WAR ON BANKS AFTER BONUS ROW EXPLODES December 3, 2009 POLITICIANS rounded on bankers yesterday amid fears a windfall tax on bank profits is on the cards for the pre-budget report next week. The concerns came as a report from the National Audit Office (NAO), released today, revealed for the first time that the government has spent £117bn bailing out the banks. Lord Myners, the [...]
SAVINGS GIANTS IN MEGA-MERGER December 1, 2009 YORKSHIRE Building Society is in advanced merger talks with beleaguered competitor Chelsea, in a deal experts said could fuel further consolidation in the sector. A tie-up, yet to be approved by the FSA, would create a major force in the building society arena. With £38bn assets and 2.7m members it would be second only to [...]
Technology firms drive USsell-off November 19, 2009 Technology stocks drove a broad-based US sell-off yesterday as a brokerage took a dim view of demand prospects for the semiconductor sector, while economic data underscored the fragility of the recovery. Bank of America-Merrill Lynch cut its 2010 growth outlook for the semiconductor industry on concerns about a rising inventory glut. It downgraded 10 stocks, [...]
Rise in inflation proves that QE must stop November 17, 2009 IT is wrong to argue that inflationary pressures are about to return, as many commentators said yesterday after the release of figures showing higher than expected consumer price rises. The reality is that inflationary pressures have always been with us – in past years, inflation took place in asset prices, while consumer prices rose at [...]
Amount of repossessions is set to go up November 12, 2009 FEWER homes will be repossessed this year than previously forecast, the Council of Mortgage Lenders (CML) said yesterday, but the body expects 2010 to see more repossessions. The CML lowered its forecast for the second time this year and now anticipates that 48,000 homes will be repossessed in 2009, just 8,000 more than in 2008. [...]
Good banks leave their weak rivals behind November 10, 2009 THERE are three main messages from Barclays’ and HSBC’s results yesterday. British banks are divided into two groups: strong, private firms that have continued to generate profits during the crisis; and weak players that had to be bailed out. It is simply wrong to claim that all banks are the same. It is also clear [...]
Weak banks and miners pull FTSEdown by one per cent October 26, 2009 THE FTSE 100 share index ended 1 per cent lower yesterday, with mining and energy stocks suffering as the US dollar rose and commodity prices fell, while a sharp decline in ING put pressure on financials. The index ended down 50.83 points at 5,191.74, having risen as high as 5,281.12 earlier in the session. It [...]
Home builder fears drag on Wall Street October 26, 2009 US stocks fell for a second straight session last night as investors ditched home builders and financials on fears that a federal home buyer tax credit might be phased out, while commodity shares succumbed to pressure from the higher US dollar. Trading was choppy. Stocks initially started on firmer footing, with indexes up more than [...]
Dutch state seizes DSB Bank October 12, 2009 THE Dutch Central Bank (DNB) has seized control of floundering financial institution DSB Bank, after the firm’s consortium of lenders failed to agree on a rescue plan amid a slew of deposit withdrawals. The DNB went to a Dutch court to seek permission to take control of DSB, in the wake of mass withdrawals from [...]
Lack of stock propels house prices higher October 6, 2009 HOUSE prices in Britain experienced their first quarterly rise in two years in the three months to September, which saw the value of a UK home rise 2.8 per cent over the period, Halifax said yesterday in its monthly survey, citing increased demand and a shortage of properties for sale. Data from the mortgage lender [...]