Iceland’s central bank has raised its key interest rate a whopping 6% just two weeks after it cut rates from 15.5%.
According to the Central Bank’s governor, David Oddsson, the rise is intended to be only for the short-term to stabilise the currency, the krona. He added it is also in line with its agreement […]
High Street bank Abbey, which is owned by Santander, has announced a rise of 70% in new deposits as consumers look for a secure place to deposit their savings.
During the first nine months of the year, Abbey said it took £4.3 billion in deposits, compared with £2.5 billion during the same period in 2007.
Antonio Horta-Osorio, […]
The Bank of England’s twice-yearly Financial Stability Report has been published and has revealed that tougher regulation and constraints on lending are required in order to safeguard against future risk.
Looking at the longer-term credit crunch issues, according to the Bank of England, banks would need to increase their deposit bases to make them less […]
The Centre for Economics and Business Research (CEBR) is predicting that the average cost of a UK home will fall up to £40,000 by the end of 2009.
The independent consultancy expects the market to show signs of stability in 2010, having seen a maximum 20% decline in prices, from the market peak last summer.
Based on […]
Mitsubishi UFJ Financial Group is planning to shore up its balance sheet by raising 990 billion yen (£6.85 billion, $10.5 billion) by issuing new shares.
Japan’s largest bank is to issue common stock of 600 billion yen and 390 billion yen of preferred shares.
The news came after Japan’s Nikkei index closed 6% down - its […]
London’s FTSE 100 fell 5.6% to 3,665 at one point today, this represents the lowest level since April 2003 as investors continue to worry about the global economic slowdown.
Investors’ fears were brought to light after last week’s news that the British economy shrank for the first time since 1992, according to figures from the […]
Financial information provider, Moneyfacts, has reported that the 0.5% cut in the Bank of England’s base rate made earlier this month has not been passed on by three quarters of UK mortgage lenders.
The emergency reduction, to 4.5%, was made on 8th October in a coordinated action with other central banks.
However, only one quarter of UK […]
Equities markets in Europe saw declines Friday as investors were concerned about earnings amid a worsening global economy.
Oil producers were lower on more declines in crude oil prices even as OPEC announced its decision to cut oil production by 1.5 million barrels per day from 1 November.
French oil company Total (Euronext: FP; NYSE: TOT) down […]
The Office for National Statistics (ONS) has established that the average man is working for longer before retiring.
Official figures show that in 1984, the average male retired aged 63.7 years. However this has increased from 64.6 years between April and June this year and is now up to 65.
Meanwhile, the average retirement age for women […]
According to the Office for National Statistics (ONS), the British economy shrank for the first time since 1992 as the UK flirts with recession.
Many reports this week have confirmed that the UK is on the brink of recession with Bank of England Governor, Mervyn King, issuing a recession warning. However, a forecast published over the […]