European equities markets were lower Wednesday on worries that banks holding Greek bonds will have to take bigger writedowns than they agreed to in a summit this summer, although the European Commission is opposed to increasing the banks’ losses. The FTSE 100 was down 1.44 percent to 5,217.63 and saw just 13 gainers on the [...]
European equities markets were higher Tuesday on optimism that leaders in the region will successfully resolve the Eurozone’s debt crisis, while gains were also helped by a report showing that US house prices fell less than expected in July, dropping 4.1 percent from prices in July 2010, against analyst expectations of a 4.4 percent decline. [...]
The price of spot gold fell further today – to a 2½-month low of $1,624 – after reaching a record high of $1,920.94 a troy ounce earlier this month. This represents the sharpest drop since March 2009 – in the aftermath of the collapse of US bank, Lehman Brothers. Gold is now down 9% from [...]
European equities markets were higher Monday as central banks and governments outside the region asked Eurozone policy makers to continue talks toward a solution to the debt problems there, while there was talk that Europe could put into place a program styled on the US Troubled Asset Relief Program (TARP), with banks higher on the [...]
Most European equities markets were higher Friday, but did not come anywhere near making back declines from earlier in the week, with banks mostly higher even though Moody’s Investors Service cut the credit ratings on eight Greek banks. The FTSE 100 was up 0.5 percent to 5,066.81 in London, but the FTSE 250 was down [...]
European equities markets were significantly lower Thursday on a statement from the US Federal Reserve that said there are “significant downside risks” to the growth of the US economy and after Moody’s Investors Service downgraded the credit ratings of three US-based banks, including Bank of America (NYSE: BAC), Citigroup (NYSE: C) and Wells Fargo (NYSE: [...]
The FTSE 100 has fallen as much as 4.28% already in morning trading, as markets price in a Greek debt default. This comes after the failure of the US Federal reserve to implement any real strategy last night, while announcing serious financial headwinds that could potentially put the world’s largest economy into recession. While financial [...]
European equities markets were lower Wednesday as yet another round of talks failed to reach a solution for Greece’s debt crisis. The FTSE 100 was down 1.4 percent to 5,288.41 in London, while the FTSE 250 dropped 0.41 percent to 10,266 as miners and the energy sector were lower as prices for base metals and [...]
European equities markets were higher Tuesday after Greece characterized talks with the European Union and the International Monetary Fund as “productive” and “substantive”, but only after earlier declines after Standard & Poor’s cut Italy’s credit rating from A+ to A. The FTSE 100 added 1.98 percent to 5,363.71 in London, while the FTSE 250 was [...]
European equities markets were lower Monday as investors were disappointed by the inability of finance ministers to find any new solutions to the region’s debt crisis at a meeting over the weekend, sending banks lower on concerns that the crisis could hurt the sector. The FTSE 100 was down 2.03 percent to 5,259.56 in London, [...]
Most European markets made gains Friday on the hope that finance ministers meeting in Poland will announce new measures to pull the region out of its debt crisis. The FTSE 100 was up 0.58 percent to 5,368.41 in London while the FTSE 250 added 1.01 percent to 10.428.2. Satellite telecommunications specialist Inmarsat (LSE: ISAT) led [...]
European equities markets were higher Thursday after the European Central Bank announced a coordinated effort in concert with the US Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank to insure liquidity through the end of this year, with the ECB lending dollars to Eurozone banks, while markets were [...]
European equities markets were higher Wednesday as investors speculated that China might buy European bonds even though China’s premier said that nations with debt problems should not expect to be rescued. The FTSE 100 was up 1.02 percent to 5,227.02 in London, while the FTSE 250 added 0.97 percent to 10,107.9. Clothing retailer Next (LSE: [...]
European equities markets were higher Tuesday as banks came back from big declines on Monday, helped by a statement from Societe Generale’s (Euronext: GLE) CEO that his bank is healthy. The FTSE 100 was up 0.87 percent to 5,174.25 in London, while the FTSE 250 added 0.27 percent to 10,011, with banks the best performers [...]
European equities markets were lower Monday on the possibility that Greece could default soon and on speculation that Moody’s Investors Service could cut its rating on several big banks with holdings tied to Greece. The FTSE 100 was down 1.63 percent to 5,129.62 in London, while the FTSE 250 dropped 1.65 percent to 9,983.75 as [...]
