FTSE as low as 2005 July 11, 2008 Leading U.K. stocks slumped to the lowest since 2005, led by retailers and travel companies on concern a slowing economy will curb consumer spending. The slump in the FTSE 100 Index came as the Bank of England left interest rates unchanged. The FTSE 100 Index retreated 122.8, or 2.2 percent, to 5,406.8 in London as [...]
Ronaldo: No deal is in place July 11, 2008 Cristiano Ronaldo has denied reports suggesting he has agreed personal terms with Real Madrid. Rumours in Spain say the Portuguese international has agreed to join the La Liga champions in a record-breaking £75m transfer from Manchester United. But the winger, who is likely to be out of action for up to three months after undergoing [...]
Signet moves share listing to New York July 11, 2008 Jewellery giant Signet Group yesterday announced it would move its primary listing to the New York Stock Exchange, as part of a raft of changes to focus its business on the American market. The jeweller, which owns the H Samuel and Ernest Jones chains in the UK, said it hoped to complete the move – [...]
Credit crisis begins to take human toll July 10, 2008 It is not only bonuses that have come crashing down during the recent economic decline, but also the number of divorce papers hitting the doormat. Research commissioned for City law firm Mishcon de Reya revealed that while half the workers in the Square Mile had seen their bonuses cut by up to £40,000 this year, [...]
CITY A.M. Shadow MPC votes for hold July 10, 2008 Once again City A.M.’s shadow MPC Committee has unanimously agreed to keep interest rates on hold at 5 per cent. It is the second month in a row the committee has been in agreement as all believe the MPC’s concern over rising prices will trump the slowdown in growth. This month the committee has a [...]
Consumers gloomier July 10, 2008 Consumer confidence fell for the sixth month in a row in June as the economic outlook continued to darken, although Britons showed little sign of curbing their spending. The Nationwide consumer confidence index hit an all time low last month, falling four points to 61 – the worst figure since the survey began in May [...]
Bank of Ireland hit as sector struggles July 9, 2008 Bank of Ireland’s share price reached a 20-year low yesterday after the governor of its board told shareholders to expect a difficult time. “It’s time for hard hats I’m afraid. It’s time to run this bank in a very conservative way,” Richard Burrows, governor of Bank of Ireland’s board, told shareholders at the company’s annual [...]
A Microsoft and Google tie-up is what the industry needs July 9, 2008 The wrangling between Microsoft and Yahoo is like a farce that refuses to end. After months of on-off negotiations, Microsoft’s chief executive Steve Ballmer is once again willing to return to the table, although his rekindled interest comes at a heavy price. Unless Yahoo’s shareholders oust the board, the standoff will continue. Nor is Ballmer [...]
FTSE 100 flirts with bear market July 9, 2008 London’s leading blue chip share index lurched into official bear market territory yesterday before recovering to end the day lower, but temporarily out of the danger zone. The FTSE 100 index fell below 5,385 points in early trading, 20 per cent below its June 2007 peak of 6,732, putting it in official bear territory, defined [...]
Money can still be made during bear market slump July 9, 2008 Even as the market yesterday dipped its toe into official bear territory, there’s still money to be made. Equities may be falling out of favour but currencies, commodities and good old-fashioned cash are still in demand as investments likely to weather the current financial storm. “Depending on your time scale, banking stocks look cheap if [...]