Weak results sour views of US economy October 24, 2012 US stocks ended lower for a second day yesterday as investors soured on another round of underwhelming corporate results and the Federal Reserve said it would stick to its stimulus plan until the job market improves. The S&P 500 has lost 3.6 per cent over the past five sessions, hurt by weak earnings outlooks and [...]
The Fed has created golden opportunities October 23, 2012 MONETARY expansion has inadvertently given commodity prices a huge boost – but should traders focus on the spot commodity or gold mining equities? With the creation of QE Infinity – the open-ended quantitative easing programme unveiled last month by the US Federal Reserve – traditional monetary policy is now nothing but a speck on the [...]
Making Mr Nice: Don’t cry all the way to the bank October 21, 2012 THE girl was clearly nervous as her job interview got underway. I asked her why Australia had such a high inflation rate and I was incredulous at her answer: “I believe it is mostly ‘imported inflation’”. I pulled a face. “Imported inflation? How could that be possible when our biggest trading partner, Japan, has a [...]
Bank of Scotland fined £4.2m for mortgage errors October 19, 2012 Bank of Scotland (BOS) has been fined £4.2m by the Financial Services Authority (FSA) for errors in its mortgage systems, which led to inaccurate mortgage records for 250,000 customers. During 2004 and 2011, the FSA said BOS kept customer mortgage information in two unaligned accounts, meaning the bank was relying on inaccurate information for “considerable” [...]
Bank data reveals loans drop despite Funding for Lending October 18, 2012 NET lending was negative in August, statistics showed yesterday, with more businesses paying off debt than taking more out. The net monthly flow of lending to businesses was minus £2.2bn in the month, according to Bank of England data. The total stock of lending shrunk 2.2 per cent at an annualised rate in the three months to [...]
Inflation drops but above 2pc for 30th month October 16, 2012 INFLATION dived in September, data revealed yesterday, bringing it closer to the Bank of England target is has exceeded for 30 consecutive months. Yearly inflation, as measured by the consumer prices index (CPI), slid to 2.2 per cent in September, the Office for National Statistics (ONS) said, down from 2.5 per cent in August. Driving [...]
Inflation falls to lowest level in almost three years October 16, 2012 Consumer price inflation fell to 2.2 per cent in September, the lowest level since November 2009. Official figures from the Office for National Statistics said this morning that the rate of inflation fell from 2.5 per cent in August, largely due to the effects from September 2011’s utility bill rises dropping off. The ONS said [...]
What the other papers say this morning October 14, 2012 FINANCIAL TIMES Tories plot cash-for-seats offer Senior Conservatives are plotting an audacious “cash-for-seats” offer to Nick Clegg, where the Liberal Democrat leader would back a Conservative-friendly Commons boundary review in exchange for millions in state funding for his party. US woman takes on banks over Libor A pensioner whose home was repossessed is taking on [...]
Goldman to swing to profit October 14, 2012 US BANKS are expected to report strong revenue figures this week, in part thanks to the boost to the mortgage market from the Federal Reserve’s latest round of money printing. Goldman Sachs will report its third quarter results tomorrow, and is expected to turn 2011’s third quarter loss of $393m (£245m) into a solid profit [...]
It might be prime time to refinance October 14, 2012 HISTORICALLY low interest rates and government schemes mean that it may make sense, for some borrowers at least, to remortgage their homes. But data from the Council of Mortgage Lenders serves as a stark reminder as to how tight conditions still are. In 2011, £46.6bn worth of remortgages were taken out by borrowers in 375,000 [...]