High street sales bounce back after sterling falls March 14, 2010 RETAIL sales in London rebounded in February with a like-for-like surge of almost ten per cent fuelled by a drop in the value of sterling. The rise came after a dismal start to the year as freezing conditions kept shoppers at home. Across the UK sales were only up an average of 2.2 per cent [...]
London house prices hit by March slump March 14, 2010 HOUSE prices have come to a standstill this month as sellers return to the market after a dismal winter. The latest survey by property website Rightmove shows that UK property is now a buyers’ market and new sellers have been forced to ask for just 0.1 per cent more, the lowest rise ever-recorded in March. [...]
Hedge funds fear EU will rush to bring in protectionist new rules March 14, 2010 THE private equity industry will watch with baited breath as European Union finance ministers discuss the regulation of alternative investment funds tomorrow. Spain, the current EU president, is pushing for an early agreement on the controversial Alternative Investment Fund Managers directive. UK-based buyout groups and hedge fund managers vehemently oppose certain aspects of the draft [...]
Center Parcs renegotiates debt March 14, 2010 Center Parcs, the short break holiday provider, is currently trying to renegotiate its £1bn debt. Its owner, Blackstone, is in discussions with lenders to extend the terms of of its loan by two years to 2013. The move could see the business being floated although current market conditions make it unlikely any time soon.
Federal Reserve retains powers March 14, 2010 The Federal Reserve would win sweeping new powers over nonbank financial firms and keep much of its authority over banks, under revised legislation to be unveiled today. Senate Banking Committee Chairman Christopher Dodd was poised to release a bill that leans heavily on the Fed, sources said.
MPC minutes reveal a wait and see mode March 14, 2010 THE Bank of England’s decision to leave monetary policy unchanged in March was somewhat of a foregone conclusion, just one month after the Monetary Policy Committee (MPC) chose to pause its £200bn quantitative easing (QE) programme. The minutes of the March meeting will be closely watched by the City this week for signs that asset [...]
New rules to hit credit cards March 14, 2010 NEW sets of rules expected to tackle the UK’s consumer debt mountain will be placed on credit card companies later this year. Prime Minister Gordon Brown will announce today new regulations that are expected to save consumers roughly £296m and allow for greater power over their finances. Brown said: “Step by step we are reinventing [...]
UK finance chiefs look to hire more staff this year March 14, 2010 FINANCE chiefs in the UK are looking to hire again amidst signs that the economy is starting to pick up . According to the latest Robert Half CFO Confidence Index 17 per cent of the UK’s chief financial officers said their companies would be looking to hire permanent accounting and finance staff over the next [...]
FSA hires more staff as it claims levels of market abuse are unacceptably high March 14, 2010 THE Financial Services Authority (FSA) will hire another 460 staff as part of plans to crackdown on “unacceptably high” levels of market abuse. The regulator is currently riding high on a wave of confidence after it successfully prosecuted Malcolm Calvert, the former Cazenove partner, last week. He was sentenced to nearly two years in jail. [...]
ECONOMIST VIEWS: WHAT DO YOU EXPECT THE MPC MINUTES TO REVEAL? March 14, 2010 HOWARD ARCHER | IHS GLOBAL INSIGHT A unanimous vote. All nine members voted for unchanged interest rates and QE in February and there seems little reason to expect anyone to have changed their mind at the March meeting. The MPC is likely to remain in “wait and see” mode until the distortions to activity work [...]