FTSE 100 climbs to a 10-week high as strong UBS results boost bank sector July 27, 2010 BRITAIN’S top share index hit a 10-week closing high yesterday, as a buoyant banking sector boosted by strong results from Swiss lender UBS countered weak US consumer confidence data. The FTSE 100 closed up 14.55 points, or 0.3 per cent, at 5,365.67, its highest closing level since 13 May, having retreated from an intra-day peak [...]
Resolution agrees £2.75bn deal for Axa unit June 24, 2010 AXA has agreed to sell part of its UK life-insurance unit to Resolution for £2.75bn. Resolution, run by Clive Cowdery, aims to merge the AXA divisions with Friends Provident, the life insurance business bought last year for £1.86bn. The investment vehicle said its leading shareholders had agreed to sub-underwrite 52 percent of the cash call, [...]
GM set to go ahead with a $20bn float August 17, 2010 GENERAL?Motors (GM) is poised to press ahead with one of the biggest ever IPOs, raising an estimated $20bn (£12.8bn). The momentous flotation of one of the most recognisable US firms will see the government begin to loosen its grip on the troubled carmaker. The initial prospectus was filed yesterday with the Securities and Exchange Commission, [...]
BoE: Mortgage crunch ahead July 1, 2010 HOMEBUYERS were warned yesterday by the Bank of England that it would be more difficult for them to obtain a mortgage over the coming quarter as lenders anticipated a tightening in wholesale funding market conditions. Availability of secured credit had risen slightly in the three months to early June 2010, the Bank said. However, individuals’ [...]
BoE: Mortgage crunch ahead July 1, 2010 HOMEBUYERS were warned yesterday by the Bank of England that it would be more difficult for them to obtain a mortgage over the coming quarter as lenders anticipated a tightening in wholesale funding market conditions. Availability of secured credit had risen slightly in the three months to early June 2010, the Bank said. However, individuals’ [...]
Banks lead the way as resurgent FTSE gives bulls a glimpse of higher plains July 26, 2010 BRITAIN’S top share index hit its highest close in 10 weeks yesterday, led by banks after European stress tests passed without major incident, and as strong economic data from the US boosted investor confidence. The FTSE 100 index ended up 0.7 per cent, or 38.50 points, at 5,351.12, its highest closing level since 13 May. [...]
House price fall fuels fear of double-dip July 29, 2010 FEARS of a sustained double-dip in Britain’s property market intensified yesterday after mortgage lender Nationwide reported that house prices fell this month for the first time since February and the Bank of England revealed that mortgage approvals dropped to a four-month low in June. The latest figures from Nationwide showed that house prices fell by [...]
Threadneedle Street keeps monetary policy unchanged again this month July 8, 2010 THE Bank of England this month held interest rates, keeping monetary policy ultra-loose. Interest rates remained at their historic low of 0.5 per cent and the stock of asset purchases was held at £200bn. Economists had expected the Monetary Policy Committee (MPC) to hold fire this month and said it would have been an enormous [...]
The housebuilder who is ready to take the long road back to recovery October 31, 2010 DESPITE the generally depressed state of the housebuilding and residential property market, Taylor Wimpey’s chief executive Peter Redfern says he is pretty pleased with business. But sitting in the boardroom of his London office, his mood appears more reflective than upbeat. “Prices are very stable at the moment,” says Redfern. “Stable is good for us. [...]
FTSE falls to lowest level in a month on US jobless figures August 19, 2010 BRITAIN’S top share index fell to its lowest close in a month yesterday, as weak US labour and other data cast further doubt on the strength of the global recovery and as oil stocks fell on lower crude prices. The FTSE 100 fell 91.58 points, or 1.7 per cent, to 5,211.29 points, the lowest close [...]