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Last Updated: Aug 27, 2008 - 1:35:30 AM |
News
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EU Economy
German Ifo Business Climate Index worsens again in August; Current situation is still seen as slightly positive
The German Ifo Business Climate Index for industry and trade has fallen in August, the third decline of the index in succession. The fell to 94.8 from 97.5 in July. The current business situation has been assessed clearly more unfavourably than in the previous month. In addition the firms also expect a further negative business development in the coming half year. The German economy is encountering an increasingly more difficult situation.
Aug 26, 2008 - 10:00:22 AM
News
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EU Economy
European Central Bank lending to Irish financial institutions was €44.1 billion in July - the highest since the credit crisis began
European Central Bank (ECB) lending to Irish financial institutions was €44.1 billion in July as banks used the central bank's lending facility to shore up liquidity. It was the highest level since the credit crisis began in August 2007.
Aug 26, 2008 - 6:10:26 AM
News
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EU Economy
UK GDP fell to zero in the Second Quarter of 2008; Annual growth at 1.4% - the weakest since 1992
UK GDP (gross domestic product) growth in the second quarter of 2008, fell to zero growth in volume terms compared with the previous quarter (revised down from the preliminary estimate of 0.2 per cent). The level of GDP is 1.4 per cent higher than the same quarter of 2007 - the weakest since 1992.
Aug 22, 2008 - 12:05:24 PM
News
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EU Economy
Universities in the European Union seriously lag their US counterparts; America accounts for 40% of global spending on higher education
Universities in the European Union seriously lag their US counterparts. Richard C. Levin, President of Yale University says America may produce 25 percent of the world's economic output, but it accounts for 40 percent of global spending on higher education and 35 percent on R&D. In 2005, it devoted 2.9 percent of its GDP to postsecondary schooling, while the EU, Japan, China and India spent less than 1.3 percent. Meanwhile, of the world's top 20 universities, between 12 and 16 (depending on how you count) are American.
Aug 22, 2008 - 8:21:54 AM
News
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EU Economy
Underlying growth in UK retail sales rises 0.7%
UK sales volume in the three months May to July rose by 0.7 per cent compared with the previous three months. This follows 0.6 per cent growth in the three months to June, the UK Office for National Statistics said today.
Aug 21, 2008 - 11:41:47 AM
News
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EU Economy
Flash Eurozone Composite Output Index falls for third month running in August: Rate of decline fell slightly; Price pressures ease
The RBS/Markit Flash Eurozone Composite Output Index, based on around 85% of normal monthly survey replies, registered a contraction of private sector output for the third month running in August. The seasonally adjusted index rose from 47.8 to 48.0, indicating that the rate of decline eased only marginally from July, which had seen the steepest contraction since November 2001.
Aug 21, 2008 - 10:01:00 AM
News
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EU Economy
Eurozone annual inflation stable at 4.0% in July 2008 - up from 1.8% in July 2007
Eurozone annual inflation was 4.0% in
July 2008, unchanged compared with June. A year earlier the rate was
1.8%. Monthly inflation was -0.2% in July 2008.
Aug 20, 2008 - 11:49:06 AM
News
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EU Economy
German ZEW Indicator of Economic Sentiment - Expectations improve
The German ZEW Indicator of
Economic Sentiment improved in August 2008 by 8.4 points and now
stands at minus 55.5 points after minus 63.9 points in the previous month. This
is still well below its historical average of 28.3 points.
Aug 19, 2008 - 10:58:34 AM
News
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EU Economy
Ifo Institute: German industry falls further behind the US in terms of productivity because of insufficient investment in information technologies
The German Ifo Economics Institute says that after a
continuous decline in German productivity in recent years, a slight increase was
observed for the first time in 2005. However, this improvement did not mark a
change in the German trend growth since 1992. The increasing productivity
deficit vis-à-vis the US, which is more than 1.5 percentage points, on average,
remains problematic. As the reason the Ifo researchers point to the differing
intensities and use of IT investments.
Aug 19, 2008 - 7:42:29 AM
News
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EU Economy
Germany's Bundesbank says slowing growth may not be sufficient to reduce inflation in the Eurozone; Region's trade deficit expanded in June
Germany's Central bank, the Bundesbank, said today
that slowing growth may not be sufficient to reduce inflation in the Eurozone.
In separate news, it was reported that the Eurozone's trade deficit expanded in
June as a slowing global economy and the euro's rise against the dollar reduced
exports.
Aug 18, 2008 - 3:23:17 PM
News
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EU Economy
UK business confidence in the banking, finance and insurance sector drops to an all-time low; UK house prices had the biggest annual fall since at least 2002
As the economic slowdown continues,
UK business confidence in the banking,
finance and insurance sector declines to a record low of -37.6, down from -34.4
last quarter, according to the latest Business Confidence Monitor (BCM) from the
Institute of Chartered Accountants in England and Wales (ICAEW). The overall BCM
Confidence Index declined from -19.7 in the previous quarter to -25.7. In
related news, UK house prices had the biggest annual fall since at least 2002 as
banks cut mortgage lending, deepening London's property contracting, online
property service Rightmove Plc said.
