Relief for renters as forecasters point to faster increase in wages April 9, 2014 RISING wages are set to outstrip rent increases during the summer for the first time in more than four years, according to a new forecasts from LSL property services. The estate agents indicate wages will rise by 2.2 per cent this year, based on the projections of the Office for Budget Responsibility and the Office [...]
House sales hit six-year high as activity spreads across the UK April 9, 2014 PROPERTY sales have soared to their highest level in six years as the housing boom grips regions across the UK, a new survey by property experts revealed today. The Royal Institution of Chartered Surveyors (RICS) said the housing recovery is “well and truly underway” with buyers testing the market right across UK and not just [...]
Metro founder launches online lender Atom April 9, 2014 METRO Bank co-founder Anthony Thomson is applying for a licence for an online-only bank Atom, and hopes to launch the lender next year. He wants to target customers who use banking apps on mobiles and tablets, rather than setting up a branch network to compete with Metro’s high street presence. “The big banks might be [...]
Goldman left holding Sports Direct stock after Ashley’s sale April 9, 2014 GOLDMAN Sachs has failed to sell all the 24m shares in Mike Ashley’s Sports Direct it took onto its books on Monday afternoon. Market sources believe that Goldman Sachs might have a large portion of the £204m block unsold after a torrid time on Tuesday when Sports Direct shares fell sharply from 883.5p to 811p. [...]
P&G sells pet food brand to Mars for $3bn April 9, 2014 PROCTER & Gamble is selling the bulk of its pet food business to Mars for $2.9bn (£1.7bn) to focus more on its personal care and cleaning brands, the consumer giant said yesterday. The privately held Mars, best known for its chocolate bar, will buy the Iams brand, as well as Eukanuba and Natura, in the [...]
This Islamic bank wants to get Britain building April 9, 2014 Gatehouse Bank’s boss tells Tim Wallace he wants to invest more BRITAIN could become the first truly global Islamic finance centre if the government sets its mind to attracting infrastructure investment, according to Gatehouse Bank’s chairman. The sector holds plenty of promise – Fahed Faisal Boodai estimates the industry is worth $1.5 trillion, and the [...]
Inside Track: HSBC to get one over on Barclays with capture of Moreno April 9, 2014 LIKE hands-on managers who get rebranded as directors of football, senior advisers at investment banks often find their august titles are merely stepping-stones on the way to a graceful exit. HSBC’s latest recruit suggests that theory is unfounded at Europe’s largest bank. City sources say it has signed up Glen Moreno, the chairman of Pearson, [...]
Bottom Line: Insurers and premiums both driven down April 9, 2014 WHO’D be a car insurer? With regulators lining up to tell the sector what to do and technology busily disrupting established business models, firms like Direct Line, Admiral and Esure are enjoying a rough ride. The latest news on plunging UK car insurance premiums promptly sent share prices for all three screeching downhill. Rightly so. [...]
Official figures point to growing profit rate for UK manufacturers April 9, 2014 MANUFACTURING firms in the UK were at their most profitable for over five years as 2013 ended, with a 12.1 per cent net rate of return pushing the UK’s industry back to 2008 levels. The rate of return has not been higher since the second quarter of 2008, according to figures released by the Office [...]
Accountants warn new powers for the taxman could be illegal April 9, 2014 PLANS to give the taxman power to seize money from individuals’ bank accounts to cover tax bills could fall foul of the law, top accountants have warned. Frank Haskew, head of tax at the ICAEW, said that “it’s a fundamental tenant of English law and democratic society that unless I’ve agreed it, there has to [...]