Welcome to IFNN: The Independent Financial News Network
Welcome to IFNN, the Independent Financial News Network, the core site for communications with a range of financial news publications produced for the internet.
IFNN sites are independent of any mainstream media ownership, and no financial instituation has investments associated with these sites.
The result is independent news reporting for the financial services sector, covering a whole range of niche topics.
Latest IFNN Headlines:
- Bright Grey scoops Employer of the Year award
- Hannover Re expects to hit 2009 targets
- Capped tracker mortgage from first direct
- HSBC launches Onshore Investment Bond
- Women over 50 ?give up? on pensions saving
- Property auction rooms hot up
- British homeowners repay record amount off mortgage debt
- Euro zone retail sales down in May
- Direct Travel Insurance warning over online flight booking
- Setanta Insurance on course for 100,000 customers
- MORE TH>N raises cash-for-crash awareness
- Pru?s chief executive UK & Europe steps down
- FSA fines AIF director for AR failings
- Brit Insurance appoints chief operations officer
- Catlin appoints chief underwriting officer in Europe
- Aozora Bank and Shinsei Bank plan merger
- Standard Chartered appoint chairman
- Employment reports hurt commodities prices
- Diageo sees best day on 100; WPP Group drops most
- WTI, Brent drop over $2 per barrel on session
- Pound gains on euro
- Car sales, employment numbers send platinum lower
- Copper prices hurt by US, Eurozone jobs data
- Allianz to launch as UK consumer brand
- Santander rebrands commercial banking units
- Debt mountain grows to 1.46 trillion
- Sainsbury?s offers summer discount on car insurance
- Drinks maker DGE gains most on 100
- Lenders optimistic on higher loan-to-value ratios
- Secured credit eases slightly but defaults rise
- RBS bows to pressure over chief executive?s remuneration
- Cattles completes boardroom clearout
- Credit card cheques to be banned
- CIFAS reveals geography of UK fraud
- FSA now regulates sale-and-rent-back
- Crude down; metals up; grains mixed
- Copper up on expanded manufacturing in China
- EIA: crude oil stockpiles drop 3.7 million barrels
- Miners VED, HOC lead 100, 250
- Defined benefit pension deficit soars
- Credit Suisse sells GI business to Aberdeen Asset Management
- Troika Dialog names new president
- Most commodities prices down on stronger dollar
- Crude oil drops on stronger dollar
- USD gains hurt metals prices
- DNX up, MRS down in mixed London oil sector
- NLA updates MPs on ?dearth? of buy-to-let finance
- Belvoir Lettings franchise expands in East London
- Nationwide: House prices up 0.9% in June
- Crude oil gains on Nigeria attack, China hopes
- Copper prices gain on falling stockpiles
- WTI closes above $71 in New York
- LLOY, BARC lead London banks higher
- USD gains on Aussie
- Hometrack: House prices hold steady
- Bryant Homes tempts West Bromwich tenants
- Mixed signals as BoE reports rise in mortgage approvals
- Rent arrears put 133,000 tenants at risk
- Land Registry reveals further dip in house prices in May
- Xstrata confirms Anglo American merger plans
- Crude prices down slightly in afternoon trade
- WTI drops $1.42 per barrel in New York
- Copper prices fall on less demand as investment
- Gold gains on economic, political issues
- Crude prices gain on IEA demand forecast
- WTI gains after EIA inventories report
- WTI closes above $70 per barrel
- Platinum prices higher on strike worries
- Rio proposes $15.2bn rights issue
- Crude prices fall after topping $70 per barrel
Insurance firm Bright Grey has been named employer of the year at the National Business Awards for Scotland.The insurer beat off competition from eight other finalists to scoop the much sought-after award.Employer of the Year is given to the business that demonstrates best practice in applying its human resources to achieving commercial success.Gordon Watson, Bright […]
Hannover Re’s newly appointed chief executive said he expects the firm to hit its earnings targets for 2009 despite an estimated payout of 30 million for the recent Air France plane crash.Ulrich Wallin said he is confident the reinsurer will meet its target of a 600 million net profit after a good first half.Business was […]
HSBC-owned first direct has launched a new offset tracker mortgage with an interest rate at 2.48% above the Bank of England’s base rate.With the Bank of England’s base rate at 0.5%, this gives first direct’s mortgage a headline rate of 2.98%, or 3.2% APR.Unlike any other tracker mortgage currently available, first direct’s product is capped […]
