FM News:
FM Main:
FM Features:
|
January 28, 2008
by Fion MacCloud
This is a special guest post from Fion from Fair Home, on discussing how we can improve our impact on the environment.
As the world economy begins a slowdown, stock markets threaten to crash, and the USA slowly slips into recession, it's too easy to look at the negative personal impacts of negative economic indicators.
However, it's not all doom and gloom – recession could do wonders for the environment.
Here are ...
by Brian Turner
Reports on the continuing sage into massive financial losses incurred at Societe Generale took a surprise turn this week.
According to legal arguments filed over alleged rogue trader Jerome Kerviel, the hedges he had placed for SocGen were actually in profit to the tune of over 1.5 billion euros (£1.1 billion).
Additionally, the massive loss of nearly £4 billion was caused by ...
by Kay Murchie
The current economic climate continues to bite as investment bank Credit Suisse Group has confirmed it will shed some 500 jobs.
The Swiss bank said the job cuts are within its bond trading units as a result of a slowdown in earnings in the sector from the sub-prime mortgage crisis.
Over the last few months, at least 25,000 jobs have been trimmed ...
by Kay Murchie
Savers at Barclays are dealt yet another blow as Britain’s third largest bank has cuts some of its savings rates for the third time in as many months even though the bank rate has only been reduced once in the same period.
Barclays defended its action and said it needed to realign its position in the marketplace. The bank added that ...
by Kay Murchie
Northern Rock was due to issue full figures this week but now plans to delay until the end of March. It is likely that concerns will be raised in the market by the lack of published numbers and that shares in the crisis-torn bank should be suspended.
Shareholders in the bank will not have access to the financial situation until weeks after the ...
by Kay Murchie
Chancellor Alistair Darling and The Financial Services Authority (FSA) are under attack in their handling with crisis-torn bank, Northern Rock.
A new Government report due out today investigates the reasons behind the collapse of the bank and is expected to criticise both the FSA and the Bank of England's roles, including the decision not to inject liquidity into ...
January 25, 2008
by Elaine Frei
Markets in Europe were mixed on the session. The pan-European FTSE Eurofirst 300 ended virtually even at 1,330.42. In Frankfurt, the Dax fell 0.06 percent to 6,816.74 while the Paris CAC-40 dropped 0.76 percent to 4,878.12 for its fourth consecutive weekly decline. On the other hand, Madrid’s IBEX was 0.26 percent higher to 13,141.1. In London the FTSE ...
by Kay Murchie
Concerns grow that Britain and the City are heading for a recession which has resulted in
Citigroup shedding hundreds of London-based jobs.
In December 2007, the world’s largest bank posted a $9.83 billion net loss for the fourth-quarter, caused by an $18.1 billion exposure to the sub-prime mortgage debt.
The Citigroup retrenchment means that investment banks in London are believed to have shed ...
January 24, 2008
by Elaine Frei
European markets saw substantial gains Thursday after a survey found that business confidence had risen more than expected in Germany. The FTSE Eurofirst 300 was up 5.31 percent to 1,329.48. The Dax added 5.93 percent to 6,821.07, a gain of 381 points, while the CAC-40 was 6.01 percent higher to 4,915.29 and Madrid’s IBEX gained 6.95 percent to ...
by Kay Murchie
To date, there are 3 proposals on the table for Northern Rock who include a consortium led by Sir Richard Branson’s Virgin Group and Olivant, run by Luqman Arnold, former Abbey chief executive. In addition, a standalone plan is being developed by the board of Northern Rock.
However, according to Treasury advisors, Goldman Sachs, other suitors have come forward and ...
by Gill Montia
The British Bankers' Association (BBA) has published figures for December mortgage approvals showing a fall in the number of new loans, to 42,088, the lowest level since data collection began, in 1997.
In monetary terms, new approvals totalled £15.1 billion, an amount close to that of September 2005.
