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Bank pumps £5bn into money markets

The Coffer of England today pumped an added £5bn into money markets in the deathwatch of the crisis at US investment coffer Lehman Brothers.

The funds were about 5 times oversubscribed by banks, which put in bids totalling £24.1bn - a assurance of the beginning burden on the banking arrangement afterward the news.

It is the Bank's aboriginal such move back March, if markets were rocked by the bail-out of adolescent investment coffer Bear Stearns.

The Coffer added: "This activity is getting taken in acknowledgment to altitude in the concise money markets this morning."

The three-day bargain comes alongside the Bank's approved account operation on Thursdays.

The European Central Coffer aswell fabricated bearding funds accessible to banking institutions.

It said: "The ECB continues to carefully adviser the altitude in the euro breadth money market. The ECB stands accessible to accord to alike altitude in the euro money market."

The Zurich-based Swiss National Coffer meanwhile said it was accouterment clamminess to markets in "a acceptable and adjustable manner".

The accommodating move by the banks is an attack to action th ... Read more »


Category: business news | Reads: 1093 | Date: 2008-09-15 | Rating: 0.0/0

Oil amount avalanche to beneath $100 a barrel

Oil prices confused beneath $100 today for the aboriginal time in about six months as investors digested the latest banking crisis.

Light, candied awkward traded on the New York Mercantile Barter - the world's criterion awkward bulk - fell added than $4 to $97 a butt afore ascent aback beneath than a dollar. The endure time the bulk was beneath $100 was 2 April.

In London, October Brent awkward aswell fell about $2 to $95.73 a butt on the ICE Futures exchange.

The avalanche appear in the deathwatch of the collapse of US investment coffer Lehman Brothers, which has rocked markets about the world, and letters that put accident from Hurricane Ike as beneath than feared.

Victor Shum, an activity analyst with consultancy Purvin & Gertz in Singapore, said: "Now that Ike has appear and gone, antecedent letters announce no absolute accident to the oil basement in the Gulf bank area."

Federal admiral said bygone that the storm destroyed at atomic 10 oil and gas platforms and damaged pipelines in the Gulf of Mexico - alone a baby bulk of the 3,800 assembly platforms in the Gulf. Three years ago, back-to-back hurricanes agape out added than 100 platf ... Read more »


Category: business news | Reads: 1088 | Date: 2008-09-15 | Rating: 0.0/0

Bank of America agrees to buy Merrill for $50bn

The Coffer of America today began abacus addition allotment to its growing cyberbanking casework empire, affairs Merrill Lynch in a $50 billion accord that would actualize a coffer alms aggregate from fixed-income trading to acclaim agenda lending.

It will battling Citigroup Inc., the better US coffer in acceding of assets.

Bank of America Corp. said aboriginal today that it would access Merrill Lynch in an all-stock transaction account about $50 billion that should lift the ambiguity shrouding Merrill back the alpha of the acclaim crisis over a year ago.

Charlotte, North Carolina-based Coffer of America has the a lot of deposits of any US bank, while Merrill Lynch & Co. Inc. is the world's better and a lot of broadly accustomed brokerage.

"Acquiring one of the arch abundance management, basic markets, and advising companies is a abundant befalling for our shareholders," Coffer of America Chairman and Chief Executive Officer Ken Lewis said in a statement. "Together, our companies are added admired because of the synergies in our businesses."

Under acceding of the transaction, Coffer of America would barter 0.8595 shares of Coffer of Americ ... Read more »


Category: business news | Reads: 1172 | Date: 2008-09-15 | Rating: 0.0/0

Meltdown as coffer collapses

Wall Street banks were advancing for one of the a lot of affecting shake-ups in the accounts industry's history endure night as it emerged that Lehman Brothers, an investment coffer with a 158-year history, was alive on a plan to acknowledge bankruptcy.

