Sunday, July 31, 2005 
BBC NEWS | Business | Ex-ECB chief found dead in pool Wim Duisenberg, the former head of the European Central Bank, has been found dead in a pool at his villa in south-east France, French police say.
Independent: So you think you can turn your home into cash ... Equity-release schemes let you free the value locked up in your bricks and mortar and enjoy a comfortable retirement. Or so they say.
Independent: Critics pick holes in the big hope for housing Laura Brady asks if Home Information Packs will really make buyers' lives easier, speed up the chain and cut out gazumping
Independent: 'Home reversion makes me shudder' Wage; the older you are, the more a lender will offer, but it won't usually be above 40 per cent of the home's value.
Telegraph: Confidence weak in housing market Perhaps it was Natasha Kaplinsky's taste in internal décor, perhaps it was cold feet about the economy.
BBC NEWS | England | Town loses 1,100 British Gas jobs Most of the jobs cut at British Gas will be lost from its Solihull base.
Times Online: Base rate vote too close to call as retail gloom persists This week's crucial decision on interest rates appears too close to call after the “shadow” monetary policy committee — a group of nine leading independent economists — delivered a split verdict.
Saturday, July 30, 2005
BBC NEWS | Business | Refinery fires drive up oil price Oil prices have soared back above $61 a barrel after fires at two US oil refineries and a North Sea rig.
BBC NEWS | Business | US economic growth remains robust The US economy has racked up another quarter of robust growth, despite fears rising fuel costs may limit expansion.
The Guardian: Bad debts force Lloyds TSB to raise cover Customers of Lloyds TSB have been having difficulty repaying their loans, forcing the high street bank group to sharply increase its provisions for bad debts in the first half of the year.
This is Money: Mortgage lending drops £500m Growth in mortgage lending and consumer credit slowed last month, according to the Bank of England's latest figures.
The Times: One way or another, we all pay How does a loan of £5,750 turn into a crushing debt of £384,000? First, you borrow from a firm that specialises in lending to those with a poor credit history and charges interest of 34.9 per cent.
BBC NEWS | England | Lincolnshire | Job cuts to follow firms' merger The merger of two Lincolnshire companies is expected to result in a number of job losses.
Times Online: Rural first-time buyers suffer First-time buyers are finding it more difficult to buy a property in rural than in urban areas, the Halifax has reported.
The Motley Fool UK: Avoid Losing Your Home! According to the latest data from the Council of Mortgage Lenders (CML), mortgage repossessions and arrears rose sharply in the first half of this year.
FT.com: Buy-to-let investors avoiding deposit rule Thousands of property investors have been circumventing the tight rules on buy-to-let lending by counting discounts on new flats as deposits, the Financial Times has learnt. Banks however refuse to admit such practices take place.
Friday, July 29, 2005
FT.com: New FT data confirm UK housing slowdown The housing market has slowed down dramatically since last year and prices have been stagnant in 2005, according to the new and improved FT House Price index — the most accurate guide to the real trends in residential property prices.
Reuters: Consumer credit rise weaker than expected Consumer credit rose at its weakest annual pace in nearly four years in June, in another sign that people are reining back on their borrowing after five interest rate hikes since November 2003.
Reuters: Lloyds TSB profit up, retail bad debts rise Lloyds TSB Group's first-half profit rose 7 percent, boosted by growth in corporate banking, but retail banking customers are struggling to repay loans, the bank said on Friday, sending its shares down.
The Guardian: RSA move cuts deficit by £180m Royal & SunAlliance has become the latest company to move its employees from pension funds based on final salaries as part of an effort to cut costs.
The Guardian: MPs call for transparency in Olympic venue deals The government is under pressure to guarantee "complete transparency" in deals between the public and private sector which involve the multibillion pound development of the 2012 London Olympics campus.
The Guardian: House price rise lowest for 9 years House prices in Britain last month rose at the slowest rate for nine years, the Nationwide said yesterday.
Times Online: Think-tank says Brown will have to raise £10bn in extra tax Gordon Brown will be forced to raise taxes by at least £10 billion to tackle a persistent deterioration in the public finances, according to a leading forecasting institute.
