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Archive for October, 2014

US grows at annual rate of 3.5% in third quarter

October 31, 2014

The US economy grew at an annual rate of 3.5% in the July-September quarter, the Commerce Department has said. That was better than the 3% pace that economists had been expecting and follows the 4.6% growth rate recorded in the April-June quarter. Strong export growth and higher government spending helped to boost growth in the third […]

RBS reserves £400m for currency probe

Royal Bank of Scotland has set aside £400m to cover potential costs from an investigation into alleged manipulation of the foreign exchange market. The provision, revealed in its third quarter results, follows Barclays’ decision to set aside £500m. Pre-tax profit at RBS came in at £1.27bn – up £260m on the previous quarter and far better […]

Russia raises interest rates to 9.5%

Russia’s central bank has raised its key interest rate to 9.5% from 8% as it seeks to tackle inflation. The 1.5 percentage point increase was higher than expected, with analysts having forecast a rise of 0.5 percentage points. The bank has already raised rates from 5.5% at the start of the year but the moves […]

Banks may be forced to boost reserves

British banks may have to hold more funds to guard against the risk of a future economic downturn. The Bank of England wants to reduce the chances of banks needing taxpayer bailouts. The Bank said that the level of reserves compared to loans could rise from 3% to 4.95% from 2019. That means banks would […]

Standalone TSB picks up customers

October 24, 2014

Newly independent TSB says it is attracting more new customers than it had expected. The bank, which was spun off as a separate business by Lloyds Banking Group in June, said nearly one in 10 new bank account customers in the UK were choosing TSB. TSB’s third-quarter profit before tax fell sharply compared with a […]

BP and GDF Suez discover new North Sea oil field

Oil firms BP and GDF Suez have announced the discovery of a new field in the UK Central North Sea. The find, which spans adjacent blocks operated separately by the two companies, has been flow-tested at a maximum rate of 5,350 barrels per day. The discovery has been called Marconi by GDF Suez subsidiary GDF […]

World Cup 2022: European clubs want May date for Qatar finals

Europe’s biggest football clubs could ask world governing body Fifa to play the Qatar 2022 World Cup in May. Qatar won the right to stage the World Cup in 2010 but an inquiry over moving games from the hot summer months has been ongoing for more than a year. The European Club Association (ECA), which includes Manchester […]

PM demands talks over EU budget

Prime Minister David Cameron has demanded emergency talks with European finance ministers after the UK was told it must pay an extra £1.7bn. Mr Cameron interrupted a meeting of EU leaders in Brussels to express dismay at the demand for the UK to pay extra into the EU’s coffers on 1 December. He told Commission […]

GDP rises by 0.7% in third quarter

UK economic growth slowed in the three months to September, with the economy expanding by just 0.7%, the Office for National Statistics said. The figure was weaker than the 0.9% expansion recorded for the second quarter. Economists had correctly predicted that the economy would expand by 0.7% in the July-to-September period. Gross domestic product (GDP) […]

IMF warns of low interest rates ‘risk’ to economy

October 10, 2014

The International Monetary Fund has warned of new risks to global financial stability. Low interest rates could lead investors to buy riskier assets as they seek better returns, the IMF says. In a new report, it says there is a danger that this behaviour could derail the economic recovery, which the IMF has already described […]

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