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FSA to lift ban on short selling
The Financial Services Authority (FSA) says it will lift a ban on short selling stocks in 34 companies in the UK banking and insurance sector, on 16th January.
The ban was introduced as a temporary measure in September of last year, when short selling was blamed for a downward spiral in HBOS’s share price, the driving [...]
Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets
Nationwide house price index down 15.9%
The latest house price figures from the Nationwide show the average cost of a UK home falling by an annual 15.9%, in December.
During the month values took another 2.5% dip, taking the average cost of a property down to £153,048, or £29,000 less than a year earlier.
According to the building society’s index, prices have [...]
Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets
Coventry launches 4.99% fixed rate mortgage
Coventry Building Society yesterday launched a new range of mortgage products.
Among the products released was a two year fixed-rate mortgage at 4.99%, available at 85% loan to value. A free valuation and remortgage transfer service are included in the deal.
Offset products have also been updated to include a two year 4.49% fixed rate, or [...]
Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets
Standard Chartered gains in London as HBOS declines
European equities markets were up Monday even though Citigroup (NYSE: C) issued downgrades to “underweight” to several European sectors, including banking and chemicals.
In London, where the FTSE 100 added 0.39 percent to 4,579.64 and the FTSE 250 was up 1.78 percent to 6,745.17, banks were mixed, with Standard Chartered (LSE: STAN; SEHK: 2888) up 6.15 [...]
Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets
Shift to larger deposits hampers housing market recovery
Financial data provider, Moneyfacts.co.uk, has published new figures showing that 25% of mortgages available in the UK to new borrowers require a deposit of at least 40%.
Those who can only manage a deposit of 5% or less have a mere 21 home loans to choose from, compared with over 1,200 in February of last year. [...]
Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets
House prices ‘fell 15.9% in 2008′
House prices fell by 15.9% last year, according to the latest survey by the Nationwide building society.
Source: BBC News | Business | UK Edition
Sales fall at Next and Debenhams
Next and Debenhams see sales fall over the Christmas period, as a survey puts UK consumer confidence at a new low.
Source: BBC News | Business | UK Edition
Marks and Spencer cuts 1,000 jobs
Marks and Spencer will announce on Wednesday that it is cutting 1,000 jobs from its workforce of 70,000, the BBC confirms.
Source: BBC News | Business | UK Edition
Apple chief reveals hormone imbalance
Steve Jobs has revealed that his recent weight loss was due to a hormone imbalance and that he was currently undergoing treatment to correct the condition, but would remain Apple chief executive
Source: FT.com - Companies
John Lewis eases fears of retail crisis
A late flurry of shoppers helped the department store chain, weather the Christmas period with flat like-for-like sales, providing some hope that the expected retail bloodbath will not be as bad as feared
Source: FT.com - Companies
Borders hopes new chief can improve its story
The struggling US bookstore chain has brought in a new chief executive, Ron Marshall, a veteran retail executive, to head its turnround efforts
Source: FT.com - Companies
Daiichi to book $3.9bn loss on Ranbaxy
Daiichi Sankyo said its full-year profits will be lower than initially expected due to a Y360bn loss arising from its acquisition of the Indian generic drugmaker
Source: FT.com - Companies
China in push to prop up local carmakers
Beijing is expected to unveil tax cuts and incentives to help support the local car market as part of efforts to stimulate the economy and shield the country from the effects of the global economic crisis
Source: FT.com - Companies
Wedgwood falls into administration
Deloitte has been appointed as administrator of the company’s UK and Irish subsidiaries after the cut glass and designer crockery group failed to find fresh financing
Source: FT.com - Companies
Wall Street ‘red light’ on Madoff
Large Wall Street firms harboured suspicions about Bernard Madoff’s investment business – in some cases steering clients away from dealing with him – but were reluctant to voice their concerns to regulators, say US bankers
Source: FT.com - Companies
Tyson chief quits as troubles mount
The head of Tyson Foods, the world’s biggest meat producer, resigned on Monday, underlining how the global economic downturn is squeezing the industry between softening demand and oversupply
Source: FT.com - Companies
