UK Economy Still Contracting
Despite improving on the first quarter results, the UK economy contracted another 0.8 percent during the second quarter of the calendar year. The actual results were more than double analysts’ predictions of 0.2 percent. More
Euro Gains on Dollar
Spurred on by greater business confidence in Germany, the euro closed in on a seven-week-high against the dollar, touching $1.4221 in New York this morning, from $1.4143 yesterday. More
British PM Calls for Discussion on World Currency Reserve “Imbalances”
British Prime Minister Gordon Brown wants to see the G20 nations discuss “imbalances” in currency reserves as part of a plan to improve the world economy.
“We are at a point where banks have been stabilized, but we don’t yet have a strategy for a return to growth,” Brown said at the meeting in his Downing Street office in London today. “I would like to be able to report to the G-20 that there is growing consensus for reform. That requires a lot of hard work to achieve it.” More
UK Factory Orders Fall Faster Than Expected
British factories continue to suffer with low demand as orders in July fell at the fastest rate since January, 1992. More
