Safeguard your possessions July 8, 2010 FROM “an Englishman’s home is his castle” to “keeping up with the Joneses”, there are plenty of old adages evoking Britons’ love for their houses and their possessions. Combine this with our customary practice of preparing for the worst and you might think that we would be rather conscientious about insuring our homes and their [...]
Nationwide profit plunges by 46pc May 26, 2010 NATIONWIDE Building Society has reported a 46 per cent drop in annual profits as low interest rates continue to take their toll. Underlying pre-tax profits dropped to £212m for the year to 4 April compared with £393m a year earlier. The group said it expected the difficult conditions to continue throughout the year. Meanwhile it [...]
Nationwide profit plunges by 46pc May 26, 2010 NATIONWIDE Building Society has reported a 46 per cent drop in annual profits as low interest rates continue to take their toll. Underlying pre-tax profits dropped to £212m for the year to 4 April compared with £393m a year earlier. The group said it expected the difficult conditions to continue throughout the year. Meanwhile it [...]
Let’s stop whining about tight credit August 2, 2010 How unfair. I have a great idea for a new website but my bank doesn’t want to lend me the £50m I need to start it up. It claims not to like my business plan but that can’t possibly be right. What can I do? Oh, I know, I’ll tell my MP. It’s perfect timing: [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 12, 2010 FINANCIAL TIMES INDIAN TELECOMS GROUPS HIT OUT AT CHARGES Telecoms companies in India have raised alarm over a threat of retrospective charges for users of mobile spectrum that analysts warn could cost them hundreds of millions of dollars. The move by the Indian telecoms regulator has provoked interest from Bharti Airtel and Vodafone Essar. MICROSOFT [...]
WHAT DOES THE CHANCELLOR’S BUDGET MEAN FOR YOU? June 22, 2010 KATE SOLWAY, 30 FUNDS CONTROLLER AT PRIVATE EQUITY FIRM COGNETAS Kate is single and lives in rented accommodation. She also owns two investment properties – one a London flat with a mortgage which she rents out, and the other a holiday home under construction in west Africa’s Cape Verde, on which she does not have [...]
Fannie Mae asks for another $8.4bn bailout after fresh losses May 10, 2010 AMERICAN mortgage finance giant Fannie Mae has asked the US government for a further $8.4bn (£5.6bn) after announcing more big losses. The company, led by chief executive Mike Williams, said it lost $13.1bn in the first quarter of the year as it continues to suffer the effects of the financial crisis. This compares to a [...]
Inflation jumps to 17-month high May 18, 2010 UK inflation rose more than expected to 3.7 per cent in April. Bank of England governor Mervyn King must now write to new chancellor George Osborne to explain why the cost of living – set out in the consumer prices index (CPI) – is more than a percentage point above the target of two per [...]
London is losing out from EU diktats July 7, 2010 SO there you are. The European Parliament has just voted to locate the planned new EU agencies to regulate banks, markets and insurers in Frankfurt, in a massive blow to London. This provision may yet be eliminated from the final directive but is an ominous sign. What won’t change are the new rules on bonuses: [...]
Freddie Mac seeks $10.6bn more from US May 5, 2010 FREDDIE Mac is to ask for $10.6bn (£7bn) in state aid, as the stricken US mortgage lender saw a loss of $8bn during the first three months of 2010. Part of the mammoth losses incurred by Freddie Mac account for $3.1bn in dividends paid to the Treasury Department. Freddie Mac said it would have to [...]