Economy

20
Nov
Bank of England says UK in sustained recovery

The UK is in a sustained recovery and does not face major inflation risks, Bank of England policymakers have said. Minutes from the Monetary Policy Committee's November meeting showed the nine members all voted to leave interest rates at 0.5%. The committee also signalled that it was in no rush to raise interest rates and might not do so immediately even after unemployment had fallen to 7%. Last week, the bank said unemployment could fall... [read news]

19
Nov
OECD cuts world growth forecast

Another month, another downgrade for the world economy, this time from the Organization for Economic Co-operation and Development. The OECD on Tuesday cut its forecast for global growth in 2013 due to a deterioration in emerging markets. The group now expects the world economy to expand by 2.7% this year, compared with its May forecast of 3.1%. It also cut its 2014 growth outlook to 3.6% from 4.0%. "The recovery is real, but at a slow... [read news]

18
Nov
Missing from Obamacare: Working & middle class

Obamacare is intended to make health care affordable for the masses. But so far, most of those who have signed up are paying full price. In the first month, only about 30% of the 1.1 million Americans who've registered on the state and federal exchanges qualified for federal subsidies. The subsidies, which go to individuals making less than $46,000 and families of four with incomes below $94,200, are designed to help working- and middle-class... [read news]

17
Nov
Nick Clegg pushes for £1bn income tax cut

Nick Clegg say he is pushing his Tory coalition partners to agree to cut income tax bills by another £100. The government has repeatedly raised the personal allowance - the amount people can earn before paying income tax - since the 2010 election. The threshold is due to reach £10,000 in 2014/15 but Mr Clegg wants to make it £10,500 from 2015 - a move that would cost the Treasury £1bn. Conservatives said they would consider it but any... [read news]

16
Nov
Euro Zone Economic Growth Disappoints In Third Quarter

The euro zone clocked quarterly growth of 0.1 percent in the third quarter, falling short of expectations of a 0.2 percent growth, and lower than the 0.3 percent growth recorded in the second quarter, a preliminary government estimate released on Thursday showed, suggesting that the economic recovery lost steam in the third quarter. The 17-member euro zone economy shrank 0.4 percent in the third quarter on a yearly basis, falling... [read news]

14
Nov
Berkshire Hathaway takes $3.7 billion stake in Exxon Mobil

Warren Buffett's conglomerate Berkshire Hathaway owned a new stake of about 40 million shares in oil major Exxon Mobil as of the end of September, according to an SEC filing on Thursday. A separate amended filing for the second quarter, shows that most of the shares, 31.2 million of them, were added during the three months ending June 30. The portfolio snapshot filing for the second quarter had included a line disclosing that... [read news]

13
Nov
Bank of England says the UK recovery has taken hold

Bank of England governor Mark Carney says the UK recovery has "taken hold" and unemployment will fall sooner than it had forecast. The comments came in the Bank's latest quarterly inflation report, which raised the forecast for UK economic growth this year and next. On Wednesday, the UK unemployment rate was reported at 7.6%, down from 7.8%. Chancellor George Osborne said the report was proof the government's economic plan was working. Mr... [read news]

11
Nov
Talk of Penalty Is Missing in Ads for Health Care

The state and federal health insurance exchanges are emphasizing benefits to sell the Affordable Care Act’s products, but playing down the fees that Americans must pay if they fail to buy. New York’s health exchange slogan is “Today’s the Day.” Minnesota has enlisted Paul Bunyan. Oregon held a music contest, and California stresses the “peace of mind” that will come with insurance.The state and federal health insurance... [read news]

07
Nov
Coming Up: European Central Bank Rates and Forward Guidance

It’s monetary policy decision day for both of Europe’s big central banks. As usual the Bank of England has gone first, leaving rates unchanged at a record low of 0.5% but, also as usual , the European Central Bank has the potential to attract the crowds. Let’s get the BoE’s decision out of the way first. It seemed all but certain that the Monetary Policy Committee would opt to leave base rates at that level for yet another month... [read news]

07
Nov
PRECIOUS-Gold hits three-week low after ECB rate cut, U.S. data

European Central Bank cuts interest rates to record low * Stock markets climb, dollar jumps 1.1 pct vs euro * U.S. Q2 growth data beats expectations (Releads, updates throughout, adds comment) By Jan Harvey LONDON, Nov 7 (Reuters) - Gold fell to a three-week low on Thursday, surrendering initial gains made after the European Central Bank cut interest rates to a record low, as a sharp rise in the dollar outweighed the impact of... [read news]


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