HSBC this week launched the Onshore Investment Bond, aimed at clients seeking a professionally managed, whole market investment portfolio.The bond offers Independent Financial Advisers (IFAs) a choice of investments in almost 2,000 funds - OIECs and Unit Trusts - from more than 100 fund managers.Two versions of the bond are available - ‘Select’, for fee […]
Many women over 50 have ‘given up’ saving for retirement due to the recession, according to research by Scottish Widows.In research for its fifth annual UK Pensions Report, the pensions provider found that one in five (22%) women over 50 are now saving nothing towards their pension.This is up from 14% a year ago, and […]
New evidence of a revival of the UK property market comes from auctioneers who have seen a rise of almost two-thirds in the proportion of properties attracting successful bids.Countrywide Property Auctions says it sold around 79% of all properties going under the hammer between 28th May and 12th June, compared with 49% during the same […]
Figures have revealed today that historically low interest rates have led British homeowners to repay a record 8.1 billion off their mortgages in the first three months of the year.According to the Bank of England, the 8.1 billion is the largest amount that have ploughed into their houses since records began almost 40 years ago […]
There was more bad news for the struggling euro zone today with the news of a fall in retail sales in May.According to Eurostat, retail sales in the euro zone fell 0.4% month-on-month - analysts had expected a fall of 0.1%.Meanwhile, on an annual basis, the fall was 3.3% - again worse than the 2.7% […]
Travellers booking their flights over the internet have been warned to be cautious by Direct Travel Insurance.The warning follows media coverage of some sites contravening EU law by automatically adding the costs of travel insurance when flights are booked online.Direct Travel Insurance has recommended that those going abroad browse thoroughly and when booking make sure […]
Setanta Insurance is on course to achieve 100,000 policyholders by the end of the year, cementing its position as one of the most rapidly growing insurance firms in Ireland.Setanta Insurance is based in Malta and Dublin and in May its policyholders numbered 45,000 with over 25m written premiums.The firm is less than two years old, […]
MORE TH>N is raising awareness about cash-for-crash insurance fraud, having discovered that 41% of drivers have never heard of the crime.The firm describes cash-for-crash as form of “highway-banditry” and while cases have fallen by 11% in the past two years as the result of actions by the police and insurers, awareness levels among drivers have […]
Prudential has announced that Nick Prettejohn, chief executive for the UK and Europe, is departing in September after serving three-and-a-half years on the board.Prior to joining the life and pensions provider, Mr Prettejohn held the post of chief executive of Lloyd’s of London, having joined the Corporation of Lloyd’s in 1995 as head of strategy.He […]
The Financial Services Authority (FSA) has fined a director of insurance broker AIF Limited 20,020, for control failings in relation to an appointed representative firm (AR).The regulator found that in 2006, Richard Holmes appointed an AR without carrying out the necessary checks, relying instead on assurances from two business contacts both of whom were banned […]
International general insurance and reinsurance firm Brit Insurance Holdings PLC, has named Malcolm Beane as chief operations officer.Beane will take up his new post on 21 September and also acquires a seat on the Executive Management Committee.He will report directly to Dane Douetil, Brit Insurance’s chief executive officer.Beane leaves behind XL Capital, where he worked […]
International specialty property/casualty insurer and reinsurer Catlin Group Limited (CGL; London Stock Exchange) has announced the appointment of Heinz-Walter Haas as chief underwriting officer for Continental Europe.Haas joins the firm to take up the post and is to be based in Cologne.Previously he held positions with a number of firms including Basler, Generali, HDI and […]
Aozora Bank Ltd. and Shinsei Bank, Limited, have agreed to undergo a merger of equals, subject to approval from shareholders expected to occur in 2010.In addition a number of conditions will require satisfying, and regulatory green lights will also be necessary to permit the merger to go ahead.The two banking institutions have executed an alliance […]
