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February 28, 2007
by Elaine Frei
Most global equities markets were down again on Wednesday after Tuesday’s across-the-board losses, but the US markets seemed to be poised to make gains on the day after US Federal Reserve chairman Ben Bernanke said that he did not see any change in his earlier prediction of moderate growth in the US economy this year based on Tuesday’s declines. ...
by Elaine Frei
Mobile phone users can expect an increase in insurance costs if they are caught using their phones while driving. A new law allows police to not only fine drivers £60 for using their phone while driving, but also to add up to 3 points on their license. Such an action, according to Insurancewide.com, can add as ...
by Elaine Frei
In new data released Wednesday, Nationwide building society said that house prices in the UK were up by 0.7 percent in February, sending the annual rate of house price inflation to 10.2 percent, up from 9.3 percent in January. An average house now costs £174,706, over £16,000 more than it did last year at this time.
The new figures come as ...
by Elaine Frei
Postal regulator Postcomm fired back at Royal Mail within hours of the Royal Mail request on Tuesday to be allowed to raise prices for stamps and reduce delivery services. The regulator said that the problem was not Royal Mail’s inability to compete with other postal companies, but its inability to curb costs and deal with its pension fund deficit. ...
by Elaine Frei
HBOS (LSE: HBOS) has announced that its income will fall by £60 million this year because it is having to cut default chargers on credit cards. The cut comes after an Office of Fair Trading ruling which directed banks and credit card companies to cut their average fees for missing payments to £12, half of what most fees ...
February 27, 2007
by Elaine Frei
World equities markets declined on Tuesday after Chinese markets dropped almost 9 percent on the session. The Shanghai Composite Index fell 8.8 percent to 2,771.79, its biggest one-day decline since the death of Deng Xiaoping on 18 February 1997. The declines there came on rumors that China is getting ready to impose a capital gains tax and worries that interest rates ...
by Elaine Frei
A package of proposals delivered by Royal Mail to Postcomm has asked for an increase in the price of stamps and for changes to Royal Mail’s universal service obligation (USO). Other provisions include an end to the regulation of bulk business mail such as advertising.
Royal Mail wants to increase stamp prices by 6p, to 38p for a first class ...
by Elaine Frei
According to the British Bankers Association (BBA) on Tuesday, the number of people taking out mortgages in January was down to its lowest level in two years. Despite the drop in the number of mortgages approved, the total amount borrowed to buy houses was up from January 2006.
The number of people taking mortgages in January was at ...
by Elaine Frei
UK-based bank Standard Chartered (LS: STAN; SEHK: 2888) has revealed its full-year report, showing profits were up by 19 percent in 2006. The bank, which focuses its efforts on emerging markets, says that the increase was due to growth in Korea as well as expansion into new markets, including China.
The bank said it made $3.18 billion before taxes last year, ...
February 26, 2007
by Elaine Frei
In Tokyo on Monday the Topix index added 0.1 percent to 1,816.97, it highest close in 15 years. The Nikkei 225 also reached a multi-year high, gaining 0.2 percent to 18,215.35. However, gains for small and mid-cap stocks reversed, sending the Mothers market down 2.1 percent on the session to 1,164.07. The electronics sector was mixed, while banks ...
by Elaine Frei
According to new research by Aon Consulting (NYSE: AOC), an actuarial firm, 49 percent of UK firms have either raised the amount of money employees must contribute to their pensions schemes or cut other benefits in order to maintain current levels of employee contributions to their pensions. This is due to a significant increase in how much the pensions schemes ...
by Elaine Frei
A new report from a Treasury committee of members of Parliament is asking for new rules on travel insurance to make exclusions in travel policies clearer so that consumers can more clearly tell whether those policies meet their needs. The study found that up to ten million UK residents last year would not have covered by their travel insurance if ...
by Elaine Frei
Homebuilder Persimmon (LSE: PSN), the UK’s largest, has said its profits were at a record £582.1 million in 2006, a gain of 17.5 percent. Revenues were 37 percent higher to £3.14 billion. Along with its full-year results, Persimmon said that it believes 2007 will also bring strong results, noting that buyers seem not to have been slowed down by the Bank ...
by Elaine Frei
A new survey by Hometrack shows that house prices in the UK were up by 0.7 percent in February. It was the biggest monthly increase since May 2004. The number of properties registered with real estate agents was up by 14 percent, while the number of interested buyers was up by 23 percent. This rise of demand over supply ...
