Economic News

This is Money2 January 2007 House prices are at their most overvalued for 15 years, according to a new study which reveals property costs are moving beyond the means of many families. WANT TO KNOW MORE? House prices up 10.5% in 2006 Property boom set for 2007 House market 'disaster' warning OTHER STORIES Banks clean up on overdrafts Market report: Tuesday latest Rail fares rise  ...

HONG KONG (XFN-ASIA) - Hong Kong's December retail sales are likely to come in higher in both value and volume terms compared to the November level due to increased tourist arrivals from the mainland, continued improvement in the labor market and a steady rise in inflation, said Daniel Chan, senior investment strategist at DBS Bank. "The November figures reported by the government were basic ...

Slovenia has become Europe's first former communist country to adopt the euro as its currency. The euro symbol was displayed on flags, balloons and t-shirts at New Year's Eve celebrations in the capital Ljubljana as Slovenes prepared for the switch. The existing currency, the tolar, will be phased out over the next 14 days. Slovenia is the first of the 10 new EU members that joined in 2004 to have met the economic requirements needed to adopt the single currency. It becomes the 13th country  ...

LJUBLJANA, Slovenia (AFX) - Slovenia adopted the euro on Monday, becoming the 13th EU nation to use the single European currency. Minister of Finance Andrej Bajuk was the first to use a cash machine to withdraw Slovenian euros. "We are extremely happy and proud. We took this as a national project and we have indeed achieved and fulfilled all the criteria to make this a reality. It's ext ...

KPMG's European service sector business outlook survey suggests that many firms expect to increase profits and create jobs as they launch products and move into new markets.Fifty four per cent of UK service companies quizzed predicted higher profits next year, compared to 14 per cent anticipating a fall.Employment and capital spending are both expected to continue to rise strongly in 2007. Thirty  ...

AFTER a year of determined spending despite ever-increasing interest rates, the prediction is that 2007 will be the year that consumer expenditure finally comes down to earth with a bump.Economists believe that a combination of higher interest rates, increasing gas and electricity bills, moderate wage increases, higher taxes, rising debts and worries that pensions will fall far short of people's r ...