UK stocks sag after gloomy news from Bank of England August 11, 2010 BRITAIN’S top share index fell sharply to a three-week low closing yesterday, with banks and commodity stocks leading a broad-based sell-off after US and UK central banks voiced concerns over the economic recovery. Technology firm Smiths Group, however, topped the list of a handful of gainers, up 3.9 per cent as traders cited break-up hopes [...]
Fed in rescue bid on fears over growth August 10, 2010 THE US Federal Reserve confirmed fears of a marked slowdown in the world’s biggest economy yesterday as it made its first step towards extending its emergency monetary policy regime in a significant policy shift. The central bank said it would reinvest proceeds from its investments in mortgage-backed securities to buy longer-term government debt in a [...]
NAB happy to maintain status quo in the UK August 10, 2010 National Australia Bank (NAB) yesterday said it was happy with the status quo in the UK and any acquisitions it made there would have to meet its financial criteria. NAB chief executive Cameron Clyne also told analysts there were no immediate plans to change the mortgage rate despite rising funding costs. NAB’s UK operations – [...]
The late-night bank manager is planning a High Street revolution August 8, 2010 THE revolution in High Street banking has begun. That’s the bold claim of Craig Donaldson, chief executive of Metro Bank, the first addition to Britain’s retail banking scene in 100 years. And ground zero is the corner of High Holborn and Southampton Row, where its inaugural branch opened a couple of weeks ago. “The revolution has [...]
Fraud at its highest level in the capital August 8, 2010 FRAUD cases in London and the South East doubled in the first half of the year, to make up 81 per cent of all fraud committed in the UK, according to figures out today. Around 88 fraud cases made it to court in the region, worth a total of £493m, compared to 44 cases worth [...]
A new generation of banks August 5, 2010 BRITAIN saw the launch of its first new high street bank in many years recently, with the opening of Metro Bank’s first and only branch so far on High Holborn. The launch featured no end of gimmicks – including balloons, goodie bags and free dog biscuits – to persuade consumers that the bank offers something [...]
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 [...]
Housebuilder shows profit turnaround August 3, 2010 HOUSEBUILDER Taylor Wimpey swung back into profit over the first half of the year, helped by an improving outlook for the property sector and a determined cost cutting drive. Taylor Wimpey, the second largest homebuilder by volume in the UK, posted a pre-tax profit for the six months to 4 July of £19.6m. That compared [...]
Rock falls into the red but its bad arm heals August 3, 2010 NORTHERN ROCK’S boss insisted there was no timetable for returning the bailed-out bank to private ownership yesterday as it slumped to a £142.6m loss in the first half. Chief executive Gary Hoffman said there was no deadline for a sale of the “good” part of Northern Rock, which holds savings accounts and lends new mortgages, [...]
Treasury yields at record low as Fed mulls new QE August 3, 2010 YIELDS on short-term US Treasury debt fell to a record low yesterday after a raft of negative data heightened expectations that the Federal Reserve may seek to further stimulate the stagnating economy. Two-year note yields, which move inversely to prices, fell three basis points to 0.53 per cent, after touching a new record low of [...]