The combined deficit of 7,400 UK final salary pension schemes narrowed to 188.5 billion pounds ($286 billion) in April on the back of rising equity markets and gilt yields, data from the Pension Protection Fund showed. The combined deficit narrowed from 242 billion pounds at end-March as buoyant stock markets boosted pension scheme assets by
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Tourism arrivals fell over the year-earlier period less steeply in April than in February and March but the main reason could have been the timing of western Easter. On the basis of the results of the Passengers Survey, arrivals of tourists reached 181,395 in April 2009 compared with 182,091 in April 2008, recording a decrease
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Moody's Investors Service has downgraded Ukraine's foreign and local currency government bond ratings to B2 from B1, and assigned a negative outlook, mainly to reflect the continuing fragility of both the Ukrainian macroeconomy and its banking system. "A supplementary reason for the downgrades is the uncertainty generated by a series of capital controls implemented by
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The European Union will stress test its banking system to determine its resilience to the economic downturn and find out if it is adequately capitalised by September, EU sources said on Tuesday. The stress tests will be conducted by national supervisors according to common guidelines and methodology issued by the Committee of European Banking Supervisors
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British industrial output fell less than expected in March though still posting its biggest annual decline on record, while the country's trade deficit narrowed to its smallest in almost 2 years, data showed on Tuesday. The Office for National Statistics said industrial output, which accounts for 18 percent of the economy, dropped by 0.6 percent
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European stocks edged higher while world stocks came off an earlier low and oil hit its highest level in almost six months on Tuesday as expectations grew the worst might be over for the global economy. Energy stocks led the gains in Europe a day after leading central bankers said the economy is about to
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Oil prices edged above $59 a barrel on Tuesday to set a new six-month high, mainly in response to firmer equities and a weaker dollar. U.S. crude rose 65 cents to $59.15 a barrel at 0817 GMT. It earlier touched a new six-month high of $59.49 a barrel. London Brent crude rose 37 cents to $57.85.
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Government "stress tests" of how 19 major banks would endure a sharp downturn in the economy already appear to be helping banks gain access to private capital, a key element in economic recovery, Federal Reserve Chairman Ben Bernanke said on Monday. Bernanke also assured a conference here that the dollar would be strong, because the
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Bank of America (BAC.N) sold about $7.3 billion worth of shares in China Construction Bank (601939.SS), according to media reports, as the struggling U.S. bank seeks to raise money in the financial crisis. Even though Construction Bank shares were sold at a comparatively steep 14.3 percent discount to their Monday closing price, the stock reversed
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Citigroup Inc, the bank bailed out with $45 billion of U.S. taxpayers' money, is using almost all of that money to make new loans, the Associated Press said citing a report scheduled for release on Tuesday morning. A committee at the third-largest U.S. bank, which is overseeing the use of the money it received from
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