This is Money: Surge in companies ready to go bust The number of British companies on the edge of insolvency has soared as slower economic growth and higher interest rates inflict pain on thousands of businesses.
Your Country: Buy To Let Warning - RICS South East Residential landlords are enjoying the first rise in rental yields for five years, according to the Royal Institution of Chartered Surveyors (RICS), but many are suffering.
BBC NEWS | Wales | Fears over future energy sources There are calls for the Welsh assembly and UK governments to start planning future energy needs now, or face power cuts and job losses.
BBC News: Jobs threat as nut firm is sold More than 160 jobs are under threat in East Yorkshire after the takeover of a fruit and nut company.
Thursday, July 28, 2005
Argus: House prices hike disputed A survey claiming house prices have rocketed in a coastal town have been rubbished by estate agents.
Motley Fool: Find out what your bank thinks abot you HSBC, one of the UK's biggest banks, has announced that it will share its customers' full credit history with other regulated financial services firms.
Guardian: Repossessions and arrears on the rise again The number of properties seized by lenders has increased by more than half over the last six months.
Times: Confidence slide bolsters case for interest rate cut Business demands for a cut in interest rates were reinforced by the CBI yesterday as its latest snapshot of manufacturing showed confidence in the battered sector continuing to slide, despite glimmers of hope for a recovery.
BBC News: Junior doctors face unemployment Unemployment has become a serious threat to junior doctors, the British Medical Association has warned.
BBC News: Housing market 'gently softening' UK house prices rose slightly in July but "the overall picture remains one of a gently softening market", according to the latest survey by Nationwide.
Times: Increase in repossessed homes hits 13-year high House repossessions increased at the fastest rate for more than a decade over the past six months, raising fears about the fallout from the downturn in the property market.
Independent: The beach hut with a £200,000 view It may not be the most desirable of residences but a wooden beach home without electricity, roads or a proper water supply is commanding an astounding price.
This is Money: 'House prices stalemate is over' House prices bounced back in June as the stalemate between buyers and sellers came to an end and liquidity returned to the market, Britain's biggest building society said today.
Reuters: House price inflation at 9-year low in July House price inflation slipped to its lowest in more than nine years in July, the Nationwide building society said on Thursday, predicting continued a gradual softening in the property market.
Independent: UK airship maker flies into money troubles Britain's top airship company, Advanced Technologies Group, has run out of money and gone into administration.
BBC News: Up to 200 jobs to go at council Up to 200 jobs could be lost at Plymouth City Council as the authority struggles to meet its budget for this financial year.
Reuters: Mortgage repossession actions surge The number of court actions entered to repossess homes for mortgage arrears soared by 52 percent on the year, official figures showed on Wednesday, as higher interest rates took their toll on borrowers.
Times: House prices inch higher in July House prices recovered very slightly in July after falling in June, according to the latest survey of the stuttering housing market.
Wednesday, July 27, 2005
Yahoo! Finance: Fears of US property bust revive on record new-home sales Sales of new homes in the United States surged 4.0 percent in June to a new annualized high of 1.37 million, the government said, reviving fears of a damaging property bubble.
Reuters.co.uk: Credit card clampdown could backfire, expert warns The Office of Fair Trading's move to force credit card firms to cut their late payment fees could lead to a rise in other, hidden charges, one expert warned.
Sky News: PC firm axes 1,500 staff The maker of Time and Tiny computers, Granville Technology Group, is to cut 1,500 jobs after collapsing into administration.
Times: Lending rise hints at recovery in house prices Further indication of a fledgeling recovery in the housing market appeared today with the first monthly increase in the number of mortgage approvals this year.
SKY News: Huge debt not enforced A couple whose £5,740 loan ballooned to £384,000 have fought off an attempt by the loan company to make them pay the money.
BBC News: Credit card business drives Egg A strong performance from internet bank Egg's credit card business has helped to move the bank into profit during the first half of 2005.
This is Money: 8,000% interest loan shark jailed A loan shark who preyed on sick, poor and vulnerable members of society, sometimes charging them up to 8,000% in interest, was jailed for nearly four years today.
This is Money: Housing market on road to recovery The housing market continued its slow return to health in June with the number of loan approvals for home purchases hitting an 11-month high.
