Welcome To The Latest Edition of Somecx News!
In this edition:
Banking sector to undego fundamental change
Monday 12th September 2011
A Government-backed commission has recommended fundamental and far-reaching changes for the banking sector.
The key proposal put forward by the Independent Commission on Banking, led by Sir John Vickers, is that UK banks should ring-fence their retail banking divisions to protect them from riskier investment banking arms.
They should be separate legal entities with independent boards.
The process – which should be implemented by 2019 – would “make it easier and less costly to resolve banks that get into trouble”.
Other bank reforms recommended:
* Retain 17-20% of certain assets as “loss-absorbers”;
* Lloyds branch sale to be opportunity to bring in competitor;
* New system to help customers switch current account;
* Cost to banks of between £4billion-£7billion.
The recommendations were today welcomed by Chancellor George Osborne, who said: “This commission has tackled that big question that we face in Britain, which is how can we be a home to successful banks that compete around the world, but lend to British families and British businesses, but at the same time protecting us as taxpayers from the cost of them going wrong, and not ending up with a multi-billion pound bill when the bank collapses.”
But bank shares were down on heavily on the news which was compounded by further fears of a default on Greece’s debt repayment.
Billions wiped off shares by Greek debt fears
Monday 12th September 2011
It is the threat which never seems to go away and today it has re-emerged to wipe billions off share values.
This morning the FTSE 100 and other European markets were once again reeling amid new fears about the prospect of Greece defaulting on its debts.
By noon the FTSE was off almost 2.7%, while Germany’s Dax (3.55%) and France’s Cac 40 (4.86%) were also suffering badly.
And shares were not the only areas to be hit – the euro was also struggling, falling to a 10-year low against the Japanese yen.
Today’s market woes were triggered by renewed rumours that Greece might default on its debts.
Additional concerns about Italy added to the black mood on the markets.
They also followed major market losses at the end of last week due to worries about the European Central Bank.
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Housing market continues to be hit by low sales
Friday 9th September 2011
House prices fell 1.2% in August yet were up in the preceeding three month period, according to the latest Halifax House Price Index.
The average UK house price in August was marginally lower (-0.6%) than in December 2010 on a seasonally adjusted basis, at £161,743.
On an annual basis, prices in August were 2.6% lower as measured by the average for the three months to August against the same period a year earlier. The annual rate is the same as in July.
Meanwhile, the industry-wide number of mortgages approved to finance house purchase – a leading indicator of completed house sales – increased for the third successive month in July, to 49,200 on a seasonally adjusted basis, according to the latest Bank of England figures. In addition, approvals were 2.5% higher than a year earlier.
Despite rising to the highest level since May 2010, the number of approvals remains within the range of 45,000-50,000 per month where it has been since the beginning of 2010.
Halifax Housing economist Martin Ellis said: “The underlying trend, as measured by the latest three months compared with the preceding three months, showed a modest improvement in house prices for the second consecutive month in August. Prices in the three months to August were 1.0% higher than in the previous three months.
“As we have pointed out before, the current low volume of sales tends to make house prices volatile from month to month. The 1.2% fall in August follows three months when prices have risen. As a result, the more reliable quarterly change, which smoothes out some of the monthly volatility, shows a rise in prices of 1.0%.
“A recent decline in average mortgage rates has further boosted home affordability for those able to raise a deposit to make a new purchase. Low interest rates are likely to continue to support the market whilst increased uncertainty about the economic outlook and pressures on householders’ finances constrain demand. Overall, we expect broad stability in both prices and activity over the coming months.”
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