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  • Sir Ken Takes A Bow After Propelling Morrisons To New Heights | MakeMoneyReviews.co.uk
    helm of the company as the end of a long journey and handed over the reins of his growing baby to Sir Ian Gibson who has been promoted from deputy chairman to non executive chairman Sir Ken will now be the honorary president of Morrisons As a parting gift to his investors Sir Ken said that he planned to give back 1 billion pounds back to them in a span of 2 years by buying back its shares from them The company s debt had reduced to 543 million pounds from 772 million pounds and its shares were trading at around 289p During his final speech as the chairman of the company Sir Ken said that he had been with the business for around 55 years and that even though the entire experience had been demanding and fulfilling it had always been enjoyable He added that he was a keen gardener and had a farm that was vying for his attention hence he was interested in seeing as to what lay on the other side of the fence He said that he was looking forward to a bit of sunshine and fresh air He also said that he planned to frame his lucky yellow and navy blue striped tie which was presented to him by one of his family members and which he had worn to more that 50 of his store inaugurations Sir Ken also said that they had made a promising start to the new financial year but cautioned that the current year could be challenging as consumer spending might slow down due to rising inflation Many of his well wishers paid tributes to Sir Ken on his retirement Clive Black analyst at Shore Capital said that there could be no one else to match up to Sir

    Original URL path: http://www.makemoneyreviews.co.uk/news/sir-ken-takes-a-bow.html (2016-02-12)
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  • Sir Ken Takes A Bow After Propelling Morrisons To New Heights | MakeMoneyReviews.co.uk
    by the Bank of England partly due to stricter levels by jittery lenders and also due to the credit crisis accompanied by higher inflation caused by high fuel utility and food prices and also due to the fall in the property prices in the last 3 months buyers are either too scared to buy any new property or are unable to buy one This means that either buyers want to check out whether the property market touches the bottom before they decide to buy any new property and this downward slide could just be confirming their decision to wait or they could be financially strapped so as not to qualify for any loans due to stricter policies applied by lenders Either way surveyors have been reporting fewer buyer enquiries So even though the Bank of England has cut down on interest rates experts believe that since lenders now want higher rates of interest to cover the increase in the risk of shelling out loans the situation for the borrower has not improved even after this cut in interest rates With some property experts claiming that the trend will continue in the current year and some even predicting the fall to continue into the next year it seems that the US sub prime crisis has decided to pay UK a long and troubled visit In the last few months lenders too have taken their 125 and other over 100 mortgage loans off the markets since they were considered to be very high in risks With the problems faced by the Northern Rock fresh in their minds lenders have also started asking for up to 25 of the property value as deposits for their loans and this has made purchases even by first time buyers a very difficult proposition The real estate

    Original URL path: http://www.makemoneyreviews.co.uk/news/uk-homes-continue-their-downward-trek.html (2016-02-12)
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  • The US Sub-Prime Crisis Jumps Over The Hedge And Knocks Down Peloton | MakeMoneyReviews.co.uk
    There was however no news of the financial loss that this crash would have on the funds investors Peloton s two partners Mr Ron Beller and Mr Geoff Grant who were ex bankers from Goldman Sachs and who had founded the firm in 2005 also wrote that they deeply regretted their decision and that they were working night and day to make the firm secure but were looking at many options including looking out for a buyer The previous year was a very good one with the firm reaping an impressive 87 return through its success in dealing in sub prime securities Unfortunately it seems that the same sub prime crisis has forced the firm into a corner There were whispers in the market that two hedge funds namely GLG Partners and Citadel Investment Group were some of the firms that could be in the race to pick up the fallen firm Peloton s ABS Fund was one of the two funds that the firm was operating and is backed by different assets including investments of around 40 by Peloton s own Multi Strategy Fund and which also include other mortgage loans The collapse of this hedge fund highlights the credit crisis that is going on in the international markets since the past year The growth for these Hedge Funds in the previous year was quite impressive but the continuing crisis in the US mortgage market has turned the tables in the current year Incidentally Peloton was planning to launch a third fund but this crisis has not only forced them to abandon that plan but has also forced them to liquidate both their existing funds The firm claimed that the Peloton ABS Fund which had a 4 to 5 times leverage ratio could not meet margin calls and hence

