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October 28, 2008
by Elaine Frei
Crude oil prices fell Tuesday on another report that demand for gasoline is down and despite a statement from the secretary general of the Organization of Petroleum Exporting Countries that the cartel is willing to meet again to cut production quotas further if necessary.
December contracts for West Texas Intermediate crude were reported down 26 cents to $62.96 per barrel at the close ...
by Peter Charalambous
The Hungarian government, similar to its Ukrainian and Icelandic counterparts, have struggled with the effective implementation of introducing tighter fiscal measures and have applied to the International Monetary Fund (IMF) for a loan as part of an economic rescue package.
The currency has fallen by almost 20 percent in the last month alone and that has caused investors to become very nervous as ...
by Peter Charalambous
As the FTSE continues to freefall and no current prospect of a quick recovery, billions of pounds have been wiped off the value of pensions which now means that a large percentage of the UK workforce will have to delay retirement.
A research study by Aon Consulting released earlier this week showed that nearly 28 percent of the value of UK companies contribution scheme ...
by Peter Charalambous
As falling stock prices are now seemingly the norm across the world, market risk for financial institutions are especially high.
As a result of this increased risk, the Bank of Japan is considering buying shares in Japanese companies that are now currently owned by commercial banks, amid fears that the stock market will break through the 26-year low barrier as the ...
by Elaine Frei
The pound gained in relation to the US dollar, the euro and the yen in London trade on Tuesday, but by late morning in New York the UK currency had given up some of those gains on a statement by a Bank of England official that financial markets are still under “acute” stress and after new data showed that home ...
by Kay Murchie
The car industry has been struggling of late and earlier this month, the Society of Motor Manufacturers and Traders (SMMT) reported that car sales plummeted 21% in September compared with last year.
September is a major month for car dealers, due to the introduction of new registration plates in August.
However, in the wake of the credit crunch, consumers have ...
by Kay Murchie
Oil giant BP has reported a 148% increase in third-quarter profits to $10 billion (£6.4 billion) compared to the same period in 2007, far exceeding analysts expectations.
However, despite the profit increase, the company will no doubt be under fire amid concern that oil companies are not passing on the benefits of lower oil prices to consumers who have been hit with ...
October 27, 2008
by Peter Charalambous
The International Monetary Fund (IMF) has been an active player in dealing with the global financial crisis following its recent bailout of the Icelandic financial system.
The Ukraine is now the latest beneficiary as in a matter of days, following Iceland’s $2.1 billion bailout, the International Monetary Fund has announced a $16.5 billion loan to the Ukraine, in a bid to ...
by Peter Charalambous
Following the continuation of the financial market crisis and inflationary pressure, the next European Central Bank (ECB) policy meeting is being held on 6th November and the ECB President, Jean-Claude Trichet, has indicated that rates may be cut further.
Around the world, stock markets have continued to fall with the Dow Jones Stoxx 600 index down 47 percent ...
by Peter Charalambous
For the second straight month, Vietnam’s inflation has fallen, however analysts have indicated that, although this is a step in the right direction, the government can still do more as the monetary policy can still be tightened further.
The government have used a tighter control of credit, however this measure can only be seen as successful due to the global fall in commodity ...
by Peter Charalambous
Following week-long talks with the International Monetary Fund, Iceland have secured their emergency bailout to the tune of $2.1 billion as both the foreign exchange market and the banking system have collapsed.
Iceland have already called on the 200 million euros that was made available to them by the central bank of Norway, although further swap deals with Norway and fellow Nordic neighbours, Denmark, ...
by Peter Charalambous
The euro zone is entering worrying times as during the second quarter, the economy shrank by 0.2 percent even though figures from the third quarter have not yet been released.
During this week, stocks have been tumbling as the euro has also lost value. This situation has been made worse by the fact that several companies have announced warning ...
by Peter Charalambous
Following record foreclosure rates in the US in the aftermath of the sub prime mortgage
crisis, home purchases of existing homes increased by 5.5 percent last month.
Due to the high foreclosure rate, prices have declined and this has aided the stabilisation of the market despite the crisis in the financial markets.
Foreclosed homes accounted for 35 and 40 per cent of September’s total ...
by Kay Murchie
Amid the doom and gloom that the UK is about to enter a recession, there is some good news from budget hotel group, Travelodge, who has announced its intention to open 22 new hotels before the end of the year, creating almost 500 jobs.
Locations for the new hotels are Hereford, Devizes, Stevenage, Barking, Worthing Seafront Wolverhampton, Middlesbrough, Borenhamwood, ...
October 24, 2008
by Elaine Frei
West Texas Intermediate crude for December delivery dropped $3.69 to $64.15 per barrel at the close of floor trade on the New York Mercantile Exchange and was as low as $62.85 per barrel earlier in the session, while Brent crude was down $3.75 to $62.17 per barrel on the ICE Futures Europe exchange in London.
The declines came even after OPEC ...
by Elaine Frei
Equities markets in Europe saw declines Friday as investors were concerned about earnings amid a worsening global economy.
The region’s oil sector saw declines as crude oil prices dropped despite the decision by OPEC to cut oil production, with French oil company Total (Euronext: FP; NYSE: TOT) down 3.6 percent while Royal Dutch Shell’s (LSE: RDS A, RDS ...
by Elaine Frei
The pound weakened versus both the US dollar and the euro Friday on new data from the Office of National Statistics which showed that the UK’s gross domestic product dropped by 0.5 percent, more than had been expected, in the third quarter from the previous quarter.
In late monring trade in New York, the pound traded at 80.29p to the euro, while it ...
by Peter Charalambous
Unlike its neighbours, Sweden and the majority of Europe’s Central banks, Denmark‘s Nationalbank has suddenly increased interest rates by half a percent to 5.5 as the country flirts with recession.
The aim is to protect the Krone against the euro as it has fallen by 0.1 percent in the last week.
Having decided to stay outside the euro-zone, Denmark has closely followed the ...
by Peter Charalambous
Following the 700 billion dollar bailout announced earlier this month, US Treasury Secretary, Henry Paulson, has announced the Treasury’s new plans to finance purchases as part of a $250 billion program to cash into financial companies in order to increase the credit available to businesses.
Last week, the Treasury agreed to take stakes in nine firms including banking giants Citigroup ...
by Peter Charalambous
Following the latest figures from research institute, ISAE‘s business confidence index, Italian business confidence is now at a 15-year low this month as the index dropped to 77.7 from 81.8 in September.
This drop was far sharper than economists had predicted as consumer confidence and consumer spending are at a decade low, as the financial crisis has caused a gloomier than ...
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