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August 21, 2008
by Elaine Frei
Crude oil prices surged Thursday as the US dollar weakened and on geopolitical concerns over Russia.
After the announcement that the United States and Poland have signed an agreement to locate parts of a missile defense shield in Polish territory brought a warning from a Russian general that putting the installations there could invite a nuclear attack by Russia, while in ...
by Elaine Frei
Most European equities markets saw declines Thursday as investors remained worried about losses related to the credit crisis after Citigroup (NYSE: C; TYO: 8710) forecast that Lehman Brothers (NYSE: LEH), Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) will have to write down as much as $6.4 billion collectively in the third quarter.
London’s markets were mixed, with the FTSE 100 down 0.03 percent to 5,370.2 ...
by Elaine Frei
Fears about more losses due to the current credit crisis helped the yen and Swiss franc to gains Thursday on the theory that investors will be less inclined to seek out risky currency trades funded with the low-yielding currencies.
In late morning trade in New York the yen traded at ¥161.1536 to the euro, at ¥108.3350 to the US dollar and at ...
by Kay Murchie
According to the Office for National Statistics (ONS) there has been a slight increase in high street sales in July.
Analysts had predicted a fall of 0.2% after a 4.3% drop in June as consumers cut back on spending due to rising mortgage payments and higher food and fuel costs.
However, sales of household goods, clothing and footwear were all up, according ...
by Kay Murchie
UK housebuilder, Persimmon, reported a 64% slump in first-half pre-tax profits to £100.9 million for the half-year to the end of June, this compares with £281.1 million in the same period last year.
Along with many other housebuilders, Persimmon has been hit by the mortgage squeeze which has meant prospective buyers have been unable to secure a mortgage.
The housebuilder, which is the UK’s largest by market value, ...
August 20, 2008
by Elaine Frei
Crude oil prices were up slightly Wednesday after US crude oil inventories were reported up last week.
The US Energy Information Administration said that crude oil stockpiles were up 9.4 million barrels in the week ending 15 August and distillates stockpiles gained 500,000 barrels but gasoline inventories were down 6.2 million barrels, more than twice the expected decline.
September contracts for West Texas ...
by Kay Murchie
Consumers in the UK continue to cut back as day-to-day living costs continue to rise and as a result, discount supermarkets are benefiting.
Figures from TNS Worldpanel show that bargain hunters have helped sales at Aldi, Lidl and Iceland soar.
In the 12 weeks to August 10, sales at Aldi rose 19.8% compared to last year, giving it a new ...
by Elaine Frei
European equities markets saw gains Wednesday as miners, chipmakers and the steel sector saw gains.
In London the FTSE 100 added 0.97 percent to 5,371.8 while the FTSE 250 gained 0.33 percent to 8,897.3.
Miners saw gains on advances in metals prices, as Rio Tinto (LSE: RIO) led the 100 with a gain of 7.43 percent and BHP Billiton (LSE: BLT; NYSE: BHP; ...
by Elaine Frei
The euro and the pound both weakened versus the US dollar Wednesday after new data showed that the German economy contracted by 0.5 percent in the second quarter and the minutes of the latest meeting of the Bank of England showed a three-way disagreement on where interest rates should go.
There were also indications in the Monetary Policy Committee’s meeting minutes that ...
August 19, 2008
by Elaine Frei
Crude oil prices saw gains Tuesday on weakness in the US dollar, on comments from a Libyan official that prices are likely to rebound after recent steep declines, that Venezuela is ready to propose cuts in OPEC output if prices continue to decline, and on forecasts that US gasoline inventories fell again last week.
September contracts for West Texas Intermediate crude added $1.54 ...
by Elaine Frei
European equities markets were lower again Tuesday as concerns continued about the possibility of more losses in the financial sector after JP Morgan Chase (NYSE: JPM; TYO: 8634) said that Lehman Brothers (NYSE: LEH) could take as much as $4 billion in write downs related to the credit mess in the third quarter.
In London, the FTSE 100 was down 2.38 ...
by Elaine Frei
The yen gained on many major currencies Tuesday as investors pulled away from risky carry trades financed by the Japanese currency while the US dollar strengthened in relation to the euro, pound and South African rand on a gain of 1.2 percent in wholesale prices that hinted that the Federal Reserve should raise US interest rates beyond their current level.
In late morning ...
by Kay Murchie
Australian airline, Virgin Blue, is the latest airline to announce a fall in annual profit as its earnings are hit by soaring aviation fuel costs.
The airline, which Australia’s second largest, reported a 54.7% fall in annual profit. In the 12 months to June 30, the firm made AUS$97.7 million (£45.6 million) compared with AUS$215.8 million in the previous 12 months. ...
August 18, 2008
by Elaine Frei
Crude oil prices were up in early trade in New York on Monday on concerns that Tropical Storm Fay would disrupt oil production in the Gulf of Mexico, but prices fell again after Fay was predicted to miss key oil production regions and weather forecasters said she would probably just barely reach hurricane status.
Also affecting prices were the ongoing conflict between Georgia ...
by Elaine Frei
European equities markets declined Monday after house prices in the UK declined, which hurt banks and retailers and renewed concerns that the UK could be close to recession.
Rising crude oil prices also hurt markets before prices retreated again later in the US session.
In London, the FTSE 100 was down 0.08 percent to 5,450.2 while the FTSE 250 dropped 0.77 percent ...
by Elaine Frei
The pound weakened versus both the euro and the greenback Monday on the news that UK house prices are down again this month as house-price tracker Rightmove (LSE: RMV) said that the average house price in Britain had dropped 4.8 percent in August from the same time last year.
In addition, an index of business sentiment from Lloyds TSB (LSE: LLOY) ...
August 14, 2008
by Kay Murchie
British Airways (BA) has announced a partnership with American Airlines (AA) and Spanish carrier, Iberia.
The joint agreement will allow the carriers to share revenues and costs on transatlantic flights as well as fixing fares.
The three airlines will co-operate on flights between the US, Mexico and Canada and the EU, Switzerland and Norway, but will continue to trade as separate ...
by Kay Murchie
The doom and gloom continues in the housing market today as housebuilder Bellway reported a 45% fall in reservations of its homes in the second half of the financial year, compared with the same period last year.
Bellway added that completed sales had dropped by 14% compared with last year as the mortgage squeeze meant that prospective buyers were unable ...
August 13, 2008
by Elaine Frei
Crude oil prices were higher Wednesday on new inventories data from the US Energy Information Administration which showed gasoline inventories down more than had been anticipated.
West Texas Intermediate crude for September delivery added $2.99 to $116 per barrel on the New York Mercantile Exchange while at last report Brent crude was up $3.46 to $114.60 per barrel on the ICE Futures Europe ...
by Kay Murchie
Official figures have revealed that the number of people claiming unemployment benefits soared by 20,100 last month to 846,700 - the biggest increase since Britain’s last recession in 1992.
In the three months to June, the number of people out of work increased by 60,000 to 1.67 million, pushing the official unemployment rate up 0.2% to 5.4%.
Approximately 126,000 people were made redundant ...
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