Number of evictions in Spain a record high in 2012

Spanish courts executed 75,605 eviction orders last year, a 16.7 per cent increase over the previous year.

Eviction procedures in Spanish courts for unpaid mortgages and rent hit a fresh high last year, an oversight body said, as a sharp economic downturn and record unemployment continued to take a toll.

Wednesday, 27 March, 2013, 6:06am

Recession, high property prices not signs of market failure

Financial Secretary John Tsang Chun-wah attends a news conference after delivering his budget speech. Photo: David Wong

Live and learn. When I was in school, I learned in physics that there can only be one pivot in any pivotal operation, and I learned in economics that the pivot of market operations is price.

28 Feb 2013 - 5:02am 6 comments

Japan's GDP fall boosts Abe's case for stimulus

Japan's GDP fall boosts Abe's case for stimulus

Japan's economy unexpectedly shrank in the past quarter as falling exports and a business investment slump outweighed improved consumption, bolstering Prime Minister Shinzo Abe's case for more monetary stimulus to end deflation.

15 Feb 2013 - 6:06am

EU climbing out of crisis

A recovery in the EU is expected later this year as leaders act to channel a rebound in financial markets to the economy. Photo: Bloomberg

European leaders declaring they have gained the upper hand in the three-year-old debt crisis are sharpening efforts to channel a rebound in financial markets to an economic recovery to chip away at soaring unemployment.

15 Jan 2013 - 4:16am

UK house prices fall amid weak economy

UK house prices fall amid weak economy. Photo: Bloomberg

Britain's house prices declined last month and may fall "modestly" this year, because of a weak economic recovery, Nationwide Building Society said.

The average cost of a home slipped 0.1 per cent to £162,262 (HK$2.05 million), the lender said yesterday. From a year earlier, values fell 1 per cent.

4 Jan 2013 - 2:48am

Stock markets rally despite global economic malaise

Stock markets rally despite global economic malaise

You had perfectly good reasons for being cowardly about the stock market in 2012, but caution didn't serve you well.

2 Jan 2013 - 4:24am

A prayer for 2013

Dogmatic politicians are risking sending the United States over a fiscal cliff and into a renewed recession. Photo: AP

These are perilous economic and financial times. Leading dogmatic US politicians are determined to drive their country over the fiscal cliff, at the risk of tipping their nation and the ailing Western world into renewed recession with potentially devastating effects for the rest of the globe.

8 May 2015 - 9:46am

Italian PM Mario Monti resigns ahead of elections

Monti on Friday resigned as Italy's Prime Minister, opening the way to elections expected in February.

Italian Prime Minister Mario Monti resigned on Friday with his political plans still in doubt, paving the way for early elections next year in a lynchpin eurozone state still mired in recession.

Monti “handed in the resignation of his government” at a meeting with President Giorgio Napolitano, and will stay on in a caretaker capacity, the presidency said in a statement.

22 Dec 2012 - 3:08am

British economic growth revised down to 0.9pc in third quarter

Britain's economy expanded less than previously estimated in the third quarter and the budget deficit unexpectedly widened in November, complicating Prime Minister David Cameron's attempts to bolster the recovery. Photo: Bloomberg

Britain's economy grew by a worse than expected 0.9 per cent in the third quarter, downwardly revised data showed yesterday, sparking fresh speculation over a possible "triple dip" recession, analysts said.

22 Dec 2012 - 2:36am

Recession threatens Japan's tax rise

Shinzo Abe calls for more stimulus. Photo: EPA

Japan's economy sank into recession in the second and third quarters, fuelling opposition leader Shinzo Abe's calls for more stimulus and highlighting the risk that weak growth will derail a planned sales tax rise.

11 Dec 2012 - 3:25am

Britain's business minister sees risk of triple-dip recession

George Osborne

British business minister Vince Cable said Britain could fall back into recession for a third time since the 2008 financial crisis but expected the economy to stagger on with minimal growth.

In an interview published on Sunday, Cable, one of the most senior ministers in the coalition’s junior Liberal Democrats, said Britain could also face a Japanese-style stagnant “lost decade”.

10 Dec 2012 - 5:36am

Reserve Bank of Australia cuts interest rate to global recession low

Reserve Bank of Australia. Photo: AFP

The Reserve Bank of Australia has cut its benchmark interest rate to the half-century low set during the 2009 global recession.

The move comes as hiring falters and an elevated currency hurts industries, such as manufacturing and tourism.

5 Dec 2012 - 3:12am

Bailing out the wrong guys

High US unemployment has been exacerbated by homeowners being deeply in debt and owing more than their homes are worth. Photo: AFP

The stuttering growth of the once almighty US economy, especially the sluggish creation of new jobs, is having a profoundly depressing impact worldwide, dragging querulous Europe and even high-flying Asian economies down to earth.

28 Nov 2012 - 2:34am

Stress tests puts focus on Citigroup's Asia assets

The US Federal Reserve changed its annual set of tests for the 30 largest US banks to incorporate the risk of a deeper slump in Asia, where Citigroup has a bigger presence than its competitors.

Recessions in the euro zone, Britain and Japan are features of the Fed's "severely adverse" scenario in the new test.

17 Nov 2012 - 4:13am

When cheaper is better

A shopper at a Seiyu supermarket in Tokyo. Bargain-hunting customers have boosted the Wal-Mart unit's revenue. Photo: Bloomberg

Keikichi Miyakawa says he earned about US$50,000 a month selling golf club memberships during Japan's bubble economy in the late 1980s.

17 Nov 2012 - 4:13am