Wall Street edges up after turbulenceTHE NEW YORK REPORT October 21, 2010 Wall Street inched higher in a volatile session yesterday, torn between strong corporate earnings and a surge in the US dollar. The Dow Jones Industrial Average gained 38.60 points, or 0.35 per cent, to 11,146.57. The Standard & Poor’s 500 Index gained 2.09 points, or 0.18 per cent, to 1,180.26. The Nasdaq Composite Index gained [...]
Mortgage lending is down 7 per cent October 20, 2010 GROSS mortgage lending fell to just £12bn last month, which was the lowest September total for a decade, figures from the Council of Mortgage Lenders (CML) revealed yesterday. This was 7 per cent lower on September 2009 when lending was £12.9bn and 1 per cent lower on the previous month. The September 2010 figure was [...]
West LB’s bad bank records €1bn in losses October 7, 2010 GERMANY’S first bad bank, WestLB’s EAA, posted risk provisions of €1.44bn (£1.2bn) for its 2010 fiscal year and expects more to come as its markets show little signs of recovery. EAA (Erste Abwicklungsanstalt) posted a net loss of €1.05bn in its shortened fiscal year from December 2009 to June 2010, co-head Matthias Wargers said yesterday. [...]
Bank stocks drag on flat FTSE 100 September 29, 2010 WEAK banks dragged Britain’s top share index lower yesterday on persistent concerns over European debt, while drug stocks were also under pressure, offsetting strength from BP. The FTSE 100 closed down 9.17 points, or 0.2 per cent, at 5,569.27, having quickly surrendered an opening push above 5,600. Banks were the main drag on blue-chip sentiment, [...]
Borrowing at a 10-year low September 20, 2010 MORTGAGE lending in the UK hit a 10-year low in August falling to £11.4bn, down 14 per cent from £13.3bn in July, the Council of Mortgage Lenders (CML) said yesterday. The figure was also down six per cent from £12.1bn in August 2009 with the CML warning lending levels were likely to remain subdued until [...]
Mortagage lending falls in August September 20, 2010 Gross mortgage lending fell six per cent year-on-year in August to £13.3bn, the Council of Mortgage Lenders has said. That was the lowest August total since 2000 and represented a drop of 14 per cent from July. The figures chimes with other surveys in showing a cooling in the housing market following a sharp recovery [...]
FSA set to hit Goldman with a £20m fine September 8, 2010 WALL Street titan Goldman Sachs has been fined £20m by the Financial Services Authority (FSA) for failing to disclose it was under a fraud investigation by its US counterpart. The fine, expected to be announced this morning, concludes a five-month long probe by the City watchdog launched after the US Securities and Exchange Commission (SEC) [...]
FTSE gains ground as mining shares are lifted by US data August 31, 2010 BRITAIN’S top shares closed up yesterday as miners gained on firmer US economic data which eased investor anxiety on the global economic recovery, while ARM Holdings jumped on renewed takeover talk. The FTSE 100 gained 23.66 points, or 0.5 per cent at 5,225.22, adding to the 0.9 per cent gain on Friday, as UK traders [...]
Fears of fresh dip see a race for safe assets August 24, 2010 FEARS of a double-dip recession on both sides of the Atlantic intensified yesterday sending rattled investors rushing into the relative safety of the government debt market. In the UK, yields on 10-year government debt fell to 2.876 per cent – the lowest level on record and below the level of March 2009 when the Bank [...]
Bank lending to individuals stays weak August 24, 2010 MORTGAGE lending dropped to a five-month low in July with just 33,700 home loans approved, taking the annual percentage decline to 18.5 per cent, the British Bankers’ Association (BBA) said yesterday. Tighter lending conditions combined with subdued demand for home loans pushed mortgage approvals down last month. This is despite recent calls for the banks, [...]