Unemployment in the UK
A study by the Centre for Economics and Business Research, the economic consultancy, said that unemployment is forecast to keep high in the North and West for the next five years, which rise above 10% in some areas.
It also said that London is tipped to increase its share of UK economic activity to 19.8% by 2015, which is up from 16.3% in 1995.
Consumer Confidence in the UK
According to GfK NOP gauge, it is revealed that the consumer sentiment rose to -18 in this month, up from -22 in July and the first increase ever since February.
The results will be welcomed by policy-makers, who have yet to outline detailed plans for public sector cuts that are due to cast influence later this year and in 2011.
Greece to Get More EU Loans
Greece is in line to receive a further €9 billion in eurozone loans after the European Commission, to clear the second tranche of the bail-out facility agreed to alleviate its fiscal troubles.
In spite of the significant progress made, chalelnges and risks remain. The main immediate challenge is to safeguard adequate liquidity and financial stability of the banking sector.
Maersk Back to Profit Making
The world’s largest container shipping company AP Moller-Maersk, has returned to profit for the first half of the year, thanks to a recovery in container volumes. The group reported a net profit of 14.15bn Danish kroner (2.44bn, £ 1.57bn), with a turnover of 20%.
In the same period a year ago it had a loss of 3.02bn crowns reported. Meanwhile, DP World, the container port business owned by investment group Dubai World, also saw profits rise by 10%. DP World reports first half net profit of $ 206m (£ 133m), from $ 188 million in the first six months of 2009. And it said it expects better results in the second half of the year as a terminal benefit of “seasonal flows”.
Minisers Talk up Hopes for a Strong Recovery
Cabinet ministers highlighted strong forces pushing the UK to prosperity as they played down risks of a double-dip recession and dismissed warnings over big spending cuts derailing the economic recovery.
As the Bank of England spoke of a choppy recovery and downgraded its outlook on growth and consumer confidence, ministers painted a brighter picture and scolded opponents for talking the economy down.
Bank Cuts Forecast for UK Output
Yesterday, the Bank of England warned that contrained bank lending and questions about recovery in the economies of UK’s main trading partners posed risks to the nation’s growth, as the Bank cut its foreast for output over the next two years.
In its quarterly Inflation Report, the Bank raised its forecast for inflation over the same period, indicating the prices are likely to rise faster than target rate of 2% into 2012. It signalled that it was unlikely to toughen monetary policy in response to higher inflation as it believes temporary factors are the cause. When the planned VAT rise drops out of the calculation in 2012, inflation is likely to be below target.
ECB Hints at Rethink on Bonds
The ECB has given the clearest hint yet that its controversial government bond purchases could end as financial market tensions ease and economic prospects improve.
Government bond buying by the ECB started at the height of the eurozone debt crisis in early May, when liquidity conditions deteriorated sharply for several nations’ bonds and almost dried up for Greece.
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