European equities markets were higher Wednesday US Federal Reserve Chairman Ben Bernanke said the Fed will take more action to support the US economy if necessary, saying that “The Federal Reserve remains prepared to respond should economic developments indicate that an adjustment of monetary policy would be appropriate.” The FTSE 100 added 0.64 percent to [...]
Europe’s equities markets were lower again Tuesday on concerns that the debt crisis is spreading to Italy and on speculation that the European Central Bank will intervene to make sure a bond auction in Italy this week is successful. The FTSE 100 was down 1.02 percent to 5,868.96 in London, while the FTSE 250 dropped [...]
European equities markets were lower Monday on concerns about debt problems in the region, which appeared to be ready to spread to Italy after the cost to insure the nation’s debt rose to record highs during the day. The FTSE 100 was down 1.03 percent to 5,929.16 in London, while the FTSE 250 dropped 1.61 [...]
European markets were lower Friday after the US Labor Department reported that only 18,000 new jobs were added to the US economy in June, far fewer than the 105,000 jobs that were expected to be created, and after May’s job creation numbers were lowered to 25,000 from the previously reported 54,000 and June’s unemployment rate [...]
European equities markets were mostly higher Thursday after the Bank of England held interest rates steady at 0.5 percent but the European Central Bank hiked rates to 1.5 percent. The FTSE 100 was up 0.86 percent to 6,054.55 in London, while the FTSE 250 was 0.3 percent higher to 12,167.8 as UK manufacturing output was [...]
A campaign group has written to the Bank of England’s rate-setting committee to urge them to lift interest rates to encourage saving. The low interest rate of 0.5% has been in place since March 2009 – when the economy was in the midst of recession. The record low rate, however, has meant the value of [...]
Equities markets in Europe were lower Wednesday on Moody’s Investors Service move to downgrade Portugal’s debt, after China again raised interest rates from Thursday as inflation continued to climb and on new data from the United States showing that growth slowed more than expected in the services sector there in June. The FTSE 100 was [...]
European equities markets were mixed Tuesday as Moody’s Investors Service warned on banks in China and after the US Commerce Department reported that factory orders were up in the United States in May, although the gain of 0.8 percent was less of an advance than analysts had expected. The FTSE 100 was up 0.11 percent [...]
Equities markets were higher in Europe Friday as banks saw gains on hopes that the recent moves by Greece to institute austerity measures will help it avoid default, while data from the Institute for Supply Management showed that US manufacturing was up after the ISM’s factory index was up from 53.5 in May to 55.3 [...]
European equities markets were higher after Greece’s parliament passed legislation allowing implementation of austerity measures passed earlier in the week, enabling the European Union and the International Monetary Fund to continue to send bailout funds to the debt-troubled nation. Additionally, in good news from the United States, the Bloomberg Consumer Comfort Index was up unexpectedly [...]
European equities markets were higher Wednesday after Greece’s parliament passed a package of austerity measures required by the European Union and the International Monetary Fund to continue a bailout for Greece so that it can avoid default. The FTSE 100 added 1.54 percent to 5,855.95 in London, while the FTSE 250 was up 1.66 percent [...]
European equities markets were higher Tuesday on hopes that the Greek parliament will pass austerity measures so that European bailout funds will continue to be paid to Greece and allow the nation to escape default, but European Central Bank board member Juergen Stark said that if Greece does not implement the measures, bailout money would [...]
Most equities markets in Europe were higher Monday, but not by very much as investors waited to see whether Greece’s parliament will pass austerity measures necessary for it to receive bailout money from the European Union and the International Monetary Fund. The FTSE 100 added 0.43 percent to 4,722.34 in London, while the FTSE 250 [...]
Most equities markets in Europe were lower Friday, but London’s markets managed gains as the FTSE 100 added 0.41 percent and the FTSE 250 gained 0.65 percent to 11,528.2 after leaders of the European Union, meeting in Brussels, pledged to support Greece ahead of a vote in the Greek parliament on austerity measures, scheduled for [...]
European equities markets were lower Thursday, with declines coming after comments from US Federal Reserve Chairman Ben Bernanke, who said that interest rates will remain near zero for the foreseeable futures as the Fed held rates steady again, but that bond purchases by the Fed will end this month as scheduled. Bernanke also said that [...]
European equities markets were lower Wednesday even after the Greek parliament voted 155 to 143 in favor of Prime Minister George Papandreou, clearing the way for passage of budget cuts required by European governments and the International Monetary Fund, along with sales of assets and imposition of a “crisis levy” on wages, in order for [...]
Equities markets in Europe saw gains Tuesday on hopes that Greece’s Prime Minister, George Papandreou, will prevail in a confidence vote scheduled for later in the evening. The FTSE 100 was up 1.44 percent to 5,775.31 in London, while the FTSE 250 was 1.01 percent higher to 11,654.9, with banks, home builders and the chemicals [...]
Equities markets in Europe were lower Monday after governments in the region could not agree on the release of a loan payment in July to keep Greece out of default as they continued to put pressure on Greek Prime Minister George Papandreou to make more cuts to the nation’s budget and to sell more of [...]
European equities markets were lower Thursday on more concerns about Greece’s debt problems after rioting in Athens over austerity measures that must be taken if the nation is to receive any more aid, and after Greek Prime Minister George Papandreou said he will form a new government and call for a confidence vote. The FTSE [...]
European equities markets were lower Wednesday on concerns that Greece will default without another bailout deal soon. The concerns took banks lower in London, led by a 2.7 percent decline by Barclays Bank (LSE: BARC), after finance ministers failed to agree to a German plan in which bondholders would share part of the cost of [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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