The United States’ real GDP growth rate has been revised down yet again, achieving a mean annual rate of 1.3%- well below private sector estimates of 1.8%
“Banking is a structurally flawed industry that has failed its customers, its investors and the taxpayers who stand behind it.”
“Sovereign debt, growth, and social instability” are the three major challenges facing the global economy today.
Discussing the UK’s economic performance, and the tomorrow’s likely verdict, is Jeremy Cook, chief economist at World First currency exchange
A group in investors have announced their intentions to buy €1.123 bn in Bank of Ireland shares from the state.
Greece has again had its credit rating cut to Caa1 from Ca by New York ratings giant, Moody’s.
Public sector net borrowing decreased marginally for the year ending June, though net debt rose yet again to reach £944.3 billion, or 62% of the UK’s GDP
A €109 billion rescue package has been agreed for Greece. The deal also ensures that other countries to receive bailouts will now face more favourable conditions of their existing debts
Bonuses paid out in the financial sector have again hit £14bn for the 2010-11 fiscal year, renewing fears of a return to pre-recession practices in the UK’s bloated financial sector
Reconstruction efforts in Japan are resulting in spiralling public debt, threatening the country’s position as a major economic player in the region