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 [...]
Property meltdown July 9, 2008 A property meltdown loomed yesterday as new figures showed mortgage completions at near record lows and commercial property values falling across the country. The Council of Mortgage Lenders (CML) said loans for house purchases rose by 4 per cent in May to 52,700, up from 51,000 in April, but were 44 per cent down on [...]
Russia’s Sibir Energy races towards FTSE July 8, 2008 London-listed mid-sized Russian oil company Sibir Energy said yesterday its full-year pre-tax profit trebled to $344m (£172m) due to higher output at its Siberian unit and strong margins from refining and retail. Sibir said its crude oil production rose 80 per cent in the year to 17.8 million barrels. Most of the output, 15.3 million [...]
Grim data supports UK recession fears July 8, 2008 Fears a UK recession is inevitable rose yesterday after official data indicated British industrial output had fallen at its sharpest pace in two and a half years in May, while manufacturing output fell by 0.5 per cent compared to April. Data from the Office for National Statistics indicated that UK industrial production fell 0.8 per [...]