The FTSE 100 index closed at 5437.61 points yesterday – a level not seen since prior to the collapse of Lehman Brothers in September 2008. However, in March this year, the index hit a 6-year low of 3,461 and despite the recent rally, it is still a long way off the 6,700 mark it reached [...]
The price of gold continues to surge to record highs and has touched $1,201.63 an ounce on the London Bullion Market as the US dollar continues to be a turn off for investors. The rise of the price of gold over recent weeks has been attributed to a weakening US dollar, which typically moves in [...]
Shares in Dubai continued their decline today following the country’s debt crisis after the stock market closed 5.61% down. Abu Dhabi lost 3.57%, while Qatar’s main index closed down 8.27%. However, in a bid to calm investors fears, the president of the United Arab Emirates has attempted to reassure them by issuing a statement saying [...]
Historically low interest rates in the US is making the dollar unappealing to investors sending the US currency to a 14-year low against the Japanese yen. The greenback has dipped to 86.5 yen – its lowest level since July 7, 1995, due in part to the Federal Reserve indicating that US interest rates will remain [...]
The FTSE 100 Index rose to 5231.16 today – a new record for the year to date. London’s FTSE responded to strong gains seen on the Dow Jones Industrial Average last Friday, which hit a 12-month high. Since its low point in March this year, the FTSE 100 Index has risen around 50% with companies [...]
The price of gold reached $1,058 (£659.20) an ounce on the London Bullion Market yesterday – its third consecutive day of gains. A weak US dollar continues to make gold an attractive buy for investors, according to analysts. Furthermore, the price of the precious metal could continue to rise if the dollar remains weak. Traditionally, [...]
Former James Bond actor Roger Moore believes encouraging investors to put their money into ethical businesses is simply a matter of education. Writing in the Daily Mail on the way poultry is treated to produce foie gras, Moore said: “There are vile and inhumane practices all over the world, but I have always been a [...]
Nearly half of UK consumers believe that buying property is the best way to invest money. In a study by Scottish Widows, 48% of those polled said investing in property is the best way to maximise returns on hard earned cash. This figure is a significant increase on 12 months ago, when just 28% of [...]
More than 180 of the world’s biggest investors have called on world leaders to work together on fighting climate change. A collective statement from the investors, with collective assets of over $13 trillion, said all countries must commit to a low-carbon future. “From an investment perspective it is critical that developing countries, especially the highest [...]
London’s FTSE 100 index closed up 57 points today at 5004.30 – the highest level since 3rd October 2008. Shares across Europe have also performed well, with France’s Cac 40 index gaining 1.3% and Germany’s Dax index rising 1.7%. In the US, the Dow Jones industrial average was up 63.94 points at 9,561.28 in late-morning [...]
US food giant Kraft saw its shares fall 5% to $26.7 this morning on Wall Street as investors expressed concern about the group’s takeover approach for British confectionery giant Cadbury. Cadbury rejected the £10.2 billion offer from Kraft, which is renowned for brands such as Kenco coffee, Oreo biscuits, Terry’s Chocolate Orange, Toblerone and cheese [...]
The price of gold, which is seen as an attractive investment in times of inflation, has briefly hit the $1,000 mark – it’s highest level in six months – before slipping back to $999.0 per ounce. Gold has been growing in value for the last 8 years and peaked at $1,032 an ounce in March [...]
Abu Dhabi firm, International Petroleum Investment Company (IPIC), said it is planning to sell part or all its interests in British bank, Barclays, the equivalent of 1.3 billion shares. Last year, Barclays raised £7 billion from investors in Qatar and Abu Dhabi in order to strengthen its balance sheet and meant that it could avoid [...]
It has been reported that the Government is in talks to sell off its stakes in part-nationalised banks: Lloyds Banking Group and Royal Bank of Scotland (RBS). UK Financial Investments Ltd (UKFI), which was established to oversee taxpayer’s interest in UK banks, is believed to be sounding out investors abroad. However, a speedy sale is [...]
Lloyds Banking Group is to embark on a £4 billion fundraising exercise which follows the news that chairman Sir Victor Blank is to step down in June 2010. The £4 billion fundraising comes amid high profile changes at the bank and sees chief executive Eric Daniels’ position ‘in doubt‘. Both directors have faced criticism from [...]
Shares in Barclays have received a much-needed boost this morning after it reassured investors that it was on target to announce profits of over £5.3 billion for 2008. Shares in the banking giant were up 19.7p (38.5%) at 70.9p in early trading today as an open letter from chairman Marcus Agius and chief executive John [...]
It has been revealed that Barclays could see its Middle East investors gain majority control of the bank as a result of a clause in the terms of the deal. In October, Barclays rejected the Government’s bailout package and announced that it was raising £5.3 billion from investors in Qatar and Abu Dhabi, who took [...]
The new Lloyds Banking Group, formed by the merger of Lloyds TSB and HBOS, is set to be 43.4% owned by the taxpayer, after investors bought just 0.5% of shares on offer from Lloyds TSB and 0.24% of stock on offer from HBOS. The new banking giant is set to commence trading next week, subject [...]
Last month, Barclays declined financial assistance from the UK Government and instead announced it was to raise £7.3 billion, primarily from Middle East investors. However, Barclays’ shareholders were believed to be infuriated at the generous terms offered to overseas investors and, as a result, the Association of British Insurers (ABI) was asked to get involved [...]
Spanish bank, Santander, has raised eyebrows today by announcing a €7.2 billion (£5.9 billion) rights issue. The bank, which recently acquired Alliance & Leicester, said the heavily discounted rights issue will allow it to strengthen its capital and provide an investment opportunity for its shareholders. However, just last week the bank insisted it had no [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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