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, [...]
PERSONAL FINANCE NEWS August 5, 2010 MS LAUNCHES NEW GROWTH PLAN Morgan Stanley this week announced the launch of its FTSE Gilt-Backed Growth Plan 4, which offers investors a fixed return equivalent to 8.5 per cent a year, paid on the first anniversary that the FTSE records flat or positive performance. If this does not happen, then investors still have some [...]
Dramatic recovery for Britain’s banks August 1, 2010 BANKS will come under renewed pressure to extend credit to small businesses this week as the UK’s five largest lenders reveal combined pre-tax profits of nearly £12bn. With the stronger players returning to pre-financial crisis levels of success, a fresh row is brewing between politicians – who are demanding more finance for enterprises – and [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 21, 2010 FINANCIAL TIMES FIAT CONFIDENT OF BANK FINANCING Fiat’s ambitions to marry off its auto division with Chrysler of the US took a step forward yesterday, as it said banks were ready to provide €4bn ($5.1bn) in loans to help finance the demerger of its non-automotive operations next January. The Italian group also reported better-than-expected second [...]
Goldman sees profits plunge July 20, 2010 GOLDMAN Sachs was yesterday accused of massaging its figures downwards to ease political pressure as it reported an 83 per cent collapse in second quarter net income. In what one observer described as a “well-orchestrated earnings announcement”, Goldman said net income for the three months to June came in at $453m (£297m), or 78 cents [...]
CITY VIEWS: SHOULD INTEREST RATES RISE? July 15, 2010 JAQUES VANZYL ALLIED WORLD ASSURANCE “At the moment I’m happy with the current rate. I have a flexible rate on my mortgage so my payments are very low. On the other hand, we also have savings and they have taken a hit, so it’s a bit of a conundrum. I’m looking for a fixed rate [...]
Our nation of shoppers is not about to quit the habit yet July 14, 2010 SINCE the onset of the recession, the pressure has increased to turn the UK economy into a manufacturing centre of excellence and at the same time become a nation of savers. But has the nation really turned its back on its former favourite pastime, shopping? Well, the hard data would suggest no. According to the [...]
House prices tumble 0.6pc in June to mark third consecutive fall, says Halifax July 8, 2010 HOUSE prices in the UK unexpectedly fell by 0.6 per cent in June for the third month in a row, trimming the annual rise in property prices to 8.7 per cent last month. The Halifax data comes just days after rival mortgage provider Nationwide reported that the rise in house prices slowed to just 0.1 [...]