As a chase affair of weekend talks went into its final hours, an even bigger rival, Merrill Lynch, aswell accumulated its lath to vote on a takeover offer. With the aperture of Asian markets as a deadline, the signs were that two of the a lot of able corporations in all-around accounts could disappear. Insiders said added banking institutions were analytical the conception of a massive fund, conceivably as ample as $50bn (£28bn), which would be acclimated to prop up added firms that get into difficulty.

Whatever the exact appearance of the deal, it was bright that it would acquire abstruse – and capricious – after-effects for the apple economy. The contest represent a acme for the year-long acclaim crisis, which has wiped out half-a-trillion dollars in investments captivated by Wall Street's better firms, affected governments to nationalise once-proud banking institutions and has fabricated it anytime harder for acc ... Read more »


Category: business news | Reads: 1118 | Date: 2008-09-15 | Rating: 0.0/0

HBOS shares attempt in Lehman crisis

UK shares connected to tumble this afternoon afterwards the acclaim crisis claimed one of the world's better investment banks - with Britain's better mortgage lender the affliction affected.

Lehman Brothers, which has been hit by billions of dollars-worth of sub-prime mortgage losses, appear brief that it was planning to book for Chapter 11 bankruptcy. Rival Merrill Lynch - addition blow of the sub-prime crisis during the accomplished year - aswell took apartment in a takeover by the Coffer of America.

Some analysts were forecasting that today would go down as 'Black Monday' in the banking account - with the acclaim crisis entering a new appearance one year on from its start.

In London, the FTSE 100 Basis was down about 5 per cent by 2pm amidst the beginning turmoil, although it recovered a little as the afternoon progressed. Shares in HBOS, Britain's better mortgage lender and buyer of the Halifax, fell 25 per cent. Royal Coffer of Scotland was down 14 per cent and Barclays 12 per cent.

Insurance and accumulation behemothic Prudential was down 11 per cent and Norwich Union buyer Aviva was down 8 per cent, with retailers like Sainsbury's and B&Q b ... Read more »


Category: business news | Reads: 1173 | Date: 2008-09-15 | Rating: 0.0/0

Insurance behemothic AIG struggles to accession banknote as shares fall

American International Group, the allowance behemothic bigger accepted as AIG, was acquisitive that a cobbled-together amalgamation of asset sales and an bang of banknote from clandestine disinterestedness can stop the aggregation traveling into a afterlife circling like Lehman Brothers and Bear Stearns afore it.

Company admiral were awash with admiral endure night planning a accomplishment deal, afterward a blackmail on Friday by Standard & Poor's, the acclaim appraisement agency, to decline the company's debt. AIG shares burst by 31 per cent in the hours afterwards that blackmail was made, and Robert Willumstad, afresh installed as arch executive, fabricated affairs to accompany advanced a analysis of the business that was ahead appointed for 25 September.

The emergency restructuring plan, which AIG was aiming to advertise afore the alpha of trading this morning, is acceptable to cover the auctioning of above assets including its aircraft leasing business, International Lease Finance Corp. It is aswell believed to be because disposals of assets accompanying to its acreage and blow allowance businesses.

The New York-based insurer has already aloft $20bn ... Read more »


Category: business news | Reads: 1119 | Date: 2008-09-15 | Rating: 0.0/0

Bailout can't stop the white-knuckle ride for markets

From the Bear Stearns animation in mid-March to the Freddie and Fannie abatement endure week, the accomplished six months accept accepted to be one of the a lot of airy periods in contempo banal bazaar history.

America's S&P 500 basis has gone from 1,273 on 10 March, if markets were absorbed by abhorrence that Bear Stearns was set to go under, to 1,426 in May, afterward the Federal Reserve bailout of the coffer and the activity that the US authorities were in aftereffect underwriting the markets to stop the domino aftereffect that the collapse of a above academy was acceptable to cause.

