The UK economy shrank by the most in more than half a century in the first three months of the year, according to revised figures which were much weaker than originally estimated.
The 2.4 per cent decline in gross domestic product was sharper than the 1.9 per cent initially calculated, the Office for National Statistics reported, [...]
Archive for June, 2009
The UK economy shrank by the most in more than half a century
June 30th, 2009 by Financial Writer
Tags: Capital economics, uk economy, UK national accounts
more...Asian stocks rose, the last day of a torrid quarter
June 30th, 2009 by Financial Writer
Asian stocks rose on Tuesday, the last day of a torrid quarter, as investors added to trades based on a rebound in economic activity, while funds slashed bets against a fall in oil prices to keep crude on track for its biggest quarterly gain in 19 years.
Major European stock indexes followed Asia’s example by opening [...]
Tags: Asian stocks, economic activity, torrid quarter, US Treasuries
How the health care debate could affect Americans tax bill
June 30th, 2009 by Financial Writer
Americans who want to follow how the health care debate could affect their tax bill should focus on one man in the next week: Max Baucus.
The Democratic senator from Montana is leading the charge on brokering agreements and has promised to deliver a draft of a bill on Wednesday.
As chairman of the Senate Finance Committee, [...]
Tags: americans tax bill, health benefits, health care, tax-free, us
The British taxpayer was exposed to enormous risks
June 26th, 2009 by Financial Writer
UK Treasury Criticized over Northern Rock Failure
The British taxpayer was exposed to enormous risks when mortgage lender Northern Rock foundered because the Treasury had not prepared for a bank failure, a parliamentary committee said on Thursday.
The problem was evident from 2004, but had not been tackled three years later when the authorities stepped in with [...]
Tags: British taxpayer, financial system, UK Treasury Criticized
Hariri gathers backing for PM vote
June 26th, 2009 by Financial Writer
Saad Hariri, the leader of Lebanon’s parliamentary majority, looks set to be the country’s next prime minister after gathering the support of many of the members of the 128-seat body, sources say.
Hariri, who led the March 14 coalition to victory in elections earlier this month, met Hassan Nasrallah, the opposition Hezbollah leader, on Friday to discuss the shape of a [...]
Tags: PM vote, prime minister, Saudi Arabia, Unity government
The year 2009 “is a crucial year” for India and the European Union (EU)
June 26th, 2009 by Financial Writer
The year 2009 “is a crucial year” for India and the European Union (EU) to find ways to address common challenges posed by climate
change, energy and terrorism, a top official of the 27-member grouping said here Friday.
India and the EU are “two natural partners” and they need to find ways to fight all those challenges [...]
Tags: energy, european union, india, terrorism
US Economy shrinks at 5.5% rate
June 25th, 2009 by Financial Writer
Despite narrower revision, the broadest measure of the nation’s economic activity posts second steepest decline in 27 years.
The U.S. economy shrank at an annual pace of 5.5% in the first quarter, the government said Thursday, a slower pace of decline than previously reported but still the second largest quarterly drop in 27 years.
Economists had expected [...]
Tags: economy activity, rate, us economy
Wall Street stages an advance, with consumer, commodity and tech shares leading the charge
June 25th, 2009 by Financial Writer
Stocks rallied Thursday, finding momentum after a week of choppy trading, as investors scooped up a variety of shares hit in the recent selloff — including commodity, consumer, homebuilding and tech issues.
The Dow Jones industrial average (INDU) gained 172 points, or 2.1%. The Dow rose as much as 190 points earlier in the afternoon.
The S&P [...]
Tags: cosumers, investor market, stock bounce, USA, wall street
Federal Saving From Lowering of Drug Prices Is Unclear
June 23rd, 2009 by Financial Writer
The White House on Monday hailed what it described as a “historic agreement to lower drugs costs” for older Americans, but it was not immediately clear how much the government would reap in savings that could be used to pay for coverage of the uninsured.
As part of the agreement, pharmaceutical companies promised to help narrow [...]
Tags: drug manufacturers group, drug prices, federal saving, older americans, us
CBI warns economy will be slow to grow
June 15th, 2009 by Financial Writer
The UK economy will recover slowly and will not return to groth before the start of next year, warned the the Confederation of British Industry today.
The industry group said commentators had been too quick to seize on data that appeared to signal an early recovery and that talk of green shoots had been overdone.
Not only [...]
Tags: chief economic, confederation of british industry, uk economy