New claims for US jobless benefits hit a three-month low as economy picks up October 7, 2010 New US claims for jobless benefits hit a near three-month low last week, suggesting some let up in the labour market’s distress but likely not enough to keep the Federal Reserve from easing monetary policy further. Initial claims for state unemployment benefits dropped 11,000 to 445,000, the lowest since 10 July, the Labour Department said [...]
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, [...]
Default risks keep cost of lending high September 19, 2010 AN INCREASE in financial institutions’ perceived riskiness and their need to shore up balance sheets in the wake of the credit crisis has kept the cost of borrowing high despite the Monetary Policy Committee (MPC) slashing headline interest rates to historic lows, the Bank of England will say today in its latest quarterly bulletin. Despite [...]
The Co-op boss who is on a mission to rejuvenate an iconic organisation September 19, 2010 IT IS EASY to see why Co-operative Group chief executive Peter Marks is so excited about the new £180m head office that will open on a 20-acre site in the centre of Manchester in 2012. The current 1960s 13-storey building across the road seems to be made almost entirely of linoleum and plywood. I have [...]
Surveys cast shadow over house pricesa September 2, 2010 HOUSE prices fell much faster than expected last month and construction activity slowed, industry surveys showed yesterday, reinforcing concerns that economic growth will fall off sharply. The strongest quarterly construction growth for decades pushed British economic growth to a nine-year high of 1.2 per cent in the second quarter, but the Markit/CIPS purchasing managers’ index [...]
Pack a tax plan if you want a retirement on the beach September 2, 2010 IF YOU are tempted to spend your golden years in the sun and escape overcrowded, polluted London, you are not alone. Emigration from the UK reached a record high in 2008 and that was before the introduction of a 50 per cent higher tax rate and the impending austerity measures. But planning is essential if [...]
Giant predicts property pain September 1, 2010 HOUSE prices could crash by up to 20 per cent as interest rates rise, the outgoing head of Britain’s largest retail stockbroker warned yesterday. Peter Hargreaves, who steps down as chief executive of Hargreaves Lansdown today, said residential real estate values would be squeezed by tightening monetary policy while commercial property would be hit by [...]
Weak housing loans point to a price slump August 31, 2010 JUST 48,700 mortgages were approved in July, according to data published yesterday by the Bank of England, raising fears that the UK housing market is at best drifting sideways and at worst heading for a double-dip recession. Although the small rise was better than the dip to 46-47,000 that the market had expected, economists were [...]
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 [...]
FTSE falls as economic woes hit banks and commoditiesTHE LONDON REPORT August 18, 2010 Banks and commodity stocks pushed Britain’s top shares lower yesterday, with worries over the global economic recovery knocking sentiment and weak volumes exacerbating stock moves as the FTSE 100 remained range-bound. The FTSE 100 closed down 47.68 points, or 0.9 per cent, at 5,302.87 after ending 1.4 per cent higher on Tuesday at 5,350.55 for [...]