Rebound in loan activity helps investment banks January 4, 2012 THE GLOBAL loan market rebounded to volume of $4.9 trillion (£3.1 trillion) in 2011, a level not seen since 2007, amid soaring corporate demand for refinancing of their debt facilities, data yesterday showed. Both investment grade and leveraged loans boomed, with loans from rated companies at their highest level since 2007 at £1.78 trillion, while [...]
IPO slump causes drop in bank fees January 4, 2012 INVESTMENT banking fees fell six per cent in 2011 to levels seen in 2009 as a fall-off in equity market activity and stalled M&A markets hurt their businesses over the year, new data yesterday showed. A 25 per cent drop in equity market fees and flat M&A fees pushed total global investment banking revenues down [...]
Home owners borrow less in weak market January 4, 2012 MORTGAGE approvals rose slightly in November, according to figures out yesterday from the Bank of England, though remortgaging levels plummeted and loans for new homes increased at a very low rate. Lending to businesses also declined in November, the Bank revealed, with small firms in particular finding debt more expensive. New loans rose to 52,854 [...]
Construction output jumps as orders rise – but contraction looms in 2012 January 4, 2012 BUILDING work expanded in December, in contrast to the UK’s weaker manufacturing performance, Markit’s purchasing managers’ index revealed yesterday. For the first time in nine months output in all three categories in the sector – civil engineering, housing, and commercial – made gains. The sector as a whole registered a PMI of 53.2 in December, [...]
Billions-worth of flaws in Chinese local state debt January 4, 2012 CHINA’S state audit office has uncovered 530 billion yuan (£54bn) worth of irregularities with local government debt, leaving investors wondering how much work remains to be done to clean up after 2008’s stimulus-fuelled credit binge. The findings of the National Audit Office report published yesterday reveal a litany of bad practice. However, the figure is [...]
ROMNEY EDGES TO VICTORY IN IOWA… …WHILE BACHMANN PULLS OUT January 4, 2012 MITT Romney, seen as the most moderate Republican candidate to face Barack Obama in this November’s Presidential election, has won the Iowa caucus — narrowly beating Rick Santorum and the self-styled libertarian candidate Ron Paul. The caucus resulted in the exit of Michelle Bachmann from the race, after she finished last among the six candidates [...]
US CAR MANUFACTURING JUMPS January 4, 2012 US CAR sales jumped in December, suggesting growth in consumer confidence. Chrysler’s sales are up 37 per cent, Ford’s rose by 10 per cent and Nissan’s increased by 7.7 per cent. Meanwhile, factory output rose in November, according to US commerce department data also released yesterday. New orders rose by 1.8 per cent to $459.2bn [...]
London house prices beat North January 4, 2012 Average house prices in Britain finished 2011 at £221,331, down a modest £854, or 0.23 per cent, from the same time one year ago. In London the average home is now worth £416,890, up £9,283 (2.28 per cent) from a year ago, Zoopla.co.uk said. The North East was the worst performing region over the past [...]
Service sector profitability up January 4, 2012 Firms in the services sector were more profitable in the third quarter of 2011 than at any time since late 2008, according to figures out yesterday from the Office for National Statistics (ONS). However, manufacturing firms’ profitability fell to its lowest since records began in 1997. The rate of return for non-financial services firms hit [...]
CITY MOVES | WHO’S SWITCHING JOBS January 4, 2012 National Savings & Investments The commercial secretary to the Treasury, Lord Sassoon, has appointed James Furse (pictured) as non-executive director on the board of National Savings & Investments. Furse joined the NS&I board on 1 January and replaces Sir John de Trafford MBE, who became NS&I’s chairman on the same date. Furse joins NS&I after [...]