John Peace has been named as the new chairman of Standard Chartered PLC.Peace, who assumes his post with immediate effect, has been on the board of Standard Chartered since 2007 when he joined as deputy chairman.He has held the post of acting chairman since January and during the intervening period has collaborated closely with the […]
Oil prices were significantly lower on Thursday as investors were bothered by disappointing employment data from the US and the Eurozone, as the Eurozones May unemployment rate and the rate in the US in June both reaching 9.5 percent.August contracts for West Texas Intermediate crude dropped $2.34 to $66.97 per barrel on the New York […]
European equities markets were lower Thursday after new data from the United States Labor Department revealed that unemployment was up again there in June and on a separate report that said Eurozone unemployment rose to 9.5 percent, the highest level in a decade.In London, the FTSE 100 was 2.45 percent lower to 4,234.27 while the […]
Oil prices were significantly lower on Thursday ahead of a three-day holiday for US markets, which will be closed Friday for the Independence Day holiday.Declines came after the US Labor Department reported that 467,000 jobs were lost in the US in June, over 100,000 more than had been expected, bringing the total jobs lost since […]
The pound advanced versus the euro Thursday, trading at 85.43p to the shared currency at around 2:30 p.m. in New York, but dropped versus the US dollar at the same time as the greenback traded at $1.641 versus the UK currency.Testimony of economist David Miles before the Treasury Committee of Parliament, who said that UK […]
Precious metals prices were lower Thursday as demand concerns were raised by new unemployment data from the United States.Platinum declined on the bad jobs news from the US Labor Department, which said that the US lost 467,000 jobs in June, 104,000 more than had been expected.The numbers indicated that the recession remains entrenched in the […]
Copper prices were lower Thursday after employment data from both the United States and the Eurozone held bad news that raised fears of delayed demand recovery for the metal used in construction and manufacturing.The US Labor Department reported that 467,000 US jobs were lost in June, many more than expected, and that the unemployment rate […]
Germany-based Allianz, the world’s second biggest insurance firm, is preparing to launch itself as a consumer brand in the UK.The company currently sells insurance products to British consumers through Cornhill, which it acquired in 1986, and pet insurer Petplan.David Keel, marketing and communications manager, said the company is registering a number of product names and […]
The commercial banking wings of Abbey and Alliance & Leicester were yesterday renamed under the Santander brand.Santander-owned Abbey UK Corporate Banking and Alliance & Leicester Commercial Bank were rebranded Santander Corporate Banking.A total of 20 regional corporate banking centres will undergo the name change this year, including centres in Birmingham, Cardiff, Glasgow, Hull, Liverpool, and […]
Britain’s mountain of debt continues to grow, with the average adult now owing 132% of their typical earnings.Collectively, UK consumers owe 1.459 trillion, Credit Action revealed this week, equivalent to 30,480 per person.Personal debt on credit cards, store cards, overdrafts, and unsecured loans is also on the rise, increasing to 4,860 per person during the […]
Sainsbury’s is offering 12 months car insurance for the price of ten this summer.Motorists taking an insurance policy with the supermarket financial provider before 31st August 2009 will receive 2 months cover free.Customers who take out the policy online will receive an extra 10% discount.Features of the policy include compensation for vehicle vandalism and road […]
European equities markets were lower Thursday after new data from the United States Labor Department revealed that unemployment was up again there in June and on a separate report that said Eurozone unemployment rose to 9.5 percent, the highest level in a decade.In London, the FTSE 100 was 2.45 percent lower to 4,234.27 while the […]
In its latest Credit Conditions Survey, the Bank of England reports that the availability of mortgages with loan-to-value (LTV) ratios above 75% remained broadly unchanged during the three months to mid-June.However, improvements in the cost and availability of funds meant that a small majority of lenders reported an increase in the availability of secured credit […]
The Bank of England has published its latest Credit Conditions Survey covering the three months to 12th June 2009.During the period, lenders slightly increased the availability of secured credit to households, with improvements in the cost and availability of funds behind the rise.Unsecured lending to consumers fell during the period and a further “small reduction” […]
