HSBC global banking boss leaves within two years of joining November 23, 2017 The joint boss of HSBC’s global banking division will leave the bank within the next week after less than two years with the firm. Matthew Westerman, co-head of global banking and a group general manager, will leave the British banking giant after gaining a reputation for a hard-driving management style. Westerman joined HSBC from US [...]
Focus On Pimlico: Twenty per cent cheaper than its neighbours and still central, house prices are increasing in SW1P November 23, 2017 Pimlico must be pretty quiet at the weekends. It’s been London’s pied a terre hotspot since the mid-Noughties, meaning many of its inhabitants escape the area for their country retreats every Friday night. “A third of homes sold in SW1V so far this year have been bought by a second home owner, more than anywhere [...]
New homes: What’s on sale this weekend, in Croydon, Highgate, Ealing and Uxbridge November 23, 2017 New developments on the market this week Westgate House, Ealing From £299,000 New homes are being added to this development in west London due to high demand. Developer Galliard Homes will apply next month to build two more floors on top of its building on Hangar Lane, a “growth zone” in Ealing. This would up [...]
Failure to act on green belt a “big disappointment”, say Tory think tank Bright Blue November 23, 2017 The “big disappointment” from yesterday’s Budget was a failure to shake up green belt restrictions, according to a former minister and a leading Conservative think tank. While backing Philip Hammond’s stamp duty proposal, Bright Blue senior research fellow Sam Hall said the team had hoped reforms had been blocked because “the Prime Minister and others” [...]
CMC Markets share price jumps as boss says small spreadbetters “will suffer” from European regulatory clampdown November 23, 2017 Small spreadbetting firms will “suffer greatly” from European regulation which could come into place as early as January, according to the boss of CMC Markets. The European Securities and Markets Association is due to announce the results of a review of the leveraged trading markets which could see significant changes imposed on the industry. Peter [...]
Treasury Committee chair Nicky Morgan warns financial service firms over gender pay gaps as Bank of England reveals a gender pay gap of 24 per cent November 23, 2017 The chair of the Treasury Select Committee has issued a warning to finance firms that they should be ready to explain their gender pay gaps, after the Bank of England today revealed its gap stood at 24.2 per cent. By April next year, all UK firms and public sector organisations with 250 or more employees [...]
Government debt to stay above financial crisis levels until 2060 says Institute for Fiscal Studies (IFS) November 23, 2017 Government debt levels will not return to levels seen before the financial crisis until 2060 owing to the UK’s weak growth prospects, according to an influential think tank’s analysis of chancellor Philip Hammond’s Autumn Budget. Poor productivity forecasts unveiled yesterday by the Office for Budget Responsibility (OBR) forced the independent Budget watchdog to revise down [...]
Facebook’s giant solar drone Aquila is going on display for the first time in London at a new V&A exhibition | City A.M. November 23, 2017 Londoners will be able to get a real life glimpse of one of Facebook’s most ambitious projects to date – a giant solar-powered drone – as it goes on display for the very first time. The aircraft which Facebook believes can bring internet access to remote regions around the world, will form part of a [...]
Liontrust breaks through £10bn under management as it quantifies impact of Mifid II November 23, 2017 Fund manager Liontrust has announced a roaring increase in profits in first-half results today, as it confirmed it would absorb costs from new regulation. The figures Liontrust’s profits hit £12m before tax, an increase of 76 per cent year on year. Revenues meanwhile grew 57 per cent to £35m. Assets under management totalled £9.6bn at [...]
Economists nervous as consumer spending continues to fuel UK GDP growth November 23, 2017 A strong increase in consumer spending drove UK GDP growth in the third quarter, but economists warned the British economy’s reliance on consumption will not last. Consumer spending grew by 0.6 per cent in the three months to September as GDP expanded by 0.4 per cent, according to more detailed estimates of economic activity from [...]