Record Breaking Black Friday Sales in the UK
In November, UK retail sales rose 6.4%, their fastest annual rate in more than 10 years as a result of the Black Friday affect. A scene made familiar by the US, took off in the UK this year, with retail stores offering Black Friday discounts that provided record sales. Electrical goods sales were up 32% […]
Crisis For UK Oil Industry
“Close to collapse” is how one industry leader described the UK’s oil industry. Oil companies and service providers are cutting staff and investment to save money. With oil prices currently below $60 a barrel, and with no price rise in sight, it seems that projects in the North Sea are struggling to make a profit. […]
New Plans To Save The Russian Rouble
New measures are being put in place in Russia to try and stabilise the rouble or at least try to stem its recent slump against the dollar. If necessary, the central bank plans to provide additional capital to Russia’s banks and financial companies. There are also plans to hold more foreign exchange auctions if required. […]
Wages On The Rise In The UK
The Office for National Statistics (ONS) has indicated that wage growth in the UK is picking up. Average earnings between August and October were up 1.6% on the year before, excluding bonuses. Including bonuses, they were up by 1.4%. This is the first time in six years that both figures have been above the rate […]
Lastminute.com Sold to Swiss Firm
Swiss travel firm Bravofly Rumbo are now the proud owners of Lastminute.com a success story from the dot.com boom in 2000. The online travel booking service, founded by Martha Lane Fox and Brent Hoberman in October 1998, was sold by US tech firm Sabre Holdings in 2005 in a deal valuing the company at £577m. […]
Brent Crude Oil Falls Below $60 A Barrel
As fuel pump prices continue to fall, Brent crude oil has now fallen below $59 a barrel for the first time in five years. The Brent price first dropped below $60, then to $58.50 a barrel, before recovering slightly to $59.01. Oil prices have now nearly halved since June as a result of waning demand […]
Eurozone, Investments, Market watch, Stock Market, World Economy
12 Year Low for UK Inflation
UK inflation is down to a 12-year low as a result of sinking fuel prices according to official statistics. An “early Christmas present” for consumers as the Consumer Price index measured inflation at 1% in November, having been at 1.3% in October. The Retail Prices Index fell to a five-year low of 2% down from […]
Eurozone, Government Changes, Great Britain, Interest Rates, Investments, Market watch, UK, World Economy
A Big Week for Greece
Greece is still suffering at the hands of their political crisis, and the boss of their central bank, has warned that their economy faces “irreparable” damage as a result. In the words of Yannis Stournaras; “The crisis in recent days is now taking serious dimensions…and the risk of irreparable damage for the Greek economy is […]
Russia Hikes Interest Rates Again
Following the decline of the rouble against the dollar, the Russian central bank has announced it is hiking its key interest rate from 10.5% to 17%. Raising interest rates has its own risks, as more expensive borrowing can itself slow growth. But it may also stem the tide of money leaving the country.
The Rouble Falls Again Against the Dollar
The Russian rouble has dropped even further against the US dollar to a new low. Falling oil prices and Western sanctions continue to oppress the country. Despite continued stimulus from Russia’s central bank the rouble has lost more than 45% of its value against the dollar since the start of the year. As of Monday […]
Budget Deficit Widens by A$10bn in Australia
The Australian government has warned that it expects the nation’s deficit to grow to A$40.4bn (£21.2bn) in the 12months to June. Earlier this year, the projection had been forecast to come in at A$29.8bn. Falling prices in key export commodities has hurt the economy according to the country’s treasurer, Joe Hockey. The Mid-Year Economic and Fiscal […]