Since the May rally, America's key bazaar has collapsed into decline, dent aback to just 1,214 in July and spending the summer bouncing about at the bottom, closing at 1,251 on Friday – a 15 per cent abatement from the alpha of the year. Just beneath a year ago the bazaar stood at 1,565.

When the assemblage was in abounding flow, Mike Lenhoff, arch architect at the agent Brewin Dolphin, declared the Bear animation as an "astonishing about-face in affect ... a absolute axis point". So what does he anticipate now?

"It's harder to acquaint how able the US Treasury's b ... Read more »


Category: business news | Reads: 1254 | Date: 2008-09-14 | Rating: 0.0/0

Fears abound for approaching of Woolworths

Two of the UK's better acclaim insurers, Euler Hermes and Atradius, accept chock-full accouterment new awning for firms bartering Woolworths and annulled some absolute behavior affiliated to the company.

Ahead of the store's advertisement of half-year balance on Wednesday, accepted to appearance abundant losses, aplomb in its abiding activity seems to accept hit a new low.

"There are no new curve aperture on Woolworths and some behavior accept been annulled or adjusted," said a source. "It absolutely doesn't attending acceptable for them."

Trade acclaim allowance covers businesses adjoin the accident of bad debt due to the defalcation or abiding absence of their buyers. Earlier in the summer acclaim insurers bargain awning for suppliers ambidextrous with the Woolworths Entertainment subsidiary. In contempo weeks they accept added cut their exposure.

The account comes as Woolworths is accepted to acknowledge half-year losses of about £10m, although some estimates advance it could be as top as £30m. Last anniversary administrator Richard North and new arch controlling Steve Johnson met with Malcolm Walker, the Iceland founder, to altercate the £50m acti ... Read more »


Category: business news | Reads: 1329 | Date: 2008-09-14 | Rating: 0.0/0

Tucker the frontrunner as Bank advertises for agent governor

The Treasury will accessible the chase to accomplish Sir John Gieve as a agent governor of the Bank of England, with albatross for cyberbanking stability, if it advertises the job this week.

Paul Tucker, the controlling administrator of markets and a affiliate of the Monetary Policy Committee, is the favourite centralized applicant to yield over from Sir John, who will footfall down aboriginal next year. But Mr Tucker, who was angled for the column of additional agent governor which became abandoned beforehand this year afterward the abandonment of Rachel Lomax, may accept to attempt adjoin alien candidates. Traditionally, chief Crown accessories accept been anchored through breezy soundings amid the Treasury and the Bank of England, but contempo changes accept adapted the jobs to be advertised.

Banking sources say it is extraordinary that Mr Tucker, mentioned as a abeyant almsman to Mr King if he retires in three years, would not succeed. One Treasury antecedent added: "It's acutely absurd Paul Tucker would not get the job. If he didn't, he would leave, and I don't anticipate anybody wants that."

Mr Tucker absent out to Charles Bean for the antecedent agent ... Read more »


Category: business news | Reads: 1168 | Date: 2008-09-14 | Rating: 0.0/0

Behind-closed-doors plan to accomplishment XL was attempt down by lenders

Banks scuppered a proposed three-way airlines amalgamation that could accept salvaged the burst XL Leisure endure month, while belief is ascent that the bootless accumulation ability already accept a new owner.

It is accepted that administering proposed the accord with two added declining firms which would accept created a new entity, but abeyant backers absolved the move as unworkable. "They approved to get something adapted up abaft bankrupt doors but it wasn't absolutely anytime acceptable to get off the arena if Zoom collapsed," said a source.

Phil Wyatt, arch controlling of XL, the UK's third better bout operator, which runs its own airline, appear that the aggregation had gone into administering on Friday, abrogation an estimated 90,000 holidaymakers abandoned abroad. The accumulation was still accepting bookings as backward as Thursday night. Zoom, a Canadian airline, accomplished aerial endure month.

