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 […]
Months of intense cross-party debate has resulted in the US Senate completing congressional approval of a controversial $1.1tn (£700bn) federal budget which will now be sent to President Barack Obama to sign. Both Democrats and Republicans have made concessions in order to pass the bill, which was settled late Saturday night by a vote of […]
The UK construction suffered a sharp fall in output during October official figures have illustrated. The Office for National Statistics (ONS) said output dropped by 2.2% from the month before. However, the good news is that they made a revision to construction output growth for the third quarter of the year, which doubled to 1.6%. […]
A China based construction giant is about to buy one of Australia’s most sizeable construction companies for $1.15bn Australian dollars. ($951m; £603m) China Communications Construction International (CCCI) is a subsidiary of China Communications Construction Company (CCCC), which is the world’s fourth largest construction firm by revenue. IT will buy Leighton Holdings’ building unit, John Holland. […]
In reaction to the risk of a snap general election in Greece, shares on the Athens Stock Exchange have fallen sharply for three straight days. The Athens general share index fell more than 7.5% on Thursday. Greece has only recently emerged from recession, and yet this week, seems to have been thrown back in to […]
The “productivity puzzle”, and how it might resolve itself is the biggest threat to the UK’s economic recovery according to the head of the Office for Budget Responsibility (OBR). Robert Chote said that the economy also faced uncertainty from the eurozone, and from other geopolitical pressures, but that the gap between increase output but decreased […]
About three weeks ago, an acquaintance at a networking event recommended a taxi company called Uber to me. I was dubious at first, but soon realised that this is an innovative company taking advantage of technology and bringing a competitive edge to an otherwise stagnant taxi industry. The company does not own cars or employ drivers, […]
Market watch, Personal Finance, Stock Market, World Business, World Economy
The price of oil has fallen to new five-year lows following two separate reports indicating a global supply surplus. Opec oil producers predicted less global oil demand next year and a separate US report, also pushed prices lower, as it showed a surprise increase in the country’s crude oil supplies. Influential commentators also believe that […]
Today, the city of Detroit will begin the process of paying off its creditors, as it exits the largest civic bankruptcy in US history, officially! The world’s traditional automotive centre, home of the sixties soul movement Motown, and once a symbol of US industrial power, Detroit declared itself broke in July 2013, with $18bn (£11bn) […]
The World Bank has warned that the Russian economy would shrink by at least 0.7% in 2015 if oil prices do not recover. This revelation forced Russia’s central bank to admit that it intervened last week to support the rouble in foreign currency markets spending a total of $4.53bn (£2.9bn). Furthermore, it has spent more […]
The European Central Bank (ECB) has “stepped up” preparation for even more stimulation procedures focused on revitalising the eurozone economic climate, banking Head of state Mario Draghi has claimed. His remarks followed the ECB held rate of interest at 0.05 %. Mr Draghi also said that the bank would evaluate the influence of its existing stimulation […]
Eurozone, Great Britain, Investments, Market watch, Stock Market, World Economy
Japan has plunged into a deeper recession due to a big fall in business spending. Already in a technical recession following difficult first and second quarters, Japan’s economy shrank more that initially estimated in the third quarter of 2014, according to revised gross domestic product (GDP) figures released yesterday. An increase in the country’s sales […]
