Markets
London - UK stocks plummeted on Monday to a three year closing low, part of a global equities slide triggered by struggling banks and ahead of a vote by US lawmakers on a $700bn rescue plan. The FTSE100 closed 269.7 points lower at 4818.8. Banking stocks accounted for a quarter of the index’s slump, with RBS, Barclays, HBOS, HSBC, Lloyds TSB, Alliance and Leicester and Standard Chartered falling between 1.6 and 18 percent. Major central banks threw more resources at a deepening credit crisis, announcing a $330bn expansion of reciprocal currency swap arrangements to boost US dollar liquidity. The moves came as the bailout plan for US financial firms faced a vote by the House of Representatives and Citigroup said it would buy the bulk of Wachovia Corp.

Posted: September 30th, 2008 under Asset Management.
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Markets
London - UK stocks ended lower on Friday as stressed money markets and lingering uncertainty on a $700bn US rescue plan further rattled investors, sending banks and commodity stocks lower. Washington Mutual was closed by the US government on Thursday, and its banking assets were sold to JPMorgan Chase for $1.9bn, further weighing on financial stocks. The FTSE100 closed 108.5 points lower at 5088.5, erasing all the gains made the previous session on hopes that the bailout package would be approved by congress soon. Talks on the rescue plan broke down amid accusations that Republican John McCain scuppered the deal. Banks were hit hard by the ongoing uncertainty and nervousness was exacerbated as Fortis pledged to speed up assets sales as it became the latest focus for investor concern. The stock fell for the fifth straight day. HSBC, Barclays, RBS, Lloyds TSB, HBOS and Standard Chartered were down 0.2 and 8.1 percent. Bradford and Bingley slid 5.9 percent as a cost cutting programme unveiled on Thursday failed to dispel concerns over its funding position.

Posted: September 29th, 2008 under Asset Management.
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Markets
London - UK stocks closed 2 percent higher on Thursday, snapping a three day losing run, as financials rallied on hopes that a $700bn bailout package would be approved by Congress soon. The FTSE100 closed 101.5 points higher at 5197.0. Congress neared agreement on a massive Wall Street bailout plan with more protections for taxpayers, as new data added to concerns about the weak US economy and General Electric cut its earnings forecast. RBS, Lloyds, HSBC and Barclays were 1.8-7.1 percent higher.

Posted: September 26th, 2008 under Asset Management.
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Readers will no doubt have seen the media reports this week of the ruling of the Advocate General of the European Court of Justice on Age Concern’s challenge to the UK default retirement age of 65 (known as the Heyday challenge).
The Advocate General has recommended that the ECJ hold that UK legislation permitting employers to [...]

Posted: September 25th, 2008 under Employment/HR.
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Markets
London - The FTSE 100 is just 2.05 points lower at 5,093.52 this morning. Thomas Cook leads the fallers, down 6% on reports that Arcandor AG may reduce its level in the company in a bid to raise cash. Lloyds TSB is 2.7% lower after Deutsche Bank cut its rating on the stock to “sell” from “hold” and its price target to 200p from 250p

Posted: September 25th, 2008 under Asset Management.
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