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March 27, 2008
by Kay Murchie
Man Group, the world's biggest listed hedge fund manager, announced today that its full-year profit is set to grow by over 40% expected by analysts, boosted by a strong performance at its AHL futures business.
The hedge fund said its pre-tax profit from continuing operations for the 12 months to the end of March are set to come in ahead of the £1.8 billion ...
by Gill Montia
The Government is warning owners of empty commercial property that vandalism aimed at avoiding paying increased rates will not be tolerated.
From April, local authorities will be raising the charge levied on empty commercial property from 50% to 100% of the normal business rate.
The move aims to raise up to £1 billion for local government each year.
Local government minister, John Healey, ...
by Gill Montia
The Federation of Master Builders (FMB) is petitioning the Government to apply radical measures to bring the UK's empty buildings back into use.
From April of this year, owners of empty and derelict commercial buildings will be under pressure to re-let or sell their properties because the empty property rate charged by local authorities is rising from 50% to ...
by Gill Montia
The latest survey from financial website, Moneyfacts, shows that lenders are continue to withdraw mortgage deals as the credit crisis continues.
Over the past month, the number of mortgage products available across the UK's residential and buy-to-let sectors has fallen by 2,026 to 5,700.
Moneyfacts notes that small lenders are now withdrawing mortgages, having previously been insulated from some of the problems ...
by Kay Murchie
It has emerged that those in their late 50s and early 60s have soaring levels of debt meaning that they will have to continue working long after their retirement age.
According to a study by the charity Help the Aged, this group of people owe at least four times as much as people of the same age 10 years ago. The debts ...
by Kay Murchie
The Bank of England Governor, Mervyn King, said the current credit crisis has 'moved to a new and difficult phase' and hinted at an April interest rate cut. However, Mr King warned that interest rates will not be cut as aggressively as in the US.
In the US, the Federal Reserve has cut rates from 5.25% to just 2.25% ...
March 26, 2008
by Elaine Frei
European markets saw declines Wednesday. The FTSE Eurofirst 300 was down 0.6 percent to 1,258.44. Madrid’s IBEX was 0.23 percent lower to 13,403 while the Paris CAC-40 fell 0.33 percent to 4,676.68 and the Dax dropped 0.54 percent to 6,489.26 in Frankfurt. In London the FTSE 100 was down 0.5 percent to 5,660.4 and the FTSE 250 dropped 0.39 percent ...
by Gill Montia
Consumer group Which? asserts that there is little indication that Home Information Packs (Hips) are making it easier or cheaper to either buy or sell a property.
In a recent report Which? found that many potential buyers and sellers experience difficulty in getting sight of a Hip, even though they have been required by law since last year.
Undercover reporters for ...
by Gill Montia
Equity release specialist, Safe Home Income Plans (SHIP), is predicting significant growth in the UK equity release market.
The firm believes that the large number of consumers who have opted for property investment as a means of providing pension income gives a sound indication that the market is set to expand.
Equity release can enable people above a certain age, who are asset ...
by Kay Murchie
An internal review of how Northern Rock’s financial health was handled is to be published by the Financial Services Authority (FSA).
The review, which was executed by the FSA's director of internal audit, is expected to conclude that too few staff were monitoring Northern Rock when its problems started and there was a lack of stability in the supervisory team.
The ...
by Kay Murchie
If the latest report from the Confederation of British Industry (CBI) is anything to go by, the current financial turmoil is expected to spread well into next year.
An increase in household costs including mortgage repayments and utility bills are to blame for the continued slump in the UK's economic growth.
Richard Lambert of the CBI said the credit crisis appears to ...
by Kay Murchie
According to the Building Societies Association (BSA), the UK's 59 building societies are in good shape in spite of the ongoing liquidity concerns in the UK's banking sector.
The BSA announced that building societies are not struggling in the aftermath of the credit squeeze despite reports revealing some had tightened their lending criteria.
