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January 21, 2008
by Elaine Frei
The Japanese yen saw gains against all major currencies on Monday as worries grew that companies in Europe could begin defaulting on bonds, reducing further investor appetite for risk.
The biggest gains for the yen came versus the Brazilian real and the South African rand which traded at ¥59.562 and ¥14.689 respectively.
The US dollar dropped to ¥105.91 versus the Japanese currency before ...
by Kay Murchie
Following the success of the Skoda advert, The Cake Bake Company's cakes will be permanently available on supermarket Morrisons' shelves from January 29, with lemon dream and carrot cakes for sale through the supermarket under the the Cake Bake Company brand.
Sharon Goodyer of The Cake Bake Company said the Skoda advert gave them incredible brand recognition. The company produced ...
by Kay Murchie
The UK's biggest nightclub operator, Luminar, has said higher spending by an older generation of clubbers has helped it achieve a 'satisfactory' festive trading performance.
This was in spite of fewer admissions overall as trading toughened from mid November and during early December.
Christmas and New Year trading was satisfactory with like-for-like sales in its dancing division for the 3 weeks ...
by Stewart Douglas
Growing airline group China Eastern has today rejected a bid from the parent company behind Air China which would see the acquisition of a 30% stake in the company as incomplete and unacceptable, in a move that was rejected outright by the airline earlier today.
Government owned parent company China National Aviation Corp made the move to acquire the stake in China ...
by Stewart Douglas
The Virgin Group has been linked with an improved offer for troubled mortgage lender Northern Rock over the course of the weekend amidst growing speculation over the future of the bank which could still see a commercial resolution before the need to move to nationalisation.
Sir Richard Branson's group has been linked with a potential takeover of Northern Rock for some time, ...
January 18, 2008
by Stewart Douglas
The High Court has today heard evidence for the first time in the high profile bank charges test case, which has suggested that bank customers appreciate the current system of charges for unauthorised negative balance transactions according the the lawyer representing the Royal Bank of Scotland.
Leading QC Laurence Rabinowitz, respresenting the Royal Bank in speaking to the virtue ...
by Stewart Douglas
Mobile phone retailer Carphone Warehouse has announced that it has experienced growth in excess of 3.5% over the month of December on a like-for-like basis, bucking the general trend of retailers throughout the festive period, despite reporting a general slowdown over the final quarter of 2007.
The results released today by the mobile phone retailer show that whilst sales over the last ...
by Elaine Frei
A decline in New York equities markets and little faith that a new plan of tax cuts proposed by the US president would turn the economy away from a possible recession resulted in gains in oil prices on Friday.
After a day when prices oscillated between gains and losses, February contracts for West Texas Intermediate crude traded up 47 cents to $90.60 ...
by Elaine Frei
Equities markets in the Asia-Pacific region remained mixed on Friday even after comments from both the administration of President George W. Bush and Federal Reserve chairman Ben Bernanke in support of measures to help out the ailing US economy. Most markets in the region saw some gains, but India, Singapore, and Australia all saw losses. In ...
by Elaine Frei
The US dollar saw gains on Friday after new data from the Reuters/Michigan Consumer Sentiment Index showed that consumer confidence grew in January and on comments from the Richmond branch of the Federal Reserve that indicated he is more willing now to consider interest rate cuts to help the economy.
In early afternoon trade the dollar traded at $1.4629 versus the ...
January 17, 2008
by Stewart Douglas
The owner of the retail chain Argos has today announced that it is starting to feel the effects of the credit crunch and wider economic pressures on its sales, with consumer spending throughout its stores down on previous years reports according to its latest profit figures.
The Home Retail Group, which also owns Homebase, has today reported that its sales targets would ...
by Stewart Douglas
The Scottish & Newcastle takeover saga has taken yet another twist today with the announcement that the prospective parties to the deal had agreed to discuss a proposal for an 800p per share takeover bid, which would see the independent brewery split up and divided amongst the consortium of bidders still in the running.
Following months of hostile talks with brewers ...
by Elaine Frei
Equities markets in the Asia-Pacific region were mixed on Thursday. Among losers on the session, Australian markets were down for the 9th consecutive session. The S&P/ASX200 was down 0.23 percent to 5,796.1 while the Sydney Ordinaries fell 0.24 percent to 5,857. Other decliners in the region included India’s Sensex, which was 0.84 percent lower to 19,700.82, a ...
by Elaine Frei
Crude oil prices were lower again on Thursday as demand concerns continued.
Prices were up early but declined after Federal Reserve Chairman Ben Bernanke advocated some sort of stimulus package to aid the slumping US economy.
West Texas Intermediate crude February contracts were 71 cents lower to $90.13 in New York while Brent crude for March delivery dropped 67 cents to $88.83 per barrel on ...
by Elaine Frei
Comments from Federal Reserve Chairman Ben Bernanke on Thursday in testimony before Congress in which he reiterated that the Fed is ready to act to aid the slumping US economy led to speculation that the US central bank could cut interest rates by half a percentage point or more when it meets later in the month, hurting the dollar against the euro.
Mr. Bernanke ...
January 16, 2008
by Stewart Douglas
The government has today announced that it would be prepared to pass an Act of Parliament in order to acquire the Northern Rock should nationalisation be the preferred choice for the troubled mortgage lender, in a move that has been seen as yet further indication that the lender could be taken in by the government in order to ...
by Stewart Douglas
High street retailer Woolworths has today announced falling sales over the Christmas period off the back of growing unrest in the economy which has had a significant impact on consumer spending, resulting in an 11% drop in share price over the course of the day amidst growing concern for the global retail environment.
The company announced that sales over the last year had fallen ...
by Elaine Frei
Crude oil prices fell Wednesday on a new inventories report from the US Energy Information Administration and after the International Energy Agency cut their projection for oil demand this year based on concerns that US economic problems will cause demand there to decline.
February contracts for West Texas Intermediate crude dropped 85 cents to $91.05 per barrel just before the close of floor ...
by Elaine Frei
Comments from a member of the European Central Bank’s council that carried the implication that the ECB could cut interest rates this year sent the euro into decline in relation to the US dollar Wednesday.
The comments, from Bank council member Yves Mersch referenced the slowdown in the US economy, soaring oil prices and other issues in contending that downward pressures ...
January 15, 2008
by Elaine Frei
The Nikkei 225 closed below the 14,000 level for the first time in more than two years on Tuesday as Tokyo’s equities markets saw declines on a stronger yen and comments from the Bank of Japan’s governor indicating that Japan’s economy is slowing. The Nikkei dropped 0.98 percent to 13,972.63, losing 138 points on the session, while the Topix index ...
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