Royal Bank of Scotland (RBS) chief executive, Stephen Hester, has agreed to moderate his 9.6 million remuneration package, set up in the past fortnight.Mr Hester will delay taking part of his bonus in RBS shares until 2014, an extension of two years.The 3.4 million element of the package is linked to share price targets and […]
Cattles, the doorstep lender that trades as Welcome Financial and Shopacheck, has reported that an independent review of its internal accounting controls has been completed.In March, the firm issued two profit warnings within days, announced that its 2008 results would be delayed and began suspending directors.A breakdown in internal controls had apparently resulted in the […]
The Government will today announce that credit card cheques are to be banned, in what will be regard by many as a long-overdue move.The injunction will form part of new consumer protection measures, further details of which will be out shortly.Consumers typically receive the cheques with their monthly credit card statements.They work in the same […]
New research from CIFAS names London (including Greater London) as the UK’s key hotspot for financial crime.The fraud prevention service, which represents financial services firms including banks and credit card providers, has listed the top ten favoured post codes as follows: SE18 Plumstead; IG11 Barking; E6 East Ham; SE15 Peckham; SE28 Thamesmead; E17 Walthamstow; CR0 […]
Firms operating in the UK sale-and-rent-back sector now come under Financial Services Authority (FSA) regulation.As of 1st July companies have four weeks to apply for permission to continue their business activities.Successful applicants will be granted interim permission if they can demonstrate they are “fit and proper” persons and can meet certain minimum standards.They will also […]
Crude oil prices fell in afternoon trade Wednesday despite a report from the US Energy Information Administration that said crude oil stockpiles in the US dropped by nearly 4 million barrels last week.At an hour before the close of floor trade on the New York Mercantile Exchange, August contracts for West Texas Intermediate crude had […]
Prices for both base and precious metals were higher Wednesday on new data on US unemployment and on manufacturing in the US and China.Copper prices rose after Chinas Purchasing Managers Index rose to 53.2 in June, up a tenth of a point from Mays reading of 53.1, while US data showed that manufacturing there contracted […]
Crude oil prices fell in afternoon trade Wednesday despite a report from the US Energy Information Administration that said crude oil stockpiles in the US dropped by nearly 4 million barrels last week.The EIA said in its weekly inventories report that US crude oil inventories were down 3.7 million barrels to 350.2 million barrels, still […]
European equities markets were higher Wednesday as miners and most banks saw advances.In London, the FTSE 100 was 2.15 percent higher to 4,340.71 and the FTSE 250 added 1.24 percent to 7,506.71.Miners led gainers on both the 100 and the 250 after copper, aluminium and nickel prices all jumped significantly.Vedanta Resources (LSE: VED) was 9.86 […]
The financial crisis has seen the combined deficit of the UK’s 200 leading defined benefit pension schemes increase to 73 billion.New research from Aon Consulting shows the shortfall soaring in June, largely as a result of falling yields on corporate bonds.According to Aon, defined benefit schemes are shifting investment strategies away from equities in response […]
Investment bank Credit Suisse has announced that it has successfully sold off a portion of its Global Investors traditional asset management business to Aberdeen Asset Management.Credit Suisse now holds 240m Aberdeen shares equating to an equity stake of 24% and will have representation upon the board of Aberdeen.The deal was first announced in December last […]
Troika Dialog Group, the oldest investment bank in Russia, has announced the appointment of Igor Sagiryan as Group President.He joins Troika Dialog from Renaissance Group where he served as president.Sagiryan will be tasked with supervision of new business development and management of strategic operational activities with the firm’s institutional and private clients. Chairman Ruben Vardanian […]
