Anglo Irish bosses forced to quit
Posted in: Finance, By: admin, At: December 19th, 2008
The chief executive and chairman of Anglo Irish Bank resign after a multi-million pound loan controversy at the lender.
Bush unveils $17.4bn car bail-out
Posted in: Finance, By: admin, At: December 19th, 2008
The US government will provide $17.4bn (£11.6bn) in loans to troubled US carmakers GM, Chrysler and Ford.
French business morale hits low
Posted in: Finance, By: admin, At: December 19th, 2008
French business confidence falls to its lowest level on record, national statistics office INSEE says.
Small firms ‘take long Christmas’
Posted in: Finance, By: admin, At: December 19th, 2008
More small firms are due to take an extended festive break than at any time in 16 years, says the FSB.
Japan forecasts no growth in 2009
Posted in: Finance, By: admin, At: December 19th, 2008
Japan forecasts zero growth for the next fiscal year as the Bank of Japan cuts interest rates to only 0.1%.
Lenders axe house price forecast
Posted in: Finance, By: admin, At: December 19th, 2008
Two of the UK’s biggest mortgage lenders, the Halifax and the Nationwide, decide not to make house price forecasts for 2009.
‘Sensitivity’ pledge on bank jobs
Posted in: Finance, By: admin, At: December 19th, 2008
The newly appointed Scotland boss of the merged Lloyds bank says a sensitive approach will be taken to future staffing.
Wagon Automotive cuts 292 jobs
Posted in: Finance, By: admin, At: December 19th, 2008
Wagon Automotive closes its Walsall plant and lays off 292 workers after the UK arm of the business went into administration earlier this month.
Trail of woe
Posted in: Finance, By: admin, At: December 19th, 2008
How cars drive the economy of the West Midlands
Bank of England considered bigger base rate cut
Posted in: Finance, UK, By: admin, At: December 19th, 2008
Minutes from the latest Monetary Policy Committee (MPC) meeting have shown that the Bank of England considered a larger base rate cut before settling on a 2% rate.
The MPC decided that a 1% cut was the minimum required, but avoided dropping the base rate further on the grounds that it could ‘hit the pound and undermine confidence in the economy’, the BBC reports.
It had been hoped that a base rate cut would encourage lenders to offer lower rates on loans, and while some lenders passed on some or all of the cut to their mortgages, the rates on personal loans and business loans have remained relatively unchanged.
A loans expert for Think Money commented: “Even though the base rate is at its lowest for over 50 years, lenders have still been cautious about lowering their loan rates, largely due to the relatively high cost of lending between banks.
“However, the news does suggest that there are further base rate cuts ahead – and if that happens, we may see lenders offering loans at more competitive rates.”
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