Listen to the
Radio 5 Slot (MP3) with Reinhard (Bubble Pricker) on the Stephen Nolan show. Harvey Williams from RICS was on the show and various callers.
BBC NEWS | Business | Computer firm's future in doubt There is uncertainty over the future of the UK's largest computer manufacturer, Granville Technology Group.
icBirmingham: Building society forced to cancel £30m debts West Bromwich Building Society may be forced to write off an estimated £30 million in debts from mortgage borrowers whose homes were repossessed in the early 1990s property crash, it was claimed last night.
News.com.au (AUS): Houses overvalued - survey A WHOPPING 80 per cent of Australians believe houses are overvalued and more than half expect prices to drop over the next quarter, according to a survey.
Telegraph: House prices will drop 2pc, warns the Halifax Britain's biggest mortgage lender, the Halifax, yesterday repeated that house prices will fall by 2pc this year, while Morgan Stanley, the investment bank, said they would drop by 5pc.
Tuesday, July 26, 2005
BBC NEWS | England | Nottinghamshire | Hoarders blamed for home deficit TV programmes and speculators are being blamed for a rise in the number of empty homes in the East Midlands.
Independent: Value of UK plc rises to £100,000 for each man, woman and child The total value of the United Kingdom has risen to £5.8 trillion - equivalent to £100,000 for each man, woman and child - official figures showed yesterday.
Times: Pensions savers to pour £10bn into house markets Savers will pour £8.5 billion into Britain’s housing market from next April, when new rules that allow people to spend their pensions on homes are introduced.
BBC News: AA workers protest over job cuts Workers at an AA call centre in Kent are holding a demonstration to protest against plans to close the site.
Times: HSBC set to share credit data with rivals HSBC, Britain’s biggest bank, will reveal the full credit record of its personal banking customers to other financial services companies in an effort to keep a closer watch on consumer debt.
BBC New: Job fears over council's budget A council is due to discuss a financial review which could lead to job losses among its workers.
Times: Cyclical trickery only buys time Until last week, a question had been nagging away at me. Politically, another big rise in taxes was always a no-no for Gordon Brown, as I wrote immediately after the March budget.
This is Money: Sellers' packs to cost £700 Home owners will have to spend up to £700 on information packs for prospective buyers, ministers confirmed last night.
BBC News: China's yuan gains against dollar China's yuan has gained against the US dollar in its second session of trading after currency limits were relaxed for the first time in a decade last week.
Telegraph: Home sales pack in force by 2007 The controversial Home Information Pack, which could cost every home seller £1,000, is on track for its mandatory introduction in "early 2007", the Government said yesterday.
Sky News: More Cities Facing Congestion Charge Some of Britain's busiest cities could see congestion charging by 2011.
Telegraph: £5.8 trillion ... or £97,000 for every person. That's how much Britain is worth If Britain were up for sale, it would fetch £5.84 trillion, according to figures released yesterday. That is equivalent to nearly £97,000 for every man, woman and child in the country.
Monday, July 25, 2005
BBC NEWS | Business | House prices 'to fall 5% by 2007' UK house prices are set to slide in the coming months but fears of a crash have been overdone, according to the Centre for Economic and Business Research.
The Guardian: Homes in Scotland are 30% cheaper than UK average Despite prices rises of up to 44% in some areas of the country, houses in Scotland cost one third less than houses in the UK as a whole, new research shows.
BBC News: Shares in airline firm suspended The future of budget airline EUjet could be in doubt after shares in its parent company were suspended.
Times: Economic slowdown 'could lead to £18 billion shortfall' Britain's economic slowdown will result in an £18 billion shortfall in the public finances over the next two years, a report out today claims.
Guardian: Manufacturing trade winds are blowing Asia's way, but what's wrong with that? So manufacturing is back in recession again. These days, that kind of news raises few eyebrows in Britain. How things have changed since the 1970s.
Guardian: Corporate cash-saving equals economic strangulation Corporations around the world are undermining the raison d'etre of business life. Instead of investing in their companies, they are holding on to their cash and saving rather than spending.
SKY News: Woolworths sales slip Woolworths has revealed that its like-for-like sales fell by 4.4% in the first 24 weeks of the financial year.