The price of crude oil was lower Tuesday ahead of a weekly inventories report from the US Energy Information Administration and after the US dollar strengthened and a new report showed an erosion in US consumer confidence in June.The stronger dollar discouraged purchases of crude oil in other currencies, which became more expensive.August contracts for […]
The price of crude oil was lower Tuesday ahead of a weekly inventories report from the US Energy Information Administration which is expected to show that crude oil stockpiles were lower last week but that gasoline inventories were up during the week.Gains for the US dollar that made oil more expensive for buyers using currencies […]
Precious metals prices fell Tuesday, hurt by gains in the US dollar which cut demand for metals as alternative investments.Also hurting prices for precious metals was a new survey of consumer sentiment by the Conference Board, which showed less confidence in June and sent investors looking for the safety of the dollar.The Conference Board said […]
Europes equities markets saw declines Tuesday as the banking sector and miners lost ground and the oil sector was mixed in London.The FTSE 100 was 1.04 percent lower to 4,249.21 while the FTSE 250 fell 0.84 percent to 7,414.56 in London.In the oil sector, oil and gas explorer Dana Petroleum (LSE: DNX) added 2.34 percent […]
The National Landlords’ Association (NLA) has been called to appear before the House of Commons Treasury Select Committee.The body, which has over 17,000 private landlord members, is assisting the Committee in its inquiry into mortgage arrears and access to mortgage finance.Its evidence will focus on the difficulties faced by private landlords in buying and selling […]
Lettings franchise, Belvoir, is opening a Leyton office in East London on 6th July.Proprietor, Zain Mahal, already runs Belvoir’s Stratford office which was launched in 2000. According to Mr Mahal, the East London lettings market is still booming, although competition is fierce as an increasing number of estate agents have turned to lettings during the […]
For the third time in the last four months, UK house prices have risen according to the latest survey from the Nationwide building society. According to the building society, house prices crept up by 0.9% in June and take the annual rate of decline to 9.3%, from 11.3% last month.The lender puts the average cost […]
The price of crude oil jumped Monday on the news that China said it will increase its oil reserves and after rebels in Nigeria attacked another oil instillation, this time a platform belonging to Royal Dutch Shell.August contracts for West Texas Intermediate crude added $2.33 to $71.49 per barrel on the New York Mercantile Exchange […]
Copper prices fell Monday after inventories in warehouses monitored by the London Metal Exchange fell to 267,300 tonnes during the day, the thirty-seventh session in a row that stockpiles of the metal used in construction and manufacturing have declined.In addition, copper in warehouses monitored in Shanghai were down 18 percent last week.September copper added 2 […]
The price of crude oil jumped Monday on the news that China said it will increase its oil reserves and after rebels in Nigeria attacked another oil instillation.There were reports that China will up its strategic oil reserves by 60 percent.Meanwhile, a militant group attacked a Royal Dutch Shell oil platform in the Delta region […]
European equities markets saw gains Monday, helped by a prediction from the European Commission that the worst of the economic crisis could be over in the region, despite the fact that a separate report from the Commission warned that unemployment could remain high and could limit recovery.In London the FTSE 100 was 1.25 percent higher […]
The US dollar strengthened in relation to the Australian dollar Monday after a Chinese official from Chinas State Administration of Foreign Exchange said there will be no sudden changes in its policies regarding its foreign exchange reserves and wrote that the dollar might remain the main reserve currency around the globe.In mid-morning trade in New […]
Housing intelligence group, Hometrack, has today reported that house prices in England and Wales held steady for the second consecutive month in June.According to the group, strong demand from buyers is continuing to outstrip the shortage of houses on the market.The group puts the average cost of a home in England and Wales at an […]
Bryant Homes is urging tenants in West Bromwich to consider getting a foot on the property ladder at its Central Square development on Dartmouth Street.The housebuilder has allocated two “Dudley” apartments for purchasers who meet the criteria of the Government’s HomeBuy Direct scheme and could therefore move into a two bedroom apartment for 66,496 and […]
