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September 30, 2008
by Elaine Frei
European equities markets saw gains Tuesday after Democrats and Republicans said the US Congress will pass a bailout of the US financial sector, possibly as early as later this week.
Banks in the region were mixed, with Bank of Ireland (ISEQ: BKIR; LSE: BKIR: NYSE: IRE) up 21 percent and Anglo Irish Bank (ISEQ: ANGL; LSE: ANGL; FWB: CKL) adding 67 percent ...
by Kay Murchie
PricewaterhouseCoopers (PWC), which was appointed as the administrators of Lehman Brothers’ European division, have announced that 750 workers are to lose their jobs with immediate effect.
PWC said the bulk of the losses will be made at the Canary Wharf offices in London and said all avenues have been exhausted and the jobs could not be saved.
Most of the job losses are ...
by Gill Montia
The rescue of Bradford & Bingley (B&B) has prompted a mass withdrawal of mortgage products from the already depleted UK market.
According to financial website, Moneyfacts, around 500 home loans have been withdrawn since the beginning of this week.
The number of mortgages available for residential and buy-to-let borrowers fell 11% in 24 hours to 3,469. Residential mortgages now number 2,988 while buy-to-let ...
by Kay Murchie
Yesterday saw Belgian-Dutch financial group, Fortis, rescued after the Governments of Belgium, Luxembourg and the Netherlands invested a total €11.2 billion (£8.9 billion) in the respective Fortis bank institutions in each country. Each Government will take a 49% stake in Fortis.
It has emerged today that Fortis’ rival, Dexia, has become the latest European bank to be ...
by Kay Murchie
The UK economy has ground to a halt after data from the Office for National Statistics (ONS) revealed that it did not grow at all in the second quarter of 2008.
The ONS said growth was 0% in the second quarter, below the 0.3% figure recorded for the first quarter of the year.
Many analysts maintain a downbeat forecast for the British economy ...
by Kay Murchie
Banking shares have been the sharpest fallers on the FTSE 100 today in London as it was announced late last night that the US $700 billion (£380 billion) bailout scheme was rejected after it failed to gain support from Congress who voted against the proposed scheme.
One of the biggest fallers today was HBOS who lost 12% as speculation mounted ...
by Kay Murchie
Following a day of bailouts and nationalisations, it was announced late last night that the US $700 billion (£380 billion) bailout was rejected after it failed to gain support from Congress who voted against the proposed scheme.
Talks have been taking place over the last few days between the Government and lawmakers and yesterday the plan was rejected by 228 to 205 votes in ...
September 29, 2008
by Jon Knight
The nationalisation of Bradford & Bingley is the most blatant case of legalised bank robbery this country has ever seen, with almost a million shareholders likely to lose a fortune.
The whole point of having shareholders in a democracy is that they own the company and can decide its fate between them, including sacking the board or deciding to sell to a new owner if they wish.
Yet the Treasury has apparently ...
by Elaine Frei
The Dow Jones Industrial Average lost the most points in a single day in its history and other New York equities markets dropped sharply Monday as the US House of Representatives refused to pass a plan to bail out the US financial sector.
The Dow dropped 777.68 points on the session, nearly 100 points more than the previous record of 684.81 points, ...
by Kay Murchie
The credit crisis has claimed yet another High Street bank as Wachovia, once America’s fourth biggest bank, has agreed to a rescue takeover by the world’s largest bank, Citigroup.
Wachovia saw its share price plummet 90% to below 70¢ when Wall Street opened today. Federal regulators helped to arrange a deal in which Citigroup will take on $42 billion (£23 billion) of losses ...
by Kay Murchie
Stockmarkets around the world today have fallen sharply after it emerged that the UK’s largest buy-to-let lender, Bradford & Bingley (B&B), is to be nationalised.
The FTSE 100 index closed down 269.7 points to 4818.8, a fall of 5.3% and its eighth worst one-day percentage loss ever.