Aug 18, 2008 - 11:05:00 AM
News
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EU Economy
Eurozone GDP fell 0.2% in the second quarter of 2008: EU27 GDP fell 0.1%; Economies of Eurozone's Big 4 - Germany, France, Italy and Spain all shrank
Eurozone (EA15) GDP - gross domestic product - fell by 0.2% and by 0.1% in the EU27 during the second quarter of 2008, compared with the previous quarter, according to flash estimates published by Eurostat, the Statistical Office of the European Union. In the first quarter of 2008, growth rates were +0.7% in both the Eurozone and the EU27.
Aug 14, 2008 - 10:09:22 AM
News
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EU Economy
German economy shrank in the second quarter of 2008; Consumer price index rose 3.3% in July 2008 - a 15 year high
The German economy shrank in the second quarter of 2008 - the first time in almost four years. The gross domestic product (GDP) was down by 0.5% on the first quarter of 2008 upon price, seasonal and calendar adjustment. In the first three months of the year, the GDP was up 1.3%. The last time the German economy recorded a decrease was in the third quarter of 2004 (–0.2%). Destatis also reported that consumer price index for Germany rose 3.3% in July 2008 - a 15 year high.
Aug 14, 2008 - 7:28:04 AM
News
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EU Economy
Eurozone Industrial Production stable in June; Ifo Economic Climate Indicator falls further
In June 2008, seasonally adjusted industrial production remained unchanged in the Eurozone (EA15) and grew by 0.1% in the EU27. In May production fell by 1.8% and 1.3% respectively. Meanwhile, the Ifo Economic Climate in the Eurozone has worsened again in the third quarter of 2008 for the fourth time in succession. The decline in the Ifo indicator is both the result of less positive assessments of the current economic situation as well as clearly more pessimistic expectations for the coming six months.
Aug 13, 2008 - 2:23:10 PM
News
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EU Economy
Bank of England cuts its forecast for UK economic growth; No respite from slowdown as unemployment rose the most in almost 16 years
The Bank of England cut its forecast for UK economic growth today and said the inflation rate will fall below the 2 percent target in two years as unemployment was reported to have risen the most in almost 16 years.
Aug 13, 2008 - 1:22:38 PM
News
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EU Economy
In July UK consumer price inflation surged to 4.4%; House prices fell as property market slowed to a ``virtual standstill''
In the year to July, the UK consumer price inflation (CPI) rose by 4.4 per cent, up from 3.8 per cent in June - more than double the Bank of England's target of 2 per cent. Meanwhile UK house prices fell in July as the squeeze on credit brought the property market to a ``virtual standstill,'' the Royal Institution of Chartered Surveyors (RICS) said.
Aug 12, 2008 - 10:37:33 AM
News
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EU Economy
European Manufacturing optimism plunges on back of inflation fears; Manufacturers in Ireland and Spain most gloomiest
The summer 2008 KPMG Business Outlook Survey, which surveys over 3,700 manufacturing firms across the European Union, found that manufacturers’ confidence regarding the outlook for business activity over the coming year sank to a record survey low. Expectations regarding future activity have been on a downward trend since a high of +56.3 in January 2007 and, in July, the net balance of firms forecasting growth of activity tumbled almost 30 percentage points to just +14.1.
Aug 12, 2008 - 3:22:38 AM
News
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EU Economy
Eurozone banks eased credit restrictions slightly in the last three months
The squeeze on lending to home buyers and businesses that followed the onset of the credit crisis a year ago, has eased slightly in the last three months, the European Central Bank said on Friday.
Aug 8, 2008 - 12:24:59 PM
News
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EU Economy
Three Irish Bank Economist on ECB Rate Outlook August 2008: AIB's John Beggs says a cut in ECB rates cannot be ruled out in 2009 but it would require a marked fall in inflation down towards 2%
Three Irish Bank Economist on ECB Rate Outlook August 2008: The President of the European Central Bank told a press conference in Frankfurt on Thursday following the decision of the ECB Governing Council to keep the key benchmark rate on hold at 4.25%, the latest economic data point to a weakening of real GDP growth in mid-2008. AIB's John Beggs says a cut in ECB rates cannot be ruled out in 2009 but it would require a marked fall in inflation down towards 2%.
Aug 8, 2008 - 8:05:19 AM
News
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EU Economy
Trichet says Eurozone bank lending survey will show slight lower net tightening; Economic data point to a weakening of real GDP growth in mid-2008
The President of the European Central Bank told a press conference in Frankfurt today following the decision of the Governing Council to keep the key benchmark rate on hold at 4.25%, that the ECB's Eurozone bank lending survey, which will be published on Friday will show that while credit tightening still exists, the survey will show a slight lower net tightening. Trichet also said that the latest economic data point to a weakening of real GDP growth in mid-2008, which in part was expected after the exceptionally strong growth in the first quarter.
Aug 7, 2008 - 2:27:13 PM
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