UK recession looms July 30, 2008 The UK is drifting into a recession, leading economists warned yesterday, as approvals for British home loans in June hit their lowest level since records began and retail sales fell at their fastest pace in at least a quarter of a century. Home mortgage approvals, loans that are agreed but not yet made, fell in [...]
Axa avoids worst of the fallout August 8, 2008 Axa, Europe’s second-biggest insurer, reported lower first-half net profit yesterday although its earnings still managed to beat analyst expectations. Net profit fell 32 per cent to €2.16bn (£1.7bn) partly due to write downs on fixed income assets. The French insurer revealed a €237m impact on asset backed securities and a €502m hit on fixed income [...]
BNP Paribas tops market and outperforms rivals August 7, 2008 BNP Paribas the French banking giant, reported a 34 per cent fall in second-quarter net profits as it beat expectations to outperform some of its closest rivals, sending shares up by as much as 6.3 per cent. France’s largest listed bank reported a net profit of €1.51bn (£1.18bn) for the quarter, down from €2.28bn, as [...]
Crazy in lobe August 13, 2008 In the world of earrings, bigger and bolder is definitely better, says Zoe Strimpel Times are changing; we’re not quite the over-mortgaging, champagne slugging society we once were. And, odd as it may sound, earrings are as good a sign of the times as any. New figures from John Lewis show sales of jewellery are [...]
Fed comes to rescue July 31, 2008 The Federal Reserve extended its emergency lending program yesterday in an effort to settle turbulent money markets, as the European Central Bank and Swiss National Bank followed suit. The Fed said that the length of the program, under which investment institutions can turn to the central bank for cash, would be extended until January 30. [...]
Soc Gen shares rise despite profit drop August 6, 2008 French bank Société Générale yesterday reported a 63 per cent fall in second-quarter profits, but its shares rallied, as figures were better than analysts had expected. The Paris-based bank, which is still coming to terms with the rogue trading scandal that caused a €4.9bn loss, saw net profits fall to €664m (£525m) from €1.74bn last [...]
Alliance & Leicester snapped up as bid fever returns to the City July 15, 2008 A frenzy of merger and acquisition activity, spearheaded by Spanish bank Santander agreeing to buy Alliance & Leicester for £1.3bn, returned to the markets yesterday causing stocks to rally. The oil and gas sector was the centre of much of the bid action, with Imperial Energy, the developer of Russian oil reserves, soaring 18 per [...]
More pain for homes August 1, 2008 The clouds gathering over the housing market darkened yesterday when Britain’s biggest building society reported the biggest annual drop in house prices since records began. Mortgage lender Nationwide said property values were now 8.1 per cent less than last year ago, almost a £15,000 decrease. The average cost of a home in Britain is now [...]
HBOS looks to raise private funds for help August 4, 2008 HBOS has asked investment bank UBS to raise a private investors’ fund to help it offload £400m of investments, as it looks to prop up its balance sheet and cut back on investments in troubled times for the banking sector, it emerged yesterday. The UK’s largest mortgage lender has called on UBS to create a [...]
Bradford & Bingley bankruptcy feared July 7, 2008 Fears that mortgage bank Bradford & Bingley is on the brink of bankruptcy have heightened following rating agency Moody’s decision to cut the cash strapped banks’ rating to Baa1, the lowest of any major British bank. “Our bankruptcy probability is increased to 25 per cent. UK property is 40 per cent over valued and B&B [...]