According to the BBC, financial institution NBNK is to submit a second bid for the 600+ branches which Lloyds Banking Group is putting up for sale. It is understood the branches could fetch around £1.5 billion, according to sources close to the matter. Lloyds is selling the branches under the orders of the European Commission [...]
A report by the Institute for Fiscal Studies (IFS) has warned that households will be squeezed for the next decade as they suffer from the harsh spending cuts introduced by the Government. It said households are suffering one of the worst attacks on their finances since the Second World War and that the impact of [...]
Unions have vented their anger at directors today after a report found that the average annual bonus for a director in a FTSE 100 company has soared by 187% in the last decade. The findings were in a report by the High Pay Commission and discovered that top executives received a bonus worth 90% last [...]
Leading think tank, the Ernst & Young ITEM Club, believes the proposed ring-fencing of retail and investment banks will reduce economic growth. The think tank’s prediction comes just a week before the publication of the Independent Commission on Banking’s (ICB’s) final report on ring-fencing. The ICB, which was established in June 2010, is considering forms [...]
Accountancy firm BDO has warned Britain’s retailers should prepare themselves for some tough times as pressure builds on consumers in the run-up to Christmas. According to the firm’s High Street Sales Tracker, sales figures for August fell 2.2% among mid-market retailers, attributed to the riots and cooler weather during the month. The riots, in particular, [...]
A report by the World Bank has revealed food prices are up 33% in the year to July on the back of volatile oil costs. Crude oil prices are up 45% on the year (due to political unrest in the Middle East and North Africa) and this has affected production and transport costs, all contributing [...]
A report by the Council of Mortgage Lenders (CML) has revealed 827,000 mortgage borrowers are in negative equity (a mortgage worth more than their property). However, the figures which relate to the first quarter of the year, are not as bad as they were in the early 1990s, when around 1.6 million households were trapped [...]
The latest Beige Book report, published by the Federal Reserve, has revealed widespread signs that US economic growth is slowing. The Fed said: “Economic activity continued to grow; however, the pace has moderated in many districts.” The economic recovery of the US remains sluggish in the face of higher unemployment and a depressed housing market, [...]
According to a report today, banking giant HSBC is to axe more than 10,000 jobs as part of the bank’s strategic review. The report from Sky News said some of the cuts will come from its head office while others will be the result of closing some retail banking operations. However, a spokesperson for the [...]
A report has revealed that the majority of small and medium-sized enterprises (SMEs) are successful when applying for credit. According to the study, more than half (59%) of applicants were successful when applying for a loan, while 72% who applied for an overdraft were successful. The figures come from the latest SME Finance Monitor report [...]
A report by accountants PricewaterhouseCoopers (PwC) has waned that the pension age may have to rise to 70 by 2046 in order to deal with Britain’s debts. Current plans introduced by the coalition Government will see the state pension age lifted to 66 for both men and women by 2020. The pension age will then [...]
According to the Fawcett Society, the gender equality charity, lone parents are set to be squeezed by the Government’s austeirty measures, which include cuts to benefits and tax hikes. A report by the Society explains the public service cuts will result in lone mothers losing an average 8.5% of their income after tax by 2015. [...]
In his Mansion House speech this evening, Chancellor George Osborne is expected to confirm that banks will have to ring-fence their retail operations so they are protected from losses from investment banking. The Chancellor is also expected to suggest that banks will have to hold more capital – a recommendation of the Independent Commission on [...]
In its influential Quarterly Bulletin, the Bank of England said interest rates can be held at the historic low of 0.5% in order to prevent growth from stalling. The statement comes despite inflation being more than double the target of 2% and many business groups are calling on the bank to lift rates to combat [...]
The International Monetary Fund (IMF) has today published its annual assessment for the UK economy and is estimating growth of 1.5% this year, down from 1.7% in April. The estimate is roughly in line with other forecasts for the UK economy with the British Chambers of Commerce expecting growth of 1.3%, the Organisation for Economic [...]
It has been reported that banking giant Barclays is considering purchasing one of Spain’s ailing regional savings banks. According to the Sunday Times, the bank’s chief executive, Bob Diamond, met with the Spanish Prime Minister, Jose Luis Rodriguez Zapatero, last week. However, Barclays has declined to comment on the report and it is unknown which [...]