SKY News: Tax hikes may be put back Income tax rises may have to be delayed until 2007 as Chancellor Gordon Brown takes pity on cash-strapped Britons, an influential forecasting group has claimed.
FT.com: Bubble bursts for Brown Until about a year ago, the British were almost euphoric about the performance of their economy. After more than 10 years of uninterrupted growth, the UK had managed to achieve full employment, combined with a high degree of macroeconomic stability.
BBC News: Tax rises 'unlikely before 2007' The UK economy is facing a bleak outlook with growth set to fall to just 2.1% this year, a study has said.
This is Money: House prices 'to fall by 5%' Fears of a collapse in the property market are dismissed today by a report which admits that houses are overvalued - but only by 5%.
The Guardian: House prices continue to slide House prices dropped by 0.2% in July, the 13th monthly fall in a row, research group Hometrack says today. It forecasts prices will end this year 5% lower than in 2004.
Reuters.co.uk: House price fall sharpest since 2001-UK's Hometrack House prices in England and Wales fell for the 13th straight month in July, taking annual deflation to its sharpest in at least four years, a survey said on Monday.
Independent: House prices fall for 13th month in a row The housing market is showing no signs of recovery, a leading property website said yesterday as it published figures showing prices fell again last month.
Sunday, July 24, 2005
Independent: Will those high-rise bank profits come tumbling down? Thanks to soaring house prices and a strong economy, the lenders have kept getting richer, writes Ben Schneiders. But now the outlook is bleaker as consumer debts turn sour.
Independent: Savers suffer pre-emptive strike on rates Amid feverish speculation that the Bank of England will drop the base rate next month, more providers of savings accounts have cut the interest offered to their customers.
This is Money: 'Wheels are coming off economy' Gordon Brown's miracle economy will start to come apart during the second half of this year, says a leading independent forecaster.
Independent: Slowdown in growth to leave Brown 'boxed in' on tax rises Chancellor Gordon Brown will be forced to delay any income tax hikes until 2007 due to the worsening economic situation, according to independent economic forecasters.
Scotsman.com: Brown's golden rule shift gives sinking feeling One of the UK's most influential economic think tanks has slashed its growth estimates for 2005 and warned that Gordon Brown's new version of his golden rule will do nothing more than "move the deckchairs on the Titanic".
Scotsman.com: Making the most of a rate cut The minutes of the July meeting of the Bank of England Monetary Policy Committee have fuelled speculation among economists that interest rates will be cut by a quarter percentage in August.
BBC NEWS | Business | Hopes and fears after revaluation China's currency has weakened slightly one day after the government in Beijing announced an unexpected revaluation.
Saturday, July 23, 2005
BBC NEWS | Wales | North East Wales | Fears over 200 trailer firm jobs Two hundred jobs may be lost in Wrexham after a vehicle components company announced plans to shut its factory.
Times Online: Website to keep credit in check A website has been launched by the banks to demystify credit cards and give customers tips on how to borrow responsibly and find a way out of financial difficulties.
The Guardian: HSBC to axe 100 jobs in Chester HSBC is planning to make 100 staff redundant at the financial services arm of Marks & Spencer it bought last November, which is based in Chester.
Times Online: UK growth slows to 12-year low The economy grew at its slowest annual pace for 12 years during the past quarter, renewing expectations that interest rates will be cut next month and highlighting concerns over the deterioration in the public finances.
The Guardian: Sales slip at John Lewis John Lewis, the department store chain, suffered steep declines in sales across the country in the second week of July.
The Guardian | Regional house prices close gap with London The difference between house prices in London and the rest of the country is at the lowest for eight years, a survey by the Halifax showed yesterday.
BBC NEWS | England | Kent | Drugs firm Pfizer to cut 110 jobs Drugs firm Pfizer is to cut 110 jobs from its research and development plant in Kent, it announced on Friday.
BBC NEWS | Business | Kleenex maker to shed 6,000 jobs Kleenex tissues maker Kimberly-Clark is to axe 6,000 jobs and close or sell 20 plants as it seeks to save around $300m-$350m (£200m) a year until 2009.