The housing market continues to bring mixed signals as figures from the Bank of England (BoE) today revealed a rise in mortgage approvals for the month of May - it is the fourth consecutive month that approvals have risen. According to the Bank, the number of mortgages approved for house buying rose to 43,414 - […]
LSL Property Services estimates that at the end of May, around 133,000 (or one-in-twenty-five) tenants in England and Wales had rent arrears that could potentially leave them facing eviction.The property services group, which is behind the Your Move estate agency brand, calculated total arrears at 254 million last month, with 557,170 tenants overdue and one […]
According to figures from the Land Registry, house prices dipped by 0.2% in May in England and Wales and follows the slight fall of 0.3% in April.The Land Registry puts the average home at 152,497 and puts the annual rate of decline at 15.9%.According to the data, all regions of England saw annual prices fall […]
Global miner, Xstrata, has confirmed that it has recently sent a written proposal to the Board of rival, Anglo American, seeking consideration of a “merger of equals”.Xstrata believes the reasons for such a move are “highly compelling”, given the companies’ complementary assets. According to the group, it would create a “portfolio of operations diversified […]
Crude oil prices were up most of the session Tuesday, but by 1:25 p.m. in New York the price of July contracts for West Texas Intermediate crude had dropped 31 cents below Mondays close to trade at $70.31 per barrel on the New York Mercantile Exchange.The early gains came on news from the Commerce Department […]
Crude oil prices fell Monday even as retail prices for gasoline in the United States continued its upward climb even though demand is still lagging.July contracts for West Texas Intermediate crude was down $1.42 to $70.62 per barrel on the New York Mercantile Exchange, while Brent crude fell $1.60 to $69.32 per barrel on the […]
Copper prices were lower Monday as the metal was in less demand as an investment as the US dollar strengthened.At last report, September copper was down 9 cents to $2.30 per pound in New York trade, while three-month copper was $185 lower to $5,050 per tonne in afternoon trade on the London Metal Exchange.Last week, […]
The price of gold was higher in New York on Thursday as the US dollar weakened.Other issues tending to send gold higher included higher yields on US Treasury bonds, concerns that inflation will rise, geopolitical concerns over North Koreas continuation of missile testing and reinstatement of its nuclear program, and the decision by the World […]
Crude oil prices were higher again Thursday after the International Energy Agency issued a prediction that oil demand will fall less than expected this year, following on a similar forecast from the US Energy Information Administration yesterday.The Paris-based IEA said that while it still expects demand to decline in absolute terms this year, it now […]
Prices for July contracts for West Texas Intermediate crude were at $71.79 per barrel in the days session before easing back to trade 74 cents above Tuesdays close to $70.75 per barrel about half an hour before the close of trade on the New York Mercantile Exchange.The gains came after the US Energy Information Administration […]
Crude oil prices closed above $70 Tuesday and rose to a year-to-date high at $70.18 in afternoon trade in New York, but pump prices held steady at $2.619 per gallon on average nationally in the US in the same week that last year saw retail prices jump above $4 for the first time ever.West Texas […]
Platinum prices were higher Tuesday on the possibility that a strike at a South African miners facilities could disrupt supplies of the metal used in jewelry making and by manufacturers of pollution control devices for motor vehicles.Combined with data showing that car sales in China was up 47 percent in May from the same month […]
Rio Tinto has announced that it is embarking on a $15.2 billion rights issue.The group is abandoning plans announced in February for Chinalco to increase its stake in the business.Chinalco already holds a 12% stake in Rio, having acquired the stock in February of last year when the Chinese miner announced it was accelerating plans […]
Crude oil prices were lower just before the close of floor trade in New York on Friday after rising earlier to above the $70 level for the first time this year.July contracts for West Texas Intermediate crude were 21 cents lower at $68.60 per barrel a few minutes before the close on the New York […]