According to Knight Frank LLP, 59% of new-build property in London has been acquired by Asian buyers in the six month period to April. This is up from 48% a year earlier as buyers seek alternatives from rocketing property prices in China and Singapore. The estate agent said Asian buyers are taking advantage of the [...]
A report by letting agency network LSL Property Services has revealed tenant demand has risen in recent weeks after April’s long bank holiday weekends and warm weather led to a surge in would-be tenants looking for property. According to the agency, rents grew by 0.8% in April to £692 per month compared with the previous [...]
A report by the Asian Development Bank (ADB) has warned soaring food and fuel prices threaten to push millions into extreme poverty and hamper economic growth in Asian economies. Previous reports have suggested that Asia is leading the way in the global recovery with staggering economic growth figures but food price inflation is threatening growth [...]
The International Monetary Fund (IMF) has today said while the global economy is recovering, challenges remain. The challenges the global economy face are rising oil prices amid the ongoing civil unrest in Libya and the Middle East. Inflationary pressures also pose a threat to economic growth - particularly in Asia, the IMF said in its [...]
Equities markets in Europe were higher Monday, with gains coming on a promise by Germany’s chancellor and France’s president that they will create a plan to recapitalize banks and find solutions to the region’s debt crisis as they said they will have the plan worked out by a G20 summit scheduled for 3 November. The [...]
European equities markets were higher in mid-afternoon trade Friday, helped by data from the US Labor Department that showed 103,000 jobs added to the US economy, more than expected, while the unemployment rate in the United States held steady at 9.1 percent. The FTSE 100 was up 0.16 percent to 5,299.77 in London at mid-afternoon, [...]
Insurer Prudential adds nearly 12 percent
European equities markets were higher Thursday after the European Central Bank and Bank of England both held interest rates steady, at 1.5 percent and at 0.5 percent respectively, while the ECB said it will restart covered-bond purchases and again offer year-long loans to banks, while the Bank of England will expand its program of bond [...]
Vedanta, Ferrexpo lead 100, 250
Equities markets in Europe were higher Wednesday on the possibility that Eurozone finance ministers will put in place ways to protect banks from the region’s debt crisis. The FTSE 100 was up 3.19 percent to 5,102.17 in London, while the FTSE 250 added 1.51 percent to 9,567.84. Miners led gains on both the 100 and [...]
European equities markets were lower Tuesday on the possibility that the Greek bailout deal reached in July could be renegotiated, although the contemplated revisions are said to be of a technical nature. The FTSE 100 was down 2.58 percent to 4,944.44 in London, while the FTSE 250 dropped 3.33 percent to 9.425.93. Most retailers were [...]
Home Retail tops gainers on 250
European equities markets were lower Monday on continuing concerns that the region’s debt crisis will get worse and spread, with some analysts saying that another recession is on the way. The FTSE 100 was down 1.03 percent to 912.34 in London, while the FTSE 250 dropped 0.7 percent to 9,750.56, with declines coming even though [...]
Hometrack: House prices fall in September
According to housing intelligence group, Hometrack, house prices in England and Wales fell in September – the 15th consecutive monthly fall. According to Hometrack, house prices dipped by 0.1% in September on a monthly basis and are 3.5% lower on the year. Hometrack attributes the ongoing trend to weak demand for housing on the uncertainty [...]
UK manufacturing activity recovers in September
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity bounced back last month. The closely-watched CIPS/Markit manufacturing PMI rose to 51.1 in September from August’s reading of 49.4. Activity has contracted for the last three months and today’s survey means the index has moved back [...]
Fresnillo gains among mostly lower miners
European equities markets were lower Friday on further indications that the global economy is slowing as Chinese manufacturing activity remained in contraction, Eurozone inflation was up to 3 percent in August and German retail sales dropped 2.9 percent in August from the previous month in a much larger decline than expected. The FTSE 100 was [...]
German unemployment hits lowest level in 20 years
Official data has revealed unemployment in Germany dropped to its lowest level in more than 20 years in September. The country’s unemployment rate fell from August’s rate of 7% to 6.6%. Unemployment now stands at 2.79 million – the first time since 1992 that the jobless total has been below 2.8 million. It was also [...]
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