FTSE briefly breaks 6,000 mark in final pre-holiday trading

first_img FTSE briefly breaks 6,000 mark in final pre-holiday trading Tags: NULL alison.lock whatsapp whatsapp Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Thursday 23 December 2010 12:19 pm Show Comments ▼ LONDON’S last full trading day before Christmas saw the lead share index briefly break the symbolic 6,000 mark before finally closing at 5,982. Energy shares led the rally with BP up 1.4 per cent, underpinned by gains in the price of crude, which held around $90 (£58.30) a barrel and neared a two-year high. Some consumer-facing stocks enjoyed a reprieve after days of pressure from near-arctic weather across most of Britain. With temperatures beginning to rise, retailers hoped for a last-minute dash to the shops.DIY stores group Kingfisher rose 2.2 per cent and fashion retailer Next gained 1.8 per cent. Tour operator TUI Travel was ahead 2.5 per cent as more travellers were able to leave on Christmas breaks.But trading volumes were anaemic at just 38 per cent of the 90-day average on the final full-day session before the Christmas break.Banking shares failed to join the rally, reined back by fresh uncertainty over Europe’s debt situation after Fitch Ratings downgraded Hungary almost to junk debt status.Miners were the main drag with metals prices cooling after a recent rally. Xstrata was among the worst off, down 1.1 per cent.Rio Tinto shed one per cent as it offered an agreed $3.9bn to buy African-focused coal miner Riversdale in a deal expected to be challenged by rivals.ARM Holdings was a top blue-chip faller, down 2.4 per cent after having soared nine per cent higher on Thursday, on reports of a possible breakthrough move with Microsoft.There was a flurry of positive macroeconomic data out in the United States, reinforcing views of a solid economic growth pace in the fourth quarter – but the markets failed to respond and made limited gains.The Dow reacted positively to the data but trading was limited ahead of the Christmas break.Weak house sales hit housebuilders. DR Horton, Lennar and PulteGroup are all lower while rumours of a potential $22 a share bid next year pushed Alcoa higher. 

“US markets opened a little on the soft side after yesterday’s gains as economic data released earlier came in slightly below expectations,” said Michael Hewson, market analyst at CMC Markets. “The biggest risers are Alcoa and Verizon while financials are a drag with Bank of America lower.” last_img read more

Oil price dips from its 27 month peak after sell-off

first_img Show Comments ▼ Oil price dips from its 27 month peak after sell-off Share OIL prices fell from a 27-month high yesterday as the commodities sector saw a sharp sell-off.Traders said the abrupt selling across energy, metal and agricultural markets reflected a correction to the rally that had capped 2010, rather than a sudden reversal of the optimism that made commodities the top asset class last year. Trading volume recovered to its highest level since mid-December.Additional pressure came from a rebound in the dollar, after news of an improving US economic outlook.In London, ICE Brent crude for February delivery fell $1.93 to $92.91 a barrel, well off an early $95.74 peak.US crude oil for February delivery slid from an intraday peak of $92.07 a barrel to as low as $88.72 – the biggest one-day fall since November. Traders will be turning today to an update on US oil and fuel inventory levels from the US Department of Energy. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition More From Our Partners Fans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comcenter_img whatsapp Tuesday 4 January 2011 7:23 pm KCS-content whatsapp Tags: NULLlast_img read more

Barclays fined £7.7m for serious failings in sales

first_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap whatsapp whatsapp Tuesday 18 January 2011 8:31 pm BARCLAYS has been fined £7.7m for mis-selling two Aviva funds after one in seven of the investors complained to the City regulator.The Financial Services Authority (FSA) yesterday imposed its largest-ever fine for retail sales breaches after identifying “serious failings” in Barclays’ sales practices for two Aviva income funds.The bank raised £692m from 12,331 individuals, most either retired or approaching retirement, between July 2006 and November 2008. More than 1,730 people complained to the FSA, prompting it to investigate the bank. An internal investigation by Barclays has since found more than half of sales of each fund to be questionable. Staff were found to have failed to check the funds were suitable for customers’ needs, failed to explain the risks involved, and of issuing brochures and documents that did not explain the risks clearly. Barclays was also found to have responded slowly when problems came to light. “We view these breaches as particularly serious and fully deserving of what is a very substantial fine,” said Margaret Cole, an FSA managing director.Barclays must also pay £60m in compensation to customers. It has already paid out £17m. Tags: NULL Share Barclays fined £7.7m for serious failings in sales Show Comments ▼ KCS-content last_img read more

