange, Currency Forward, Currency Future, currency solutions, currency trading, Euros, G20, US Dollars, World economy, Yen
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Unions press G20
Union leaders from the UK and overseas have put forward a global five-point plan they want G20 leaders to adopt as a way of tackling the economic crisis. The plan includes job creation, some bank nationalisation, tackling wage deflation, and climate change action. The G20 meeting, which will be held in London in early April, brings together leaders from industrial and emerging market countries that make up 85% of the world economy. Continue reading
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World economy to shrink
The head of the Organisation for Economic Cooperation has echoed a statement from the IMF by saying that the world economy will most likely shrink this year. Angel Gurria, head of the body that represents the 30 most industrialised nations, said, “We are probably seeing a world which will go negative. Continue reading
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Banks face more questions
Scottish MPs will question senior executives from Royal Bank of Scotland and Lloyds Banking Group – two of the banks given multi-billion pound bailouts by the government. Continue reading
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U.K Recession
The International Monetary Fund has predicted that the recession will last longer in the UK than in any of the world’s other major economies. Continue reading
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U.k House Price Drop Continues
The fall in UK house prices gathered pace in January, according to the government’s own house price index. Prices were 11.5% lower than in January 2008, an increase in the 10.2% annual fall seen in December. The price of the average UK property is now down to £195,724, a fall of £26,034 in the past year. Prices have been falling fastest in Northern Ireland, down 14.3%, and are still highest in London, where the average home costs £301,383. Continue reading
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Barclays Debt Talks
Barclays have confirmed this morning that they are in talks with the Treasury over its potential participation in the government’s Asset Protection Scheme. Lloyds Banking Group and RBS are already signed up to the scheme. Barclays said that any decision on whether it would participate in the scheme would be based on “the economic merits to shareholders.” Continue reading
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