Housing associations in £30bn mega-merger talks to build 100,000 London homes April 6, 2016 Three of the UK’s biggest housing associations are in talks to merger, with the view to build 100,000 new homes across London and the south east over the next decade. L&Q, The Hyde Group and East Thames said the proposed move will turn them into one of the country’s top four largest housebuilders with a [...]
IMF says lower taxes, more training and welfare cuts can kick-start global economic growth April 6, 2016 Countries around the world should slash taxes on employment and reform welfare to boost their economies, according to the International Monetary Fund (IMF). Ahead of its half-yearly and closely-watched world economic outlook, the IMF raised concerns about “the current environment of persistent weak economic activity in many advanced economies”, outlining its suggestions for increasing economic output and employment. Key [...]
Russia reveals more details about potential freeze deal April 6, 2016 Russia has revealed more details about a potential freeze deal between Opec and non-Opec producers that could come out of a meeting in Doha. Sources told Reuters that Russia believes an oil price at $45-$50 per barrel is acceptable to allow the global oil market to balance. It also expects a production freeze deal to accelerate this process by [...]
Glencore share price falls after sale of agriculture stake disappoints April 6, 2016 Glencore shares fell today, after investors were left disappointed by the commodities miner and trader's sale of a minority stake its agriculture arm to Canada's largest pension fund. Glencore today confirmed it had sold a 40 per cent stake in its agriculture division to the Canada Pension Plan Investment Board (CPPIB) for $2.5bn (£1.8bn). The Swiss group's shares had popped at the [...]
UK house prices: Prime central London rents are polarising between east and west, says Knight Frank April 6, 2016 London's prime rental market is becoming more polarised. Prices in the east are accelerating faster than those in the west as financial services tenants move closer to the City in search of cheaper rents, new research shows. Annual rental value growth in prime central London fell by one per cent in March – the lowest rate since May 2014, according to [...]
Petroceltic share price dives as Worldview appears set to win long-running feud April 6, 2016 Activist investor Worldview Capital appears to have won its long-running feud with Irish oil explorer Petroceltic. Worldview, Petroceltic's largest shareholder with 29.6 percent, has made repeated overtures over the last 18 months for changes to the board and the strategic direction of the group. Read more: Petroceltic and Worldview lock horns again and urge shareholders to [...]
Moody’s: This chart shows European banks’ energy exposure April 6, 2016 Credit ratings agency Moody's has said that European banks' energy exposure is "manageable" despite low commodity prices. But it added that some cases could require additional provisions if oil prices remain "low for longer". Brent crude has fallen from over $110 per barrel in June 2014 to around $40 today. This has heaped pressure on to [...]
Rent or buy? Renting is actually cheaper than buying in these 10 locations April 6, 2016 High and ever-rising rents would lead many to suspect that buying their own place would work out as a cheaper option when it comes to monthly costs – but, it turns out renting is cheaper than buying in a several areas across the country. In Cambridge, renting costs around £10,000 less than the monthly mortgage repayment on a [...]
MartinCo plays down fears of buy-to-let slowdown as profits jump April 5, 2016 Shares in MartinCo rose by nearly four per cent today after the franchised lettings agency group said demand from a growing nation of renters helped to boost full-year sales and profits. The Aim-listed company, which has 287 offices operating under five brands including Martin & Co, Xperience, and Parkers, said group revenue increased by 38 per cent to £7.1m in 2015 compared [...]
EU Referendum: Government stockpiling foreign currency reserves to fight sterling volatility April 5, 2016 Britain’s foreign currency reserves reached a new record high last month, passing $100bn (£70.5bn) for the first time, as the UK looks to be building a buffer to defend the pound against the prospect of a currency crisis ahead of the EU referendum. Another $4.5bn in reserves was acquired in March, taking the total amount [...]