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May 31, 2008
by Peter Charalambous
The central bank of Iceland may raise the benchmark interest rate to a record 15.5 percent.
A fall in the value of the krona meant inflation has rocketed past government estimates as inflation soared to 12.3 percent in May representing the highest in 18 years, which is prompting the central bank into action.
Policymakers have kept the rate unchanged although they intend ...
by Peter Charalambous
Following a report by the UK’s fourth largest mortgage provider, the Nationwide Building Society, the pound is now at a one-week low against the dollar as the industry report showed how house prices have fallen at their sharpest rate for over 17 years.
The announcement that the average home in the UK has seen 2.5 percent wiped off their value, ...
May 30, 2008
by Elaine Frei
After a session of fluctuations in prices as traders tried to figure out whether or not this week’s price declines constitute a trend, crude oil prices were higher on Friday.
July contracts for West Texas Intermediate crude went below $125 per barrel overnight, but by near the end of the floor session WTI was $1.23 higher than Thursday’s close to $127.85 ...
by Elaine Frei
The US dollar declined in relation to the euro and the yen on Friday on hopes that the US economy will get better while at the same time the euro managed to gain on the yen.
In mid-afternoon trade in New York, the dollar traded at $1.5561 to the euro and it took $105.4050 to buy a ...
by Kay Murchie
Loss-making airline Silverjet has ceased flying today after it revealed that it no longer has the funding to operate.
Last Friday, the airline asked the London Stock Exchange to suspend its shares after it announced that it had secured a $25 million (£12.7 million) investment to continue to trade but the company admitted that the funding had not yet ...
by Kay Murchie
Clifford Chance said its revenue increased 11% to £1.33 billion in the 2007/08 fiscal year, and as a result, has kept its position as the world’s largest law firm.
Profit also soared, with equity partners earning an average of £1.15 million, a rise of 13% compared with last year.
David Childs, managing partner, said a slump in high-value transactional work ...
by Kay Murchie
Despite property prices continuing to decline, investing in property is still ranked as the second strongest investment opportunity by specialist insurance broker, Aon Private Clients.
Gold, arts and antiques and shares remain popular investments, with property trusted by 20% of buyers.
Research by Aon, discovered that gold proved to be the most popular investment, as chosen by 28% ...
May 29, 2008
by Elaine Frei
Crude oil prices were down substantially Thursday on new inventories data from the US Energy Information Administration.
At just before the close of floor trade on the New York Mercantile Exchange, July contracts for West Texas Intermediate crude was down $4.27 from Wednesday’s close to $126.74 per barrel while at last report Brent crude had dropped $4.16 to $126.77 per barrel on ...
by Elaine Frei
The Australian and New Zealand dollar both strengthened in relation to the yen Thursday on an increase in risk appetite as more investors financed purchases of the currencies with the low-yielding yen.
In midday trade in New York, the Australian dollar was worth ¥100.7719 while it took ¥82.11 to buy a New Zealand dollar.
The US dollar was stronger versus the euro ...
by Peter Charalambous
The economic outlook is bleak as consumer spending, which accounts for 75 percent of economic activity, grew at is slowest pace since 2001.
However the pace of growth in the first quarter was greater than original forecasts as exports rose as gross domestic product expanded at an annual pace of 0.9 percent which is up from the 0.6 percent ...
by Peter Charalambous
As a result of high energy costs and soaring oil prices, inflation in Spain accelerated in May to the fastest pace for 11 years.
Consumer prices are up 4.7 percent from last year and it is the pace of inflation that is further undermining both consumer and business confidence in the country.
Over the last couple of years ...
by Peter Charalambous
Following a steady month in April, the International Labour Organisation (ILO) figures showed German unemployment had remained at 7.4% with a total volume of 40.08 million, increasing by 650,000 year on the year.
However in the month of May, the number of people out of work is up by 4,000 from April to 3.31 million as record oil prices and the strength ...
by Peter Charalambous
The Nationwide Building Society said today that house prices fell in May by the most since at least 1991, due to a combination of economic uncertainty and the lack of available credit. This has caused a shrinkage in the number of buyers as mortgage approvals dropped in April by 39 percent from last year.
In May, prices fell by ...
by Peter Charalambous
The Purchasing Managers Index (PMI) shows that European retail sales have risen for the first time in three months as sales in clothing and food are on the up.
Despite the positive PMI reading, the consumer outlook is very gloomy as inflation is still high in a period of slow economic growth and rising prices.
Sales increased in both Germany and France, as the ...
by Kay Murchie
Man Group, the world's biggest listed hedge fund company, has announced a 60% increase in annual profit to $2 billion, compared to the $1.95 billion analysts had forecast.
According to chief executive, Peter Clarke, a key part of the firm's strong results stemmed from the performance of its AHL futures business, which, with no exposure to equities, proved particularly ...
by Peter Charalambous
For a fifth consecutive month, consumer confidence in France has now fallen to a record low in May.
As is the case in the UK, the rising costs of fuel and food has stirred action and fishermen have increased their week-long blockade of ports to the English Channel, as UK hauliers are demonstrating against the cost of diesel calling for a rebate from ...
May 28, 2008
by Kay Murchie
Shares in telecommunications group, Thus, jumped 12% yesterday after international telecommunications company, Cable & Wireless (C&W), confirmed it had made a bid approach.
C&W is keen to eradicate competition in the UK where its business has struggled to make a profit.
C&W chairman, Richard Lapthorne, approached Thus chief executive Bill Allen this week with an offer.
Traders believe it was ...
by Kay Murchie
India's top vehicle maker, Tata Motors, has announced it is to raise 72 billion rupees (US$1.7 billion, £885 million) via three separate rights issues to help fund its purchase of the Jaguar and Land Rover brands from Ford.
Ford has been exploring the possible sales of the two brands since June 2007.
Tata, which is the country’s third largest car manufacturer ...
by Elaine Frei
Crude oil prices were up again on Wednesday after a day of declines on Tuesday.
While prices were down nearly $3 in early trade, they gained on new threats to oil facilities in Nigeria and despite new data indicating that demand for oil and oil products is down, at least in the United States.
July contracts for West Texas Intermediate crude oil ...
by Elaine Frei
The yen was weaker on Tuesday as investors gained more enthusiasm for carry trades funded with the Japanese currency as oil prices declined, but losses for the yen slowed with the decline in oil prices.
At just before noon in New York, the yen traded at ¥104.7000 to the US dollar, at ¥163.6147 to the euro, at ¥100.6690 to the Australian dollar ...
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