Share issue guidelines eased by ABI
Large rights issues could now be more easily conducted with the Association of British Insurers relaxing its stance in a move to reduce exposure to speculative pressures
Source: FT.com - Companies
Investment fears in venture capital shake-out
The US venture capital industry, which has become an important source of capital for technology start-ups around the world, is facing a severe shake-out that will lead to a contraction in future investments
Source: FT.com - Companies
M&S hard hit as UK stores feel the pinch
Marks and Spencer, one of Britain’s retailing bellwethers, is expected to deliver its worst Christmas trading performances in a decade as leading store groups lay bare the effects of the spending downturn
Source: FT.com - Companies
Japan in share buy-back spree
The stock market slump has driven Japanese companies to buy back their own shares in near-record numbers, in spite of their reputation for hoarding investors’ cash
Source: FT.com - Companies
Altered trading landscape awaits next LSE chief
With an uncertain year ahead, the scale of challenges for the London Stock Exchange is so great it may want to reposition itself as well as pick a new leader
Source: FT.com - Companies
Israel rejects EU calls for ceasefire
Israel rebuffed a call from visiting European foreign ministers for an immediate ceasefire, vowing to continue its ground assault on the Gaza Strip even amid reports of mounting civilian casualties
Source: Financial Times - UK Homepage
Pfizer eyes merger deal with large rival
Pfizer is willing to acquire a large rival drugs company to improve its financial health, which could trigger a fresh round of mergers
Source: FT.com - Companies
Taiwan moves closer to bailout for chip makers
Taiwan’s government is moving closer to devising a bailout package for the country’s struggling memory chip makers, many of which face impending loan repayments amid mounting losses
Source: FT.com - Companies
John Lewis eases fears of retail crisis
A late flurry of shoppers helped the department store chain, weather the Christmas period with flat like-for-like sales, providing some hope that the expected retail bloodbath will not be as bad as feared
Source: Financial Times - UK Homepage
Apple chief reveals hormone imbalance
Steve Jobs has revealed that his recent weight loss was due to a hormone imbalance and that he was currently undergoing treatment to correct the condition, but would remain Apple chief executive
Source: Financial Times - UK Homepage
FSA to end ban on short selling
The UK’s ban on short selling of financial stocks will not be extended beyond January 16, the Financial Services Authority said, but investors will continue to be required to disclose short positions
Source: Financial Times - UK Homepage
Germany prepares new stimulus boost
The German government’s second fiscal stimulus could total €50bn, making it far more ambitious than expected just a week ago, senior officials suggested if leaders of chancellor Angela Merkel’s coalition can hammer out agreement on the package
Source: Financial Times - UK Homepage
UK construction industry hits new low
The UK construction industry suffered another month of record decline in December, a survey showed, with all sectors of the industry suffering their worst ever contraction on record
Source: Financial Times - UK Homepage
Wedgwood falls into administration
Deloitte has been appointed as administrator of the company’s UK and Irish subsidiaries after the cut glass and designer crockery group failed to find fresh financing
Source: Financial Times - UK Homepage
FSA to probe profits warnings
Leading companies are being probed by the financial watchdog over possible failures to disclose key trading data to the stock market, in a wide-ranging crackdown that threatens fines and criminal prosecutions
Source: Financial Times - UK Homepage
Increased risk appetite benefits dollar
The dollar hit a four-week high against the yen and a three-week peak against the euro on Monday as rising stock markets boosted investor risk appetite
Source: Financial Times - UK Homepage
China cracks down on ‘vulgar’ internet content
China has launched a crackdown against major websites that officials accused of threatening morals by spreading pornography and vulgarity, including the dominant search engines Google and Baidu.com
Source: Financial Times - UK Homepage
PM pledges to help UK savers
Gordon Brown has promised to help pensioners and savers hit by plummeting investment incomes, just days before the Bank of England is set to cut interest rates to the lowest level since it was founded in 1694
Source: Financial Times - UK Homepage
Wedgwood goes into administration
A number of firms owned by Waterford Wedgwood enter administration, as the parent firm appoints a receiver.