Neil Johnson of the BSA said ...
by Kay Murchie
The Bank of China has the highest exposure to the US sub-prime mortgage credit crisis among Asian banks but has announced a 31% increase in 2007 net profit.
The bank posted a net profit of 56.3 billion yuan (£4 billion), up from 43.8 billion yuan in 2006 and better than expectations.
The state-owned bank said it ...
by Kay Murchie
Shares in HBOS and other banks across Europe increased yesterday, recovering from last week’s slump after news that JP Morgan Chase's improved offer for Bear Stearns went some way to lessen the gloom currently surrounding the financial sector.
Furthermore, news that HBOS’ management purchased £6 million worth of shares in the bank resulted in a 17% gain in the bank.
The ...
by Kay Murchie
With the ongoing credit squeeze and increasing household payments, 2.4 million Britons are set to reduce or even stop saving towards their retirement during the next year, with those aged between 25-34 most likely to do so.
This is according to research from Brewin Dolphin, a portfolio manager, who said by cutting back or stopping pension payments altogether, savers are ...
March 25, 2008
by Elaine Frei
European markets were higher Tuesday as banks advanced on the news of a higher bid for Bears Stearns. The pan-European FTSE Eurofirst 300 was up 3.12 percent to 1,264.94. The Dax added 3.24 percent to 6,524.71 while the CAC-40 was 3.49 percent to 4,692 and the IBEX gained 3.63 percent to 13,434.2. In London, the FTSE 100 added ...
by Gill Montia
Rightmove has reported that in March, the average asking price of a UK home rose 0.8%, or £1,799, to £239,655.
The property website's commercial director, Miles Shipside, believes that new vendors are ignoring market realities and that if they continue to do so the market could stagnate.
With levels of unsold properties high, competition between vendors is strong. In addition, many ...
by Gill Montia
The National Association of Estate Agents (NAEA) has published data showing that the number of house buyers on estate agents' books has fallen.
In February, the figure stood at an average of 243 per agent (the lowest on record) compared with 276 in January.
Meanwhile, the average number of properties registered on members' books dropped to 74 in February, while the time taken to sell ...
by Kay Murchie
A new deal for Bear Stearns has been offered by JP Morgan Chase. Under the new terms, JP Morgan Chase has increased its offer to $10 (£5) a share, from the original offer of $2 a share.
JP Morgan Chase has also agreed to change the guarantees it is receiving from the US Federal Reserve. The investment bank will now take on ...
by Gill Montia
New research from The Times shows that two-year fixed-rate mortgage deals are becoming less popular with borrowers.
The high cost involved in remortgaging mean that even borrowers with good credit histories face thousands of pounds in fees.
According to the newspaper, a borrower who has 25% equity in their home and a £150,000 mortgage with Halifax will pay more than £3,300 extra over two years ...
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Man Group, the world's biggest listed hedge fund manager, announced today that its full-year profit is set to grow by over 40% expected by analysts, boosted by a strong performance at its AHL futures business.
The hedge fund said its pre-tax profit from continuing operations for the 12 months to the end of March are set to come in ahead of the £1.8 billion ...
European markets saw declines Wednesday. The FTSE Eurofirst 300 was down 0.6 percent to 1,258.44. Madrid’s IBEX was 0.23 percent lower to 13,403 while the Paris CAC-40 fell 0.33 percent to 4,676.68 and the Dax dropped 0.54 percent to 6,489.26 in Frankfurt. In London the FTSE 100 was down 0.5 percent to 5,660.4 and the FTSE 250 dropped 0.39 percent ...
European markets were higher Tuesday as banks advanced on the news of a higher bid for Bears Stearns. The pan-European FTSE Eurofirst 300 was up 3.12 percent to 1,264.94. The Dax added 3.24 percent to 6,524.71 while the CAC-40 was 3.49 percent to 4,692 and the IBEX gained 3.63 percent to 13,434.2. In London, the FTSE 100 added ...
