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August 13, 2008
by Kay Murchie
Delivering the Bank of England’s August Inflation Report, Mervyn King said the next year is to be a difficult one, with inflation high and output broadly flat.
The Bank does not expect the UK economy to grow at all over the next 12 months after Mr King, Governor of the Bank of England, added that the British economy is going ...
by Elaine Frei
European equities markets saw declines Wednesday on ongoing fears of further losses for banks, on gains in UK unemployment, and after crude oil prices rose on an unexpected drop in US gasoline stockpiles.
The FTSE 100 was down 1.55 percent to 5,448.6 in London, while the FTSE 250 dropped 1.96 percent to 8,109.5.
Homebuilders were lower as Barratt Developments (LSE: BDEV) was ...
by Elaine Frei
The pound was weaker for the ninth consecutive session as unemployment grew in the UK and as the Bank of England cut its forecast for growth in the first quarter of next year to just 0.1 percent, from an earlier prediction of 1 percent growth in that quarter.
At midday in New York the pound traded at 79.71p to the ...
August 12, 2008
by Elaine Frei
Crude oil prices fell again Tuesday on concerns about falling demand outweighed geological concerns after earlier gains on worries about how the situation in Georgia will affect oil shipments between Asia and Europe.
September contracts for West Texas Intermediate crude were down $1.38 to $113.07 per barrel on the New York Mercantile Exchange, while Brent crude was also down $1.38 at ...
by Kay Murchie
Britain’s largest retailer, Tesco, has announced its intention to open grocery stores in India.
The supermarket is planning to open wholesale grocery stores in India, that will supply goods to hypermarkets owned by Indian conglomerate Tata Group.
The supermarket giant is to invest £60 million over two years to help develop its wholesale business.
According to Tesco, the joint venture will ...
by Kay Murchie
Figures from the British Retail Consortium (BRC) have revealed that consumers continue to rein in their spending, after it revealed that like-for-like retail sales fell 0.9% compared with July 2007.
However, sales of food and drink were up, but against weak sales compared with a year earlier.
The BRC described it as ‘frivolous shopping off the agenda’ after heavy ...
by Elaine Frei
European equities markets were lower Tuesday on concerns that banks will suffer further losses after JPMorgan (NYSE: JPM; TYO: 8634) said it will take $1.5 billion in writedowns this quarter, and after metals prices declined and sent shares in miners lower on the session.
In London, the FTSE 100 fell 0.13 percent to 5,534.5 while the FTSE 250 dropped 0.99 percent to ...
by Elaine Frei
The pound was lower Tuesday as UK inflation was reported at 4.4 percent in July, more than twice the target set by the Bank of England, and after the Royal Institution of Chartered Surveyors said that 83.9 percent more real estate agents reported lower than higher prices in July and that all 11 regions showed price declines in the month.
In late morning trade in ...
August 11, 2008
by Elaine Frei
Crude oil prices were lower again Monday after new data showed imports into China fell in July, feeding concerns about declines in demand, and after Iran’s top nuclear negotiator reportedly asked for new negotiations between his country and the European Union regarding Iran’s nuclear program.
September contracts for West Texas Intermediate were down 73 cents to $114.49 per barrel around ...
by Elaine Frei
European equities markets saw gains Monday on positive quarterly reports and on last week’s declines in commodities prices.
In London, the FTSE 100 added 0.96 percent to 5,541.8 while the FTSE 250 gained 1.98 percent to 9,384.1.
The 250 gained on major gains in the house building sector after a US capital management group bought 1 million shares in ...
by Elaine Frei
The euro was only slightly lower versus the US dollar Monday after reports that a European Central Bank official expressed continuing worries about inflation in the region, increasing bets that the ECB will raise interest rates again later this year.
The euro was worth $1.4989 while the shared currency declined to ¥164.8715 in relation to the Japanese yen.
The dollar fell to ¥109.9950 ahead ...
by Kay Murchie
A possible merger between British Airways (BA) and American Airlines (AA) is in the pipeline but has come under attack from Sir Richard Branson, Virgin Atlantic’s chief.
Mr Branson has written to US presidential candidates, Barack Obama and John McCain, warning against the proposed merger.
His letter states that airlines are struggling with soaring fuel costs but the solution does not lie in an anti-competitive ...
August 8, 2008
by Elaine Frei
Crude oil prices fell significantly Friday as the US dollar gained strength and as investors worried about falling demand and did not seem concerned about the sabotaged oil pipeline in Turkey or a military dispute involving Georgia and a break-away province and involving Russia.
September contracts for West Texas Intermediate crude were $4.72 lower just before the close of floor trade ...
by Elaine Frei
European equities markets saw gains Friday as airlines, retailers and carmakers all saw gains after crude oil prices resumed their declines.
In London, the FTSE 100 added 0.21 percent to 5,489.2 while the FTSE 250 gained 1.25 percent to 9,201.9.
Travel-related shares gained with the drop in oil prices, with British Airways (LSE: BAY; NYSE: BAB) leading the way on the 100 as it ...
by Elaine Frei
The euro was down almost 2 percent on the session Friday to $1.5042 to the shared currency on investor belief that the European Central Bank will probably not raise Eurozone interest rates anytime soon.
The euro also declined in relation to the Japanese yen, trading at ¥165.7253 to the shared currency at around 11 a.m. in New York, but the dollar gained ...
August 7, 2008
by Kay Murchie
The Wellcome Trust medical charity has revealed that it has been building a stake in retailer Marks & Spencer (M&S).
Britain’s largest charity confirmed it has taken a 2.5% shareholding, acquiring 39.35 million shares, as a long-term investment.
Following the news, shares in M&S fell 2% as Wellcome emerged as the mystery buyer emerged and disappointed traders that a ...
by Elaine Frei
Crude oil prices were down in afternoon trade in New York after going as high as $121.78 per barrel earlier on the news that an oil pipeline in Turkey, damaged in a recent explosion, might have been sabotaged and could be closed for as long as two weeks, and as the five permanent members of the UN Security Council and ...
by Elaine Frei
The pound was weaker versus the euro Thursday after the Bank of England held UK interest rates steady at 5 percent, as expected.
The UK currency was already falling before the rate decisions was issued as mortgage lender HBOS (LSE: HBOS) reported UK house prices were lower again in July.
At just past 11 a.m. in New York, the pound traded at ...
August 6, 2008
by Elaine Frei
Crude oil prices fell a bit more Wednesday after the US Energy Information Administration said that crude oil and distillates inventories were up last week but gasoline stockpiles were lower again.
West Texas Intermediate crude for September delivery was down 67 cents to $118.50 per barrel on the New York Mercantile Exchange, while at last report Brent crude had dropped $1.11 to $116.59 ...
by Peter Charalambous
UK consumer confidence has fallen by its biggest ever percentage in July, and the latest figures follows a list of disappointing surveys and official economic data, which reinforces the point that the economy is in a slowdown.
The slump in house prices, soaring food and fuel bills and increasing job losses saw Nationwide's consumer confidence index fall to 51, down from 61 in ...
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