Rates held for Eurozone but hike in July signalled June 9, 2011 INTEREST rates in the Eurozone were held at 1.25 per cent yesterday, yet central bank chief Jean-Claude Trichet signalled a move to raise rates next month. The European Central Bank (ECB) head used the key code-words “strong vigilance” in his statement, indicating monetary tightening to come. The euro initially rose on the comments before retreating, [...]
One million on benefit for decade June 9, 2011 Over a million people across the UK have spent the last decade on benefits, the Department of Work and Pensions revealed today. In London, 126,500 people have spent 10 years on either jobseeker’s allowance, incapacity benefit or income support. The figures were released as employment minister Chris Grayling launched a new programme in an attempt [...]
QE could still worsen inflation June 9, 2011 Quantitative easing in the US could still have the effect of stoking inflation, Federal Reserve hawk Charles Plosser warned yesterday, at a meeting in London. “There’s about $1.5 trillion (£912bn) of what we call excess reserves in the banking system: they’re just sitting there, they’re not creating inflation, at least not yet. But they do [...]
First time buyer mortgages rise June 9, 2011 The number of mortgages available to first time buyers has nearly trebled in the last two years, according to the website Moneyfacts. Today there are 183 deals for people looking to get on to the property ladder, compared to just 62 this time in 2009.
Japan recession is confirmed June 9, 2011 Revised data showed Japan’s economy shrank 0.9 per cent in the first quarter, unchanged from the initial estimate as inventory adjustments offset weaker corporate spending, but analysts said a recovery is on track as industrial production rebounds. Manufacturers are making progress in restoring supply chains after the devastating March earthquake, fuelling hopes for an early [...]
CITY MOVES | WHO’S SWITCHING JOBS June 9, 2011 Barclays Wealth Calum Brewster has been appointed as a director within Barclays Wealth’s wealth management and private banking business, based in Glasgow. Brewster will join on 21 June from Lloyds Banking Group, where he is head of customer experience and strategy in the life pensions and investment division, responsible for a team of 150 staff. [...]
BEST OF THE BROKERS June 9, 2011 RESOLUTION Citi rates the insurance company a “buy” and has a target price of 367p. The broker has raised its earnings per share forecasts to 30p from 27.8p for the year as a result of the firm’s share buyback, and believes that Resolution will continue to deliver up to £600m capital returns due its over-capitalisation. [...]
Mining shares rebound and oil stocks rise on supply fears June 9, 2011 MINERS rebounded from the previous day’s sharp sell-off to help push Britain’s top share index higher yesterday, while oil stocks tracked crude higher on supply fears. The FTSE 100 closed up 47.45 points, or 0.8 per cent, at 5,856.34, having bounced well clear of the session low of 5,795.00, although thin volumes exaggerated the index’s [...]
Wall Street ends its six-day losing streak June 9, 2011 WALL Street ended higher for the first time in over a week yesterday, with the Dow and the S&P 500 rising 1 per cent at one point, but many analysts saw the rebound as short-lived. A report showing record US exports in April eased some concerns about a stalled economic recovery, which had been weighing [...]
Savvy investors will soon be taking to water June 9, 2011 FORGET yachts, successful City boys and girls will be cruising to work on boats in the years to come. Marinas are springing up alongside London’s Thameside developments. Chelsea’s flashy 1,000-apartment Imperial Wharf has just opened a marina, while Vauxhall’s St. George Wharf is building a river taxi pontoon on its doorstep that will open in [...]