Look outside London to drive City’s growth

first_img whatsapp Tags: NULL Look outside London to drive City’s growth Show Comments ▼ KCS-content whatsapp Sunday 23 January 2011 10:11 pm Share More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comConnecticut man dies after crashing Harley into live bearnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com The government has made clear that its top priority for 2011 is to drive forward growth in the UK economy and to ensure this growth is spread across the country and across a variety of sectors.It could be inferred that such a commitment – shifting the focus away from London and the financial services industry – is bad news for the City.However, anyone with any doubts as to how important a role financial services will play if we are to achieve this ambition should take a closer look at the areas outside of London and what is driving their economies.This is a point that was made clear when I visited Leeds last week. Of the one million people the financial and professional services industry employs throughout the UK, less than a third are based in London and the South East.Leeds is one of the foremost centres for financial services in the UK and was recently ranked among the top 25 cities for business in Europe, ahead of larger, higher profile financial centres such as Rome, Moscow and Athens.With banking and insurance services increasing by 107 per cent between 1997 and 2007, it is clear that the industry will be a key driver of economic growth in this area in the years to come.Only a sophisticated and globally connected financial services industry is capable of delivering the combination of financing British businesses will need if we are to succeed in creating growth based around greater economic diversity.This is the message I took to Leeds when I visited last week to meet with various regional business leaders so I can better represent the industry both at home and abroad.This week, for my first overseas visit of 2011, I am leading a business delegation to Turkey – a country that David Cameron last year stated is “vital for our economy, vital for our security and vital for our politics and diplomacy”.As a vital link between East and West, Turkey is clearly an important business partner for the UK – hence our long-standing support for their accession to the EU.The scale of future opportunities for both countries is enormous. Not only does Turkey boast a tradition of economic stability, but the 10 per cent growth it exhibited during the second quarter of 2010 made it the fastest growing economy in the G20.Working in partnership with financial centres in the UK as well as with our most important overseas partners will help to generate greater economic growth for all, whether they are based in London, in Leeds or in Istanbul.Michael Bear is Lord Mayor of the City of London last_img read more

Candy brother buys One Hyde Park flat

first_img Share Show Comments ▼ KCS-content Candy brother buys One Hyde Park flat More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Sunday 23 January 2011 10:53 pm whatsapp whatsapp THE DEVELOPERS of One Hyde Park have tried to lead by example by snapping up two of the luxury flats in the complex in Knightsbridge, it emerged yesterday.Christian Candy, one half of property firm Candy & Candy, has bought a single-storey penthouse for £31m, according to press reports based on Land Registry documents yesterday. This would be over £100m less than the asking price for the most expensive apartments in the complex.Sheik Hamad Bin Jassim Bin Jaber al-Thani, the Qatari Prime Minister who helped fund the development through his Guernsey-based Project Grande company, bought a three-storey penthouse flat in August.But there has also been intense speculation as to the identity of the purchaser of the most expensive unit, a £140m penthouse apartment. The Capitalist in City A.M. was the first to highlight the mystery of the £140m penthouse owner last week and queried whether the developers may have purchased other apartments. Candy & Candy has not disclosed the identity of the buyer. The company maintained its refusal to name the buyer yesterday, citing a confidentiality agreement. Candy & Candy said last week that the penthouse was bought by an anonymous party who came through the One Hyde Park website.While the developers have announced that contracts have been exchanged on 60 per cent of the 86 flats available, it is thought that just two finalised sales have made it onto the Land Registry to date – both of them bought by the developers. A director at Savills, one of the agents tasked with marketing the flats, told The Capitalist last week the new owner of the most expensive penthouse is not one of the developers. Simon Cowell, Arcadia boss Philip Green and Formula One tycoon Bernie Ecclestone were among 350 guests invited to the sumptous launch party of the Knightsbridge development last week. The retail outlets on the ground floor of the complex have been let to carmaker McLaren, Rolex and Abu Dhabi Islamic Bank. The One Hyde Park scheme was started in 2006 and cost close to £1bn to develop. A spokesperson for Candy & Candy said the identity and amount paid for each flat was private as part of a confidentiality agreement and declined to comment on the Land Registry public records. Tags: NULLlast_img read more