However, a arch agent has told The Independent on Sunday that he believed a affair had already finer taken ascendancy of XL by "trading debt before, during and after" contest on Friday. It is rumoured that this affair has bought up a all-inclusive bulk o ... Read more »


Category: business news | Reads: 1244 | Date: 2008-09-14 | Rating: 0.0/0

Protectionism animate and able-bodied beyond the EU

EU affiliate states are advancing advancing barter behavior to absolute adopted investment, a new address claims.

Fortress Europe, commissioned by Cameron McKenna, Europe's additional better law firm, accuses the countries of advancing behavior that EU law was meant to forbid. Hungary and Poland accept already faced European Commission contravention affairs in the accomplished year and agnate activity will anon be taken adjoin Portugal and Spain.

Few countries are larboard out of the battlefront line. The report, to be appear this week, highlights Germany's attempts to bind its adopted barter act to added absolute buying by companies alfresco the EU. It argues that out of 17 countries surveyed, 14 operated rules that discriminated adjoin adopted investors.

Despite apropos about the aftereffect of such protectionism, the address suggests that this will abide to be account by factors such as internet use, which has fabricated it cheaper and easier to barter beyond borders.


Category: business news | Reads: 1051 | Date: 2008-09-14 | Rating: 0.0/0

US newspapers face aciculate bead in commercial sales

Advertising saleS are crumbling beyond the US bi-weekly industry, as it faces a bifold anathema of a abrasion abridgement and a about-face in spending to another media.

Figures from one of the nat-ion's a lot of recognisable bi-weekly brands, The New York Times, showed commercial acquirement fell 15.3 per cent in July, and added affidavit endemic by the aforementioned ancestor aggregation are accomplishing even worse. The division, which includes The Boston Globe, saw commercial assets down by a division endure month.

Across The New York Times Company, which is the third-largest bi-weekly accumulation in the US, commercial fell 17.9 per cent from July 2007.

A collapse in classified commercial revenue, decidedly absolute acreage listings, was one agency in the latest decline, but retailers accept aswell been affairs aback their spending on affectation advertising.

And there were annoying signs that the advance in online commercial income, which has mitigated at atomic some of the slump in book advertising, has slowed to a clamber because of the bread-and-butter downturn.

The New York Times website – by far the a lot of accepted bi-weekly website ... Read more »


Category: business news | Reads: 1130 | Date: 2008-08-27 | Rating: 0.0/0

Shopping capital giants assertive to do action for Liberty

Liberty International, the buyer of Covent Garden in London, was already added the focus of takeover allocution bygone afterwards two all-embracing arcade capital giants congenital cogent stakes in the UK-listed acreage group.

Simon Acreage Group, based in the US, has additional its captivation in Liberty for the additional time in a anniversary from 3 per cent to 4.22 per cent, with industry sources assured added to come.

Meanwhile, Australia's Westfield Accumulation appear it had taken a 2.96 per cent pale in Liberty.

The account beatific Liberty's shares up 5 per cent, or 50.5p, to 995.5p, as traders said that belief over a takeover had been growing back endure week.

Liberty All-embracing beneath to animadversion on the moves by its rivals or abeyant takeover speculation.

The Independent appear in March that talks had taken abode apropos Liberty's future, possibly including Westfield, over a accord to actualize the world's better arcade capital group. Nothing has about emerged since, as the acreage area connected to ache in the deathwatch of the acclaim crunch.

Westfield, which puts out its half-year numbers today, said bygone it ha ... Read more »


Category: business news | Reads: 1173 | Date: 2008-08-27 | Rating: 0.0/0

Bovis cuts jobs and prices as sales dive

Bovis Homes has bargain its allotment and cut 400 jobs as it grapples with the deepening housebuilding slump. Added big cuts in the amount of its homes are aswell planned as it tries to allure buyers.

Its arch executive, David Ritchie, said the Government should actively acquisition means to break the accepted mortgage dearth which is preventing bags of humans from affective home.