This is Money: National Savings cuts rates National Savings & Investments has reduced the interest paid on the majority of its fixed-rate savings products, and may pay the price as customer chase better rates elsewhere.
The Times: Should the landlords call time? Robert Day sometimes forgets that he is a landlord. The 36-year-old, who married two years ago, says that letting his old bachelor pad in Glasgow has been relatively stress-free.
Times Online: EU halts Chinese knitwear imports A £500 million pile of jumpers has piled up on ships and aircraft outside the European Union after regulators barred any further such imports from China this year.
The Guardian | Industry sinks back into recession The British economy suffered its weakest annual growth in more than 12 years in the second quarter of the year as the hard-pressed manufacturing sector sank once more into a recession.
Independent: Why council tax bills just don't add up Here's some welcome news you may not have been expecting. Your council tax bill is more likely to fall than it is to rise in April 2007, when the government completes its re-banding of every property in England.
Sky News: North-South Property Price Gap Narrows The price gap between London and the rest of Britain is at its lowest level for eight years, says new research.
Independent: Lenders tighten the rules on ex-local authority properties Getting a mortgage to buy an ex-local authority property has become increasingly difficult in recent months, as banks and building societies tighten their lending criteria after the recent housing boom and subsequent slowdown.
BBC NEWS | Business | London losing house price crown The gap between house prices in London and the rest of the UK has shrunk to its lowest level in nearly eight years, research from Halifax bank has shown.
Friday, July 22, 2005
Economist.com: Greenspan’s last words? Alan Greenspan, the chairman of America’s Federal Reserve, has given what may be the last of his twice-yearly speeches to Congress on monetary policy before his expected retirement.
Money Week - West loses its global lead - US, prices, bubble "Unbuilt homes selling like crazy," says a headline in USA Today.
Reuters: Economic growth slows to weakest rate in 12yrs The economy grew at its weakest annual pace in more than 12 years in the second quarter of 2005 as manufacturing fell into recession, reinforcing expectations of an interest rate cut next month.
BBC News: Base saved but 480 MoD jobs lost Workers at the Ministry of Defence base in Telford are coming to terms with the news that almost 500 people there are to lose their jobs by 2009.
BBC News: Furniture plants to lose 238 jobs Workers at two furniture factories have been told that that 238 jobs are to be lost at the Christie Tyler group in Bridgend.
Guardian: Nokia profit falls short of forecasts The world's largest mobile phone manufacturer Nokia sent investors reeling yesterday as it warned on profits after announcing weaker than expected second-quarter earnings.
Sky News: Boots Sales Look Sickly Trade at Boots has fallen yet again - and the company says it can see no light at the end of the tunnel.
BBC News: Consumer slowdown hits UK growth The UK economy put in its worst performance in more than a decade as High Street slowdown put the brakes on growth, official figures show.
BBC News: 480 jobs to go as factory closes An electronics factory is shutting down on Friday with the loss of 480 jobs.
Guardian: This won't cure a huge trade deficit China's long-awaited but small revaluation of its currency probably heralds the start of a series of revaluations but on its own will make little difference to the huge American trade deficit.
Telegraph: Reid is accused of 'sneaking out' news of defence job cuts John Reid, the Defence Secretary, was accused yesterday of attempting to "sneak out" the announcement of thousands of job cuts in the Armed Forces.
BBC News: Credit card advice site launched The credit card industry has launched its own website to help people choose which card is right for them and avoid building up excessive debt.
SKY News: Stuck in the money trap One in 20 couples are staying together because they claim they cannot afford to break up, research shows.
SKY News: Powergen hikes bills Powergen has revealed that its gas prices are to rise by 11.9% and its electricity bills by 7.2%.
BBC NEWS | Business | 'Euromortgage' plan for borrowers Homebuyers could be able to shop across Europe for the best mortgage deal, under plans being considered by the European Commission.
Thursday, July 21, 2005
BBC News: US greets China currency shake-up China's revaluation of the yuan for the first time in a decade has been hailed by the US, its top critic on the issue.
BBC News: Retail sales highest since 2003 UK High Street sales grew at their fastest pace for one-and-a-half years in June, calling into question recent evidence of a spending slowdown.
