British government backs probe into the impact of high frequency trading November 23, 2010 THE?government yesterday said it was backing a study of how high-frequency trading (HFT) may shape London as a financial centre over the next decade. “The project will look ahead to developments in financial markets, with a prominent focus on high frequency trading,” financial secretary to the Treasury Mark Hoban said in a speech. HFT involves [...]
Russia nears WTO?membership November 23, 2010 Russia has entered the final stage of its 17-year-bid to join the World Trade Organisation and outstanding issues should be resolved in the coming months, economy minister Elvira Nabiullina said yesterday. The comments indicate that the largest economy still outside the 153-member WTO could join the body that regulates world trade in the course of [...]
Extra holiday for Royal wedding November 23, 2010 The UK is to have a three-day week ahead of the royal wedding, it was announced yesterday. Prince William and Kate Middleton’s nuptials are set to take place on Friday 29 April, the week after Easter and ahead of the May Day holiday, giving the country two successive four-day weekends. The TUC welcomed the extended [...]
Chrysler in $840m investment November 23, 2010 Chrysler said it is looking to invest $843m (£529m) to improve its Indiana plants. It said the improvements would push its total investment in US facilities to nearly $3bn since the carmaker emerged from a government-funded bankruptcy under the management control of Italy’s Fiat in June 2009.
Global market slump to lift insurance fees November 23, 2010 INSURANCE companies could be forced to raise premiums to make up for lower investment returns, a report by Swiss Re said yesterday. Tighter regulatory standards such as Solvency II and uncertainty in the equities market have pushed insurance firms to invest their takings in safer but less lucrative products such as bonds, said the authors [...]
IHG to focus on India and China November 23, 2010 INTERCONTINENTAL Hotel Group (IHG) yesterday announced plans to expand its operations in emerging markets. IHG said it hopes to cash in on rocketing GDP in China, India and the Middle East by opening hundreds of new hotels. The firm will treble its presence in India by opening 150 new hotels by 2020, and has plans [...]
FTSE drops to a six-week low as fears grow over Eurozone debt and Korea November 23, 2010 THE leading share index dropped to a six-week closing low yesterday, weighed down by weak banks and commodity issues on worries over the Eurozone debt crisis and rising tensions in the Korean peninsula. The FTSE 100 ended down 99.55 points or 1.8 per cent at 5,581.28, its lowest close since 4 October. Banks led the [...]
Irish crisis hits reputation of high street banks November 23, 2010 As the news continues to be dominated by tales of Ireland’s financial woes it seems that all high street financial institutions are being made to suffer. Two tracking metrics produced by YouGov BrandIndex demonstrate a significant correlation between widely publicised financial crises and significant downturns in the public perception of the high street banks and [...]
Nationwide profits up after cost cuts November 23, 2010 NATIONWIDE Building Society’s profits rose 26 per cent to £147m in the first half of 2010, from £117m the previous year, as it cut costs and reduced loan impairment charges. Pre-tax profits rose 83 per cent to £259m in the six months to 30 September 2010, from £143m in the same period in 2009. Impairment [...]
Wall Street tumbles on global woes and oil prices November 23, 2010 US stocks sank yesterday as investors dumped risky assets on escalating tensions in the Korean peninsula and as Eurozone debt worries mounted. The Dow Jones industrial average lost 142.21 points, or 1.27 per cent, to 11,036.37. The Standard & Poor’s 500 fell 17.11 points, or 1.43 per cent, to 1,180.73. The Nasdaq Composite dropped 37.07 [...]