The company's activity follows agnate cuts and accessible allotment reductions at rivals Redrow, Barratt, Persimmon and Taylor Wimpey.

The amount of homes awash by Bovis fell from 1,256 to just 851 in the aboriginal bisected to June, sending pre-tax profits coast from £58.4m to £9.5m.

The boilerplate amount of a Bovis home fell by 4 per cent to £196,700, but Mr Ritchie said added cuts of amid 3 and 5 per cent were planned as it tries to allure buyers to its sites.

"We will be added aggressive in our pricing," he said. The activity reflects brackish conditions, with sales up to 22 August down 39 per cent on endure year at 1,574.

Bovis has already bankrupt one above appointment and fabricated agents cuts which will save £10m a year. The aggregation has abhorred a ... Read more »


Category: business news | Reads: 1054 | Date: 2008-08-27 | Rating: 0.0/0

Imperial accepts £1.4bn action from ONGC

Imperial Energy accustomed a £1.4bn action from the Indian accumulation ONGC Videsh yesterday, although there are break that the Chinese could still attack in and atom a takeover action for the asset.

Imperial, which focuses on oil and gas analysis and assembly in eastern Europe, recommended a £12.50-per-share bid from ONGC in a account appear to the bazaar at midday. ONGC Videsh is the all-embracing arm of Oil & Natural Gas Corporation, India's better analysis company.

The bazaar is cat-and-mouse for a acknowledgment from the China Petroleum & Chemical Corporation – accepted as Sinopec – which has declared an absorption but is yet to lay academic agreement on the table.

Sinopec appear its first-half after-effects yesterday, and afterwards its chairman, Su Shulin, warned of a tougher additional half, he said the aggregation had been administering an centralized appraisal on a bid for Imperial. "No accommodation has been made," he added.

Both state-controlled companies are atrocious to access their oil assets away as calm appeal continues to soar, apprenticed by huge industrialisation in both countries.

ONGC's bid for Imperial, which is ... Read more »


Category: business news | Reads: 1109 | Date: 2008-08-27 | Rating: 0.0/0

US abode prices still falling but the "worst has passed"

House prices in the United States are still falling at a almanac pace, and sales of new homes abide anaemic, according to the latest data.

Economists pored over the account analysis of city abode prices, which showed a almanac 15.9 per cent abatement in the amount of the boilerplate home in 20 above cities in June, compared with the aforementioned ages endure year.

Optimists assured that, with the clip of abatement slowing – and about bisected of the cities assuming an uptick in prices compared with May – the basal of the bazaar could be in sight. And they pointed, too, to abstracts from the Commerce Department which showed a 2.4 per cent month-on-month access in the amount of anew congenital homes awash in July, which suggests bargain-hunters are getting tempted into the market.

However, the amount of new home sales in July – an anniversary amount of 515,000 – was in actuality lower than Wall Street had been expecting, because the Commerce Department revised sales abstracts for June abundant lower.

Dana Saporta, economist at Dresdner Kleinwort in New York, attributed the uptick in sales to the amount of bankrupt homes put on the bazaar at knock-down ... Read more »


Category: business news | Reads: 1070 | Date: 2008-08-27 | Rating: 0.0/0

UK mortgage lending at almanac lows

Mortgage lending remained at almanac lows endure month, with Britain's beleagured apartment bazaar assuming little signs of any recovery.

While the akin of gross mortgage lending fell just 2.7 per cent amid June and July, absolute advances remained added than 25 per cent down on the aforementioned ages endure year.

The British Bankers' Association said gross lending was £14.6bn, down from £15bn in June. The amount of loans accustomed for abode purchases in fact added hardly amid June and July, from 22,369 to 22,448. However, this is still down some 65 per cent on July endure year.

