Retail sales hit by tax and inflation October 21, 2010 THERE is a simple reason why retail sales are beginning to fall, and it has very little to do with the Comprehensive Spending review. A triple whammy of limited pay rises, elevated inflation and tax increases have conspired to impoverish most of the public over the past year, a development that has been barely picked [...]
Wall Street dips on mortgage worries October 14, 2010 BANKS led US stocks lower yesterday as investors fretted a widening foreclosure crisis could undermine the market’s strength over the last five weeks. The S&P 500 has rallied 11.9 per cent since 1 September and volume has picked up from anaemic levels. But the rally could weaken as an index of bank stocks fell nearly [...]
Irish Life shares up as losses shrink August 31, 2010 Irish Life & Permanent shrank first-half losses, defying expectations for a bigger shortfall, and said it expected Irish mortgage arrears to peak this year, sending its shares up 12 per cent at one point. Irish Life’s stock was the only bright spot on the country’s financial index on as investors were prepared for yet more [...]
Irish Life shares up as losses shrink August 31, 2010 Irish Life & Permanent shrank first-half losses, defying expectations for a bigger shortfall, and said it expected Irish mortgage arrears to peak this year, sending its shares up 12 per cent at one point. Irish Life’s stock was the only bright spot on the country’s financial index on as investors were prepared for yet more [...]
Bradford & Bingley back in the black July 30, 2010 Bradford & Bingley, the mortgage lender which was nationalised after running into problems during the credit crisis, said on Friday it had swung to a first-half profit after making a loss a year earlier. The bank reported a pretax profit of £896m for the six months ending June 30, having made a loss of £160m [...]
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 [...]
Fed’s Hoenig: Reform to hit smaller banks August 23, 2010 KANSAS City Federal Reserve Bank President Thomas Hoenig warned yesterday that landmark financial reforms may not end market perceptions that taxpayers will rescue the largest banks and cautioned against speculative investments in housing. Hoenig, testifying at a field hearing of the US House of Representatives Subcommittee on Oversight and Investigations, said larger banks perceived as [...]
Fed’s Hoenig: Reform to hit smaller banks August 23, 2010 KANSAS City Federal Reserve Bank President Thomas Hoenig warned yesterday that landmark financial reforms may not end market perceptions that taxpayers will rescue the largest banks and cautioned against speculative investments in housing. Hoenig, testifying at a field hearing of the US House of Representatives Subcommittee on Oversight and Investigations, said larger banks perceived as [...]
UK banks might look cheap, but pick carefully September 20, 2010 UK BANKING stocks rallied last week after the announcement of the Basel III banking reforms. But although the sector has avoided further bank-bashing, much of the detail has yet to emerge and a jumpy market should make for fruitful autumn trading. New capital ratio requirements made most of the Basel III headlines, with Tier 1 [...]
PERSONAL FINANCE NEWS July 29, 2010 STAYCATION IS STILL IN FAVOUR Britons are feeling the pinch when it comes to holidays with almost 40 per cent of us actively trying to spend less money on our holidays this year. And of those looking to cut back, more than half have decided not to go abroad to cut costs. A survey by [...]