Britannia hit by bad debts on mortgages August 14, 2008 Mutual building society Britannia yesterday posted a 40 per cent drop in interim profits, after the cost of bad debts hammered its mortgage book. Britannia said the percentage of its home loans that were three or more months in arrears rose by just over 1.7 per cent in the first six months of the year [...]
ING profits hit as asset fears build August 14, 2008 ING, the Dutch bank and insurer, reported a slide in second-quarter earnings of 25 per cent yesterday, as it yielded smaller returns on its investments. Net profit fell to €1.9bn (£1.5bn) from €2.56bn a year earlier, beating market expectations but signalling a downturn in the fortunes of its investments. CEO Michel Tilman said: “We are, [...]
It’s chilly in the summer air August 14, 2008 It could just be the weather, but it was a decidedly grumpy Bank of England governor who chaired the central bank’s quarterly inflation report yesterday. Looking thin-lipped and put-upon, Mervyn King gave an impassioned explanation of why it was not his or the Bank’s fault that inflation is high, and rising. Not since Pontius Pilot [...]
US assets are back in vogue August 14, 2008 Investors are seeking safety in US assets as the economic downturn spreads to Europe, research revealed yesterday. A majority, 53 per cent of fund managers, expect the dollar to appreciate and 38 per cent plan to overweight US equities during the next 12 months, according to Merrill Lynch’s monthly fund manager survey. Both readings are [...]
King predicts more pain as growth dives August 14, 2008 Unemployment and inflation on the rise; growth, houses and sterling on the slide Bank of England (BoE) governor Mervyn King yesterday refuted claims he had lost control of the economy as the central bank issued its darkest assessment of the UK economy since it gained its independence in 1997. In its quarterly inflation report, the [...]
Vaughan fears for future of Test game August 14, 2008 Departed England captain Michael Vaughan admits he has concerns that the emerging impact of Twenty20 cricket may have a detrimental effect on the Test game. The England and Wales Cricket Board have added two new Twenty20 events to the domestic calendar to cater to its popularity and compete with the hugely successful and marketable Indian [...]
Sub-Standard Reds relieved to escape Liege with a draw August 14, 2008 Rafael Benitez admitted his relief after his below-par Liverpool side held on for a crucial away draw in their Champions League qualifier with Belgian champions Standard Liege. Goalkeeper Jose Reina kept the five time champions in the match with a string of saves including a first half penalty from Dante Bonfim and an earlier effort [...]
Quartet keep flag flying as Britain reign in Shunyi August 14, 2008 Great Britain continued their proud tradition by powering into the final of the men’s coxless fours to complete a successful day for British rowers in Shunyi. The quartet of Andy Hodge, Steve Williams, Tom James and Pete Reed produced a dominant semi-final performance to cross the line ahead of Australia and France and lay a [...]
Quicksilver Pooley pedals to another medal for Britain August 14, 2008 Emma Pooley produced a stunning ride to claim silver in the time trial yesterday and hand Great Britain a second cycling medal of the Games. The 25-year-old only turned professional two years ago but came within just 25 seconds of landing a dream gold. Pooley, who was credited for a playing a key role in [...]
Jury out for interest rate August 13, 2008 Analysts were divided yesterday on what the unexpected leap in inflation would mean for the direction of interest rates. The 4.4 per cent annual inflation rate is more than double the Bank of England’s two per cent target. Normally such a sharp increase would lead to an automatic rise in official rates, but with the [...]
