Savings ratio set to hit 50 year low as baby-boomers top savings chart April 29, 2016 The household saving ratio, the percentage of personal savings to disposable income, is forecast to fall to its lowest level in 50 years in 2016, according to a new report. The amount that people are putting aside is set to drop to 3.8 per cent, though this remains higher among older generations. Current savings levels [...]
UK consumer confidence at highest level for two years, despite Brexit concerns April 29, 2016 Consumer confidence in the UK has reached its highest level in nearly two years despite concerns over the EU referendum, new figures released today show. The YouGov and Centre for Economics and Business Research (Cebr) Consumer Confidence Index increased by 2.2 points in April to 115.2 – slightly behind the 115.4 recorded in May 2014. The largest [...]
Boris Johnson (nearly) empties mayoral inbox after approving Alpha Square and former Westferry Printworks schemes April 28, 2016 With just a week left until his term as London mayor comes to an end, Boris Johnson will leave two major planning schemes in his inbox for his successor to review after giving the go-ahead two controversial developments this week. Plans for Alpha Square, a 63-storey residential tower being proposed by Asian property firm Far East [...]
When two don’t become one: Kensington & Chelsea clamps down on applications to combine homes April 28, 2016 First it was mega-basements, now joined homes are coming under scrutiny. The Royal Borough of Kensington & Chelsea (RBKC) has said it is keeping a stern eye on homeowners who want to knock properties together in attempt to meet its supply targets and prevent the loss of any more homes. Research from high-end property search firm [...]
Heron Tower owners secure £400m refinancing deal April 28, 2016 The owners of the Heron Tower in the City have agreed a £400m refinancing deal with ING and German bank Landesbank Baden-Württemberg (LBBW). The two banks have jointly underwritten the five-year senior term loan in a deal believed to value the tower at around £720m. Law firm Baker & McKenzie advised the banks on the deal while Olswang acted for the [...]
At the close: Miners send the FTSE higher as the banking roller coaster rolls on April 28, 2016 The FTSE 100 has somewhat recovered after a dreadful afternoon and has managed to pick up from earlier lows thanks to a rally in oil prices. The FTSE ended the day flat at 6,322.4 points, up just two points from 6,319.91 on Wednesday. Investors were initially caught off-guard by the news that the Bank of Japan would not extend its stimulus plan. [...]
Hunters Property hails strong maiden results as public company April 28, 2016 Hunters Property has posted a jump in revenues and profits in its first set of annual results since floating on London's junior AIM market last summer. The national sales and lettings estate agency said sales increased by 31 per cent to £12m last year after expanding its footprint with 32 new branches, of which 23 were conversions [...]
BHS administrators reassure staff over pay but say search for buyer still ongoing April 28, 2016 BHS administrators have sought to reassure staff that they will continued to be paid as they seek a buyer for the ailing chain. Duff & Phelps joint administrator Philip Duffy has issued a statement confirming that it has received "a number" of expressions of interest, understood to be more than 50, and that it continues to seek [...]
US GDP: Growth slows to 0.5 per cent in world’s largest economy April 28, 2016 The world's largest economy grew by 0.5 per cent in the first three months of the year, according to official statistics released this afternoon. Financial turmoil and a dramatic fall in business investment meant GDP growth in the United States came in at its slowest rate in two years and missed economists' expectations of a [...]
Before the bell: What you need to know before the US market open April 28, 2016 The futures market is pointing to a weaker open on Wall Street after the Bank of Japan decided not to issue further stimulus measures, taking the market by surprise. Earlier the Dow Jones Industrial Average and S&P 500 futures were down 0.8 per cent, while Nasdaq futures were 0.6 per cent lower. The Bank of Japan left its [...]