The perfect storm July 16, 2008 Higher than expected inflation figures and growing concerns about the banking sector knocked London’s FTSE 100 index of leading stocks down 2.4 per cent yesterday to under 5,200. The benchmark index has now fallen 23 per cent since a June 2007 high and is in clear bear market territory. Bank stocks, unsettled by fears that [...]
Inflation could hit 6 per cent on fuel bill price hike July 16, 2008 Inflation could reach 6 per cent by the end of the year if an anticipated 30 per cent hike in energy bills hits consumers later this year, according to BNP Paribas economist Alan Clarke. His prediction comes after the official consumer price index inflation rate jumped to a record 3.8 per cent in the year [...]
InBev finally buys maker of Budweiser July 15, 2008 American brewing giant AnheuserBusch yesterday succumbed to a $52bn (£26bn) takeover bid from InBev, creating the world’s largest brewer and ending a month of acrimony between the two firms. InBev increased its offer for the maker of Budweiser to $70 a share, up from its original bid of $65 a share, marking a premium of [...]
Farnborough struck by industry gloom July 15, 2008 Abu Dhabi’s Etihad Airways was the talk of the Farnborough Airshow yesterday after it unveiled a $20bn (£10bn) order for 100 planes – but it was a quiet debut for Europe’s biggest industry show. Etihad CEO James Hogan said the airline had placed orders for 35 787 Dreamliners and 10 777s from America’s Boeing for [...]
Alliance & Leicester snapped up as bid fever returns to the City July 15, 2008 A frenzy of merger and acquisition activity, spearheaded by Spanish bank Santander agreeing to buy Alliance & Leicester for £1.3bn, returned to the markets yesterday causing stocks to rally. The oil and gas sector was the centre of much of the bid action, with Imperial Energy, the developer of Russian oil reserves, soaring 18 per [...]
Energy prices are set to fall right back down to Earth July 14, 2008 Even though oil prices hit new records at $147 on Friday, sentiment in the energy markets is slowly starting to shift. If you want proof, recall the events of last Wednesday. Traders in London woke up to pictures of Iranian missile tests and later in the day were forced to digest a large draw in [...]
This crisis shows what lies in wait for the rest of the City July 14, 2008 While Dawnay Day is no household name, the crisis that has engulfed the privately-owned investment giant in recent days will be remembered as a key milestone in the credit crunch. A perfect microcosm of the unravelling of the great financial boom of the noughties, Dawnay’s woes are being followed especially closely by London’s huge Mayfair-based [...]
FTSE as low as 2005 July 11, 2008 Leading U.K. stocks slumped to the lowest since 2005, led by retailers and travel companies on concern a slowing economy will curb consumer spending. The slump in the FTSE 100 Index came as the Bank of England left interest rates unchanged. The FTSE 100 Index retreated 122.8, or 2.2 percent, to 5,406.8 in London as [...]
Ronaldo: No deal is in place July 11, 2008 Cristiano Ronaldo has denied reports suggesting he has agreed personal terms with Real Madrid. Rumours in Spain say the Portuguese international has agreed to join the La Liga champions in a record-breaking £75m transfer from Manchester United. But the winger, who is likely to be out of action for up to three months after undergoing [...]
Signet moves share listing to New York July 11, 2008 Jewellery giant Signet Group yesterday announced it would move its primary listing to the New York Stock Exchange, as part of a raft of changes to focus its business on the American market. The jeweller, which owns the H Samuel and Ernest Jones chains in the UK, said it hoped to complete the move – [...]