My shock at seeing oil tanker plough into tiny yacht August 7, 2011 Olympic Champion sailor shares her Cowes Week diary with City A.M. IT’S only the third morning of Aberdeen Asset Management Cowes Week and our household must be getting old, because we have already had a slightly earlier night last night. We have picked up a few waifs and strays. Pippa Wilson, who I sailed with [...]
US loses AAA rating August 6, 2011 The United States lost its top-tier AAA credit rating from Standard & Poor’s, hours after investors alarmed by the euro zone debt crisis forced Italy to speed up an austerity drive. China, the largest foreign holder of U.S. government debt, made clear that Washington only had itself to blame and called for a new stable [...]
Banks lead FTSE down on close after tumultuous week August 5, 2011 Banks and commodity stocks fell sharply on Friday as the top share index extended losses into a sixth straight trading day, battered by a global debt crisis and unmoved by US jobs data easing fears of another economic recession. London’s blue chip FTSE 100 closed down 146.15 points, or 2.7 per cent at 5,246.99, as [...]
US given boost by jobs figures August 5, 2011 US job growth accelerated more than expected in July as private employers stepped up hiring, a development that could ease fears the economy was sliding into a fresh recession. US payrolls increased 117,000, the Labour Department said on Friday, above market expectations for an 85,000 gain. The unemployment rate dipped to 9.1 per cent from [...]
House prices in slim rise August 5, 2011 House prices have gone up for the third month in a row, according to the Halifax mortgage lender. Its latest monthly survey says they rose in July by just 0.3 per cent, leaving them 2.6 per cent lower than a year ago at £163,981. The lender explained that over the last three months prices had [...]
FTSE continues downward spiral August 5, 2011 Markets continued the downward spiral which saw £35bn wiped off London’s blue-chips yesterday as the debt crisis and fears that the world economic recovery is not gaining traction took their toll. There were few signs of life in markets across Europe this morning with the FTSE 100 slumping 2.8 per cent on opening. Germany’s Dax [...]
Banks “on track” with lending targets August 5, 2011 The country’s top banks said they are track to meet government-set targets on lending to businesses, agreed earlier this year to boost the faltering economy in exchange for legislative restraint by the government. The British Bankers Association (BBA) said that as part of the deal – known as “Project Merlin” – the country’s top five [...]
Premier Foods profits fall as costs rise August 5, 2011 Food manufacturer Premier Foods said it was seeing an improving trend in its second half as it posted an expected 29 per cent fall in first-half profit, hit by higher commodity costs and a depressed consumer environment. The maker of Branston pickle, Bisto gravy and Hovis bread said Friday it made a trading profit for [...]
Prudential profit up by a quarter August 5, 2011 Prudential, the UK’s biggest insurer, has posted a better-than-expected 25 per cent rise in its first-half profit after its footprint in Asia delivered further strong growth. Prudential made an operating profit of £1.06bn in the first six months of 2011, compared with £968m a year earlier and more than seven per cent ahead of consensus [...]
RBS posts loss triggered by Greek crisis August 5, 2011 Royal Bank of Scotland has reported a half-year loss after being hit by a £733m provision for its exposure to Greek government bonds. RBS reported attributable losses of £1.4bn for the six months to 30 June and said it would cut up to 2,000 jobs in the next 12 to 18 months to downsize divisions [...]
