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December 13, 2007
by Stewart Douglas
Troubled mortgage lender Northern Rock has today announced that Adam Applegarth, chief executive throughout the recent turmoils, has finally parted ways with the company after several months of work in preparing for the future of the crisis-stricken bank.
Having already attempted to resign back in November, Applegarth was begged to stay in position to see the bank through the months following its ...
by Stewart Douglas
Chancellor of the Exchequer and head of the UK Treasury Alistair Darling has today announced that the proposals for Capital Gains Tax reform which had been mentioned in his pre-budget report would not be finalised until April next year with the announcement of the official budget, and would be considered on its merits in the interim, thus fending off critics ...
by Elaine Frei
Crude oil prices fell on Thursday after Wednesday’s major increases as investors took profits, an oil company reported that a fire at a Texas refinery had not interrupted production and the dollar gained on the euro.
Near the close of floor trade on the New York Mercantile Exchange, January contracts for West Texas Intermediate crude had dropped $2.09 to $92.30 per barrel, while ...
by Elaine Frei
Global equities markets saw declines on Thursday, many of them substantial, after several central banks announced a program Wednesday to inject cash into the banking system. The initiative raised fears that the credit crisis is getting worse as well as that the project to increase liquidity is too little too late.
In the Asia-Pacific region, the least of the declines ...
by Elaine Frei
The Japanese yen strengthened versus the US currency as well as in relation to the euro, the pound, and the Australia and New Zealand dollars on Thursday after investors exited risky carry trades on fears that a plan by several central banks to inject liquidity in to the banking system will not be enough to solve the credit crisis.
The yen traded ...
December 12, 2007
by Stewart Douglas
The Inditex group, which owns Spanish retailer Zara has today announced that its sales figures had fallen by more than it had anticipated, despite an overall growth in profitability which it puts down to increased efficiency in cost centres against struggling external market conditions.
Spanish-based Inditex, the second largest clothing retailer in the world, announced today that it had seen sales overall decline, ...
by Stewart Douglas
Media retailer HMV has today announced significant losses in its core operations as it approaches it's most profitable time of year, suggesting that it may have been hit by the credit crunch and the knock on effect on consumer disposable incomes.
The company today reported that it had made a loss over the half to the end of October of some £28.7 million, albeit ...
by Elaine Frei
Most Asia-Pacific equities markets were lower Wednesday on disappointment over Tuesday’s interest rate cut from the US Federal Reserve and after accompanying comments that US economic growth is slowing down. There were exceptions. The Kospi index was up 0.12 percent to 1,927.45 in South Korea while India’s Sensex added 0.42 percent to 20,375.87.
In Australia, however, the Sydney ...
by Elaine Frei
Crude oil prices rose significantly on Wednesday after the US Energy Information Administration reported that inventories of crude oil were 700,000 barrels lower last week, against an expected rise of 100,000 barrels.
West Texas Intermediate crude for January delivery added $4.48 to $94.50 per barrel on the New York Mercantile Exchange while January contracts for Brent crude were up $3.20 to ...
by Elaine Frei
The yen and the Swiss franc weakened again Wednesday several central banks in Europe and North America announced plans to inject more liquidity into the banking system, leading investors to seek out more risk in carry trades on the theory that banks will be more willing to lend money and that the US economy will not enter a recession.
The yen was the only ...
December 11, 2007
by Stewart Douglas
Confectionary giant Cadbury Schweppes has today announced strong sales in its confectionary business in the UK, helped by the reintroduction of the popular Wispa brand over the last few months and good response to advertising around its flagship Dairy Milk brand.
The global business today announced that the Wispa had made a "positive contribution" to sales throughout its UK businesses, which had ...
by Stewart Douglas
Mining conglomerate Rio Tinto has today moved to end speculation as to its future by urging the Takeover Panel to set a time limit for BHP Billiton to formally offer for the company, or to withdraw its interest altogether, just hours after it was rumoured that US equity firm Blackstone could be preparing to mount a bid.
The move comes at ...
by Elaine Frei
Asia-Pacific equities markets were higher on Tuesday on hopes that the US Federal Reserve will cut US interest rates when it meets today and that the rate cut will energize the US economy. The Shanghai Composite added 0.25 percent to 5,175.08, while Taiwan’s Taiex index was up 0.47 percent to 8,638.33. In Australia, the Sydney Ordinaries gained ...
by Elaine Frei
Crude oil prices rose on Tuesday, ending back above the $90 per barrel level after declining in recent days.
January contracts for West Texas Intermediate crude added $2.16 to $90.02 per barrel at the close of trade on the New York Mercantile Exchange after going as high as $90.55 earlier.
Nymex January gasoline added 4 cents to $2.29 per gallon while January ...
by Elaine Frei
The US dollar weakened on Tuesday as traders anticipated a cut in interest rates by the Federal Reserve later in the day, with rate futures traders in Chicago predicting a 64 percent chance that the Fed will cut US interest rates by a quarter of a point.
The expectation was that the Fed will cut rates not only today but again when it ...
December 10, 2007
by Stewart Douglas
US-based private equity group Blackstone has today been linked with a move for mining giant Rio Tinto in direct competition to that of BHP Billion, which has had its recent takeover move rejected for undervaluing the assets of the company at over £63 billion.
The announcement today comes from a report leaked to the Daily Telegraph, suggesting that Blackstone is currently in the ...
by Stewart Douglas
American broadcasting network ESPN has announced today that it would be interested in bidding for the rights to broadcast the English Premier League when the tender process opens up at the end of the 2009/10 season, citing it as a desirable prospect for any broadcasting network.
In an interview with the Financial Times today, George Bodenheimer of ESPN has suggested ...
by Elaine Frei
Equities markets were mixed in London on Monday, with the FTSE 100 up 0.16 percent to 6,565.4 but the FTSE 250 falling 2.6 percent to 10,630.3. Home builders, general construction groups, and the construction materials sector all saw gains, as did directories publishers and the retail sector. Pubs operators, the oil sector and makers of lifting ...
by Elaine Frei
Crude oil prices were lower in Monday after it seemed that demand for oil and gasoline in the United States was falling just as OPEC began to raise production in practice if not as a policy measure, but declines were limited by a number of factors.
Near the close of floor trade on the New York Mercantile Exchange, West Texas ...
by Elaine Frei
The euro gained on the US dollar and the yen on Monday after officials with the European Central Bank made remarks that showed they are concerned about inflation, prompting speculation that Eurozone interest rates could rise again soon.
The shared currency traded at €1.4715 to the US dollar in early afternoon trade in New York, while it took ¥164.3738 to buy a euro.
Sterling saw ...
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