February 24, 2007
by Brian Turner
Research group Defaqto has warned that banks may be set to roll in charges for basic current accounts within two years.
It comes in the wake of investigations by the Office of Fair Trading (OFT) which has seen charges levied for some banking services as unfair.
The report expects that banks will make up for the shortfall by pushing fees into ...
by Brian Turner
According to a report by the Halifax, over 2 million homes now cross the £300,000 threshold for inheritance tax.
The majority of the homes, the report states, cover the London and South East of England, where the average house price is over £300,000.
Although HM Treasury indicates that only 6% of homes are subject to the tax, property inflation is still rising faster than the ...
February 23, 2007
by Elaine Frei
The Tokyo equities markets ended the week with gains on new advances in some domestic sectors in a week where interest rates were raised by the Bank of Japan. The Nikkei 225 added 0.4 percent Friday to 18,188.42, while the Topix index gained 0.7 percent to 1,814.96 and the Mothers index of small and mid-caps was 2.4 percent higher to 1,189.61. ...
by Elaine Frei
Along with its full-year profits report, Lloyds TSB (LSE: LLOY) has announced that it will begin charging its credit card customers for not using their cards. The bank said that it has notified 50,000 customers who use their cards very little or not at all that they will have to pay a £35 per year beginning 30 ...
by Elaine Frei
London-based advertisers WPP (LSE: WPP; NASDAQ: WPPGY) said on Friday that it expects to realize a benefit from the 2008 Beijing Olympics. The company, which said that its 2006 pre-tax profits were up 14.5 percent to £766.3 million and that it will outperform its sector this year, claims that China is currently its fourth-largest market and that ...
by Elaine Frei
Barclays Home Insurance, a division of Barclays Bank (LSE: BARC; NYSE: BCS; TYO: 8642), has said that insurance claims from damage from cold, stormy conditions in the past two months have soared. Weather conditions in the UK during that period have included flooding, freezing snow, and a tornado in north London.
Storm damage to UK households was up by 158 ...
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Most global equities markets were down again on Wednesday after Tuesday’s across-the-board losses, but the US markets seemed to be poised to make gains on the day after US Federal Reserve chairman Ben Bernanke said that he did not see any change in his earlier prediction of moderate growth in the US economy this year based on Tuesday’s declines. ...
World equities markets declined on Tuesday after Chinese markets dropped almost 9 percent on the session. The Shanghai Composite Index fell 8.8 percent to 2,771.79, its biggest one-day decline since the death of Deng Xiaoping on 18 February 1997. The declines there came on rumors that China is getting ready to impose a capital gains tax and worries that interest rates ...
In Tokyo on Monday the Topix index added 0.1 percent to 1,816.97, it highest close in 15 years. The Nikkei 225 also reached a multi-year high, gaining 0.2 percent to 18,215.35. However, gains for small and mid-cap stocks reversed, sending the Mothers market down 2.1 percent on the session to 1,164.07. The electronics sector was mixed, while banks ...
The Tokyo equities markets ended the week with gains on new advances in some domestic sectors in a week where interest rates were raised by the Bank of Japan. The Nikkei 225 added 0.4 percent Friday to 18,188.42, while the Topix index gained 0.7 percent to 1,814.96 and the Mothers index of small and mid-caps was 2.4 percent higher to 1,189.61. ...