Credit crisis worsens July 28, 2008 Credit quality “declined rapidly” throughout Western Europe in the second quarter of this year as the credit crunch exacerbated inflation and slowing growth, according to a report published by ratings agency Moody’s today. The agency, which downgraded 41 debt issuers in the quarter, believes conditions are worsening thanks to rising inflation and slowing economic growth, [...]
How Obama is having an impact on our view of US brands July 28, 2008 There are still those who would separate business and politics. But they are intimately connected. In a study about a year ago using data from YouGov’s BrandIndex and our tracking of attitudes to America, we examined whether the two were correlated. We found that there was indeed a clear link: as opinions of the US [...]
Lenders hope for boost from Crosby July 28, 2008 The crumbling housing market is holding its breath for the publication of the Crosby review tomorrow into the funding struggles facing British banks, amid speculation that the government is working on a new mortgage debt swap plan to help soften the effects of the credit crunch. Sir James Crosby, the former HBOS chief executive and [...]
HBOS set to report big fall in profits July 28, 2008 Troubled mortgage giant HBOS will announce interim results this week, with profits expected to have fallen more than 50 per cent year-on-year, as investors call for asset sales to offset heavy write-downs. Analysts are forecasting a slump in profits to £1.3bn, due in part to losses related to the US sub-prime mortgage crisis and stuttering [...]
Apple boss does not have repeat cancer July 28, 2008 Apple’s chief executive Steve Jobs, who has been dogged by speculation over his health, does not have recurrent cancer or another terminal illness According to a source close to Apple, rumours that Jobs is suffering from cancer are over-exaggerated. The source said it was common for those recovering from pancreatic cancer to experience weight loss, [...]
Prudential eyes Wigley for top role July 28, 2008 Bob Wigley, the veteran banker who is leading Boris Johnson’s review of the City, is in line to become the new chairman of the Prudential. Wigley, who currently serves as head of Merrill Lynch’s European operations, is on a shortlist of candidates to run Britain’s second largest insurance group. Prudential’s interest will fuel speculation that [...]
London hardest hit as house prices suffer further falls July 28, 2008 Fresh evidence that the housing market is continuing to deteriorate emerged today as an influential survey revealed prices fell for the tenth month in a row – with most of the declines hitting London. House prices fell a further 1.2 per cent in July, compared to a 1 per cent fall from June, according to [...]
BP’s Dudley must go, say oligarchs July 28, 2008 The position of TNK-BP chief executive Robert Dudley was blasted as “untenable” yesterday by four Russian billionaires who own half the joint oil venture after he fled the former communist state last week. A spokesman for AAR, the holding company for the oligarchs Mikhail Fridman, Viktor Vekselberg, Len Blavatnik and German Khan, said: “It is [...]
Hg Capital considers bid for magazine publisher July 28, 2008 Wilmington Group, publisher of the journalists’ magazine Press Gazette as well as many other business titles, will today confirm that it is in preliminary talks with Hg Capital about a possible takeover by the private equity firm. While informal talks have been held with Hg Capital, it is understood that a formal offer would be [...]
UK industry is modern, high-tech and a good bet for savvy investors July 25, 2008 Funds and ETFs can help get you exposure to an area that promises to flourish, writes Phil Thornton Barely a day goes by without a new portent of doom and gloom for some part of the UK economy, whether for financials, retailers or housebuilding. But one sector may offer a glimmer of hope during a [...]