    Original URL path: http://www.makemoneyreviews.co.uk/news/sub-prime-crisis-jumps-over-the-edge.html (2016-02-12)
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  • Bob Diamond Is Barclays Best Friend | MakeMoneyReviews.co.uk
    in a trust for 3 years But investors might not be too happy with the rewards being dished out to Mr Diamond as shares of the bank have consistently fallen and have now touched 444p and even though the bank has posted a 7 1 billion pound profit which was roughly the same figure posted in 2006 investors still have seen their share value drop by almost 40 in the past year Barclays had also increased its lending to borrowers in the US to 29 3 billion pounds in 2007 from 17 5 billion pounds in the previous year which could also worry investors since the US sub prime crisis could make recovery of that money very difficult Investors and analysts both predict that the bank would have a tough time to maintain their profit figures in the current year But Barclays justified the payout to Mr Diamond by saying that even though the bank had to write off billions of pounds in write offs Mr Diamond had still managed to exceed profit targets set at Barclays investment banking division A spokesperson from Barclays added that it was a clear illustration that Bob s incentives were clearly aligned with those of shareholders Investors could find some solace in the fact that the shares owned by Mr Diamond too have reduced in value in 2007 by 21 million pounds and are currently valued at 51 million pounds Mr Diamond s pay packet was kept a secret till he joined the bank s board after which all the details had to be declared as per the rules It has since then emerged that he is the highest paid investment banking boss ahead of Giles Thorley of Punch Taverns 11 million pound pay packet and Bart Becht of Reckitt Benckiser s 22 million pounds The banks statements also revealed the amounts that were paid to other top executives Naguib Kheraj a former director at Barcleys was paid 600 000 pounds per month with an additional 14 178 pounds per month as benefits during the bank s doomed takeover bid for ABN Amro bank and was also paid 4 9 million pounds along with 657 000 pounds at the end of April for helping his replacement to settle in But Barclays also justified these payments by saying that these were very much withing the benchmark limits Incidentally the chief executive of Barclays was paid 2 4 million pounds as salary and bonus Analysts such as Jon Kirk of Redburn Partners however caution that the current year poses a lot of challenges to Barclays since the bank will require to either retain or roll over 500 billion pounds of wholesale funding which could pose a problem in case the credit crunch does not ease The Bank has also accumulated 11 billion of weak or substandard assets which is twice of what it had in 2006 The credit derivatives which the bank held for trading purposes has also doubled to 2 4 trillion pounds up from

    Original URL path: http://www.makemoneyreviews.co.uk/news/bob-diamonds-best-friend.html (2016-02-12)
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  • The British Pound Pounds The Dollar To A New Low | MakeMoneyReviews.co.uk
    prices touching 105 per barrel there was no scope in reducing the interest rates at present since that could stroke the inflation into rising even more So with inflation on the way to touching 3 in the near future The Bank of England will have to wait and watch the changing market conditions before deciding on when to reduce the rates in the future The Euro too has reached an all time high of 1 5347 against the dollar and 0 7692 against the pound This has shaken up some of the countries politicians who transact in Euros but analysts say that the European Central Bank is not likely to step in to soften the Euro Many experts also opine that the state of the US economy and the report of a blast at Times Square in New York could also be the reason of the dollars decline New data from ADP which reported that there were 23 000 job cuts in the US private sector also seems to have aggravated the reports regarding the state of the US Economy The fact that there are two more reports regarding the jobless claims and the non farm payrolls data which yet have to be reported could further weaken the dollar in case those reports display negative growth So experts are of the opinion that the Bank of England might not be able to get into any interest cutting mode due to the continuing inflation and with crude prices showing no indication of coming down there are very few chances of the inflation coming back into its 2 limit So despite the dangers of stunted growth in the future the Bank of England is not in a position to lower interest rates The gaining of the pound may be good news for

    Original URL path: http://www.makemoneyreviews.co.uk/news/british-pound-vs-the-dollar.html (2016-02-12)
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  • Britons Take Unsecured Route | MakeMoneyReviews.co.uk
    worn their credit cards thin by constantly swiping them Consumer borrowing via loans overdrafts and credit cards has increased in February by 2 billion pounds including a steep rise in credit card out standings by 350 million pounds which is the fastest since the past 5 years These figures are shocking and surprising as many analysts were of the opinion that looking at the current scenario Britons would now be tightening their belts by controlling their spending The increase in mortgage rates has also forced people to go in for such measures to take care of their daily expenses Elderly people too were having a tough time as their retirement savings were slowly being diverted to meet rising expenses The figures in the past few months itself tell a sorry story Mortgage lenders have ensured that the days of low interest loans are to be forgotten even as Halifax the UK s top lender was on the verge of increasing interest rates on most of its 150 mortgage deals The approvals for mortgage deals too have decreased by 40 in the previous year and all lenders have scrapped their 100 plus mortgage loans Add to that new taxes such as water council and road tax which have been activated from April along with a steep 15 hike in electricity and gas and a 18 hike in fuel prices and sharp increases in food bills and one has the perfect recipe for financial disaster for many Britons Even first time homebuyers are having a tough time as they now have to shell out a deposit in addition to paying higher interest rates for their dream home The inter banking credit crunch has also ensured that lenders are now interested in servicing only the best financially secure loans and turning away the rest of the borrowers as they do not have enough money to finance all the loans Even HSBC s First Direct has decided to take off its complete mortgage range for new borrowers after getting swamped with 5 times more applications as compared to the past few weeks These unsecured high debt figures which indicate that these borrowings are not secured by any property are almost double than what was calculated by analysts The chief UK and European economist of Global Insight Howard Archer commented that people are trying to borrow money while they still can before stricter lending rules in the future make it difficult and these increased figures could be reflecting this fear But many analysts are warning that this trend could be very difficult for people to sustain over a longer period since the interest rates especially on defaulting credit card payments is quite high and that could even result in an increase in bankruptcies Investment banker David Owen of Dresdner Kleinwort s said that this trend indicated that distressed borrowing is on the rise Cash strapped citizens have also cut their voluntary pension contributions by around 50 in the previous year and the current financial year

