All Entries in the "Business News" Category
Upmarket estate agent Savills hit by housing slump
Savills, the upmarket estate agent has warned us today that the housing squeeze is not only affecting the UK, it is also spreading to parts of Europe and Asia, this is a sure sign that the credit squeeze is certainly taking hold.
Savills has said that their UK business is
Fannie Mae and Freddie Mac shares fall more than 15%
Fannie Mae and Freddie Mac have seen a 15% fall in their shares and it looks as though IndyMac are also in trouble. The drop in shares is a sign that confidence in these two government-sponsored mortgage companies is at an all time low.
Shares on Monday for Fannie and Freddie hit a 14 year low, [...]
Bradford & Bingley (B&B) shares continue to fall
We reported yesterday that Bradford & Bingley (B&B) shares were down 14% to 43p, well the troubled bank face fresh problems on Tuesday as their losses have accelerated.
As at 8:38 a.m, the stock in B&B has fallen 26% to a new low of 32.5 pence, this is far below its planned rights issue price of [...]
Housebuilder Persimmon cutting 1,100 jobs after housing sales slump
It seems that the housing sales slump has taken its toll on Housebuilder Persimmon, they now have to cut 1,100 jobs, they have even warned that the housing market is set to get a lot worse.
IndyMac cutting 3,800 jobs & stopping most mortgage loans
One of the Largest mortgage lenders in the U.S., IndyMac Bancorp Inc are to cut 3,800 jobs as well as stopping most home loans. Currently IndyMac employ 7,200, so they will be losing 53 percent of their workforce.
Bank of America may sell mortgage assets following Countrywide Financial buyout
We spoke earlier about Countrywide workers fear Bank of America Corp will cut severance, there is now rumors that the second-largest U.S. bank, might be selling off mortgage assets after purchasing Countrywide Financial Corp.
It seems that BofA has had to make this choice because
Bradford & Bingley's (B&B) 14 percent stock plunge: now 43p
Bradford & Bingley’s (B&B) finished last week 50p down to finish on just 48p, now they have taken a 14 percent plunge to an all-time low of 43p today, this is 12p below the bank’s rights issue price, it is thought that the decision to walk away from its £400 million rescue deal was to [...]
Mortgage lender Bradford & Bingley fears of profit warning
Mortgage lender Bradford & Bingley have been talking of fears of profit warning, they will be updating the city later this week on their current trading, one issue that they will talk about is their prospectus for a £400m fundraising.
Countrywide workers fear Bank of America Corp will cut severance
Many workers at Countrywide Financial Corp now face the worry that new owners Bank of America Corp will force them in to an awkward position with their severance benefits; this means that many could end up losing their severance benefits.
The company have the Countrywide Change of Control Severance Plan
Central London commercial property transactions down 50 percent
Seems recession is taking its hold in Central London, as they have seen a 50 percent drop in commercial property transactions in just the first part of the year and things look as if they will not change much for the
HBAS announces partnership with Simplyzigzag.com
Home Buyers’ Advisory Service (HBAS) and Simplyzigzag.com has announced a new partnership with each other, HBAS is a specialist independent mortgage adviser who offer their clients a stress-free way of finding the best mortgage deal for them while they search
BT signs IT services deal with Nationwide Building Society
UK telecom company BT has signed a new deal with Nationwide Building Society to manage its networked IT services, in a seven-year deal worth £160 million.
The new business-aligned outsourcing service deal will see Nationwide Building Society have all their voice and data networking infrastructure transferred to third-party