|
FM News:
FM Main:
FM Features:
|
September 25, 2007
by Kay Murchie
In his first key speech as Chancellor of the Exchequer, Alistair Darling, vowed to learn from the mistakes in the Northern Rock crisis and provide greater protection for ordinary savers.
He added that stricter rules for banks and lenders must come into force and informed financial institutions that far greater openness is expected from them. He cautioned that they would no longer ...
by Gill Montia
The introduction of a new type of interest rate, known as the dynamic annual rate (DAR), could help consumers compare the cost of home loans.
According to the Council of Mortgage Lenders (CML), DAR could bring greater transparency to the costs of servicing a mortgage.
The new rate measure would be calculated over the likely life of the loan and would take ...
September 24, 2007
by Elaine Frei
European markets were mixed on Monday. The FTSE Eurofirst 300 was up, but only by 0.01 percent, or one-fifth of a point, to 1,546.48. Madrid’s IBEX added 0.32 percent to 14,497.6, but the Dax dropped 0.08 percent to 7,787.92 in Frankfurt, while the Paris CAC-40 fell 0.14 percent to 5,692.49. London’s markets were also mixed. The FTSE 100 ...
by Kay Murchie
According to the Halifax, rather than opting for single-trip insurance, which was always been the most common type of travel insurance, people are now taking more trips abroad each year and consequently are benefiting from annual policies.
A spokesperson for the Halifax pointed out that due to cheaper travel deals, more people are taking more trips overseas. It therefore makes financial sense ...
by Kay Murchie
According to Co-operative Insurance, environmentally and ethically sound car insurance is still a niche market but it is becoming more popular with consumers. Co-operative Insurance commented that once consumers realised that the ecoinsurance did not cost them anything, they were very eager to get on board.
According to the Green Car Site, hybrid car sales in Europe increased by 25% ...
by Kay Murchie
Halifax has launched the first multi-currency ATM at its Old Broad Street branch in London. Halifax plans to roll out more of these multi-currency ATMS at selected branches across the UK by the end of the 2007.
Customers withdrawing cash from the ATM can draw out dollars, euros and pounds and the cash machine will accept Visa and Mastercard with 0% commission ...
by Kay Murchie
A report from The Financial Reporting Review Panel has established that nearly one in three company accounts are unreliable. The figures revealed that it reviewed 311 corporate financial reports last year and in 43% of cases, they had to be returned to the directors and request clarification.
In nearly a third of cases, the Review Panel's involvement led to the company taking action ...
by Gill Montia
Home Information Packs (Hips) now cover around 63% of the UK housing market.
They became compulsory for dwellings of four or more bedrooms at the beginning of August and were extended to cover three-bedroom homes in early September.
Later this year, the government is expected to announce a date for a further extension of the scheme, making Hips a requirement for all UK ...
by Gill Montia
Mortgage lenders have been reviewing their portfolios as rumours of fraudulent borrowing unsettle the buy-to-let sector.
The scale of the problem is not yet known but following the difficulties of Northern Rock, lenders are scrutinising their books to see where any potentially disastrous risks could lie.
Throughout the buy-to-let mortgage sector there are particularly high levels of anxiety about buy-to-let lending on new-build flats ...
September 21, 2007
by Elaine Frei
New York markets were higher just after noon in light trade, with the Dow Jones Industrial Average 0.79 percent higher to 13,874.90, while the Nasdaq Composite had added 0.92 percent to 2,678.64 and the S&P 500 had gained 0.8 percent to 1,530.89.
Asia-Pacific equities markets were mixed but mostly lower Friday after worrying comments from US Federal Reserve chairman Ben Bernanke ...
by Gill Montia
Property experts trying to predict the likelihood of a sharp decline in UK house prices are now juggling data from the property and mortgage sectors alongside major events in the banking industry.
While the Northern Rock crisis will have undoubtedly reduced confidence in the housing market, there seems to be a consensus that it is unlikely to trigger a crash in the market, ...
by Kay Murchie
According to research from Engage Mutual, children in the East Midlands are those most likely to be enjoying pocket money this summer. However, children in London are at the bottom England’s pocket money league.
