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All Financial News
The latest financial news:
March 16, 2010
by Kay Murchie
The Federal Reserve has today elected to keep US interest rates at the historically low level of between 0% and 0.25%, as widely expected.
After the one day meeting, the Federal Open Market Committee (FOMC) voted 9-1 to keep rates unchanged.
Interest rates in the world’s largest economy have been at the low level since December 2008 and the bank has previously ...
by Kay Murchie
The Commerce Department has today revealed US housing starts fell during the month of February, while building permits were also down.
Both declines were attributed to the severe wintry weather that gripped parts of the US during the month.
According to the Commerce Department, construction of new US homes fell 5.9% during the month to a seasonally adjusted ...
by Kay Murchie
Consumer watchdog, the Office of Fair Trading (OFT), has today revealed UK banks may soon be offering customers the ability to opt out of unarranged overdraft facilities.
Should the procedure be put in place, it would mean consumers would avoid hefty fees if they slipped into the red.
The announcement comes as the OFT took legal action against banks regarding unauthorised overdraft ...
by Kay Murchie
Oil giant Royal Dutch Shell has today announced it will axe a third of its global petrol station network and shed a further 1,000 jobs by the end of next year, as part of its ongoing cost cutting programme.
The Anglo-Dutch firm, which is Britain’s second largest oil company, has been hit by a slump in demand for ...
by Elaine Frei
European markets were higher Tuesday, with gains coming after Standard & Poor’s issued a report saying that Greece is likely to meet immediate goals toward righting its troubled economy.
The FTSE 100 was up 0.48 percent to 5,620.43 in London, while the FTSE 250 added 0.52 percent to 9,930.04.
The biggest gain in London came on the 250, where investment bank Close ...
by Kay Murchie
A study by Lloyds TSB Commercial has revealed the impact the big freeze had on the UK's small and medium-sized companies (SMEs) earlier this year.
According to the research, the coldest winter in decades cost SMEs more than £7 billion.
Seven out of ten small firms were severely affected with snow and ice hitting deliveries and resulting in the firms to ...
by Kay Murchie
Marc Firestone, vice-president of US food giant, Kraft, has today appeared before MPs on the Business Select Committee and has apologised for the firm’s pledge to keep open Cadbury’s Keynsham factory.
Mr Firestone was questioned by MP’s over the company’s takeover of Cadbury. Kraft completed its takeover of the 186-year-old iconic British confectioner on 2 February after a five-month battle.
Kraft, which ...
by Kay Murchie
The European Automobile Manufacturers Association has today revealed registrations of new cars in Europe grew an annual 3.2% in February to 1,000,754 vehicles.
However, a severe fall of 30% was noted in Germany as the country’s scrappage scheme expired, but the fall was offset by growth in Italy and the UK, which still have incentive packages in place.
Overall, sales in the ...
by Gill Montia
New research from Moneyfacts.co.uk claims there has been a 70% rise in the number of mortgage products available in just under a year.
According to the financial website, borrowers now have 2,053 deals to choose from, compared with 1,209 in April 2009, when the figure bottomed out.
Furthermore, a significant boost has occurred since the beginning of January, with the number ...
by Gill Montia
Affordability for first-time buyers has continued to improve, according to FindaProperty.com.
The website's latest index suggests it is now easier for first-time buyers to get onto the property ladder than it has been at any time since the start of the credit crisis, in 2007.
Stable prices and more borrower-friendly lending criteria are responsible for the shift, which has occurred despite ...
by Kay Murchie
The US central bank, the Federal Reserve, is expected to keep interest rates at the rate of between zero and 0.25% at a meeting later today.
Interest rates in the world’s largest economy have been at the low level since December 2008 and the bank has previously said that as a result of subdued inflation and high unemployment, ...
by Kay Murchie
Marc Firestone, vice-president of US food giant, Kraft, will appear before MPs on the Business Select Committee today.
Mr Firestone will be questioned by MP’s over the company’s takeover of Cadbury. Kraft completed its takeover of the 186-year-old iconic British confectioner on 2 February after a five-month battle.
Earlier this month, the US food giant was investigated by the ...
by Kay Murchie
A report due to be released later this week by the European Commission is expected reveal the Government’s plans for reducing the budget deficit are not ambitious enough.
A draft document, which has been seen by the Reuters news agency, warns Britain is not on target to trim its deficit in accordance with EU rules of below ...
March 15, 2010
by Kay Murchie
Property website, Rightmove, has today reported the annual growth in asking prices for residential property in England and Wales for the four weeks to March 6 slowed for the first time in a year.
On an annual basis, growth slowed from 6.1% in February to 5.3% in March, while on a monthly basis, asking prices rose just 0.1% between the four ...
by Kay Murchie
Figures published by the Federal Reserve today revealed a marginal rise in US industrial production in February.
According to the US central bank, industrial output rose by just 0.1% in the month and followed a 0.9% increase in January.
However, the small rise was better than the zero percent that analysts had forecast after severe snowstorms swept most of the country during ...
by Kay Murchie
Metro Bank, which was recently granted a banking licence by the Financial Services Authority (FSA), has told Sky News that it plans to make banking a "fun retail experience".
The bank, which is set to become Britain’s first new high street lender for more than a century, is set to open two branches in central London by early ...
by Elaine Frei
European equities markets were lower Monday on concerns following a report from Moody’s Investors Services that the credit ratings of the United States and European nations such as the UK, Germany and France could be threatened.
The FTSE 100 was 0.57 percent lower to 5,593.85 in London, while the FTSE 250 fell 0.63 percent to 9,879.01.
Most companies dealing with basic resources ...
by Kay Murchie
The Government-led crackdown on credit card companies is expected to save consumers around £300 million a year.
The crackdown comes after the Government warned credit and store card firms to “clean up their act” after it launched a review of the industry in a consumer White Paper in July 2009.
According to Prime Minister, Gordon Brown, the cost of borrowing ...
by Kay Murchie
Moody's Investors Services has today announced the credit ratings of the world’s four largest AAA-rated nations are viewed as safe.
According to Moody’s, the world's four largest AAA-rated sovereign nations, which include Germany, France, the UK and the US are currently "well positioned despite their stretched finances".
In its quarterly report assessing the prospects of the triple A-rated countries, Moody’s said ...
by Kay Murchie
Bank of England policymaker, Kate Barker, said the UK is unlikely to return to recession.
In an interview over the weekend, Ms Barker, who is a former housing adviser to the Government, said it is possible, however, that the economy could contract for one quarter.
"It's possible we will have a quarter when GDP falls, but I don't ...
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The Federal Reserve has today elected to keep US interest rates at the historically low level of between 0% and 0.25%, as widely expected.
After the one day meeting, the Federal Open Market Committee (FOMC) voted 9-1 to keep rates unchanged.
Interest rates in the world’s largest economy have been at the low level since December 2008 and the bank has previously ...
