US dollar soars as oil plunges August 12, 2008 The US dollar jumped to a six-month high against the euro yesterday and a 21-month high against sterling, boosted by a fall in oil prices and speculation that the slowdown affecting the American economy was spreading worldwide. The greenback, rose to a peak of $1.51 against the euro and $1.93 against the pound as crude [...]
Property fillip for Mapeley August 12, 2008 Property outsourcing and investment firm Mapeley bucked the trend in the battered property market and saw its funds from operations (FFO) rise 129 per cent to £63.1m yesterday. The firm, which counts HM Revenue & Customs as one of its clients, posted the large rise in funds from operations – a key measure that demonstrates [...]
Record investment for private equity August 12, 2008 Private equity invested a record $686bn (£343bn) globally last year, over a third more than was invested in 2006, according to think tank International Financial Services London (IFSL). The UK buyout market is the most developed in the world, outside the US, managing nine per cent of global investments and 12 per cent of funds [...]
Triple blow for battered UK economy August 12, 2008 Retail sales and housing market suffer as struggling consumers rein in spending Britain’s battered economy will be dealt a triple whammy today, with fresh evidence that the housing market and consumer spending are continuing to contract and that manufacturers are being hammered by soaring costs. This summer has been the worst on the high street [...]
Credit crunch wipes out £600bn August 11, 2008 Around £600bn worth of wealth may have been wiped out in the UK because of the credit crunch, an analysis by PricewaterhouseCoopers has revealed. The study, conducted by PwC economists, focused on the impact of the credit crunch on the British economy over the twelve months to June 2008. The report estimates that the downturn [...]
MPs jump on Brown’s fuel rebate plans August 11, 2008 Gordon Brown’s plans for a fuel rebate for all families on child benefit were rubbished yesterday for being “indiscriminate”, with the payment set to help the rich as well as the poor. It emerged yesterday that the Prime Minister is mulling proposals to give £150 to the 7m families who receive child benefit, to help [...]
We were too optimistic, CBI admits August 11, 2008 Inflation is set to reach 5 per cent this year, the employers’ group warns its members Business should brace itself for a prolonged rocky ride as the economy deteriorates faster than expected, CBI director-general Richard Lambert has warned. In a letter to members of the UK’s largest business group, Lambert said forecasters, including the CBI, [...]
Water bills face rise August 11, 2008 Britain’s water companies are planning to increase household water bills to fund their investment plans for the 2010-2015 period, piling further pressure on hard-pressed consumers already coping with rising living costs. Southern Water, Thames Water and United Utilities, which submitted their five-year investment programmes to industry regulator Ofwat yesterday, revealed the highest increases above inflation. [...]
Olympics mean it’s time for a punt August 11, 2008 Innovative bets can add interest to the Olympic Games and the football season, says Chris Shillington So, the Olympics have finally begun, and there’s plenty to keep spread betters interested. If there’s one thing that everybody is sure of at the Games, it’s that China ought to improve on the 32 medals that it won [...]
Georgia pulls forces out of rebel region August 11, 2008 Georgian forces pulled out of the breakaway South Ossetia region yesterday after three days of fighting, with Russia saying its troops controlled most of the separatist capital Tskhinvali. A Georgian convoy of troops and artillery left South Ossetia through Ergneti, a village just inside Georgian held territory south of Tskhinvali. “They have been withdrawn, completely,” [...]
