Mortgage lending rises in June August 10, 2011 Mortgage lending jumped in June according to figures from the Council of Mortgage Lenders (CML). The total number of new home loans to house buyers jumped by 22 per cent from May, to 46,700. Loans to first-time buyers reached a 10-month high, up 24 per cent from May to 18,100. Although the level of lending [...]
FTSE recovery gains traction after Fed boost August 10, 2011 The FTSE continued its rally in early trading today after an unprecedented pledge by the Fed to keep interest rates low to stimulate economic growth encouraged investors. Wall Street rebounded yesterday setting the tone for markets across the globe. In tandem with positive export data from China showing a lift in July the move by [...]
Standard Life profits boosted by cost cuts August 10, 2011 British insurer Standard Life reported a bigger-than-expected 44 per cent jump in its half-year profit, with cost cuts and stronger sales outweighing a big increase in investment in new products and technology. Edinburgh-based Standard Life, Britain’s fifth-biggest insurer, had a pretax operating profit of £262m, up from £182m a year earlier, the company said. Analysts [...]
HSBC sells US card business to Capital One August 10, 2011 HSBC has agreed to sell its US credit card and retail services unit to Capital One Financial Corp for a premium of about $2.6bn, as Europe’s top bank streamlines its mammoth operations by shedding non-core businesses. The sale of the arm, which had gross assets of $30.4bn at the end of June, is part of [...]
TUI on track for full year August 10, 2011 TUI Travel , Europe’s biggest tour operator, said it was on track to meet expectations for the full year, boosted by a strong performance in its British and Nordic businesses. The company, which is majority owned by German group TUI, reported a 57 per cent rise in operating profit to £88m in the third quarter [...]
Commerzbank profits wiped out by Greek debt August 10, 2011 Commerzbank has seen its second quarter profits destroyed by a 760m euros (£676m) write-down of its Greek debt. Net profit fell by 93 per cent at Germany’s second largest bank from the same period a year ago to 24m euros. Earlier this month the UK’s RBS also wrote down around $1bn of Greek loans, as [...]
Markets bounce back ahead of Fed statement August 9, 2011 Britain’s top share index bounced back above the 5,000 level and US markets opened higher as investors hoped for some soothing words from the US Federal Reserve on the global debt and growth problems. Wall Street has gained ground since opening, with major indices climbing more than two per cent ahead of the Fed’s policy [...]
Factory output in unexpected fall August 9, 2011 Factory output fell unexpectedly in June, an unwelcome reminder of the poor state of the country’s economy as it faces new challenges from global financial turmoil and widespread riots in London and other cities. The weak official data followed reports overnight from trade associations of low consumer confidence in the retail and property markets last [...]
FTSE sinks below 5,000 August 9, 2011 The FTSE 100 plunged below 5,000 for the first time since 7 July 2010 as the crisis of confidence in world markets deepened. The latest plunge came after indices across Europe had opened on the front foot before returning to a downward spiral. Rallying calls form President Obama failed to limit the damage caused by [...]
HSBC in talks to sell US card business August 9, 2011 HSBC said that it is in talks on the possible sale of its card and retail services business in the United States. “These discussions are ongoing and no decision has yet been made to proceed with any transaction. HSBC will make a further statement if or when appropriate,” the company said in a statement to [...]
