China’s economic growth accelerated to 7.9 per cent from a year earlier in the second quarter amid a stimulus-fuelled surge in consumer spending, factory output and investment, the government reported Thursday.
The growth rate for the world’s third-largest economy was up from the previous quarter’s 6.1 per cent, the National Bureau of Statistics reported. The government’s [...]
Archive for July, 2009
China’s economic growth accelerated to 7.9 per cent from a year earlier
July 16th, 2009 by Financial Writer
Tags: Chinese economy, consumer spending, inflation, National Bureau of Statistics
more...ONE in four self-funded retirees has been forced to return to the workforce
July 16th, 2009 by Financial Writer
ONE in four self-funded retirees has been forced to return to the workforce or plan to as a result of their shrinking retirement nest eggs, according to a survey by research group CoreData.
The survey of more than 1000 self-funded retirees and those nearing retirement found four in 10 had lost more than $100,000 in the [...]
Tags: au, Retirees, shrinking retirement, workforce
unemployment has taken the jobless total to nearly 2.4m
July 15th, 2009 by Financial Writer
The shocking figures, which are likely to dim optimism that the UK was emergiung from recession, showed unemployment soared 281,000 in the three months to May, the biggest quarterly increase on record.
The Office for National Statistics said the number of people claiming jobseeker’s allowance increased by 23,800 in June to 1.56m, the worst total since [...]
A financial crisis, 10 countries, 10 solutions
July 14th, 2009 by Financial Writer
United States
GDP -1.6%
Inflation 0.2%
Unemployment 8.1%
Markets -10.7%
Gallon of gas $1.99
Interest Rates 0% to 0.25%
Challenges Home prices have plummeted since the summer of 2007, devaluing many of banks’ holdings that were backed by mortgages. To prevent further losses, banks largely stopped lending. The economic downturn that ensued led the economy to shed 4.4 [...]
Tags: brazil, China, financial crisis, germany, iceland, india, japan, mexico, rusia, UK, us
Yen hits 5-month high on dollar, Aussie suffers
July 14th, 2009 by Financial Writer
The dollar rose against the yen on Monday, rebounding from a five-month low, as hopes that U.S. corporate earnings may not be as weak as initially feared sparked gains on Wall Street.
The euro also gained after European Central Bank President Jean-Claude Trichet sounded a bit more upbeat about euro-zone growth for the rest of 2009.
Stocks [...]
Tags: Aussie suffers, dollar rose, us stocks, yen hits
Federal Deficit Hits Record $1.1 Trillion
July 13th, 2009 by Financial Writer
Nine months into the fiscal year, the federal deficit has topped $1 trillion for the first time.
The imbalance is intensifying fears about higher interest rates and inflation, and already pressuring the value of the dollar. There’s also concern about trying to reverse the deficit — by reducing government spending or raising taxes — in the [...]
Tags: federal deficit, US Finance
Denied motion to fast-track GM sale appeal
July 8th, 2009 by Financial Writer
The sale of most of General Motors’ assets is moving closer to completion, after a bankruptcy judge denied motions by groups with asbestos and injury-related claims seeking to halt the sale and appeal directly to the 2nd Circuit Court of Appeals.
The sale remains scheduled to close by July 10.
On Tuesday, a group representing people with [...]
Tags: bankruptcy, General Motors' assets, GM sale appeal
Asian Equity markets fall
July 6th, 2009 by Financial Writer
Most Asian markets fell Friday as a weaker-than-expected U.S. jobs report signalled more pain ahead for the world’s largest economy.
Losses across Asia were somewhat tame compared to Wall Street, where markets pulled sharply lower. Oil prices edged higher after tumbling overnight, while the dollar was flat against the yen.
Optimism about the U.S. economy, a critical [...]
Tags: Asian Equity markets, Asian stocks fall, markets fall, U.S. markets
Chinese - non-binding offer to GM for Opel
July 6th, 2009 by Financial Writer
General Motors Corp. confirmed Friday that it has received a non-binding offer for its Opel division from the holding company of a Chinese automaker.
GM Europe spokesman Christopher Preuss refused to give details of the offer from Beijing Automotive Industry Holding Co., but the offer adds to the U.S automaker’s options should negotiations with Magna International [...]
Tags: Chinese, GMC, non-binding offer
Volkswagen Canada sales were the highest in nine years
July 3rd, 2009 by Financial Writer
June sales at Ford of Canada jumped 25 per cent while sales at General Motors Canada fell 31 per cent, the companies said Thursday.
The results put Ford ahead of GM in total Canadian sales in June, 27,408 units to 22,334.
GM’s car sales were down almost 40 per cent, and truck sales down nearly 20 per [...]
Tags: Canada, Canadian sales, Card sales, South Korean vehicles