Consumers are paying debts and saving more February 16, 2012 HOUSEHOLDS boosted savings and cut borrowing in the final quarter of 2011 despite the pressures of Christmas, research from ING Direct showed today. Cash savings rose by an average of £73 in the fourth quarter, following three consecutive quarters of decline. The extra saving took the median balance in accounts to £1,574. Most of this [...]
Rents jump as house loans are hard to access February 16, 2012 UK RENTS rose last month, in a rare January increase, as mortgages remained hard to come by, according to LSL Property Services’ buy-to-let index, out yesterday. Last month’s rise came in at 0.1 per cent, taking average rents in England and Wales to £712 per month. “Mortgage transactions remain at almost half their historic levels, [...]
CITY VIEWS: IS IT BECOMING UNAFFORDABLE TO RENT PROPERTY IN LONDON?* February 16, 2012 MIKE JOHNSON | 2 PUMP COURT “Renting in London is very expensive. I don’t live in London myself, so I’m not a sufferer, but it is a problem I’ve noticed among my friends. I think, in particular, with the Olympics coming up this summer in London there have definitely been price hikes when it comes [...]
Barrick hit by bleak outlook February 16, 2012 African Barrick Gold posted a 30 per cent increase in core profit for 2011 yesterday, as a rising gold price pushed margins to record levels, offsetting the impact of soaring costs across the industry and helping the miner treble its dividend. But the firm’s shares fell 13 per cent as investors disappointed by its outlook [...]
Kingfisher losses mount as soaring costs take toll February 16, 2012 KINGFISHER Airlines’ losses mounted in the third quarter, taking the total loss to $240m (£152m) this fiscal year, as the ailing Indian carrier was squeezed by high fuel costs, a weaker rupee and fierce competition. Kingfisher, controlled by liquor baron Vijay Mallya, has become a byword for the debt-laden Indian airline industry savaged by rising [...]
CITY MOVES | WHO’S SWITCHING JOBS February 16, 2012 US Bank US Bank Global Corporate Trust Services has named Tom Cubitt, senior vice president, as leader of the bank’s European corporate trust business, based in London. Cubitt is responsible for US Bank’s securitisation and structured finance trust and agency business. The firm has also appointed Breige Tinnelly and Emma Hanley to run the London-based [...]
BEST OF THE BROKERS February 16, 2012 ROLLS-ROYCE Investec rates the aerospace and defence giant “buy” with a target price of 850p. The broker has lifted its pre-tax profit forecasts by two per cent for this year, with defence and new acquisition Tognum more than offsetting lower profits at marine and energy. Investec now predicts pre-tax profit of £1.5bn in 2012. It [...]
FTSE bounces off lows after good US data February 16, 2012 BRITAIN’S FTSE 100 closed off intraday lows yesterday as upbeat US economic data brought some cheer to an otherwise gloomy macro outlook, helping oil stocks pare losses, while banks and miners sagged as Greece’s debt crisis rumbled on. London’s blue chip index closed down 6.78 points, or 0.1 per cent at 5,885.38, bouncing off an [...]
S&P hits a nine week high on hope for Greece February 16, 2012 THE S&P 500 hit a nine-month high yesterday, fueled by strong US economic data and increased hopes for a deal on a Greek bailout next week. The benchmark index posted its strongest percentage gain in two weeks, bouncing back from several sessions of back-and-forth action. Sectors sensitive to economic growth paced the market, with technology, [...]
Ireland is plagued with debt it cannot repay and remains exposed to euro contagion February 16, 2012 FOR many, Ireland is the poster boy for how to deal with a banking crisis. I disagree. Lauded by European governments for its quick decisive actions, Ireland effectively contributed to bailing out the entire European banking system and, in doing so, has left a legacy of bankruptcy that puts huge financial pressure on its citizens [...]