Source: BBC News | Business | UK Edition
Final Woolworths’ closures loom
The final closure of the remaining 200 Woolworth stores will take place on Tuesday, the retailer’s administrator says.
Source: BBC News | Business | UK Edition
Adams shuts down 111 of its shops
Adams Childrenswear closes 111 of its 271 stores in the UK, five days after calling in the administrators.
Source: BBC News | Business | UK Edition
Airline failure cover now standard from Saga Insurance
Saga Insurance is now offering airline failure cover as standard in its travel insurance packages.
The over-50’s insurance specialist said its decision to include the cover as standard was prompted by the recent series of bankruptcies to high-profile airlines, including XL Airways and SilverJet.
Airlines are being squeezed by the credit crunch, leaving travellers at greater risk [...]
Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets
State pension should be doubled, finds research
State pensions in the UK are half of what they need to be for a comfortable retirement, research by Friends Provident has discovered.
A poll conducted by the pensions provider found that on average Brits estimate needing £832 per month to live comfortably in retirement, £439 more than the standard state pension.
Seventy-five percent of respondents believed [...]
Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets
New help for jobless homeowners
The Government is improving the help available for homeowners facing mortgage arrears, and ultimately repossession, because they have lost their jobs.
Changes to Support for Mortgage Interest (SMI) were outlined last year and due to take effect from April 2009 but the worsening of the credit crisis and rising unemployment have prompted ministers to bring forward [...]
Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets
Israel continues ground attack in Gaza
Israeli troops and tanks on Sunday continued to battle Hamas fighters inside the Gaza Strip, on the second day of a massive ground offensive designed to prevent the Islamist group from firing rockets on nearby Israeli towns
Source: Financial Times - UK Homepage
Investor warning on Bellway bonus
Housebuilder Bellway looks set to clash with investors after a shareholder watchdog raised concerns over bonuses.
Source: BBC News | Business | UK Edition
Government mulls help for banks
The government says it is formulating further plans to encourage UK banks to raise lending to businesses and households.
Source: BBC News | Business | UK Edition
Holidays affected by weak pound
The weak pound is likely to affect the choice of 2009 holiday destination according to travel agents and tour operators’ body.
Source: BBC News | Business | UK Edition
Treasury mulls new bank bail-out
Chancellor Alistair Darling could inject more taxpayers’ cash into Britain’s banks as part of measures to boost the economy.
Source: BBC News | Business | UK Edition
Austria takes control of Bank Medici
Bernard Madoff’s alleged bn fraud on Friday claimed its biggest victim to date as the Austrian government was forced to take control of Bank Medici, which might have lost more than bn in the scandal
Source: FT.com - Companies
Visteon cuts pay as car sales fall
Visteon, one of North America’s biggest car parts suppliers, has put 2,050 salaried workers on a four-day week and cut their pay by a fifth in response to severe production cuts at its carmaker customers
Source: FT.com - Companies
Austria takes control of Bank Medici
Bernard Madoff’s alleged bn fraud on Friday claimed its biggest victim to date as the Austrian government was forced to take control of Bank Medici, which might have lost more than bn in the scandal
Source: FT.com - Companies
Austria takes control of Bank Medici
Bernard Madoff’s alleged bn fraud on Friday claimed its biggest victim to date as the Austrian government was forced to take control of Bank Medici, which might have lost more than bn in the scandal
Source: FT.com - Companies
Austria takes control of Bank Medici
Bernard Madoff’s alleged bn fraud on Friday claimed its biggest victim to date as the Austrian government was forced to take control of Bank Medici, which might have lost more than bn in the scandal
Source: FT.com - Companies