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November 18, 2008
by Elaine Frei
Crude oil prices were lower in late trade in New York Tuesday.
December contracts for West Texas Intermediate crude were down 20 cents to $54.75 per gallon a few minutes before the close of floor trade on the New York Mercantile Exchange, while January Brent crude contracts were down 23 cents to $52.08 per barrel.
The declines came even though Organization ...
by Elaine Frei
Most of Europe’s equities markets saw gains Tuesday as crude oil prices that were slightly higher in New York trade sent some oil producers higher and on hopes that the recession will not hurt profits too much after relatively good news from some US companies.
The FTSE 100 added 1.85 percent to 4,208.55 in London, but the FTSE 250 was 0.85 percent ...
by Kay Murchie
Transport company National Express has announced today it is to axe over 300 jobs from its East Anglia franchise.
It is understood that the company is to shut its call centre in Norwich, which currently employs 73 people, as part of overall cuts in the workforce. The remaining job losses, primarily in administration staff, will be spread throughout the ...
by Kay Murchie
Wolseley, which is one of the UK’s largest suppliers to builders, has announced it is to axe 2,300 more jobs and close over 200 branches in a major cost-cutting exercise in which it expects to save £80 million a year.
The job cuts, which represent 15% of staff in the UK, are as a result of the ...
by Peter Charalambous
Swiss retail sales in September have ripped through economists’ initial expectations of 0.8 percent annual growth to post a rise of 6.4 percent, according to figures from the Swiss Statistics Office.
Within the period, the nation has experienced rising wages and almost five years of consecutive labour market growth has meant that consumers have been given the courage and security to spend.
Top of the ...
by Peter Charalambous
There is now increased scope for the Bank of England (BoE) to reduce interest rates to avert an even deeper slip into recession, as inflation has fallen faster than predicted in its quickest drop in over 11 years.
This news follows Mervyn King’s statement that the UK is probably in recession, although the central bank will reduce borrowing costs as and when is possible.
During ...
by Peter Charalambous
It is a remarkably simple yet effective policy that Gordon Brown is espousing for the world to undertake, in order to beat off the global economic slowdown.
The plan for tax less, spend more has also been called by the head of the International Monetary Fund (IMF), following the G20 summit at the weekend, with the suggestion that it needs ...
November 17, 2008
by Elaine Frei
Crude oil prices was lower again Monday as investors worried about recessions in Europe and Japan.
December contracts for West Texas Intermediate crude dropped $2.09 to trade at $54.95 per barrel at the close of floor trade on the New York Mercantile Exchange, while Brent crude for January delivery fell $1.76 to $52.48 per barrel on the ICE Futures Exchange in ...
by Elaine Frei
European equities markets were lower Monday after the Confederation of British Industry predicted that the UK’s gross domestic product will drop by 1.7 percent next year, making the British economy look worse than had been supposed.
In London the FTSE 100 was down 2.38 percent to 4,132.16 while the FTSE 250 dropped 2.46 percent to 5,977.03.
Banks were lower on the ...
by Elaine Frei
The pound strengthened versus both the greenback and the euro Monday after early declines after the Confederation of British Industry predicted that the UK economy will contract by 1.7 percent next year on and a separate report from Right move (LSE: RMV) showed that asking prices for UK homes fell 7.1 percent in November.
In late morning trade in New York the pound was ...
by Peter Charalambous
A black hole has been left in the finances of UK savers, as well as a number of local councils and unfortunately a few well-known charities.
Following protracted negotiations by the UK and Holland over repayments, Iceland has agreed to accept liability on deposits that were held up to £16,000.
The dispute has affected the island’s financial restructuring as it put a halt ...
by Peter Charalambous
According to a survey conducted by the Bank of France, French business confidence in October dropped to 77 from 86 in September, and was 8 points below expectations. This has resulted in the Bank predicting a contraction in the economy for the fourth quarter.
French manufacturing confidence also dropped to a 21-year low this month as the volume on new ...
by Peter Charalambous
Indonesia is beginning to feel the effects of the global economic downturn in the third quarter of 2008, as the economy grew at the slowest pace in over six quarters, due to the falling prices of their main exports: palm oil, rubber and coal.
Exports in Indonesia have fallen drastically as the global demand for raw materials has fallen, which has left the world's biggest ...
by Peter Charalambous
The world’s second largest economy, Japan, has fallen into recession in the last quarter for the first time since 2001, and joins Germany, Italy, Spain and Ireland, who have all experienced two successive quarters of contraction in their economy.
Analysts have indicated that it is likely to be a long and pronounced recession although the Nikkei 225 stock average responds by finishing up by ...
by Peter Charalambous
The British pound has fallen to a record low over the past week against both the dollar and the euro, and it is the first time in over 6 years that currency traders have shunned the pound.
The rate at which the pound has fallen to its lowest in almost 13 years has put the fall in 1992 back into perspective.
It is ...
by Peter Charalambous
Saudi Arabia will help alleviate global financial stress by maintaining stable oil markets and boost its own economy by funding infrastructure projects as spending in the oil sectors is likely to exceed $400 billion over the next five years.
King Abdullah of Saudi Arabia said that his country will do all they can to help to maintain stable oil prices so as not to ...
by Peter Charalambous
A $7.6 billion loan package has been agreed in principle with the International Monetary Fund (IMF) and Pakistan in order to help the country from defaulting on foreign debt and restore confidence in the financial markets.
Shaukat Tareen, the finance minister, said that the loan will be used for the balance of payments as well as helping to build foreign reserves, insisting that the deal ...
November 14, 2008
by Elaine Frei
Crude oil prices closed lower Friday despite the possibility that OPEC could cut production further after an unexpected meeting of the cartel’s members was announced for 29 November in Cairo.
December contracts for WTI were down $1.10 to $57.14 per barrel at the close of trade on the New York Mercantile Exchange, while Nymex gasoline futures for December fell 6 ...
by Elaine Frei
European equities markets were mostly higher Friday as optimism increased a bit on better earnings outlooks and news on sales.
In London the FTSE 100 was 1.53 percent higher to 4,232.97 but the FTSE 250 dropped 0.47 percent to 6,127.76.
The oil sector was higher as oil prices climbed but pared gains as oil prices fell later in the session, with BP ...
by Peter Charalambous
Following the fall in commodity prices and the credit crisis cooling economic growth, inflation in France has fallen.
Consumer prices are down by 0.3 percent from September and the inflation drop has been supplemented by the fall in oil, which is down by 60 percent as well as energy and food prices.
In France, inflation was at its peak between June and July of this year ...
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