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The BOK kept interest rates unchanged last week not so much because inflationary pressures appear mild for the moment but because it is concerned about growth prospects in the face of high oil prices and the strong KRW, which set an eight and a half year high against the USD last week. Fears for export growth may well prompt fresh intervention in a bid to constrain the KRW, though with a near 9% rise already this year the efficacy of such action may be questioned and it sometimes appears that the main result is simply to boost foreign reserves. The strong KRW is itself helping hold down inflation by countering import price inflation but there is in any case little evidence of inflationary pressure in the economy apart from the continued price rises in the property market. BOK governor L...
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The ritual resumes, then. Another Tory prime minister finds himself victimised by his back-benchers because of a tiny discrepancy. In December, David Cameron appeared to give "Europe" what-for by exercising Britain's veto. In chilly January it turns out he may not have quite meant all the things he seemed to say. Eurosceptics are fuming. It's what they do. Mr Cameron has meanwhile taken his place in the long tradition of Conservative leaders whose statements on the EU get lost in translation. The things said for domestic consumption rarely match the actions taken abroad. Margaret Thatcher, lest it be forgotten, was a mistress of the art.
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Shocking though these figures are, they do not yet begin to encompass the scale of the threat. Because what we know from history is that a slump, if allowed to develop, unfolds its misery over years, not weeks. The psychology and subtext are easy to read: in America, the route back to the debt-fuelled boom means avoiding a government stake in distressed banks until you really have to take it; in Europe, back to Maastricht and business as usual means avoiding huge discretionary stimulus; in China, the route back to export-led growth means ignoring pleas to stimulate domestic consumption and address inequalities.
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Pounds 650M PROJECT WOULD USE EBB AND FLOW TO GENERATE ELECTRICITY NEW images have been unveiled of a proposed Pounds 650m tidal lagoon power plant that would be capable of generating enough electricity for Swansea's entire domestic consumption. The proposed 250megawatt (MW) power plant being earmarked for Swansea Bay is designed to produce predictable electricity for 16 hours each day, using the ebb and flood tides.
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The headline diffusion index for large manufacturers in the March quarter Tankan survey was better than the firms themselves had predicted in December but came in below recent market expectations. Nonetheless, the March Tankan was regarded as positive, with the firms seeing improvement by the time of the June survey and planning to raise investment further after a very strong year. Large manufacturers led the way on most counts including business sentiment, investment and profits. Strikingly, and for the first time in years, they said they no longer carried any excess labour and needed to hire. This fits in with strong readings for the employment element in the PMI through Q1 and an unexpected slide in headline unemployment to 4.1% in February, the lowest rate since 1998. The strong lab...
... bodes well for rising consumption and domestic demand. March PMI eased back from all-time high bu...
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Minced beef sales have continued to grow over the past year, with stewing beef demand also strengthening and overall domestic beef consumption remaining remarkably robust despite the recession. That is the conclusion of the latest retail trend analyses from the English Beef and Lamb Executive (Eblex), the industry body for beef and lamb levy payers. Retail figures show British beef sales of just under 300,000 tonnes in the 52 weeks to the end of February. While down on the record of nearly 307,000 tonnes recorded last year, sales remain well up on previous years, underlining the continuing stability of consumer demand.
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GERMANY continued to defy the worst of the eurozone crisis as it today announced that its economy grew by 0.3 per cent in the quarter to June. The figure, helped by exports and domestic consumption, was down on 0.5 per cent for the first quarter.
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THANK goodness it has been a mild winter. Two of Scotland's energy giants reported their annual profits yesterday. Both Centrica, which trades as Scottish Gas, and Spanish-owned ScottishPower revealed sharp falls in profits from their downstream operations - predominantly domestic consumption - on the back of a big fall in demand. Centrica saw a 30% fall in its operating profits in the household market, while ScottishPower reported a 40% drop. However consumer groups note that despite the double disadvantage to these businesses of the renewed economic downturn and an unusually mild winter, both continued to make healthy profits. This suggests they have structured their operations in such as way that they are virtually "recession-proof", as Consumer Focus Scotland observed yesterday.
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WAVERTREE MP Luciana Berger challenged ministers to insert a "warm homes" plan into climate change legislation. The shadow energy minister is spearheading an amendment to offer households incentives to cut domestic fuel consumption.
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President Hu Jintao's visit to the US last week yielded very little of substance on the vexed issue of US demands for greater flexibility (an appreciation) in the CNY exchange rate, and the markets duly wrote down the currency somewhat, but events over the weekend have put the issue back in the spotlight. Hu said no more than that there would be further reform efforts, after last July's unpegging and mild appreciation. Washington did not make any strong direct criticism of this apparently half-hearted commitment but talks were going on at the same time behind the scenes, notably between central bank governor Zhou Xiaochuan and US treasury secretary John Snow, which the US described as "excellent meetings" and on 22 April Zhou said that reform "probably can be a little bit faster". Meanw...
...Surpluses being switched to consumption, reducing importance of trade hard. In a wider sen... overseas because it has a surfeit of domestic investment (see our 21 April briefing), which is l...