Shares in Barclays, RBS, Lloyds TSB, HBOS fell 8%, 19%, 12% and 15% respectively.
Under the ...
by Gill Montia
Lloyds TSB and its Cheltenham & Gloucester subsidiary have increased rates on two and three-year fixed-rate loans by up to 0.26%.
The bank's two-year fixed-rate deal for those with a 75% deposit has risen to 6.44%; borrowers with only 10% of equity will pay 6.75%.
Last week, Halifax, the UK's biggest mortgage lender and part of the HBOS group which is in the process ...
by Gill Montia
Latest figures from the Bank of England show that mortgage lending in the UK effectively collapsed in August.
Mortgage advances were at their lowest level for six years totalling just £19.19 billion.
However, net lending, which takes into account repayments and redemptions, fell 98% year-on-year to £143 million, the lowest level since the Bank's records began in 1993.
New mortgage lending plummeted to 2% ...
by Kay Murchie
Belgian-Dutch financial group Fortis has been partially nationalised after concerns were raised about its future health over the weekend.
The group, which is Britain’s third-largest private car insurer, based on volume, and the fourth-largest travel insurer, saw its shares plummet by 35% last week over fears about its future.
However, it has emerged this morning that the Governments of Belgium, Luxembourg and the ...
by Kay Murchie
After a weekend of negotiations, America’s $700 billion (£380 billion) bailout plan has finally reached a conclusion.
US Treasury Secretary, Henry Paulson, managed to convince Republican and Democratic leaders to agree to a compromise, prior to the opening of the Asian stockmarkets.
However, the announcement did little to allay fears in the global stock markets, which declined sharply.
The US Congress is preparing to ...
by Kay Murchie
The BBC reported over the weekend that troubled buy-to-let lender Bradford & Bingley (B&B) was set to be nationalised.
It has emerged this morning that Spanish bank, Santander, which recently agreed to buy Alliance & Leicester, is to acquire B&B’s £20 billion savings base and its network of 197 branches.
According to sources, talks ran late into last night ...
by Gill Montia
The Royal Institution of Chartered Surveyors (Rics) has reported that the average selling price of a UK home is now 9% below the asking price.
Rics chief economist, Simon Rubinsohn, warns that the gap could widen in the coming months as vendors are forced to accept lower offers in a shrinking market.
Figures from leading mortgage lenders show the average price of ...
September 28, 2008
by Kay Murchie
Belgian-Dutch financial group Fortis has been in rescue talks over the weekend after concerns have been raised about its future.
The Belgian government, regulators, and the Dutch central bank are all involved in the talks with a deal to be announced by tomorrow morning.
Fortis, which is Britain’s third-largest private car insurer, based on volume, and the fourth-largest travel insurer, went out of its ...
by Kay Murchie
According to US Congress, America’s $700 billion (£380 billion) bailout plan is still in negotiations but considerable progress is being made.
According to Harry Reid, the Senate majority leader, there are 15 outstanding issues to be resolved in agreeing Treasury secretary Henry Paulson’s Troubled Asset Relief Programme (Tarp).
Meanwhile, The White House said the prospect of a deal is essential before financial markets ...
by Kay Murchie
Troubled buy-to-let lender, Bradford & Bingley (B&B) is set to be nationalised, according to the BBC.
Treasury officials and the Financial Services Authority (FSA) have been holding talks with the lender in an attempt to secure its future.
The bank is to be nationalised using special legislation the Treasury implemented after it took Northern Rock into public ownership in February of this year. ...
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European equities markets saw gains Tuesday after Democrats and Republicans said the US Congress will pass a bailout of the US financial sector, possibly as early as later this week.
Banks in the region were mixed, with Bank of Ireland (ISEQ: BKIR; LSE: BKIR: NYSE: IRE) up 21 percent and Anglo Irish Bank (ISEQ: ANGL; LSE: ANGL; FWB: CKL) adding 67 percent ...
