Property prices drop in June July 8, 2010 HOUSE prices in Britain dropped 0.6 per cent in June, the third successive monthly fall, a survey from mortgage lender Halifax has shown. Halifax said the decline was a continuation of a trend since the start of this year and was in line with its view that house prices would be broadly flat over 2010 [...]
City heavyweights poised to swoop for government assets July 8, 2010 A PAIR of prominent City figures are drawing up secret plans to launch a bid for one of the banks owned by British taxpayers, according to Sky News. It has been reported that Lord Levene, chairman of Lloyd’s of London, and Sir David Walker are backing a new acquisition vehicle that will list on the [...]
BP “ahead of schedule” in oil clean-up July 8, 2010 BP is aiming to plug its leaking Gulf of Mexico well by 27 July, weeks sooner than forecast, it has been reported, The oil giant was also preparing a series of backup plans in case its current operations fail, including connecting the leaking well to existing pipelines in two adjacent gas and oil fields, the [...]
Primark fuels sales rise at ABF July 8, 2010 PRIMARK owner Associated British Foods said third quarter sales rose 13 per cent and expected very strong growth in annual earnings, driven by its fashion discount retailer. The London-based food and retail group, giving a third quarter trading update for the 16 weeks to June 19, also said group revenue for the year so far, [...]
Man Group hit by further client withdrawals July 8, 2010 HEDGE fund firm Man Group saw assets fall further over the past three months as investors continued to withdraw their money during a volatile period for markets. Man, which is in the process of buying smaller rival GLG Partners , said total assets under management – on which fund firms earn fees – fell 2.2 [...]
Bonus rules risk European exodus July 7, 2010 BANKERS warned of a talent exodus from Europe yesterday after lawmakers in Strasbourg voted to enforce the world’s toughest regime on bonuses in the wake of the financial crisis. A ruckus is brewing between institutions, who view the crackdown as a short-term populist manoeuvre, and European politicians, who argue lenders were guilty of “obscene” risk [...]
Amazon set to sell groceries July 7, 2010 Ocado’s £1.1bn float was dealt another blow yesterday when internet giant Amazon launched a competing grocery delivery business. Amazon has long toyed with the idea of branching into food delivery, and already does so in the US and Germany, but the timing of the decision heaps pressure on Ocado. Analysts have already questioned the value [...]
IMF cuts UK GDP forecast July 7, 2010 THE International Monetary Fund (IMF) has slashed growth expectations for the UK in its first economic outlook since May’s general election. UK GDP will expand by 1.2 per cent this year, the IMF said, 0.1 of a percentage point slower than its forecast in April. Growth for next year was marked down 0.4 of a [...]
London is losing out from EU diktats July 7, 2010 SO there you are. The European Parliament has just voted to locate the planned new EU agencies to regulate banks, markets and insurers in Frankfurt, in a massive blow to London. This provision may yet be eliminated from the final directive but is an ominous sign. What won’t change are the new rules on bonuses: [...]
EC looks at Google probe July 7, 2010 THE European Commission (EC) hinted it could launch a formal anti-trust probe into Google’s internet search dominance yesterday, following three complaints from rivals in February. Joaquin Almunia, Brussels’ leading competition official, told a conference in London he was looking into “some allegations of anti-competitive conduct in relation to search”. “The work is at an early [...]