Canada’s economy picked up the pace in November

January 31, 2013 under Useful Articles
Gordon Isfeld | Jan 31, 2013 9:09 AM ET | Last Updated: Jan 31, 2013 9:28 AM ET OTTAWA — Canada’s economy picked up some steam in November, overtaking expectations, thanks in good part to a rebound in the manufacturing sector. But that late spurt is not likely to carry the economy much past the 2% growth target expected by forecasters for all of 2012. On Thursday, Statistics Canada reported gross domestic p
comments: Comments Off

U.S. economy suffers first decline since the Great Recession

January 31, 2013 under Useful Articles
Lucia Mutikani, Reuters | Jan 30, 2013 8:51 AM ET | Last Updated: Jan 30, 2013 10:08 AM ET WASHINGTON — The U.S. economy unexpectedly contracted in the fourth quarter, suffering its first decline since the 2007-09 recession as businesses scaled back on restocking and government spending plunged. Gross domestic product fell at a 0.1% annual rate after growing at a 3.1% clip in the third quarter, the Commerce D
comments: Comments Off

‘Bankrupt’ France comments rebutted

January 29, 2013 under Useful Articles
29 January 2013 Last updated at 06:21 ET - BBC © 2013 France’s politicians are defending the health of its economy after Labour Minister Michel Sapin described the state as “totally bankrupt”. Finance Minister Pierre Moscovici said later that Mr Sapin’s comments were not “appropriate”. “France is a truly solvent country, France is a truly credible country,” Mr Mos
comments: Comments Off

India cuts interest rates for first time in nine months

January 29, 2013 under Useful Articles
29 January 2013 Last updated at 02:23 ET - BBC © 2013 India has cut its main interest rate for the first time in nine months in an attempt to revive economic growth. The Reserve Bank of India (RBI) has lowered its key rate to 7.75% from 8%. It also lowered the amount of money that banks need to keep in reserve, a move it said should provide 180bn rupees ($3.4bn; £2.1bn) of extra cash for them to lend. India
comments: Comments Off

Moody’s downgrades Canadian banks over consumer debt exposure

January 29, 2013 under Useful Articles
John Greenwood | Jan 28, 2013 1:50 PM ET | Last Updated: Jan 28, 2013 10:09 PM ET One of the world’s leading debt rating agencies on Monday downgraded five of Canada’s big banks because of exposure to over-leveraged consumers, but stock markets seemed not to notice as bank shares continued on a winning streak that’s been going on more than six months. The action “reflects our ongoing concerns that the
comments: Comments Off

UK heads for triple dip as GDP contracts 0.3pc

January 25, 2013 under Useful Articles
By Philip Aldrick, Economics Editor – 10:06AM GMT 25 Jan 2013 The official figures were the fourth quarter of negative growth in the last five and mean that the UK flatlined for last year as a whole – posting zero growth. The economy is smaller than it was in September 2011 and still 3.3pc below its pre-crisis peak. Making matters worse, there was scant evidence in the data that the economy is
comments: Comments Off

Bank of Canada rate decision: What the analysts say

January 25, 2013 under Useful Articles
Reuters | Jan 23, 2013 10:34 AM ET | Last Updated: Jan 23, 2013 10:50 AM ET TORONTO — The Bank of Canada held its overnight interest rate at 1% on Wednesday but dramatically revised its projections to say any hike would be further away than previously thought, because of excess capacity, soft inflation and stabilizing household debt. Here’s what the economists say: SAL GUATIERI, SENIOR ECONOMIST AT BMO CAPI
comments: Comments Off

IMF: Global economic recovery ‘weakening’

January 25, 2013 under Useful Articles
23 January 2013 Last updated at 11:51 ET - BBC © 2013 The International Monetary Fund (IMF) has warned again of a weakening global economic recovery despite government efforts to stimulate growth. The global economy is likely to grow at a slower rate than previously forecast over the next two years, the organisation said in its latest report. It said it now expected the eurozone to remain in recession in 2013,
comments: Comments Off

Vancouver housing ranked second least affordable in world

January 23, 2013 under Home Buyer Resources, Useful Articles
Financial Post Staff | Jan 22, 2013 9:39 PM ET | Last Updated: Jan 22, 2013 10:10 PM ET Vancouver ranks as the second least affordable major city in the world after Hong Kong when it comes to buying a house, according to an international survey released this week. At $621,300, the median home price in the city is 9.5 times the gross annual median household income, according to the report by U.S.-based consult
comments: Comments Off

World jobless numbers rise, says UN labour agency

January 22, 2013 under Useful Articles
22 January 2013 Last updated at 02:41 ET - BBC © 2013 The number of jobless people around the world rose by 4 million in 2012 to 197 million and is expected to grow further, the UN labour agency warns. In a report, the International Labour Organization (ILO) said the worst affected were youth: nearly 13% of the under 24s were unemployed. It said global unemployment was projected to rise 5.1 million this year a
comments: Comments Off