"The account numbers of approvals for abode purchase, which accept collapsed by some two-thirds over the endure year, levelled off in July," said David Dooks, the BBA's statistics director. "It would, however, be abortive to ahead that the apartment bazaar will now alpha to recover, because all-embracing approval action continues to be actual low. The pressures on domiciliary budgets are reflected in the almost anemic acceleration in individuals' deposits and, with customer borrowing growing alone boring it seems that consumers are acting prudently."

Allan Monks, of the brea ... Read more »


Category: business news | Reads: 1107 | Date: 2008-08-27 | Rating: 0.0/0

Ministers to acquaint activity firms: "Use your profits to advice poor"

Energy companies could escape a asset tax on their huge profits if they do added to advice humans disturbing to pay their ammunition bills.

Ministers will acquaint gas and electricity administration that they wish them to yield added activity to activity ammunition poverty. Although they abjure aggressive a asset tax, ministers say the firms' acknowledgment to their alarm will be taken into anniversary if they accede growing demands by Labour MPs for a one-off arrest to armamentarium measures to advice poor families accommodated their bills.

Energy firms accept already agreed to acute to £150m by 2011 the bulk they absorb on amusing programmes but the Treasury and Department for Business accept they should go added afterward a access of amount increases abhorrent on the aerial amount of oil. Companies could, for example, be accomplishing added to advice humans to insulate their homes, they say.

The Government aswell wants Ofgem, the authoritative body, to accept a tougher attitude appear the industry afterwards complaints by Labour backbenchers that it is afraid to use its admiral to intervene.

John Hutton, the Business Secretary, has asked Ofgem to e ... Read more »


Category: business news | Reads: 1361 | Date: 2008-08-27 | Rating: 0.0/0

Amtrak hits buffers for additional time in 20 months

The supply aggregation Amtrak has gone into administering for the additional time in two years, agreement 1,000 jobs in accident and abrogation barter above the country cat-and-mouse for their orders.

Ernst & Young was appointed ambassador by Netfold Ltd, buyer of the West Midlands-based company, endure Friday, beneath than 20 months afterwards it waspurchased.

The accommodation has already had an appulse on customers, who are apprehension supply of appurtenances such as wine from Oddbins, beds from Feather & Black, and televisions from the online banker Dabs.com. The aggregation aswell has a arrangement with the Government Car and Dispatch Account to backpack mail amid government departments.

Amtrak employs 1,000 humans nationwide, either in their 80 depots or active their agile of over 2,000 trucks and vans.

When it was awash to Netfold in January 2007, the aggregation had a about-face of £80m, but it has struggled in the face of ascent ammunition prices and falling customer spending.

An Ernst & Young ambassador said: "It's a business led by customer demand, and as customer spending ability has weakened, Amtrak's business has suf ... Read more »


Category: business news | Reads: 1071 | Date: 2008-08-27 | Rating: 0.0/0

Virgin: BA's Terminal 5 flyers accept stayed

Another foreground in the long-running action amid Virgin Atlantic and British Airways is set be opened by Sir Richard Branson's group, which claims that it has kept the cartage that bare BA at the acme of the Terminal 5 abortion in March.

Virgin Atlantic will broadcast its after-effects tomorrow, in which it will affirmation the flyers it admiring from BA in the canicule afterward the adverse aperture of BA's new terminal at Heathrow accept backward with the group, rather than move aback to the UK banderole carrier. As a clandestine company, Virgin is not apprenticed by the aforementioned austere advertisement standards that administer to listed groups, including BA.

A agent for BA argued that Virgin has "no evidence" to aback the affirmation and that Terminal 5 now processes 65,000 cartage anniversary day, a amount that will acceleration if the actual long-haul flights move over from Terminal 4. The airline says the amount is up from the 40,000 a day who acclimated the new terminal in April.

In a bid to win aback customers, BA has afresh boarded on a business attack agreeable cartage to appointment a website that gives statistics apropos to the antecedent ... Read more »


Category: business news | Reads: 1180 | Date: 2008-08-25 | Rating: 0.0/0

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