Mortgage lending highest since July 2009 September 20, 2011 Gross mortgage lending in Britain last month rose to its highest level in more than two years, rebounding from July’s weak reading to stand 10 percent higher than a year ago, the Council of Mortgage Lenders said. Gross mortgage lending in August came in at an estimated £13.4bn, up from £12.6bn in July and £12.1bn [...]
Clegg: Banking reform could happen before 2019 September 20, 2011 Wide-ranging banking reforms could be in place well before the 2019 deadline proposed earlier this month by a government-backed commission, Deputy Prime Minister Nick Clegg said on Tuesday. John Vickers, head of the Independent Banking Commission, the body set up by the government to come up with ideas for reform, recommended that the changes should [...]
Lloyds launches £1bn sale of property loans September 20, 2011 Part-nationalised bank Lloyds has launched the sale of a portfolio of commercial property loans worth £1bn, sources told Reuters. The property loan sale is being handled by investment bank JP Morgan Cazenove and is part of Lloyds’ ongoing moves to shed non-core assets and restructure its balance sheet. Lloyds had said in August that it [...]
Debenhams profits ahead of forecasts September 20, 2011 Debenhams forecast year profit ahead of analysts’ average forecasts after it cut prices to grow market share in a tough trading environment. “Whilst the group gross margin rate for the year (to 3 September) will be flat to slightly down versus last year, headline profit before tax for the 53 week financial year is expected [...]
S&P cuts Italy rating September 20, 2011 Standard and Poor’s cut its ratings on ly by one notch, warning of a deteriorating growth outlook and damaging political uncertainty, in a move that took markets by surprise and added to pressure on the debt-stressed euro zone. S&P’s downgraded its unsolicited ratings on Italy to A/A-1 from A+/A-1+ and kept its outlook on negative, [...]
Let’s twist again … like the Federal Reserve did back in 1961 September 19, 2011 INVESTORS expect the Federal Reserve to pave the way for “Operation Twist” this week, a method of stimulus first used in 1961 that was named after the popular dance. Markets think the Fed will opt for the Twist instead of steaming ahead with a controversial third phase of quantitative easing, dubbed QE3. With few signs [...]
S&P downgrades Italy while Greek aid talks drag on September 19, 2011 ITALY suffered a shock downgrade from Standard & Poor’s late last night, which the ratings agency blamed on the political squabbling that is preventing the government from reacting properly to its financial woes. S&P said the downgrade by one notch to A/A-1 also comes with a negative outlook, warning that Prime Minister Silvio Berlusconi’s austerity [...]
Lib Dems: cuts are necessary September 19, 2011 DEFICIT-CUTTING policies were defended in yesterday’s speeches at the Lib Dem party conference. Labour left the country with a “dangerous, unstable” level of state borrowing, said Vince Cable, and trimming that is “unavoidable if our country and party are to be taken seriously.” Nick Clegg too warned that markets are demanding action on the deficit. [...]
Not the economic equivalent of war September 19, 2011 There is something bizarrely enjoyable about Liberal Democrat conferences. It is the occasion to hear our so-called equalities minister, Lynne Featherstone, blame the world’s problems on men; and to listen to others being nasty to people who own or hope one day to own a nice home in London or the home counties. In their [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 19, 2011 FINANCIAL TIMES SIEMENS SHELTERS CASH AT ECB Siemens withdrew more than half a billion euros in cash deposits from a large French bank two weeks ago and transferred it to the ECB, in a sign of how companies are seeking havens amid Europe’s sovereign debt crisis. The German industrial group withdrew the money partly because [...]