European equities markets were significantly lower Friday on an increased possibility that Greece could default on its debt as soon as this weekend, raising the concern level over the European region’s debt problems and ratcheting up worries that the economic recovery is faltering. Additionally, markets reacted to the resignation of European Central Bank board member [...]
European equities markets saw gains Thursday as the Bank of England held interest rates steady at 0.5 percent and kept its bond-purchase program at £200 billion, while the European Central Bank also held rates steady, at 1.5 percent, but the ECB cut growth predictions for both this year and next year. The FSTE 100 added [...]
European markets were higher Wednesday after the German Federal Constitutional Court dismissed three challenges to German participating in a loans package to Greece and another fund aimed at keeping Europe’s debt crisis contained. The FTSE 100 was up 3.14 percent to 5,318.59 in London, while the FTSE 250 added 2.48 percent to 10,321.3. The energy [...]
Savers have once again been hit after Government-backed National Savings & Investments (NS&I) has announced its index-linked bond has been withdrawn from the market. NS&I, which runs Premium Bonds and a variety of savings products, said its index-linked bond (which gives savers protection against inflation) has been pulled. NS&I’s website and call centres ceased accepting [...]
Most equities markets in Europe were lower Tuesday as investors continued to worry about the debt crisis in the region. In London, the FTSE 100 managed to gain 1.06 percent to 5,156.84 after the Institute for Supply Management said its US services index was at 53.3 in August, up from 52.7 in July, but the [...]
Unions vote to accept public sector pension changes
Unions have agreed to proposed changes to the Local Government Pension Scheme (LGPS), ending a long-running dispute with the government over the reforms. Members of Unison and Unite, two of the UK’s largest unions, voted in support of the reforms, with 84 per cent of Unite members voting to accept the changes and 90 per [...]
RBS could receive higher fine than Barclays for rate-rigging
The Royal Bank of Scotland could be more heavily involved in inter-bank rate fixing than Barclays, an MP has suggested. John Mann, a Labour MP on the Treasury select committee, speculated that RBS could receive a fine in excess of the £290 million incurred by Barclays, if the allegations prove true. A source from within [...]
Rich have benefited most from quantitative easing
The Bank of England has admitted in a new report that the richest 5 per cent of UK households have benefitted the most from its quantitative easing (QE) programme. The Bank launched the programme in March 2009, in an effort to revive economic growth. In total it has bought £375bn of government bonds, known as [...]
ABI calls for transparency over pension charges
A ‘protocol’ should be given to members of company and private pension schemes, giving clear information on charges, the Association of British Insurers (ABI) says. The ABI’s call for pension charges to be made clearer comes prior to the introduction of automatic enrolment in autumn, when employers will be required to enrol workers in a [...]
Report tackles shortage of rented homes
With soaring demand for accommodation pushing rents to an all-time high, a new report suggests that rules on affordable homes should be relaxed to encourage the building of homes for rent. The average rent paid by private tenants in England and Wales reached £725 a month in July according to property group LSL. The government [...]
Police seize millionth uninsured vehicle
Police have seized the millionth uninsured vehicle, indicating the size of the problem of uninsured driving in the UK. The vehicle was seized in Birmingham, which is one of UK’s motor insurance evasion hotspots. According to the Motor Insurers’ Bureau (MIB), Bordesley in Birmingham has now replaced the Barkerend area of Bradford as the place [...]
Mortgage fraud increases by 23 per cent
Information services company Experian has reported a 23 per cent increase in the number of people giving false information in order to obtain a mortgage. In the second quarter of this year, 39 out of every 10,000 mortgage applications were found to be fraudulent, compared with 32 in the 2011 second quarter. Lenders have tightened [...]
Government to crack down on hidden credit card charges
Tougher rules are to be brought in to protect consumers from hidden credit card charges and premium-rate phone calls to customer service departments. The Government has launched a consultation on how to implement the changes, which are required under a European Consumer Rights Directive and will apply to countries across the European Union. The new [...]
Which? report claims free banking is a myth
A new report by consumer group Which? highlights the high charges that can be applied to ‘free’ current accounts. While these accounts are free while in credit, charges can be applied if a customer goes overdrawn, especially if they do so without permission. Customers can also be charged for overseas transactions and for agreed overdrafts. [...]
Households more optimistic about their finances
Household finances are still deteriorating, but at a slower rate, according to the Markit household finance index. The index increased from 37.5 in July to 38.9 in August, with figures above 50 representing a positive change in household finances, and figures below 50 representing a negative change. The August figure represents the third consecutive monthly [...]
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