Rate of repossessions rises as housing recovery slows December 15, 2009 ALMOST 14,000 Britons lost their homes in the third quarter of 2009 as mortgage lenders increased the rate of repossessions, the Financial Services Authority (FSA) revealed yesterday. Repossessions rose 2.8 per cent on the same period of 2008, but the FSA pointed out that the 13,987 properties taken back by lenders was five per cent [...]
Triple-A nations need to tighten before recovery December 15, 2009 MANY governments that currently enjoy triple-A ratings on their sovereign debt will be forced to implement credible fiscal consolidation programmes before their recoveries are fully secured, ratings agency Moody’s warned yesterday in its outlook for 2010. “It is very likely that most governments will not have the luxury to wait until 2012 to start cleaning [...]
Germans less upbeat December 15, 2009 GERMAN investor confidence declined for a third consecutive month, raising concerns about the outlook for recovery in Europe’s largest economy. The ZEW index of investor and analyst economic expectations fell to 50.4 in December from 51.1 the previous month. For the Eurozone as a whole, the economic expectations fell in December by 3.8 points to [...]
Swiss Life cuts dividend but raises key targets December 15, 2009 EUROPEAN insurer Swiss Life will cut its dividend payout ratio to between 20 and 40 per cent until at least 2012 in a bid to protect its balance sheet. Switzerland’s largest life insurer said the move would strengthen its capital base, an essential step, and restore its “A” credit rating. Currently Swiss Life aims to [...]
Moody’s downgrades four UAE banks after Dubai debt crisis December 15, 2009 CREDIT rating agency Moody’s yesterday put another four United Arab Emirates banks on credit watch as a the fallout from Dubai’s debt troubles continues to affect the region. Abu Dhabi Commercial Bank and its subsidiary ADCB Finance, the Commercial Bank of Dubai, Dubai Bank and HSBC Middle East Limited have all been put under review [...]
Kraft labels Cadbury goals too ambitious December 15, 2009 KRAFT Foods yesterday hit back at Cadbury for rejecting its £10bn hostile bid, warning shareholders not to put their faith in the British company’s ambitious growth targets. The US food giant said the targets set out by Cadbury on Monday to rally shareholders against the bid were “subject to significant risk and uncertainty” and that [...]
Staycations take their toll on TUI December 15, 2009 EUROPE’S largest tourism group, German owned TUI reported a drop in its nine-month financial year earnings but claimed the fall was just a blip before recovery. Underlying profits ebbed down by 1.2 per cent compared to 2008, with operational turnover was hammered, reporting a -13.8 per cent decline to €13.1bn (£11.8bn) after customers deserted overseas [...]
Carpetright piles on profit and closes down its Poland stores December 15, 2009 The UK’s biggest carpet retailer, Carpetright, laid out better than expected first-half results yesterday, but closed down its loss making operations in Poland. With more people moving house, underlying profits rose by 58 per cent to £13.9m, with revenues increasing by nine per cent to £258m. While opening 590 new stores across Britain and Ireland, [...]
NEWS | IN BRIEF December 15, 2009 Whitbread gets coffee uplift Leisure group Whitbread said its coffee shop operator Costa Coffee is to expand in eastern Europe by buying central European chain Coffeeheaven for £36m. Whitbread said Costa has agreed to pay 24p a share in cash for Coffeeheaven, which the UK firm plans to use as a springboard for growth in [...]
Lovells hits legal top 10 with US deal December 15, 2009 Partners at City law firm Lovells and Washington-based Hogan & Hartson voted through merger plans to create the world’s ninth-largest legal practice by sales yesterday. The new firm, to be known as Hogan Lovells, will have sales of £1.1bn and 2,500 lawyers in 40 offices around the world. The enlarged firm comes into being on [...]