Financial Glossary
Hurricane Igor heading for Bermuda
Minister Advises Citizens To Prepare
BERMUDA – According to the National Weather Service, Hurricane Igor is an unusually large hurricane with wind force extending outwards up to 105 miles per hour (165 km) from the center and tropical storm force winds extending outward up to 345 miles (555 km). Tropical storm conditions are expected in Bermuda by late Saturday with hurricane conditions arriving on Sunday. Rainfall accumulations of 5 to 8 inches are anticipated with large surf swells that will cause dangerous surf conditions during the next several days.
The Honorable Senator Lieutenant Colonel David A.
Will the young of today ever climb onto the property ladder?
While on the face of it there would seem to be an increase in competition within the UK mortgage market there is also no doubt that first-time buyers are still significantly handicapped when applying for mortgage funding. Despite promises to the contrary, the amount of money required as a deposit on any property purchase is now well in excess of 20% and has increased significantly over the last few months.
When you take into account the fact that the UK property market is likely to prosper in the medium to longer term, if many people are not able to climb aboard the property ladder at this point of the cycle then what hope have they got for the future?
The increase in housing associations has led to an increase in those acquiring a part share in a property but ultimately these people will struggle to increase their shareholding and in the meantime the more buyers of this nature the more demand for property, which will eventually mean prices moving higher.
Norwich and Peterborough building society in the headlines
The Norwich and Peterborough building society is today facing potential legal claims on behalf of a number of customers who allege that they were mis-sold bonds provided by Keydata Investment Services. This is a company which collapsed in June 2009 and is under investigation by the Serious Fraud Office. A number of customers believe they were mis-sold various bonds associated with the company and look set to take their action to court.
At this point in time there is some confusion as to whether investors will receive any payment from the collapsed company and indeed whether the investments were covered by the Financial Services Authority. A legal firm acting on behalf of various customers alleges it has put together a dossier of mis-selling claims from between 2006 and 2009 which will be sent to the Financial Services Authority.
Only last month the Norwich and Peterborough building society was ordered to pay an elderly couple £28,000 in compensation after a ruling that advice given regarding Keydata bond investments was in fact too risky for their particular circumstances.
Connaught calls in the administrators
UK social housing company Connaught has been forced to call in KPMG as administrators to the group after banking support was apparently withdrawn. This is a company which employed more than 10,000 people in the UK and is active in a whole host of public-sector service projects which will need to be protected from the ongoing issue with the company.
It seems as though Connaught’s problems began some months ago when the company identified over 30 government projects which had been deferred due to the recent austerity measures. As a consequence, the company was able to clarify a potential £200 million reduction in future income which has impacted upon short-term trading and its relationship with the company’s bankers. It i
Is risk bad for the economy?
Over the last few years we have seen many reviews of risk in the UK financial arena and the impact this can have upon the UK economy. In many ways you could be forgiven for assuming that all risk is bad and by reducing the level of risk in the UK we will in some way ensure a better standard of living and a more stable financial arena. But is this really correct?
The truth is that without risk there would be no growth in the UK economy, there would be no property purchases, there would be no new businesses sprouting up and there would be no finance from the UK financial arena. Controlled risk is evident in every element of life whether this is financial, social or employment and the sooner we appreciate this, the better for all.
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