Former Dresdner banker jailed for insider dealing

first_img More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.com Wednesday 2 February 2011 10:43 am Former Dresdner banker jailed for insider dealing Show Comments ▼ Share Tags: NULLcenter_img whatsapp John Dunne whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsBetterBe20 Stunning Female AthletesBetterBeBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm A former Dresdner banker has been jailed for three years and four months for running an eight-year insider dealing scam, a record victory for the government’s much-criticised banks regulator in its battle against cheats.Christian Littlewood, who had pleaded guilty to eight counts of insider dealing but blamed his wife Angie and her Singaporean friend Helmy Omar Sa’aid for the extent of the illegal trading, is the most senior banker to be caught while still working by the Financial Services Authority (FSA).The FSA, much criticised for its “light touch” approach to regulation, has since 2008 pursued a more aggressive strategy in going after trading cheats.“Those rogue traders that let down the honest, discreet majority must be made to pay,” Judge Anthony Leonard said in a statement released by the regulator after the judgement on Wednesday.Angie Littlewood, who teamed up with Sa’aid and used her husband’s price-sensitive tip-offs to trade 2.15 million pounds worth of shares — partly under her Singaporean maiden name Siew Yoon Lew — was handed a 12-month jail sentence, suspended for two years, by a London court on Wednesday.Leonard dismissed 37-year-old Littlewood’s argument he had only authorised 20,000 pounds of insider dealing per stock.Angie will be electronically tagged for the first three months of her suspended sentence and will be under curfew at her home between 8am and 7pm.The judge said Angie had been under her husband’s influence, was already suffering from “moderate depression and possible alcoholism” and was a good mother to her three young children.“In my judgement, you did as you were told to do by your husband,” he said.Jail sentences for insider dealing can run to seven years. But the Littlewood children are aged 3, 5 and 8 and at least one has a serious medical condition, which the judge was asked to take into account when sentencing.Sa’aid, who has already spent almost one year in jail since being extradited from the Comoros Islands in the Indian Ocean last March, received a two-year sentence. He will be deported to Singapore.Insider dealing, which was only outlawed in Britain in 1980, is notoriously painstaking and time-consuming to prove. The FSA only started using its criminal powers in earnest in 2008 even though they acquired in 2001 the power to prosecute the offence.The government is looking to dismantle the FSA under plans to simplify financial regulation. last_img read more

Dido’s gamble means white flag isn’t likely

first_img whatsapp Tuesday 8 February 2011 8:45 pm More From Our Partners UK teen died on school trip after teachers allegedly refused her pleasnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com KCS-content Dido’s gamble means white flag isn’t likely by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamBetterBe20 Stunning Female AthletesBetterBecenter_img Show Comments ▼ DIDO Harding is a keen racehorse owner whose horse Cool Dawn won the Cheltenham Gold Cup in 1998.But perhaps the biggest gamble of her career was leaving the sector she had become synonymous with to take the reins at TalkTalk.Harding made her name in supermarkets, first as an executive at Tesco, which she left in 2007 to head up Sainsbury’s convenience store division.She took the TalkTalk helm after it was demerged from Carphone Warehouse at the start of last year.It is thought her appointment was recommended by another Tesco graduate, John Gildersleeve, with the other demerged firm – BestBuy Europe – also being run by former Tesco high-flyer Scott Wheway.Harding had a food background dating back far beyond Tesco. She grew up on a working farm in Dorset, specialising in pigs and cider apples.She studied politics, philosophy and economics at Oxford before completing an MBA at Harvard.Before Tesco she held senior management positions at Woolworths, Kingfisher and Thomas Cook. She has also served on the board of property company British Land. She has long been marked as a shrewd businesswoman, named in several surveys as a leading light of British executive talent. whatsapp Share Tags: NULLlast_img read more

TalkTalk refunds £2.5m

first_img whatsapp whatsapp Ofcom says its investigation into TalkTalk and Tiscali has resulted in almost £2.5m in refunds and good will payments after thousands of consumers were incorrectly billed for cancelled services. Ofcom opened an investigation into TalkTalk and Tiscali UK in July last year following complaints from over 1,000 consumers. Ofcom is now pushing for changes that will allow it to issue a financial penalty for breaches of its regulations, regardless of whether a company subsequently took action to address the problem. Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndo TalkTalk refunds £2.5m Tags: NULLcenter_img More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com KCS-content Monday 28 February 2011 7:37 pm Show Comments ▼last_img read more

