Sterling reaches an eight month high against the dollar but gains fizzle out June 30, 2009 STERLING hit an eight-month high against the dollar yesterday due to surprisingly strong UK house price data, but its gains fizzled out after a moderating decline in US home prices later boosted the US currency. Weaker-than-expected figures on UK gross domestic product also stung the pound on the view that the nation’s economy continues to [...]
Decline in UK house prices slows in June July 8, 2009 BRITISH house prices fell less than expected in June, Halifax’s monthly survey showed yesterday, but the mortgage lender warned that the outlook for the housing market remained uncertain. The Halifax data showed UK house prices falling by 0.5 per cent in June, compared to a 2.6 rise during the previous month. The annual rate of [...]
COMEBACK KID July 21, 2009 SHARES in WM Morrison made spectacular gains yesterday after the supermarket said it would beat profit forecasts. The announcement, which coincided with research showing that it is grabbing market share from rivals, confirmed Morrisons’ new status as the City’s favourite retail stock. Morrisons grew by 9.5 per cent in the 12 weeks to 12 July [...]
Banks launch overdraft bid in the Lords June 23, 2009 A LEGAL case to determine whether banking overdraft fees can be challenged on grounds of fairness kicked off in the House of Lords yesterday, with seven banks and one building society fighting to overturn an earlier ruling against them. The lenders are contesting a judgement by the Court of Appeal that charges imposed by the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 1, 2009 FINANCIAL TIMES CANDOVER FACES RUN-OFF IF BUYER CANNOT BE FOUNDCandover faces a crucial month as the ailing private equity group pushes to raise capital and cut costs before a key test of its debt covenants on 30 June. The group needs cash urgently and is considering a range of options, including an outright takeover, selling [...]
House asking prices slip back in June June 21, 2009 THE average asking price of a UK property has fallen by 0.4 per cent this month, according to data from property website Rightmove, ending the string of good housing data over the past few weeks. June marked the first fall in five months due to hesitation by sellers and continued tight credit conditions. But on [...]
West Brom in eleventh hour creditor deal June 11, 2009 WEST Bromwich Building Society has avoided collapse by convincing creditors to swap the money they lent it into equity-style holdings, enabling it to boost its depleted capital levels. The mutual asked creditors to let it swap £182.5m of subordinated debt into “a new instrument, which will qualify as tier one capital”. If the debt swap [...]
West Brom in eleventh hour creditor deal June 11, 2009 WEST Bromwich Building Society has avoided collapse by convincing creditors to swap the money they lent it into equity-style holdings, enabling it to boost its depleted capital levels. The mutual asked creditors to let it swap £182.5m of subordinated debt into “a new instrument, which will qualify as tier one capital”. If the debt swap [...]
Arrears in prime mortgages are on the up, while house prices stabilise June 1, 2009 ARREARS in residential prime mortgage backed securities were on the up in the first quarter, Moody’s latest report showed yesterday. The data showed that arrears within prime securities have gone up in each quarter since 2007. In the first three months of 2009, 1.66 per cent of current balance of securitised mortgages were in arrears, [...]
Sterling set for good summer May 31, 2009 THE pound is expected to continue to strengthen against both the dollar and euro this summer following last month’s rally, according to strategists. May marked the pound’s strongest rise against the dollar since 1985, as sterling rose almost 10 per cent over the period. Investors bet the worst could be over for the global economy, [...]