US senate bill would penalise China over currency strength March 16, 2010 US Treasury secretary Timothy Geithner yesterday insisted there was “no way” major credit rating agencies will cut the gilt-edged rating that they assign to US debt offerings. “What people who look at our country – credit rating agencies, investors, Americans – what they look at is whether we have the political will to restore gravity [...]
First-time buyers hit by rising house prices in January March 16, 2010 FIRST-time buyers were faced with house prices 8.9 per cent higher in January than the same month last year, according to figures from the Department of Communities and Local Government (DCLG). The department said average prices paid by those buying their first home was £149,924 in January. This was up 0.2 per cent against December [...]
IN DEFENCE OF QE March 16, 2010 BANK of England deputy governor Charles Bean yesterday defended the central bank’s monetary policy actions both before and during the financial crisis. In a speech in London last night, he estimated that QE had reduced gilt yields by one percentage point and said that the effects of a weaker sterling should feed through into net [...]
US housing starts slump March 16, 2010 US housing starts fell last month as winter storms disrupted construction, the US Commerce department said yesterday. New building permits, which give a sense of future home construction, fell 1.6 percent to a 612,000-unit pace last month, dropping for a second straight month.
German confidence falls March 16, 2010 German analyst and investor sentiment fell for a sixth month running in March but the rate of decline eased, boosting prospects of a more durable upturn for Europe’s largest economy after a weak first quarter. The Mannheim-based ZEW economic think tank said yesterday its monthly poll of economic sentiment came in at 44.5 in March, [...]
Banks and commodities gain strength after S&P reassures on Greek debt March 16, 2010 BRITAIN’S top shares gained 0.5 per cent yesterday lifted by strength in banks and commodity issues after reassuring news on Greece’s debt situation and as investors awaited the outcome of a US Federal Reserve meeting. At the close, the FTSE 100 was 26.58 points higher at 5,620.43, having closed 0.6 per cent lower on Monday. [...]
Intel leads the way as Fed decision lifts Wall Street March 16, 2010 US stocks rose to a fresh 17-month high yesterday after the Federal Reserve held benchmark rates near zero and maintained its pledge to keep them low for an extended period. The central bank also pointed to increased momentum in the economy’s recovery, and that, coupled with strength in Intel, helped the Standard & Poor’s 500 [...]
Bad loans rise as profits dip at Alpha Bank March 16, 2010 Alpha Bank, the third-largest lender in recession-hit Greece, yesterday said full-year net profit fell by a third on weak loan growth, higher provisions and a one-off tax. Net earnings slid to €349.8m (£316m) after the €42m tax, below the average forecast of analysts, who had estimates ranging from €346m to €402m. A recession in Greece, [...]
Jobless fuel Fairpoint profits March 16, 2010 FAIRPOINT – which advises debtors how to pay back their loans – has seen profits rise with unemployment. The company said yesterday that pre-tax profit for 2009 hit £5.72m compared with £1.12m a year ago. Revenue grew to £28.9m from £26.46m. Fairpoint said it had restructured its marketing department and had sealed a number of [...]
Expat pensioners lose last round of courtroom battle March 16, 2010 half a million retirees who emigrated to Canada and Australia yesterday lost the final round of their protracted fight for equal pensions abroad. Their appeal to the European Court of Human Rights was denied by judges in Strasbourg who ruled that withholding index-linked pension rises to pensioners who had chosen to live abroad did not [...]