    Original URL path: http://www.makemoneyreviews.co.uk/news/britons-unsecured-route.html (2016-02-12)
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  • Credit Crunch | Imperial Energy | MakeMoneyReviews.co.uk
    downwards to its lowest price in six months and at 949p sliced out 150 million pounds of its market valuation Explaining the company s decision Imperial Energy s chairman Peter Levine said that the problem was not that there was no money available at all but that the terms and rate of interest were not very attractive He said Conditions were not very good so we decided an equity issuance was the thing to get us where we wanted On the technical front Imperial has seen its output drop down from 10 000 barrels per day to around 7 000 barrels in the first quarter of 2008 However it is targeting to achieve 25 000 barrels per day at the end of the current year and increase it to 35 000 barrels at the end of the next year The total cost involved in this expansion could be 176 million pounds in the current year and 250 million pounds by next year So even as global oil prices touch above 111 dollars per barrel the lack of funds in the global market has slowed down Imperial Energy s expansion plans and prompted the company to get its money from investors Imperial has oil fields mostly in northwestern Kazakhstan and in Tomsk in Western Siberia Imperial has already faced the heat from Russian Authorities who want to know the actual figures of its oil reserves The fact that Imperial was formed only in 2004 and thus would not easily qualify for debt finance in such a short time might have prompted the company to go in for a rights issue instead of raising money on unattractive terms The fact that it could rub the Russian political system the wrong way could also be one of the reasons why lenders could be shying away from the company Imperial s rights issue would be underwritten by ABN Amro s Hoare Govett division and Merrill Lynch and in addition to financing its Siberian on field program would also be utilized to refinance a 100 million pound loan which is due in November The company s statement said that the rights issue would ensure that they would be fully funded till 2010 and that an improved cash flow after that would mean that the company could be self financing in the future The company believed that it was through equity that their asset base could be developed better and funded and it would provide the company the financial strength to move the business forward The timing of the rights issue however will enrage several investors since Mr Levine had just sold one third of his own stake in the company worth around 25 million pounds only 2 months back and that too at around 16 75 pounds which was almost double the current rate Even after that sale Mr Levine still holds 3 1 million shares which translates to around 6 of the company The sharp drop in the company s share prices was termed

    Original URL path: http://www.makemoneyreviews.co.uk/news/credit-crunch-imperial-energy.html (2016-02-12)
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  • FTSE 100 Rises From The Dust | MakeMoneyReviews.co.uk
    by banking stocks notably HBOS which had been a victim of false rumors just days back and had lost around 17 of its value in a span of just 2 hours However it had managed to gain back around 7 of its value after the Bank s top management bought shares in the Bank to reassure investors that they had confidence in the long term prospects of the bank Tuesday s surge saw the bank recover its lost 10 back and the bank s top management which had just bought the shares might just be laughing their way to well the Bank Even other banks such as Barclays saw a 6 rise in its shares while Alliance and Leicester and Royal Bank of Scotland registered a rise of around 9 Even shares of UBS which is mired in the sub prime crisis saw a rise of more than 7 in its prices Analysts say that the revised higher offer from JP Morgan for the beleaguered company Bear Stearns along with the positive news from the US housing market seems to have triggered the sudden jump in the stock market Companies other than banks also saw a steep rise in its fortunes British Energy which has indicated that it is open to a tie up or a takeover saw its share prices rise to 662p whereas construction companies such as Persimmon saw its share prices rising to 754p and Taylor Wimpey shot up to 180 9p There were some stocks that failed to rise like WM Morrison which slid down to 276 75p but on the whole most of the stocks went skywards Analysts were hoping that the Bank Of England should follow the lead of the Federal Reserve in the US and should show more flexibility in providing cash to banks so that they could come out of the current liquidity crisis The rise in the markets came amidst warnings which were issued by the Confederation of British Industry CBI forecasting that the economic growth in the UK would be the weakest after the recession of 1990 and well below the level announced in the budget by the Chancellor Mr Alistair Darling But the CBI also said that other than the financial and property sector all the other sectors seemed to be running on a positive note Mr Richard Lambert director general of CBI however cautioned that There is a crisis of confidence in the global financial marketplace He also stated that the credit conditions would remain tight for some more time and also reduced its projected growth figures for the 4th continuous quarter by bringing it down to 1 8 The CBI also projected the inflation level to touch 3 2 in the 3rd quarter of 2008 and the trade deficit of the UK to jump to 46 billion pounds as compared to Mr Darlings calculation of 38 billion pounds With higher food fuel and energy prices kicking in one after the other since the start of 2008 the

    Original URL path: http://www.makemoneyreviews.co.uk/news/ftse-100-rises.html (2016-02-12)
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web-archive-uk.com, 2016-10-27