UK house prices: Here’s how much London property prices fell in November January 16, 2018 London house prices fell for the fourth month in a row in November, official figures have shown, suggesting the cooldown is showing no signs of abating. Average prices in the capital fell to £482,000 in November, down 0.9 per cent on the month before, and 1.6 per cent lower than the £490,000 peak they hit [...]
Banks face a seismic technological upheaval – PSD2 is only the start January 16, 2018 The Second Payment Services Directive (PSD2) came into force across the EU last Saturday, opening access to consumers’ financial data to thousands of companies that aren’t banks. The UK went a step further with Open Banking, enabling fintech players and retailers to take over the ownership of customer relationships from major banks. In the Open [...]
Carillion’s collapse – ministers hold emergency Cobra meeting January 16, 2018 The government’s emergency Cobra committee met last night to discuss “the most immediate issues” from Carillion’s spectacular collapse earlier in the day. Straining under a £1.5bn debt pile, Britain’s second-biggest contractor failed shortly before 7am on Monday morning, after eleventh-hour talks between the government and creditors ended without an agreement. Cabinet Office minister David Lidington [...]
Wealthsimple becomes the first robo-adviser to launch a socially responsible portfolio January 16, 2018 Online wealth manager Wealthsimple will next week become the first robo-adviser in the UK to launch socially responsible investment portfolios. The business, which has accumulated more than £1bn in assets under management globally, launched the offering in response to strong client demand. Any money clients put in the socially responsible investment portfolios will be invested [...]
This private equity firm has backed five London boroughs (Sutton, Tower Hamlets, Bexley, Merton and Newham) to help keep children out of care January 16, 2018 Five London boroughs have received backing from the Big Lottery fund and private equity investor Bridges, in a pioneering partnership aimed at keeping young vulnerable people out of care. The borough councils of Sutton, Tower Hamlets, Bexley, Merton and Newham commissioned the Positive Families Partnership to help more than 350 young people involved in serious [...]
Supply chain costs push EU’s potential hard Brexit bill to £100bn January 15, 2018 European nations could face a cost of as much as £100bn if the EU and the UK do not agree a Brexit trade deal, according to new analysis published today. Under a so-called hard Brexit, in which the UK trades with the EU under World Trade Organisation rules, the cost of rerouting European supply chains [...]
Activist hedge fund Elliott has scooped a stake in GKN just days after it rejected a £7bn bid from Melrose January 15, 2018 Activist hedge fund Elliott, which rose to fame last year after a drawn-out battle with Dulux maker AkzoNobel, has revealed it has grabbed a stake in engineering giant GKN just days after the company rejected a £7bn takeover bid. The US firm now owns a 1.7 per cent interest in GKN, which manufactures parts for [...]
Bank of England economist Silvana Tenreyro sees potential for pleasant UK productivity surprise January 15, 2018 British productivity growth could give economists a pleasant surprise in the coming years, according to a top policymaker at the Bank of England. Silvana Tenreyro, an external member of the interest rate-setting monetary policy committee (MPC), said she believes the so-called productivity puzzle could be resolved as laggards – including the financial sector – finally [...]
Sam Torrance: EurAsia Cup success a vital Ryder Cup stepping stone for Thomas Bjorn and Europe January 15, 2018 Without wanting to take the shine off the EurAsia Cup as it’s a great tournament in its own right, but Europe’s victory on Sunday was the ideal preparation for this year’s Ryder Cup. Playing matchplay golf while representing Europe will have been a significant stepping stone in the learning process of young players who could [...]
Acacia Mining’s output continues to drag amid Tanzania export ban but tops expectations January 15, 2018 Acacia Mining’s output dropped in the fourth quarter of 2017 due to an ongoing dispute with the government of Tanzania, but the firm still managed to beat its revised expectations. Shares in the London-listed firm were up just over one per cent to 196.5p at the time of writing. Gold production in the three months [...]