November 2, 2011
Bank of America cancels debit card fee
Bank of America has cancelled plans to charge consumers a $5 (£3) monthly fee for making debit card purchases, citing customer feedback. The bank announced it was abandoning its fee plan amid growing anger around the move and consumer calls to…
November 2, 2011
Argentina tightens dollar exchange controls
The Argentine government has imposed new restrictions on the purchase of US dollars, in an attempt to reduce capital flight and tax evasion. People wanting to exchange Argentine pesos for dollars must now explain where they got the money, and…
November 2, 2011
UK economic growth picks up to 0.5%
The UK economy grew by 0.5% in the third quarter of 2011, according to the Office for National Statistics (ONS). The growth in the July-to-September period compared with a 0.1% expansion in gross domestic product (GDP) in the previous quarter. But…
November 1, 2011
Peru, China enjoy stronger trade ties
Trade relations between Peru and China saw continuous strengthening in the past years, as…
November 1, 2011
Australia lowers rate to 4.5% in a bid to boost growth
The Reserve Bank of Australia (RBA) has cut interest rates in a bid to boost growth amid fears of a slowdown in the global economy. The central bank lowered its key rate to 4.5% from 4.75%, the first cut since April 2009. The move comes amid fears…
November 1, 2011
China manufacturing activity slows amid growth concerns
China has reported an unexpected drop in manufacturing activity raising fresh concerns about the impact of a global slowdown on its economy. China's Purchasing Managers Index (PMI) fell to 50.4 in October from 51.2 in the previous month, the…
November 1, 2011
Stock markets fall as eurozone debt fears persist
Bank shares and the euro fell on Monday as fears over the eurozone persisted. European stock markets slumped about 3%, as the value of the big banks retraced much of the gains they had made since a new rescue deal was agreed by eurozone leaders…
November 1, 2011
World economy on verge of new jobs recession
The global economy is on the verge of a new and deeper jobs recession that may ignite social unrest, the International Labour Organization (ILO) has warned. It will take at least five years for employment in advanced economies to return to…
October 31, 2011
Japan intervenes in currency markets and yen weakens 5%
The Japanese government has intervened in the currency market to weaken the yen after it hit a post-war high. The move resulted in the yen weakening as much as 5%. It was recently trading at 79.33 against the US dollar compared with 75.31 in early…
October 31, 2011
Guyana slips one place in World Bank’s rankings
Guyana has, in the latest World Bank International Financial Corporation’s Doing Business 2012: Doing Business in a More Transparent World report, slipped one place down the ratings to 114 out of 183 economies examined. However, in the region St…