FTSE falters as retailers slide June 9, 2011 Stocks defied downbeat expectations to post gains this morning but have since downhill after a number of UK retailers said sales were falling. Heavyweight banking stocks are also down following yesterday’s Treasury Select Committee debate over whether to ringfence their operations, and Vince Cable’s attack on their lending levels on Tuesday. State-backed Lloyds Bank is [...]
OIL SURGES AFTER OPEC STALEMATE June 8, 2011 THE PRICE of oil jumped yesterday after cartel Opec failed to agree a deal to increase its output, making future supply uncertain and raising concerns over the economic recovery. Brent crude spot prices rose 2.1 per cent to $117.84 a barrel after Opec’s meeting in Vienna ended without deciding whether the 12 members should raise [...]
Bank chiefs clash on plan for ringfence June 8, 2011 THE heads of Britain’s four biggest lenders were at loggerheads over banking reform yesterday, with RBS chief Stephen Hester saying that the Vickers Commission’s proposals would “increase systemic risk” while HSBC chairman Douglas Flint said they are “required” to protect depositors. Following business secretary Vince Cable’s latest attack on banks for insufficient lending yesterday, the [...]
Weak miners dip FTSE below key 200-day moving average June 8, 2011 MINING stocks, dented by heightened investor concerns about the strength of the global economic recovery, pushed Britain’s top shares below a key technical level yesterday, a bearish signal for the index. The FTSE 100 closed down 55.76 points, or one per cent, at 5,808.89, having breached its 200-day moving average of 5,815. US Federal Reserve [...]
PERSONAL FINANCE NEWS June 8, 2011 DISTRESSING FINANCES According to R3, the trade body for insolvency professionals, the number of people experiencing financial distress has increased to the highest level recorded. 8m people are due to go into their overdraft this month, with 2m believing that they will go into an unauthorised overdraft position. The findings also show that 6m people [...]
Big banks accused of talking down values June 7, 2011 STJ Advisors, the St James’s Place-based firm, is accusing the big banks that run the flotation process of charging high fees and of “distorting investor feedback” in order to get companies to lower their valuation, according to a sales document seen by City A.M. The document claims that “banks are conflicted” in the IPO process. [...]
MPs raise concerns over new panel’s independence June 7, 2011 CONCERNS have been raised over the independence of the new body being set up to spot potential crises in the British economy by an influential committee of MPs. The Treasury select committee said it was “not so clear” whether Alistair Clark, a former Bank of England employee, would be sufficiently independent to sit on the [...]
Cowdery’s buyout fund is dead man walking but shares still worth a look June 7, 2011 WHEN Clive Cowdery returned with the second incarnation of Resolution, his life insurance consolidation vehicle, he had ambitions to match the firm’s moniker. To be frank, he hasn’t resolved very much and today’s £250m buyback suggests he doesn’t plan to either. February’s “pause” on new acquisitions is now looking like a final stop. The zombie [...]
German factory orders recover June 7, 2011 German factory orders climbed 2.8 per cent in April compared to the previous month, reversing the 2.7 per cent drop seen in March. “Assuming the current reading persists in May to June, factory orders would be 1.5 per cent above the their quarter four [2010] level, providing a favourable indication for production output,” commented Barclays [...]
Barclays forced to pay out June 6, 2011 BARCLAYS is being forced to return $2bn (£1.2bn) in margin collateral to the trustee for the brokerage arm of Lehman Brothers, the collapsed US bank. US bankruptcy judge James Peck yesterday said the trustee, which is liquidating what is left of the brokerage business, is entitled to $4bn in margin assets that have been the [...]