LONDON (Reuters UK) - House prices fell at their sharpest annual rate in at least 25 years in September, as the credit crunch continued to take its toll on the housing market, according to data from Britain's biggest mortgage lender.HBOS said its Halifax house price index fell 1.3 percent in...
By Rob TaylorCANBERRA (Reuters UK) - Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as financial crisis and bank failures shake world markets.But Britain, which once ranked in the top five, has slipped to 44th...
By James DaveyLONDON (Reuters UK) - WH Smith SMWH, the newspapers, books and stationery retailer, posted a better-than- expected 15 percent rise in full-year profit, as margin gains and cost savings offset a fall in underlying sales.Shares in the 215-year-old group soared as much as 10 percent after the results...
LONDON (Reuters UK) - Lloyds TSB LLOY on Thursday declined to comment on a press report that it is renegotiating the terms of its planned takeover of rival HBOS HBOS.The Daily Telegraph reported that Lloyds was seeking new terms for the deal, quoting unnamed sources as saying it was...
By Lesley WroughtonWASHINGTON (Reuters UK) - The International Monetary Fund said on Thursday it was ready to lend to countries hit by the global credit crunch and had activated an emergency financing mechanism first used in the 1990s Asian crisis.The Fund already sent a mission to Iceland, where the government...
NEW YORK (Reuters UK) - Wachovia Corp WB is pleased Citigroup C had ended efforts to stop it from merging with Wells Fargo & CO WFC, the North Carolina based bank said in a statement on Thursday."We're pleased Citigroup has abandoned its efforts to interfere with Wachovia's planned merger with...
By Sarah MarshFRANKFURT (Reuters UK) - German stockbroker Dirk Mueller hardly has time to ride the market rollercoaster. He is too busy explaining it to a worried public in his second persona: "Mr. DAX".His picture has appeared on the front pages of newspapers around the world and almost daily he...
By Andras GergelyDUBLIN (Reuters UK) - The head of Irish drinks group C&C GCC has resigned because his strategy to reverse a decline in cider sales failed, the maker of Magners cider said on Thursday as it posted a slight fall in first-half earnings and warned about the outlook.Maurice Pratt,...
By Mark Felsenthal and Sumeet DesaiWASHINGTON (Reuters UK) - The world's rich nations vowed on Friday to take all necessary steps to unfreeze credit markets and ensure banks can raise money but they offered no collective course of action to avert a deep global recession.In a surprisingly brief statement following...
By Emily Kaiser and Mike PeacockWASHINGTON/LONDON (Reuters UK) - The U.S. government pushed on Saturday to finalise a plan to buy direct stakes in American banks as the International Monetary Fund warned markets could drop another 20 percent in a worst-case scenario.Global stocks plunged to five-year lows on Friday as...
BERLIN (Reuters UK) - Germany's rescue package for its financial sector is due to be adopted "in the next few days" using accelerated legal proceedings, and may be worth up to 400 billion ($549 billion) euros, according to media reports.A fast-tracked law is being drawn up for approval by the...
REYKJAVIK (Reuters UK) - Talks between Britain and Iceland on the fate of an estimated 1 billion pounds of British deposits trapped in Iceland's banks began on Saturday and are expected to last through the weekend, a government spokeswoman said."The talks started at 9 a.m.," the spokeswoman said. No other...
HONG KONG (Reuters UK) - Global bank HSBC Holdings HSBA is cutting 1,100 jobs in its investment banking operation, or 4 percent of the unit's total, as it weathers the global financial crisis."We're doing it because of market conditions and the economic environment, and our cautious outlook for 2009," Hong...
LONDON (Reuters UK) - RTL Chief Executive Gerhard Zeiler declined to comment on Friday on whether the broadcaster was interested in buying ITV but said he planned to hang on to smaller British television station Channel 5.Zeiler was speaking to Reuters at a Royal Television Society conference in London.Shares in...
LONDON (Reuters UK) - Hardy Amies HRDS, the fashion house that dressed the Queen for more than 30 years, has said it may go into administration after a major shareholder was unable to meet its request for more funds.The firm's shares were suspended on London's junior Alternative Investment Market on...
By Kevin SmithDUBLIN (Reuters UK) - Ireland's was the first euro zone economy to slip into recession this year, figures showed on Thursday, as the bursting of a property bubble ended 25 years of sustained growth in the once mighty "Celtic Tiger."Official data from the country's Central Statistics Office showed...
By Christina FincherLONDON (Reuters UK) - The credit squeeze has proved more serious than initially thought and the latest escalation of tensions poses downside risks to both the economy and inflation, Bank of England policymaker Kate Barker said on Thursday. Speaking to business leaders in northwest England, Barker said it...
By Philip Blenkinsop and Ingrid MelanderBRUSSELS (Reuters UK) - Franco-Belgian bank Dexia DEXIDEXI won a 6.4 billion euro (5.06 billion pounds) public bailout on Tuesday and its chief executive and chairman quit as a deepening global credit crisis shook European banks.Following all-night negotiations convened just a day after the rescue...
LONDON (Reuters UK) - The Financial Services Authority said it has fined mortgage provider GE Money Home Lending 1.12 million pounds for overcharging its customers.The FSA said some GE Money Home Lending customers collectively suffered a loss of more than 2.3 million pounds after the company continued charging them interest...
LONDON (Reuters UK) - Europe's biggest bank HSBC Holdings HSBA is not in talks with Swiss rival UBS AG UBSN about a deal, a person familiar with the situation said.UBS shares jumped on Thursday as talk reemerged that HSBC was casting an eye on the troubled Swiss bank. There has...
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