Freddie Mac sees $4.4bn loss November 3, 2011 MORTGAGE giant Freddie Mac said yesterday it will seek an extra $6bn (£3.7bn) from US taxpayers following its worst quarterly loss this year. The US government-owned company reported a comprehensive loss in the third quarter of $4.4bn, it said in a filing with the US Securities and Exchange Commission. That compared with a $2.5bn loss [...]
House prices rise but market remains weak November 1, 2011 House prices rose in October but have fallen slightly over the past three months as difficult economic conditions kept the market under pressure, Nationwide has said. The building society’s house price index showed prices gained 0.4 per cent in the past month – the strongest monthly gain since February, and higher than September’s 0.1 per [...]
EU summit optimism won’t last for long October 25, 2011 FOREX conditions are choppy for euro traders, with yesterday’s moves indicative of the jittery markets. Upon the news that the Ecofin conference won’t take place, euro-dollar quickly dropped 0.6 per cent. Twitter feeds across the world were swamped with presumptions that the full emergency heads-of-government summit was also cancelled. Euro-dollar rebounded, as it became clear [...]
City hits out at Tobin tax October 24, 2011 ELEVEN of the City’s main financial groups have urged chancellor George Osborne to fight any proposed financial transactions tax, in a letter sent to the Treasury yesterday. The City collective – which includes the British Bankers’ Association and Investment Management Association – argued that a tax would hammer the economy and affect all of the [...]
Households struggling as prices rocket October 23, 2011 THE SQUEEZE on Britons’ finances is showing no sign of relaxing, according to a downbeat report by Markit, released this morning, thanks to job losses and soaring prices. The outlook for household finances plummeted to its lowest level for six months, Markit’s index has shown. The measure of people’s expectations for their finances over the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 20, 2011 FINANCIAL TIMES EU PUTS BANKS’ SHORTFALL AT JUST €90BN Europe’s grand plan to strengthen its banking system is set to fall well short of current market expectations identifying a capital shortfall of less than €100bn (£87bn) that must be made up over the next six to nine months, according to the latest official estimates. The EU’s [...]
New ways to raise funds for your MBA October 12, 2011 FUNDING an MBA can be a tricky thing. Many schools offer grants and scholarships, often sponsored by businesses or donors, and some lucky students’ fees are paid by their businesses. But for many, stumping up the cash for those three little letters involves dealing with banks. As we all know, banks are not exactly keen [...]
House prices decline again in September October 6, 2011 VOLATILITY continued in the housing market, with September’s price falls reversing gains seen in June and July, the Halifax index revealed yesterday. Prices are down 0.5 per cent compared with August and 2.3 per cent over the last 12 months, the seasonally adjusted figures show. The rate of decline has slowed from its peak of [...]
House prices down in September October 6, 2011 House prices unexpectedly fell 0.5 per cent in September and were 2.3 per cent lower in the three months to September compared with a year ago, a survey by mortgage lender Halifax showed. Analysts had expected a rise of 0.2 per cent on the month, for a three-month annual fall of 2.1 per cent. September’s [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 28, 2011 FINANCIAL TIMES PLANS REVEALED FOR US-STYLE PLEA BARGAINS The UK plans to introduce US-style corporate plea bargains that could result in fines totalling hundreds of millions of pounds, according to the Solicitor General. “You have to have a cost-benefit analysis. If I can produce a system which has all the benefits [of the US] and [...]