Mortgage approvals fall again in September as cooling measures take effect October 23, 2014 The number of mortgages approved by banks fell 10 per cent in September compared with a year ago, figures published by the British Bankers' Association showed. The fall came after "cooling measures" introduced by the Bank of England, which make prospective borrowers undergo "stress tests" to figure out whether they can afford a loan, came [...]
Ukip tipped to win Rochester and Strood by-election with massive poll lead October 23, 2014 The Conservative party's Ukip woes continue, with a new ComRes survey showing Nigel Farage's eurosceptic party is set to win the Rochester by-election triggered by the defection of Tory MP Mark Reckless. The survey showed Ukip on 43 per cent with the Tories trailing on 30 per cent and Labour on a dismal 21 per [...]
Tesco share price: The rise and fall of a retail empire in one chart October 23, 2014 We knew it was bleak for Tesco, we were just waiting to put a figure to the despair. Now we know: the profit overstatement was understated by £13m (the final figure was £263m) and a 91.9 per cent plunge in pre-tax profits to £112 million for the first half of the year. The results are [...]
Debenhams share price dips as 21 per cent fall in profits revealed October 23, 2014 Debenhams' share price opened lower this morning, after the retailer revealed a 20.6 per cent fall in pre-tax profit for the last year. Over the 12 months to August 30, the department store chain saw underlying pre-tax profit drop to £110.3m, in line with expectations, while reported pre-tax profit fell 23.9 per cent to [...]
Foxtons share price plummets as it issues profit warning on cooling London house prices October 23, 2014 What a difference a year makes. Just over a year after its massively oversubscribed IPO, shares in Foxtons have plummeted more than 16 per cent after it issued a profit warning saying "constrained" growth in London's housing market is likely to hit volumes in its second half. The upmarket estate agent, known for its trendy, [...]
GlaxoSmithKline considers £17bn HIV wonder drugs split with Viiv Healthcare IPO October 22, 2014 Pharma giant GlaxoSmithKline (GSK) is considering floating its HIV drugs business in a move that would see Viiv Healthcare among the top 40 companies in the FTSE 100 with a market valuation of up to £17bn. Chief executive Andrew Witty told reporters yesterday: “In line with our commitment to identifying ways to realise shareholder value, [...]
Supermarket backing sends Fitbug shares running riot October 22, 2014 FITBUG, a little-known Aim-listed firm that makes wearable fitness trackers, saw its shares rocket more than 350 per cent yesterday, after revealing that Sainsbury’s and a leading US retail chain would begin stocking its products next month. The Fitbug Orb (pictured), which retails for £49.95 and connects to a smartphone app to track daily routines [...]
Andrew Bailey to the US: Hit bankers, not the banks October 22, 2014 JAILING, fining and firing more individual bankers is a better way to punish bad behaviour than hitting banks with crippling fines which could risk their stability, Bank of England regulators told MPs yesterday. In an attack on US regulators and their mega-fines, prudential regulation authority (PRA) head Andrew Bailey argued it is more important to [...]
No more nights on the tiles as City workers face Cinderella curfews October 22, 2014 NO ENTERTAINING clients past midnight and a ban on doing shots are just two of the new rules investment banks are imposing on their employees, according to employment law firm, GQ Employment Law. The law firm has suggested a tightening of codes of conduct at some financial institutions in a bid to change public perceptions [...]
Cameron urges EU Ebola action October 22, 2014 DAVID Cameron will put pressure on European leaders to do more to fight the spread of the deadly Ebola virus at a meeting of EU member states in Brussels today. The Prime Minister is said to be frustrated that member states had not pledged more cash to fight the spread of the disease, which originated [...]