The value of all mortgages approved during December totalled £16.5 billion, a 10% reduction ...
by Brian Turner
French bank Societe Generale has revealed a massive fraud today by a Paris-based trader, amounting to 4.9 billion euros ($7.1 billion; £3.7 billion).
The loss is likely to be the biggest ever perpetuated by a single trader, and is four times bigger than that perpetuated by Nick Leeson, which brought down Barings Bank in 1995.
Societe Generale also announced losses of over ...
by Kay Murchie
It is believed that Ping An Insurance of China is interested in buying a non-controlling stake in Prudential, the UK insurer. Prudential declined to comment.
Following the news, shares in Prudential increased 6% leading the FTSE recovery, followed by mining stocks and other insurers. In addition, Aviva, which owns Norwich Union, increased 4% after the news.
Shares in Prudential have been ...
by Kay Murchie
In November last year, Barclays made a £1.3 billion write-down for losses to its exposure in the US sub-prime market crisis and outlined its remaining exposures in the collateralised debt obligations market and other areas.
Barclays, Britain's third largest bank, said that if problems linked to its exposure to the credit market crisis had materially changed since an update ...
by Kay Murchie
Benefit fraud has been cut by over 50% since the start of the millennium. A report from the National Audit Office (NAO) has established that benefit fraud has been cut from around £2 billion in 2000/01 to £800,000 in 2006/07.
The Department for Work and Pensions (DWP) has received praise for its work and is considered a substantial achievement.
However, concern has ...
by Gill Montia
Financial adviser, Bestinvest, has described the mortgage market as "pretty buoyant" despite a recent statement by the Council of Mortgage Lenders blaming a combination of higher interest rates and tighter lending criteria for a "sharp fall" in mortgage approvals and a reduction in the number of mortgage products available.
Peter O'Donovan, mortgage manager at the firm, claims that remortgaging is keeping the industry afloat.
At ...
by Kay Murchie
Conservative leader, David Cameron, has accused Prime Minister Gordon Brown of being 'a used car salesman who won't tell you the price' and said that the Northern Rock deal is 'damaging and dodgy'.
The Government has outlined plans to turn the £25 billion lent to Northern Rock by the Bank of England into bonds guaranteed by the government.
The ...
by Gill Montia
The prospect of a slowdown in the housing market in the year ahead may leave many homeowners choosing to extend and improve, rather than move.
Financial website, Fool.co.uk, has produced a table of home improvements that are also sound investment choices and should make a home more saleable in the future.
Loft conversions come top of the list, with the potential to add ...
January 23, 2008
by Elaine Frei
European markets were not impressed by yesterday's rate cut in the US, dropping again on Wednesday. The FTSE Eurofirst 300 was 2.8 percent lower to 1,267.8. The CAC-40 fell 4.25 percent to 4,636.76 and Madrid’s IBEX was down 4.56 percent to 12,254.6 while the Dax dropped 4.88 percent to 6,439.21. Meanwhile in London, the FTSE 100 was ...
by Gill Montia
Mortgage broker, John Charcol, is warning mortgage borrowers with a less than perfect credit history that some brokers charge as much as 10% for advice to sub-prime customer.
In addition, borrowers can be unaware that credit histories can be repaired, by making mortgage and other loan payments in full and on time for two years, after which a mainstream lender can be ...
|
|
Markets in Europe were mixed on the session. The pan-European FTSE Eurofirst 300 ended virtually even at 1,330.42. In Frankfurt, the Dax fell 0.06 percent to 6,816.74 while the Paris CAC-40 dropped 0.76 percent to 4,878.12 for its fourth consecutive weekly decline. On the other hand, Madrid’s IBEX was 0.26 percent higher to 13,141.1. In London the FTSE ...
European markets saw substantial gains Thursday after a survey found that business confidence had risen more than expected in Germany. The FTSE Eurofirst 300 was up 5.31 percent to 1,329.48. The Dax added 5.93 percent to 6,821.07, a gain of 381 points, while the CAC-40 was 6.01 percent higher to 4,915.29 and Madrid’s IBEX gained 6.95 percent to ...
