http://news.bbc.co.uk/1/hi/business/7542453.stm
The Financial Services Authority's comments came as it reported a 40% rise in new cases of repossessions in the first three months of 2008 to 9,152.
The number of home loans in arrears rose by 15% in the same period.
http://news.bbc.co.uk/1/hi/business/7542516.stm
The UK service sector - which accounts for three-quarters of the economy - shrank for the third month running in July, according to a survey.
The Chartered Institute for Purchasing and Supply said its index of service sector activity was 47.4 in July.
While this was better than June's figure of 47.1, a figure of less than 50 indicates contraction in the sector.
Separate figures showed that UK manufacturing output fell for a fourth consecutive month in June.
And for those hoping to run away from it all....
http://news.bbc.co.uk/1/hi/business/7542815.stm
New Zealand is already in a recession, according to a new assessment by the country's Treasury.
The most common definition of a recession defines it as two consecutive three-month periods of contraction.
While final data for the second quarter has yet to be issued, the Treasury said recent financial indicators showed the economy shrank in the quarter to June.
The economy declined by 0.3% in the first quarter of 2008 as demand slowed for New Zealand's exports.
The Financial Services Authority's comments came as it reported a 40% rise in new cases of repossessions in the first three months of 2008 to 9,152.
The number of home loans in arrears rose by 15% in the same period.
http://news.bbc.co.uk/1/hi/business/7542516.stm
The UK service sector - which accounts for three-quarters of the economy - shrank for the third month running in July, according to a survey.
The Chartered Institute for Purchasing and Supply said its index of service sector activity was 47.4 in July.
While this was better than June's figure of 47.1, a figure of less than 50 indicates contraction in the sector.
Separate figures showed that UK manufacturing output fell for a fourth consecutive month in June.
And for those hoping to run away from it all....
http://news.bbc.co.uk/1/hi/business/7542815.stm
New Zealand is already in a recession, according to a new assessment by the country's Treasury.
The most common definition of a recession defines it as two consecutive three-month periods of contraction.
While final data for the second quarter has yet to be issued, the Treasury said recent financial indicators showed the economy shrank in the quarter to June.
The economy declined by 0.3% in the first quarter of 2008 as demand slowed for New Zealand's exports.
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