Economic News

(repeats to remove extraneous material from headline) DUESSELDORF, Germany (AFX) - German GDP growth is expected to come in at 1.75 pct this year in calendar-adjusted terms, down from a 2.7 pct growth rate in 2006, Bundesbank executive board member Hans Georg Fabritius said. "For 2007 we expect calendar-adjusted growth in real GDP of 1.75 pct, whereby the German economy remains slightly abo ...

LONDON (AFX) - European government bonds recouped some of last week's losses but trading was light as investors awaited more crucial economic information towards the end of the week. Bonds started the week well-bid as investors sought to enter the market at cheap levels after sustained losses in the past few weeks, but analysts are worried this good start may not last through the week. "Sho ...

Building material supplier Wolseley is axing about 2,000 US workers because of a housing market slowdown in America. The group, known in the US for its Build Center and Plumb Center brands, said most cuts would be made through shop closures. The news came as it said pre-tax profits for the five months to December were 14% lower than last year. Wolseley also warned interest rate rises may hit the confidence of would-be homebuyers in its UK market. The world's biggest supplier of plumbing and ...

HONOLULU (AFX) - Bank of Hawaii Corp. said Monday its fourth-quarter profit rose 14 percent as the regional bank faced a lower tax rate and earned more income from charges and fees. Bank of Hawaii reported fourth-quarter net income of $50.9 million, or $1.01 per share, compared with profit of $44.8 million, or 86 cents per share, in the year-ago quarter. Analysts polled by Thomson Financial forec ...

FRANKFURT (AFX) - The European Central Bank has denied a report which claimed bank president Jean-Claude Trichet, Eurogroup chief Jean-Claude Juncker and EU commissioner Joaquin Almunia had agreed to meet informally once a month on the sidelines of the ECB's regular interest rate-setting meeting. "There will be no new additional meeting on top of the three monthly meetings that already take  ...

This is Money22 January 2007 The UK economy is in 'rude health' but this month's interest rate rise should act as a 'warning shot to wage negotiators,' an independent analysis of Treasury figures suggested today. WANT TO KNOW MORE? Climate change: Global warning Tax burden risks harm to economy OTHER STORIES Women too ashamed to go broke Rate rise can't halt house ...

LONDON (AFX) - European government bonds started the week a tad higher, taking a breather from losses incurred last week and as investors take advantage of a slow day to enter the market. Support this morning came from "a combination of bargain hunting, some short covering" and other technical trading", Marc Ostwald at Insinger de Beaufort said. However, economists said a lack of  ...

HONG KONG (XFN-ASIA) - Hong Kong's inflation may rise further in the short term, after edging up to 2.3 pct in December, due to higher cost of importing foodstuff from China, said an economist at JPMorgan Chase. "Hong Kong imports most of its foodstuff from China. As food prices in China and in the city continue to rise against the backdrop of sustained strength of the economy, I expect the  ...

Kathryn MooreTHE British economy is set to grow stronger thanks to rising business investment and the booming financial services sector according to a new report.The Ernst & Young ITEM Club Winter report – which uses the Treasury's model of the economy – describes its forecast as "onwards and upwards" for the economy. The club predicts growth in GDP of 2.9 per cent in 2007 as the City continues to ...

LONDON (AFX) - The UK economy has entered the new year in rude health but could face a financial crash if asset valuations continue to rise at their current rate, a leading economic consultancy said today. In its latest assessment of the economy, the Ernst & Young ITEM Club said buoyant monetary monetary and credit conditions are working through the financial markets into household earnings a ...