GMAC set to post $5bn loss January 6, 2010 BORROWERS unable to pay home loans have left car and home finance company GMAC Financial Services facing a fourth quarter loss of about $5bn (£3.12bn). GMAC, which has 15m customers worldwide, said yesterday the expected deficit would be due largely to charges related to its bid to write down or sell risky mortgage assets. The [...]
Coyle rapped by Burnley for sideways switch to Bolton January 6, 2010 BURNLEY chairman Barry Kilby has aimed a dig at outgoing manager Owen Coyle’s decision to join Bolton, calling the switch to their relegation rivals a “sideways” move. Coyle, who is on gardening leave while compensation is thrashed out, has chosen to leave Burnley having guided them to 14th place in the Premier League. Bolton, meanwhile, [...]
I told you I was innocent, insists F1 mogul Briatore January 6, 2010 FORMER Renault F1 boss Flavio Briatore has poured more fuel onto the fire of Crashgate by insisting he had no involvement in the scandal. The Italian is celebrating after his lifetime ban from motorsport, imposed by governing body the FIA following a probe into the controversy, was overturned by a French civil court on Tuesday. [...]
Bank to hold interest rates and QE steady January 6, 2010 NO CHANGE was the preferred course of action for CityA.M.’s shadow Monetary Policy Committee (MPC) this month as a majority of members voted for both interest rates and the current level of quantitative easing (QE) to be kept on hold. Seven members said the Bank of England’s MPC should wait to make any further changes [...]
CITY AM | SHADOW MPC January 6, 2010 ALLISTER HEATH | CITY A.M. “The PMI services data show the UK grew in the fourth quarter and the money supply figures looked healthier than expected. QE needs to be stopped sooner rather than later but rates should stay put for now.” SIMON WARD | HENDERSON “Suspend QE and signal an intention to begin normalising [...]
Data boosts hopes that UK slump is over January 6, 2010 HOPES that the UK recession ended in the last quarter of 2009 were boosted yesterday by service sector data for December showing the strongest growth in new orders in over two years. The latest survey of purchasing managers in services companies, the so called “engine room of the UK economy”, showed activity edged up to [...]
Eurozone economies remain fragile amid inflation pressure January 6, 2010 EUROZONE industrial new orders were weaker than expected in October and producer prices grew less than anticipated in November, data published yesterday showed, underlining the fragile nature of the economic recovery and weak inflationary pressures. Industrial new orders in the 16 countries using the euro fell 2.2 per cent in October against September, the European [...]
US services sector grows as job picture improves January 6, 2010 THE rate of job losses at US private employers slowed in December and the services sector showed marginal growth, according to data published yesterday. The Institute for Supply Management said its services index rose to 50.1 in December, just above the 50 mark separating expansion from contraction. Meanwhile, ADP Employment Services data showed the rate [...]
Snow forces Eurostar to cancel trains January 6, 2010 EUROSTAR cancelled four trains yesterday due to bad weather and expects more problems just three weeks after powdery snow turned its rail link between Britain and France into a pre-Christmas undersea travel trap. Snowstorms sweeping across southern England and northern France brought road and rail chaos, with Eurostar warning travellers of the same problems that [...]
Business as usual in City as Britain grinds to halt January 6, 2010 FREEZING weather, heavy snow and iced-up roads may have given many Londoners the perfect excuse to avoid work yesterday but thankfully the City of London continued to function as normal with the minimum of disruptions. Insurer RSA yesterday estimated that a single day of severe weather could cost the London economy more than £145m as [...]
