|
|
November 11, 2008
by Kay Murchie
Cable, internet and phone company, Virgin Media, has announced today it is cutting 2,200 jobs from its 14,600 workforce.
The job losses, which represent 15% of its workforce, are part of major restructure and will save up to £120 million ($186.4 million) over the next 4 years.
Sources close to the company insist ...
by Peter Charalambous
The Royal Institution of Chartered Surveyors (Rics) said today that UK house sales have fallen to their lowest level for thirty years, as the restriction in lending has driven down prices for the 12th consecutive month, with agents selling just an average of 10.9 homes in the three months to October.
UK interest rates are now at their lowest since 1955, ...
November 10, 2008
by Elaine Frei
Most European equities markets saw gains Monday after an announcement from the Chinese government that it will spend 4 trillion yuan ($586 billion) in the next two years in support of its economy.
In London, the FTSE 100 was up 0.89 percent to 4,403.92 and the FTSE 250 added 1.08 percent to 6,656.56 on gains in the mining sector after metals prices ...
by Peter Charalambous
Since the Bank of England shocked the nation with an unprecedented 1.5 percent cut in interest rates last week, the Chancellor Alistair Darling has told the heads of Barclays, HBOS, Lloyds TSB and HSBC at a meeting on Friday that they must pass on the interest rate cuts to consumers.
Having reduced interest rates to 3 percent, which is ...
November 7, 2008
by Elaine Frei
European equities markets were higher after the oil sector saw gains as oil prices rose and on the possibility that the US Federal Reserve might cut interest rates again before the end of the year.
Gains came despite the news that the US lost more jobs last month and that the unemployment rate grew to its highest level in 14 years in October.
In ...
November 6, 2008
by Peter Charalambous
UK house prices have continued to take a battering, as the foolproof days of investing in bricks and mortar seem to be on standby in the current economic climate. According to the Halifax, UK house prices have fallen at the fastest rate in over a quarter of a century.
Halifax have announced that the average price of a UK home ...
by Elaine Frei
European equities markets saw substantial declines on disappointing earnings reports and after the Bank of England and the European Central Bank both cut interest rates during the day.
The ECB cut Eurozone interest rates by half a percentage point to 3.25 percent on a unanimous vote and could make another cut next month, while the Bank of England’s Monetary Policy Committee cut ...
November 5, 2008
by Elaine Frei
Most European equities markets were lower Wednesday on disappointing earnings reports and on declines in the oil sector after prices fell after reports from the US that gasoline inventories were up more than had been expected last week.
In London the FTSE 100 was down 2.34 percent to 4,530.73 and the FTSE 250 dropped 0.31 percent to 6,757.46.
BP (LSE: BP; NYSE: BP; TYO: 5051) was down 1.92 ...
by Peter Charalambous
According to the Office for National Statistics (ONS), UK factory production has fallen by 0.8 percent between August and September which is the quickest pace since 1996.
It is now the seventh straight month that output has fallen as the Chartered Institute of Purchasing and Supply's (CIPS) index of services dropped to 42.4, which is the lowest on record.
The continued decline is likely ...
by Peter Charalambous
With the UK economy set to shrink by up to 1 percent through 2009, the construction industry seems to have taken one of the greatest hits as construction activity has fallen to a record low.
Demand for both new build houses and commercial property are at a record low, due to the economic crisis as the Construction Purchasing Managers' Index ...
by Peter Charalambous
For the third consecutive day the pound has fallen against both the dollar and the euro which has fuelled the pessimism debate that has ensued surrounding whether the country is in a recession.
What the weakness of the pound has done though is provide the Bank of England with even more reasons why they need to reduce interest rates further.
According to the ...
November 3, 2008
by Elaine Frei
European equities markets were higher Monday after the London Interbank Office Rate, or Libor, the rate banks charge each other for 3-month loans in US dollars, fell 17 basis points to 2.86 percent and as investors seemed to ignore reports out of the UK and US showing that manufacturing activity was down in both nations in October.
In the UK, an ...
October 30, 2008
by Elaine Frei
European equities markets were up Thursday after interest rate cuts in the US, China and Taiwan and on encouraging earnings reports in the region.
In London the FTSE 100 added 1.16 percent to 4,291.65 while the FTSE 250 gained 3.92 percent to 6,223.78 as banks and miners saw gains and insurer Old Mutual (LSE: OML; JSE: OLOML) led the 100 with a ...
by Peter Charalambous
The Nationwide building society has today revealed the extent of the house price drop as the credit crunch has now firmly set in, the average house price has fallen by 14.6 percent since their peak of last summer.
That equates to an average price of £158,872 and one in ten mortgage holders are now in the position of negative equity. Analysts ...
by Peter Charalambous
Professor David Blanchflower, a member of the Bank of England’s Monetary Policy Committee, has warned that the UK is in danger of entering a deeper form of recession if interest rates are not cut significantly, as the UK economy simply cannot endure anymore.
An aggressive cut in interest rates is the only thing that can be done to avert ...
October 29, 2008
by Elaine Frei
Most European equities markets were significantly higher Wednesday, with commodities-related shares, banks and insurers all higher.
The FTSE 100 added 7.14 percent to 4,343.54 in London while the FTSE 250 was up 5.09 percent to 5,989.11 on the session.
Among the biggest winners on the day in London were insurers, as Prudential (LSE: PRU; NYSE: PUK) added 18.93 percent, Aviva (LSE: AV) ...
October 28, 2008
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 ...
October 24, 2008
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 ...
October 23, 2008
by Elaine Frei
Equities markets were mixed in Europe on Thursday as metals markets declined, taking miners lower, as UK retail sales were reported lower in September and as business confidence fell to its lowest level in nearly fifteen years in France.
The FTSE 100 added 1.16 percent to 4,087.83 but the FTSE 250 dropped 1.67 percent to 6,128.65.
The Office ...
by Peter Charalambous
In a period of soaring costs and reducing disposable income, retail and food sales have tumbled in the UK.
For the first time in over 22 years food sales have fallen, alongside household and retail goods.
Household goods were particularly hit as a result of the sharp downturn in the housing market and instability, meaning that many people ...
|
|
