Carney must have agreed with Osborne’s interest rate policy to get governor’s post August 18, 2014 Tim Wallace takes a look at the evolving relationship between the Treasury and the Bank of England. Bank of England governor Mark Carney was appointed in November 2012 by George Osborne, in a move which was at the time seen as a masterstroke by the chancellor. Osborne had shown that he was extraordinarily [...]
Punch Taverns chair Stephen Billingham: I came for the challenge August 18, 2014 Stephen Billingham knew his time at Punch Taverns wouldn’t be a walk in the park, in fact he says that was exactly why he came: “I enjoy doing interesting things, these challenges are part of the appeal to come in and get involved.” But when he joined as chairman in 2011, not even Billingham could [...]
Bovis Homes share price up as housebuilder delivers record property sales August 18, 2014 Bovis Homes revealed a 166 per cent leap in first half pre-tax profits as Britain’s buoyant property market helped the housebuilder to sell a record number of homes. The FTSE 250 company, which builds most of its homes in the south of England but outside London, completed 1,487 property sales in the six months to [...]
Are JetCards the Oysters of the skies? Air Partner sells record amount of top-ups August 18, 2014 The UK’s strengthening economy and corporates’ increased willingness to use private jets have helped Air Partner to sell more than £5m worth of its JetCards in the first six months of the year – more than double the amount they sold for the whole of 2013. The pre-paid JetCards, likened to TfL’s Oyster cards, have [...]
Nationwide hit by mortgage loan crackdown despite first quarter profits rise August 18, 2014 Nationwide’s profits more than doubled in the first quarter of its 2014 financial year, the building society said yesterday. But its mortgage lending volumes were hit hard as tougher new rules came into force in April. Gross mortgage lending came in at £5.8bn in the three months from April to the end of June, down [...]
Deepening concerns for Chinese economy as 64 cities report falling property prices in July August 18, 2014 The Chinese property market’s slowdown is starting to alarm analysts, with more cities now reporting falling prices than at any time since at least a decade ago. Official figures showed that prices were falling in 64 cities during July, against only two cities where prices were rising. Prices in Beijing also dropped for the first [...]
Amlin’s profits battered by strong pound and hail storm catastrophe losses August 18, 2014 Lloyd’s of London insurer Amlin saw its pre-tax profit fall eight per cent for the first half of 2014, with a strong pound and higher than usual catastrophe losses behind the dip. Pre-tax profit fell to £148.5m from £161.4m in the same period a year ago, the FTSE 250 company said in a statement yesterday. [...]
Banker belt boom outside London will be a boon to Bovis Homes – Bottom Line August 18, 2014 Six weeks ago I wrote on these pages that I thought there was “scope for housebuilders to continue their bull run”. Bovis Homes is thus well and truly in my good books. Yesterday’s strong set of results boosted its share price, which is now 7.5 per cent higher than when I penned my last bullish [...]
City Views: Has the insurer met analyst expectations? August 18, 2014 HARI SIVAKUMARAN ORIEL SECURITIES The half-year results show better- than-expected profit before tax, despite foreign exchange volatility. The group highlights that the potential for margin still exists, but it remains to be explained why the company continues to grow strongly in reinsurance lines where rates are under pressure. JOANNA PARSONS WESTHOUSE SECURITIES We see these [...]
First day for Luke Savage at Standard Life August 18, 2014 LUKE Savage will be putting his briefcase down at a new desk today, as he begins his role as finance director at Standard Life. Savage replaces Jackie Hunt, who moved to rival Prudential over a year ago, and joins the FTSE 100 company from Lloyd’s of London where he was director of finance and operations [...]