Wall St surges as confidence picks up September 1, 2010 WALL Street posted its best day in eight weeks yesterday as investor mood brightened after better-than-expected factory data from the United States and China. Investors jumped on stocks across the market, with more than six shares rising for every one that fell on the New York Stock Exchange, while on the Nasdaq, nearly five stocks [...]
GM snaps up AmeriCredit July 22, 2010 US car giant General Motors (GM) yesterday said it would acquire auto finance company AmeriCredit for $3.5bn (£2.29bn) in cash in a deal aimed at easing financing terms for subprime car buyers. The deal, which remains subject to approval by AmeriCredit’s shareholders, would give GM a captive finance arm for the first time since it [...]
Fall in house prices lets in new buyers January 3, 2010 LOWER house prices and falling interest rates have made homes significantly more affordable for first-time buyers in the past 12 months, according to the Halifax. The average price paid by a firsttime buyer in 2009 was affordable in nearly 40 per cent of local authority districts, compared with 24 per cent in 2008 and just [...]
US home sales edge upwards February 2, 2010 Pending sales of previously owned US homes edged up as expected in December, a survey showed yesterday, which should help to calm fears of renewed weakness in the troubled housing sector. But the housing recovery remains slow and painful, with other data showing the percentage of empty privately owned homes rose to 2.7 per cent [...]
CITY VIEWS: ARE HOUSE PRICES ON THE ROAD TO RECOVERY? February 8, 2010 PAUL WALTERS | MCDERMOTT WILL & EMERY “London property prices are robust but I’m not sure about the rest of the country where there continues to be oversupply. In London, especially St. John’s Wood, Chelsea, Hampstead and Fulham, there will be no problem as there is huge demand.” CHRISTOPHER HAYDAY | WILLIS “It would be [...]
At a glance: All the crucial points from Osborne’s emergency Budget June 22, 2010 THE ECONOMY/PUBLIC FINANCES • The Office for Budget Responsibility (OBR) published fresh forecasts in light of the measures announced yesterday by chancellor George Osborne. • GDP growth will be 1.2 per cent in 2010, accelerating to 2.3 per cent in 2011, 2.8 per cent in 2012 and 2.9 per cent in 2013. The pace of [...]
At a glance: All the crucial points from Osborne’s emergency Budget June 22, 2010 THE ECONOMY/PUBLIC FINANCES • The Office for Budget Responsibility (OBR) published fresh forecasts in light of the measures announced yesterday by chancellor George Osborne. • GDP growth will be 1.2 per cent in 2010, accelerating to 2.3 per cent in 2011, 2.8 per cent in 2012 and 2.9 per cent in 2013. The pace of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 28, 2010 FINANCIAL TIMES VEKSELBERG FACES RECORD FINE IN OERLIKON CASE Swiss authorities are seeking to impose a record SFr120m ($114m) fine on Russian oligarch Viktor Vekselberg and two Austrian investors for allegedly breaching reporting rules in building stakes in the troubled Oerlikon industrial group. The fine – which was announced on Thursday – was immediately rejected [...]
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 [...]
Darling stamps on City workers March 24, 2010 ALISTAIR Darling stepped up his war on banks and the wealthy yesterday, but he refused to announce a raft of gimmicky pre-election giveaways. Delivering what is likely to be his last Budget, he continued to clobber the better-off by unveiling a new top rate of stamp duty. Amid cheers from the Labour backbenches, Darling said [...]