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August 29, 2008
by Kay Murchie
Transatlantic airline, Zoom, has become the latest airline to collapse blaming the economic downturn and soaring aviation fuel costs.
The airline has axed all its flights leaving thousands of passengers stranded. The airline has told passengers that it has gone bankrupt and there will be no more flights.
It did, however, say that British Airways and Virgin Atlantic were offering ...
August 28, 2008
by Elaine Frei
Crude oil prices were lower after early gains Thursday as the International Energy Agency said it will release emergency reserves of oil if Tropical Storm Gustav regains hurricane status and damages Gulf of Mexico oil facilities.
Despite uncertainty about what path the storm will take, a number of oil companies have already begun to evacuate offshore facilities as a precaution.
After going above ...
by Elaine Frei
European equities markets saw gains Thursday after the US Commerce Department reported that the US economy grew by 3.3 percent in the second quarter of the year.
In London the FTSE 100 added 1.32 percent to 5,601.2 while the FTSE 250 gained 1.47 percent to 9,271.7.
With their biggest markets in the United States, building materials group Wolseley (LSE: WOS) was ...
by Elaine Frei
The euro was stronger in relation to the US dollar and the pound Thursday as Tropical Storm Gustav regained force, sending oil prices higher and contributing to speculation that the price gains will kick inflation higher and force the European Central Bank to raise interest rates next year.
In morning trade in New York, it took $1.4723 to buy a euro, while the ...
August 27, 2008
by Elaine Frei
The price of crude oil was higher Wednesday on continuing fears that Tropical Storm Gustav will regain strength, enter the Gulf of Mexico, and hit oil facilities in the Gulf and on the Gulf Coast.
October contracts for West Texas Intermediate crude added $1.88 to $118.15 per barrel on the New York Mercantile Exchange while Brent crude for October delivery gained $1.58 ...
by Kay Murchie
Research by Thomson-Reuters Lipper, commissioned by the BBC, has found that savers investing their money in savings accounts have benefited rather than investing in UK stocks and shares.
The research found that if £1,000 was invested at the start of the decade, it would now be worth £1,094 in an average UK unit trust compared to £1,358 in a typical savings account.
The ...
by Kay Murchie
Taylor Wimpey has continued the trend amongst housebuilders and reported a massive 96% fall in profits for the first six months to the end of June.
Profits fell to £4.3 million compared to £119.8 million in the same period last year. The group said the UK market remained very challenging with no recovery in the short-term.
The news follows that from fellow housebuilders ...
by Elaine Frei
Most European equities markets saw gains Wednesday as commodities prices rose and after the United States reported that durable goods orders there were up in July, with advances coming after early declines on continuing worries about more losses for banks.
In London, the FTSE 100 added 1.05 percent to 5,528.1 while the FTSE 250 gained a bare 0.04 percent to 9,137.1.
House builders ...
by Elaine Frei
The pound was weaker in relation to the euro Wednesday on fears that continuing troubles in the housing sector could make it necessary for the Bank of England to cut interest rates sometime soon.
Speculation that rates could go lower came in anticipation of a report from the Nationwide Building Society, due Thursday, which is expected to show that house prices are down ...
August 26, 2008
by Elaine Frei
Oil prices saw gains Tuesday on speculation that Hurricane Gustav might enter the Gulf of Mexico, endangering oil facilities in the region, with some estimates that it could turn into a Category 4 or Category 5 storm if it does, indeed, enter the Gulf.
October contracts for West Texas Intermediate crude were up $1.17 to $116.28 per barrel on the New York Mercantile ...
by Elaine Frei
European equities markets were mixed Tuesday as markets on the continent saw gains in reaction to new data on consumer confidence and new home sales from the United States but London’s markets were lower after yesterday’s holiday.
In London, the FTSE 100 was down 0.63 percent to 5,470.7 and the FTSE 250 dropped 0.53 percent to 9,133.6 as base metals prices declined, sending ...
by Elaine Frei
The US dollar gained on the euro after German business confidence was down more than expected in August and US consumer confidence saw gains.
The euro was also hurt by the assumption that the European Central Bank will cut interest rates next year and by gains in oil prices.
In late morning trade in New York, the dollar traded at $1.4676 to the euro, while ...
by Kay Murchie
Virgin Atlantic, the airline 51% owned by Sir Richard Branson, has bucked the trend in the airline industry by announcing that pre-tax profit before exceptionals are up 38% to £60.9 million for the year to the end of February.
Furthermore Virgin, which specialises in long-haul routes to North America, the Caribbean, Africa and Asia, has benefited from ...
August 25, 2008
by Elaine Frei
Crude oil prices were slightly higher Monday in light trade as some investors took the week off ahead of the US Labor Day holiday next weekend.
Prices advanced after a vote by Russia’s parliament to recognize the independence of two breakaway regions of Georgia, raising concerns that tensions in the region will continue, and on the news of the formation of a new ...
by Elaine Frei
European equities markets were lower Monday as London markets closed for their summer bank holiday.
The FTSE Eurofirst 300 was 0.56 percent lower to 1,169.17 as the Dax was down 0.72 percent to 6,296.95, the CAC-40 fell 1.01 percent to 4,355.87 and the IBEX dropped 1.48 percent to 11,327.1.
The declines came on concerns about slowdowns in regional and global economies due to ...
by Elaine Frei
The Japanese yen and the Swiss franc both saw advances Monday as the financial sector continued to suffer from credit worries on reports that insurer AIG (NYSE: AIG) could take nearly $2.5 billion in write downs related to mortgages and as another US regional bank was closed by authorities at the end of last week.
At nearly noon in New York the ...
August 22, 2008
by Elaine Frei
Crude oil prices fell Friday more than they gained on Thursday as investors took profits, as the US dollar strengthened, as an oil pipeline re-opened in Turkey, and as it was expected that OPEC member-nation oil production will rise in August.
In addition, gasoline demand for the Labor Day weekend in the United States next week is expected to be down as ...
by Elaine Frei
European equities markets saw gains Friday as banks saw gains on the possibility that Korea Development Bank might buy into Lehman Brothers (NYSE: LEH) and as airlines and carmakers jumped on declines in oil prices.
In London, the FTSE 100 added 2.52 percent to 5,505.6 while the FTSE 250 gained 2.73 percent to 9,182.7.
In the insurance sector, Benfield Group Ltd (LSE: ...
by Elaine Frei
The US dollar saw gains Friday after Federal Reserve Chairman Ben Bernanke said that even though it is not clear where inflation will go in the US, it could well be limited by declining commodities prices, a stabilizing dollar and a slowing of growth in the US economy.
At the same time, the euro was hurt by a decline of 7.4 percent in industrial ...
by Kay Murchie
Last month, Rentokil Initial, the pest control-to-washroom services group, issued its fourth profit warning since December, which sent shares plummeting by 30%.
Today, it has reported that pre-tax profits for the half-year to 30 June fell by 55% to £39.3 million. In early trading today, shares fell more than 10% following the news.
Furthermore, the group said the interim dividend ...
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