Posts Tagged ‘Economy News’
FSA to introduce tougher stress tests for banks
City watchdog, the Financial Services Authority (FSA), has today announced banks will face stricter stress testing to ensure they can survive a further 4 years of falling economic growth and a 13.3% unemployment rate.
Stress tests were introduced following the financial crisis to ensure that banks had sufficient capital to allow them to continue operating through [...]
Think tank provides UK growth forecasts
According to leading economic think tank, the National Institute of Economic and Social Research (NIESR), the UK economy grew by 0.3% in the December to February period and has expanded by 0.7% since last September’s slump.
The NIESR’s latest predictions come just a few weeks after the Office for National Statistics (ONS) revealed the UK economy [...]
UK factory output in surprise January fall
The Office for National Statistics (ONS) today revealed UK industrial output unexpectedly fell in January – primarily due to the cold weather during the month.
According to the ONS, output fell by 0.4% in January compared with the previous month and represented the largest monthly fall since August.
Analysts had expected a 0.3% rise.
However, on an [...]
German exports slump in January
The Federal Statistics Office today announced a fall in German exports for the month of January, with the cold weather being attributed to the fall, according to analysts.
Exports in January fell by 6.3% on the month to €67.9 billion, while imports grew by 6% to €59.2 billion.
As a result, Germany’s trade surplus narrowed €8.7 billion [...]
Northern Rock sees losses narrow
State-owned bank Northern Rock has today announced losses for the 2009 year fell to £258 million, compared with £1.36 billion in the previous year.
Despite the loss, the Newcastle-based bank said it is awarding staff £14.9m in bonuses but Gary Hoffman, the chief executive of Northern Rock, is waiving his payout.
Northern Rock said Mr Hoffman’s long-term [...]