US new home sales plunge to record low

first_img Tags: NULL US new home sales plunge to record low Share whatsapp whatsapp New US single-family home sales unexpectedly fell in February to hit a record low and prices were the lowest since December 2003, in signs of a deepening housing market slide.Sales dropped 16.9 per cent to a seasonally adjusted 250,000 unit annual rate, the lowest since records began in 1963, after an upwardly revised 301,000-unit pace in January, new data from the Commerce Department has shown.Sales plunged to all-time lows in three of the four regions last month. Economists polled by Reuters had forecast new home sales edging up to a 290,000-unit pace last month from a previously reported 284,000 unit rate.“It’s been a disappointing February for home sales and there are no signs of a turnaround,” said Kurt Karl, chief US economist at Swiss Re in New York.“We’re going to have a continuing slowdown in the next few months, but people will start to feel better in the second half of the year and construction and sales should do better later this year and into next year.”U.S. stock indexes fell on the data, while government debt prices rose marginally. The dollar was little changed.Compared to February last year sales were down 28 per cent.An oversupply of homes exacerbated by an increasing flood of properties falling into foreclosure is frustrating recovery in the housing market. Data on Monday showed a steep drop in sales of previously owned homes in February, with prices tumbling to a near nine-year low.The median sales price for a new home also plunged 13.9 per cent last month to $202,100, the lowest since December 2003. Compared with February last year, the median price fell 8.9 per cent. Persistent price declines could dampen hopes of a pick-up in sales during spring.In the face of stiff competition from foreclosed properties, which typically sell well below market value, builders are holding back on new construction.At February’s sales pace, the supply of new homes on the market rose to 8.9 months’ worth, the highest since August, from 7.4 months’ worth in January.There were 186,000 new homes available for sale last month, matching the prior month’s inventory. That was still the smallest supply of home since 1967.New home sales account for less than ten per cent of overall sales. Wednesday 23 March 2011 10:54 am alison.lock Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeStyleVamp11 Celebs And Their Historical DoubleStyleVampBewadaHusband Divorced His Wife After Looking Closer At This PhotoBewadavirimi.com14 Efficient Arm Workouts To Build Might & Muscle – Virimivirimi.comadvisor15 Plants that Repel Mosquitoes Naturallyadvisorcutenova.comTake a Peek at 10 of the Most Expensive Houses in the Worldcutenova.comHealth.recetasgetHeart Attack Early Warning Signs and SymptomsHealth.recetasgetDinnerZUTop 5 Foods That Help Lose Weight FastDinnerZUBuzzDestination7 Types of Men Who Are Not Made For RelationshipsBuzzDestination5log – Livinguard®This mask has been sold out in Germany 5 days after the government has tighten up5log – Livinguard®last_img read more

Swaps curbs to hit US firms

first_img More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com whatsapp Show Comments ▼ whatsapp Share LARGE non-financial US companies will be required to post collateral for derivatives transactions if they exceed a predetermined limit for credit exposure, according to proposals issued by regulators yesterday. The Federal Deposit Insurance Corp (FDIC), which along with the Federal Reserve and other regulators, has produced the rules as part of the Dodd-Frank reform Act, said the new rules won’t hurt companies providing that they don’t engage in overly speculative bids.“We do not want to blow up the healthy and needed parts of the market,” said FDIC chairman Sheila Bair. But companies, which have fiercely fought against the swaps market reform – financial contracts between two parties to exchange one asset or liability for another at a future point in time – said applying margin requirements to corporate users, who require them to hedge against currency or fuel price fluctuations, was counter to the purpose of Frank-Dodd.The Coalition for Derivatives End-Users, an umbrella group of business interests, warned that the proposals could “divert working capital from productive uses at the costs of economic growth and jobs, or send a vibrant, secure swaps market overseas.”JP Morgan chief Jamie Dimon warned US firms would take business overseas to avoid draconian rules Swaps curbs to hit US firms KCS-content Tuesday 12 April 2011 8:52 pm Tags: NULLlast_img read more