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March 20, 2008
by Elisha Sanders
Since the rescue of the company last Friday, many upscale hedge funds have begun moving away from Bear Stearns, which has caused even more damage to the crippled, former market leading, prime brokerage company.
Procedure for these sorts of companies, is to offer, among other services, trading and lending to hedge funds who pay them a great deal for this. Up ...
by Kay Murchie
Marks & Spencer (M&S) is to expand into Czech Republic, Slovakia, Latvia, Lithuania and Estonia after it announced that it has purchased a 51% stake in eastern European retailer, COMS.
M&S aims to increase its number of stores in the region after it paid 13.6 million euros (£10.6 million) for the majority stake.
The retailer, which also sells ...
by Kay Murchie
High street fashion retailer Next has announced a 4% increase in annual profits which was in line with analysts expectations. Annual revenues at the group rose by 1.4% to £3.33 billion, from £3.28 billion.
The Leicester-based company said it represented a good result ‘in a period of economic slowdown‘. The group added it does not anticipate any recovery in UK consumer ...
March 19, 2008
by Peter Charalambous
Bank of England Officials will meet executives tomorrow as officials struggle to discuss the country’s financial system and the current economic climate.
The British Bankers Association released a statement that senior members of the banking community will have a scheduled meeting with the BOE.
Having failed to bring down money- market rates, financial institutions are being hit by a lack of liquidity ...
by Elaine Frei
The price of crude oil dropped substantially on Wednesday after the US Energy Information Administration reported a decline in demand over the past four weeks.
April contracts for West Texas Intermediate crude dropped $5.27 to $104.15 per barrel close to the end of floor trade on the New York Mercantile Exchange, while Brent crude for May delivery was down $4.61 to $100.95 per barrel ...
by Elaine Frei
Tokyo’s equities markets were higher on Wednesday after the US Federal Reserve cut interest rates by three-quarters of a percentage point to 2.25 percent and on a stronger US dollar, which added 2.6 percent versus the yen Tuesday. The Nikkei 225 was up 2.48 percent to 12,260.44 and the Topix index added 2.81 percent to 1,196.3 while ...
by Elaine Frei
The US dollar declined in relation to the euro, the yen and the Swiss franc on Wednesday after seeing gains on Tuesday after the US Federal Reserve cut interest rates by three-quarters of a percentage point to 2.25 percent.
The day’s declines were spurred by worries that the Fed’s rate cuts since September will not be enough to rescue the credit ...
by Kay Murchie
The global credit crunch saw the collapse of US banking giant, Bear Stearns, over the weekend and the news raised fears in stock markets around the world.
Amid the panic and fear in the stock markets, the Federal Reserve cut interest rates by 0.75% yesterday and markets in Asian have started to recover. In Japan, the Nikkei ...
by Kay Murchie
Shares in Bear Stearns shares soared 23% yesterday to $5.91 as investors speculated on the outcome of JPMorgan Chase’s bid to buy the investment bank, which is subject to a shareholder vote.
At the weekend, JPMorgan agreed to buy Bear Stearns for $2 a share, a fraction of the $80 it was trading at this month, after Bear ...
by Kay Murchie
In the face of increasing fuel prices, Delta Air Lines has revealed plans to cut 2,000 jobs and scale back flights.
Delta, which is America’s no. 3 airline, has been unable to reach an agreement with rival Northwest Airlines Corp. It will offer voluntary retirement and buyout packages to 30,000 employees.
The troubled airline company is looking to shed 1,300 rank and file ...
March 18, 2008
by Peter Charalambous
With sharp increases in the price of gas and electricity UK inflation has grown to a nine month high, which will limit the Bank f England’s ability to cut interest rates as inflation has now exceeded the 2 percent five month target.
The Office for National Statistics have said today that consumer prices have risen 2.5 percent compared to 2.2 ...
by Peter Charalambous
The growing fears in the US financial markets are putting extra pressure of the Bush administration to act in order to avoid a complete meltdown of the economy.
The collapse of Bear Stearns alongside the turmoil of the credit crunch means that recession looms large.
With the increased uncertainty surrounding the future of the economy both President George W. Bush and Treasury Secretary Henry ...
by Peter Charalambous
The pound has fallen for the first time in six years against the Euro to a record low of 79.12 p, and to 194.22 yen, the lowest level since January 2005.
After the BOE followed the Fed’s decision to offer extra reserves to banks in order to increase their reserves and overall liquidity gilts have soared.
According to Ian Stannard, a currency ...
by Kay Murchie
The global credit crunch saw the collapse of US banking giant, Bear Stearns, over the weekend. The news raised fears in stock markets around the world which has resulted in investors looking to gold, which has often been seen as a more stable and reliable asset.
The precious metal has raked in over $1,000 per ounce over the last week ...
March 17, 2008
by Elaine Frei
Crude oil prices declined significantly Monday, with West Texas Intermediate crude for April delivery down $4.53 to close at $105.68 per barrel on the New York Mercantile Exchange after touching a new record at $111.80 per barrel earlier while May contracts for Brent crude dropped $4.45 to $101.75 on the ICE Futures Europe Exchange in London.
Nymex April gasoline dropped 19 ...
by Peter Charalambous
A frantic weekend has seen the conclusion of the Bear Stearns Cos takeover by JPMorgan Chase & Co, and the Federal Reserve made its first emergency weekend rate cut for decades has culminated in an increase cost in protecting corporate debt from default.
In an attempt to prevent a complete financial market meltdown the Federal Reserve has cut the rate ...
by Peter Charalambous
The Bank of England has followed the U.S. Federal Reserve in offering extra funds as a short-term emergency operation to banks in order to avert a financial-market meltdown by increasing the availability and security of cash.
The Bank of England has offered 5 billion pounds of three-day reserves in what they have described as an ``exceptional fine-tuning operation.”
Following this release the BOE ...
by Elaine Frei
Equities markets were lower in Asia and Europe and opened lower in the United States on Monday after a weekend during which the US Federal Reserve cut the discount rate for institutional borrowers by 25 basis points to 3.25 percent and JPMorgan Chase (NYSE: JPM; TYO: 8634) bought Bear Stearns (NYSE: BSC) for just $2 per share. The Fed’s move came ...
by Elaine Frei
The US dollar saw declines on Monday after a weekend cut in the discount rate by the US Federal Reserve, after JPMorgan Chanse (NYSE: JPM; TYO: 8634) bought Bear Stearns (NYSE: BSC) for a tenth of its March 14 value, on bets that the Fed will cut its main interest rate by at least 1 percent on Tuesday, and on a decline in ...
by Kay Murchie
Siemens has issued a shock profit warning today saying its 3-month earnings would be cut by €900 million (£692 million). Following the news, shares in the engineering group tumbled more than 10%.
Project delays were blamed, particularly at its power station unit, which were due to problems with suppliers and difficulties with recruiting engineers.
However, the German company said none of them ...
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