BBC News: Greenspan warns on rising rates US rates are likely to go on rising amid expectations of further solid economic growth, US Federal Reserve chairman Alan Greenspan has said.
BBC News: Kodak to slash 10,000 extra jobs Eastman Kodak is cutting up to 10,000 more jobs than previously announced as its traditional film business continues to struggle in the digital world.
BBC News: Cumbria calls for Whitehall jobs A Cumbrian town, which has seen big job losses in recent years, should benefit from government plans to move Whitehall jobs to the regions, academics say.
Sky News: Retail Sales Set For Another Dive The worst retail sales figures in almost 10 years are expected to be published this morning.
Telegraph: Euro waits in wings for a turn as belle of the currency ball There's nothing like the prospect of a few forced sellers to bring a smile to the faces of the currency traders.
Wednesday, July 20, 2005
NEW FEATURE: Comments have now been enabled on the blog. Feel free to add you comments to the news stories that are published.
Telegraph: Not so fast Within minutes of the Olympics decision, estate agents were predicting huge price rises for the East End. But, says Ross Clark, buyers would be wise to look before they leap
Building Societies Association: Highest June Savings Inflows since 1997 In the savings market, building societies had net inflows of £993 million in June 2005, up from £554 million in June 2004.
Yahoo! Finance: GM posts unexpected quarterly loss General Motors posted an unexpected quarterly loss on Wednesday as stubbornly high costs for everything from materials to worker health care to consumer incentives outweighed strong results from its finance arm.
Yahoo! Finance: June retail data may show growth near 10-yr low Retail sales are expected to have picked up slightly in June, helped by early summer discounting and hot weather, but data on Thursday may still show the lowest annual growth rate in almost a decade.
BBC News: Budget woes deepen for chancellor Government borrowing in the UK has risen to its highest June level to date, putting more pressure on the Chancellor's spending plans.
Bloomberg: Bank of England MPC Voted 5-4 to Hold Interest Rate The Bank of England's rate-setting committee voted 5-4 to leave its benchmark interest rate unchanged at 4.75 percent this month, underscoring the divisions on the committee about how to respond to signs of slowing growth.
Telegraph: Brown postpones spending review 'to give himself a clean sheet before move to No 10' Speculation that Tony Blair plans to hand over to Gordon Brown in two years - having served 10 years as Prime Minister - mounted yesterday when the Chancellor postponed the next spending review until spring 2007.
Independent: Play the waiting game at your cost Holding out for a better rate when your mortgage deal ends can be expensive, says Stephen Pritchard
Bloomberg.com: China 2nd-Qtr Growth Unexpectedly Accelerates to 9.5% China's economic growth unexpectedly picked up in the second quarter as exports surged and investment in power plants, mines and factories gathered pace. Stocks rose and traders increased bets the yuan will be revalued.
SMH (AUS): House prices tipped to fall 15% over three years NSW house prices will fall by 15 per cent in real terms over the next three years but the state's borrowers are more cautious than most other Australians, research shows.
Tuesday, July 19, 2005
BBC News: UK financial exports hit record The value of UK financial services exports such as insurance broking and investment banking hit a record $19bn in 2004, a study has shown.
BBC News: Brown rejigs rules to help budget Chancellor Gordon Brown is planning to change the definition of the economic cycle to ensure avoiding breaching his "Golden Rule" on balancing the budget.
Yahoo (USA): Are Real Estate Prices Ready to Fall? Soaring home prices have led to the emergence of a generation of wet-behind-the-ears real estate investors, and rampant speculation is raising concern that the boom is turning into a bubble that may burst.
Times: RICS calls for rate cut as house prices fall The trade body for property surveyors has thrown its weight behind calls for a cut in interest rates, as it reported that the housing market was still subdued and that property prices nationwide continue to fall.
BBC News: HP plans to cut one in ten jobs Hewlett-Packard is to lay off about one in ten of its workers as part of its long-awaited restructuring.
SKY News: Surveyors see price falls More evidence of the depressed state of the housing market comes from the Royal Institution of Chartered Surveyors.
ING Direct:Reduction in ING Direct savings rate As of 1 August the ING Direct savings rate will be 4.75% AER.
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