Fears of a global credit crunch grew yesterday after Standard & Poor's predicted that house prices in the United States would plunge 8% this year, dragging down America's capital markets and hitting economic growth, reports The Times.
The ratings agency’s pessimistic forecast will make it much harder for all but the most credible companies to raise debt, making it more expensive to finance investment and threatening America’s economic growth.
THE PLIGHT OF THOUSANDS OF FAMILIES left with huge insurance claims following the recent floods was raised by ministers with insurance officials yesterday in an attempt to speed up the process, reports The Guardian.
The government estimates that about 31,000 homes and 7,000 businesses, mostly in the Midlands and northern England, have been affected and said yesterday's meeting with the Association of British Insurers was an attempt to move claims forward.
MONEYSUPERMARKET.COM FOUNDER, Simon Nixon, is set to reap up to £126.6m when the price comparison site floats on the London Stock Exchange later this month, valued at between £841m and £1bn, reports The Times.
The company unveiled a price range of between 170p and 210p per share this morning as it prepared to visit institutions to drum up interest in subscribing to the flotation.
Mr Nixon will sell 60.3m shares when the business comes to market in the final week of July.
As well as the £126.6m he could gain, if moneysupermarket.com lists at the top of the range, Mr Nixon could also net an additional £64.2m if the company's float is over subscribed, bringing his total gain to £190.8m.
STANDARD LIFE SHAREHOLDERS IRONICALLY SAW their investments fall yesterday, a year on from the life and pensions company's flotation, The Scotsman reports.
But the drop in value was not directly linked to a mass selling by retail shareholders following the issue of bonus shares to mark the first anniversary.
A spokesman for the Edinburgh-based company explained it was unlikely that any selling of the shares would have taken place yesterday as they would have had to be held until the close of trading to qualify for the bonus.
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