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March 20, 2009
by Elaine Frei
Crude oil prices were mixed to end the week Friday but ended up 11 percent on the week after an announcement by the Federal Reserve on Wednesday that it will buy Treasury bonds and mortgage-backed securities as part of its plant to stimulate the US economy.
West Texas Intermediate crude for April delivery was down 6 cents in light trade ...
March 19, 2009
by Elaine Frei
Oil prices were significantly higher Thursday as the US dollar fell and ahead of expiration of April contracts at the end of the trading day on Friday.
April contracts for West Texas Intermediate crude added $3.47 to $51.61 per barrel on the New York Mercantile Exchange, while May contracts were up $3.14 to $52.04 per barrel and Thursday’s floor session ended, ...
by Elaine Frei
European equities markets were higher Thursday after the US Federal Reserve said Wednesday that it will buy Treasury bonds, sending banks and commodities shares up on renewed optimism that the economy will recover soon.
The FTSE 100 added 0.31 percent to 3,816.93 in London, while the FTSE 250 gained 1.13 percent to 6,261.62.
Most insurers were lower on the session, but ...
March 18, 2009
by Elaine Frei
Crude oil prices were lower in New York after the US Energy Information Administration reported that inventories of crude oil, gasoline and distillates were all higher last week in the United States and after the Federal Reserve announced more moves, including plans to purchase $300 billion in long-term Treasury bonds, to help right the economy.
The EIA said that gasoline stockpiles ...
by Elaine Frei
Most European equities markets were lower Wednesday as miners declined on falling metals prices.
In London the FTSE 100 fell 1.35 percent to 3,8043.99 while the FTSE 250 dropped 0.32 percenet to 6,191.7.
Rio Tinto (LSE: RIO; ASX: RIO; NYSE: RTP) had the worst day on the 100 as it dropped 6.75 percent and Randgold Resources (LSE: RRS; NAS: GOLD) was down ...
by Elaine Frei
The pound was down Wednesday after unemployment claims were up by 138,400 to 1.39 million, more than expected, and on the news that the Bank of England voted unanimously to print up to £79 billion as part of its quantitative easing plan.
In addition, a leaked report from the International Monetary Fund was said to have predicted that the UK economy will contract by ...
by Peter Charalambous
Barclays Bank is hoping to raise £5 billion from the sale of part of its fund management operation in a desperate bid to avoid having to sign up for the e government’s toxic-loan insurance scheme.
Roger Jenkins who is Barclays’ top banker in the Middle East is overseeing the potential sale as the bank is attempting to make sure ...
by Peter Charalambous
Standard life has reported operating profit is up by 6 per cent to £933m and the improved performance figures were achieved by efficiency gains as a £100m target for cost cuts was achieved ahead of schedule and a further £75m of cuts has been earmarked for the end of next year.
The company now has a capital buffer which ...
by Peter Charalambous
GPs have called a halt to the notion of chocolate being taxed in a similar way to alcohol and cigarettes although Dr David Walker actually the driving force behind the idea at a BMA Scotland conference in Clydebank.
The benefits of the idea would be that the increase in tax duty would be used to deal with tackle weight-related conditions and the ...
by Peter Charalambous
The current economic downturn has been fruitful pickings for some supermarkets such as German giants Lidl and Aldi who have experienced substantial growth within the credit crunch.
That leaves other supermarkets to manoeuvre and develop their brand image in order to be successful in these tough times as shoppers are increasingly concerned about value ...
by Peter Charalambous
Europe’s biggest broadcaster the RTL Group has announced that it will be cutting costs due to a severe reduction in advertising booking which is set to substantially reduce profits.
RTL which owns Channel 5 in the 5 in the UK has announced that if there were to be any merger with channel four it would ...
by Peter Charalambous
A Bank of England survey revealed today that consumers’ expectation of inflation have fallen to their lowest levels since May 2009 as consumers expect inflation is expected to fall to just over 2 percent over the next 12 months.
In November the same survey revealed an inflation expectation of 2.8 percent although the results themselves will heighten the Bank ...
by Peter Charalambous
After a series of meetings earlier today BT management have announced that the company has frozen the pay of 100,000 staff having cited the tough economic climate.
This a further blow to the company’s work force as the BT are facing a potential multi-billion pound shortfall in its £33bn pension fund due to the recession.
The majority of staff are represented ...
by Peter Charalambous
The Home Retail Group the owners of Homebase and Argos announced today that they will match city profit expectations of £319m for their February year end.
Furthermore the Argos business posted better than expected sales over the Christmas period in an unprecedented boost.
The fall of both Woolworths and MFI is has meant that Argos and Homebase will be in a ...
by Peter Charalambous
In order to deal with the global economic crisis the G20 summit has been seen as a critical point whereby the world’s biggest economic powers much show unity in the face of adversity in order to tackle the crisis effectively.
The finance ministers and central bankers from across the G20 will meet in England tomorrow which will ...
by Peter Charalambous
In the aftermath of successive and continued interest rate cuts savers rates have plummeted which has meant that many investors are now finding their way back on the stock market.
Following the sixth consecutive rate cut in five months the record low interest rates have been bad news for all savers and if banks and building societies ...
by Peter Charalambous
According to the Council of Mortgage Lenders the number of mortgages given to first time buyers has fallen to a new low with just 23,400 in January.
Although the new year period is always quiet in the housing market a combination of stumbling house prices and the lack of availability of mortgages for those ...
March 17, 2009
by Elaine Frei
The pound fell in relation to the euro and the US dollar Tuesday on decline in equities markets were lower and on another drop in UK home prices.
The Department for Communities and Local Government reported that house prices in the UK were down 11.5 percent in January from the same month last year.
Meanwhile, the Office for National Statistics is expected ...
March 16, 2009
by Elaine Frei
Crude oil prices were mixed Monday, seeing gains in New York and declines in London as the US dollar weakened, making oil less expensive for buyers using other currencies and on reports that a Chevron pipeline was attacked in the Niger Delta.
West Texas Intermediate crude April contracts ended $1.10 higher to $47.35 per barrel on the New York ...
by Elaine Frei
Equities markets were higher in Europe and most of the Asia-Pacific region on Monday as banks saw gains on optimism after Barclays Bank (LSE: BARC; NYSE: BCS; TYO: 8642) said it has had a strong beginning to 2009, adding to good reports recently from several other banks.
The FSTE 100 added 2.94 percent to 3,863.99 in London, while the FTSE 250 gained 1.75 ...
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