THE market has seen a very volatile week with the FTSE 100 seesawing, unsure which way to go.
With the latest string of bioterrorist attacks adding to the uncertainty, it is increasingly difficult to build up any confidence among investors.
The minutes for the October 4 meeting came out this week.
They revealed that the Monetary Policy Committee voted 8-1 in favour of a rate cut and also 7-2 for the emergency rate cuts on September 18 in response to the initial terrorist attacks.
Both meetings gave unanimous support to reducing rates in an effort to stave off falling confidence.
Bank of England Governor Eddie George has also warned that the global economic downturn could last a further three years. However, he believes the economy could avoid a much-feared recession if helped by Government spending and robust consumer confidence.
Among the media sector, Reuters, the international news and information group, released its figures this week.
The figures were decent considering the tough market conditions but the company announced a cut in its dividend and also that it was to cut 500 jobs.
There was mixed reaction with investors unhappy over the dividend cut but analysts were pleased with its attempts to counter falling revenues and the company received various broker upgrades.
Also, media group Pearson issued a profit warning because of weakness in advertising revenues. In the last month it has seen a large number of advertising cancellations and very little new advertising activity.
It warned that full year profits could be 40 per cent lower than last year but tried to reassure investors that it would not cut its dividend. Surprisingly, its shares rose over five per cent, emphasising how unpredictable the market is at present.
On the telecoms front, BT and One 2 One lost their battle with the Government over payments for their third generation mobile phone licences.
The companies claimed that it was unfair that rivals Vodafone and Orange, had been given extra time to come up with £10 billion.
However, the Government opposed these claims as Vodafone was in the process of selling Orange at the time, and one company could not hold two licences.
BT also announced this week its plans to close its loss-making Concert, its joint telecoms venture with US AT&T. THE market has seen a very volatile week with the FTSE 100 seesawing, unsure which way to go.
With the latest string of bioterrorist attacks adding to the uncertainty, it is increasingly difficult to build up any confidence among investors.
The minutes for the October 4 meeting came out this week.
They revealed that the Monetary Policy Committee voted 8-1 in favour of a rate cut and also 7-2 for the emergency rate cuts on September 18 in response to the initial terrorist attacks. Both meetings gave unanimous support to reducing rates in an effort to stave off falling confidence.
Bank of England Governor Eddie George has also warned that the global economic downturn could last a further three years. However, he believes the economy could avoid a much-feared recession if helped by Government spending and robust consumer confidence.
Among the media sector, Reuters, the international news and information group, released its figures this week. The figures were decent considering the tough market conditions but the company announced a cut in its dividend and also that it was to cut 500 jobs.
There was mixed reaction with investors unhappy over the dividend cut but analysts were pleased with its attempts to counter falling revenues and the company received various broker upgrades.
Also, media group Pearson issued a profit warning because of weakness in advertising revenues. In the last month it has seen a large number of advertising cancellations and very little new advertising activity.
It warned that full year profits could be 40 per cent lower than last year but tried to reassure investors that it would not cut its dividend. Surprisingly, its shares rose over five per cent, emphasising how unpredictable the market is at present.
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