However, at a time when there is growing concern over the nation’s savings gap, the research reveals that areas where parents are most ...
by Kay Murchie
The Bank of England has recently announced that it will pump £10 billion into the UK economy in the form of loans to Banks that will use mortgages and other assets as security.
According to the Council of Mortgage Lenders (CML), this is good news for borrowers. The Financial Times has said this move is surprising, particularly as Mervyn King, the Bank's ...
by Kay Murchie
A £3 million crackdown on loan shark lending has been launched and specially trained teams have the task of tracing illegal lenders. John Hutton, Business Secretary, said that the crackdown will bring dishonest lenders to justice.
In the last 3 years, specialist trading standards officers and the police have tracked down 200 loan sharks and shut down loan books of over £3 ...
by Kay Murchie
According to a source involved in the OFT's consultation, banks at the centre of the argument over unreasonable charges will not be able to reach a compromise that will satisfy the Office of Fair Trading (OFT) before it takes them to court in January 2008.
Consequently, those waiting for an answer over unfair bank charges may have to wait until summer ...
by Gill Montia
Abbey, the UK's third largest mortgage lender, has received strong criticism for its launch of a new type of home loan that will provide funding of up to 125% of a property's purchase price.
The loan, which is being offered to first-time buyers and others across the country in a pilot scheme, is entirely secured on the property but locks the ...
by Gill Montia
The Council of Mortgage Lenders (CML) has published figures for August showing a 6% fall in gross mortgage lending by banks, building societies and specialist lenders, as compared with July.
In monetary terms, lending fell to £32.2 billion from £34.1 billion in July and was 3% down on the August 2006 figure of £33 billion.
The data, which is not seasonally adjusted, relates to a ...
September 20, 2007
by Elaine Frei
Equities markets in Europe were lower on Thursday‘s session. The FTSE Eurofirst 300 fell 0.63 percent to 1,539.89. In Frankfurt the Dax was 0.19 percent lower to 7,735.09, while Madrid’s IBEX was down 0.47 percent to 14,427.1 and the Paris CAC-40 dropped 0.73 percent to 5,688.76. London’s markets were also lower. The FTSE 100 was down ...
by Brian Turner
There is a lot you can criticise the Bank of England for. Slow action over 2004-2005 that helped create an ugly housing boom, the instability of which already threatens us, is possibly their greatest failing.
But the current fiasco over Northern Rock, and The Bank of England - particularly the governor, Mervyn King - is nothing more than a hunt for ...
by Kay Murchie
HSBC Chairman, Stephen Green, has announced that the bank is not considering acquisitions in Japan. Instead, Europe's largest bank is to concentrate on growth by itself as it rolls out retail banking in the world's second-largest economy.
The Chairman added that there is potential for at least 35 HSBC branches in Japan over the mid to long term. HSBC plans to ...
|
|
In his first key speech as Chancellor of the Exchequer, Alistair Darling, vowed to learn from the mistakes in the Northern Rock crisis and provide greater protection for ordinary savers.
He added that stricter rules for banks and lenders must come into force and informed financial institutions that far greater openness is expected from them. He cautioned that they would no longer ...
European markets were mixed on Monday. The FTSE Eurofirst 300 was up, but only by 0.01 percent, or one-fifth of a point, to 1,546.48. Madrid’s IBEX added 0.32 percent to 14,497.6, but the Dax dropped 0.08 percent to 7,787.92 in Frankfurt, while the Paris CAC-40 fell 0.14 percent to 5,692.49. London’s markets were also mixed. The FTSE 100 ...
New York markets were higher just after noon in light trade, with the Dow Jones Industrial Average 0.79 percent higher to 13,874.90, while the Nasdaq Composite had added 0.92 percent to 2,678.64 and the S&P 500 had gained 0.8 percent to 1,530.89.
Asia-Pacific equities markets were mixed but mostly lower Friday after worrying comments from US Federal Reserve chairman Ben Bernanke ...
Equities markets in Europe were lower on Thursday‘s session. The FTSE Eurofirst 300 fell 0.63 percent to 1,539.89. In Frankfurt the Dax was 0.19 percent lower to 7,735.09, while Madrid’s IBEX was down 0.47 percent to 14,427.1 and the Paris CAC-40 dropped 0.73 percent to 5,688.76. London’s markets were also lower. The FTSE 100 was down ...