ANALYST VIEWS: WHAT DO PENDRAGON’S RESULTS MEAN FOR THE CAR MARKET? February 23, 2010 TIM RICHMOND | ARDEN Overall, these results are encouraging and represent the first step in the recovery story. We believe the shares are undervalued, but expect shares will perform when the other profit growth expected in 2010 becomes apparent. Used car margins are stable and are expected to remain so. ERIC WALLBANK | ERNST & [...]
Scrappage scheme helps Pendragon boost profits February 23, 2010 BRITAIN’S biggest car dealership Pendragon bounced back to profit last year – following a boost from the car scrappage scheme. The company posted underlying pre-tax profits of £10.1m for the 12 months to 31 December, compared with a loss of £33.6m in 2008. But it warned that the market would not be returning to pre-recession [...]
Approvals of home loans drop sharply February 23, 2010 MORTGAGE approvals fell sharply in January in response to inflated December activity and adverse weather conditions, the British Bankers’ Association (BBA) said yesterday. Data from the BBA showed that the number of mortgage approvals for house purchase fell to 35,083 last month from an elevated 45,650 in December, which had been boosted by the end [...]
CITY VIEWS: IS IT POSSIBLE FOR HOUSE PRICES TO DIP AGAIN IN 2010? February 23, 2010 MIKE MURTON | TRISYSTEMS “If people sit tight prices will go up because of the lack of available property on the market. It’ll be back to the good old days but not for the good old reasons. Mortgages and mortgage rates are likely to increase as banks pay back their government loans.” SANDRA BOYD | [...]
Rogoff warns of debt defaults February 23, 2010 The world economy will be rocked by several sovereign debt defaults in coming years, Ken Rogoff said yesterday in a speech in Tokyo. The former IMF chief economist said it was hard to call the timing of such an event, but warned that it would happen, noting countries would cut spending when interest rates rose.
US consumer confidence slumps February 23, 2010 Data released yesterday showed that US consumers are at their least confident in 10 months. Industry group The Conference Board said its index fell to 46 in February from 56.5 last month, its lowest reading since April 2009. Consumers cited concerns about current business conditions and the jobs market.
Fall in US Case-Shiller house prices February 23, 2010 The US Case-Shiller house price index, measuring property prices in 20 American cities, unexpectedly fell in December by 0.2 per cent on the previous month. However, on a seasonally-adjusted basis, prices rose 0.3 per cent – the seventh consecutive monthly rise. On an annual basis, house prices fell 3.1 per cent
German IFO slips back in February February 23, 2010 The business climate index in Europe’s largest economy fell unexpectedly in February to 95.2 from 95.8, driven by poor current conditions, data published yesterday showed. But encouragingly, the business expectations index rose to 100.9 from 100.6, indicating that the overall decline was related to the unusually cold winter.
Religare takes Northgate stake in investment push February 23, 2010 RELIGARE Enterprises, the Indian financial services group, yesterday agreed to take a majority stake in private equity group Northgate Capital, as part of a new commitment to invest up to $1bn (£649m) in asset management firms across the globe. The partnership with Northgate, which has $3bn under management and is based in California and London, [...]
Meet the man who would be king: a radical dressed in Liberal clothing February 23, 2010 THE Liberal Democrats have never held much sway in the City. Their traditional supporters prefer a sleepy, polite way of life – not the cut and thrust of the Square Mile. If the opinion polls are to be believed, however, Nick Clegg is set to play the role of kingmaker in a hung parliament after [...]