UK property prices are rising at twice the pace of wages as housing activity picks up February 11, 2016 House prices are now rising at twice the pace of earnings after a resurgence in demand at the start of the year, new research today shows. Prices rose 0.2 per cent – or £688 – in January, taking the average value of a property in England and Wales above £290,000, according to estate agents Reeds Rains [...]
Economists: Prudential moves are likely to delay Bank of England interest rate hikes February 11, 2016 The Bank of England’s decision to raise interest rates is likely to be delayed by actions undertaken by the relatively new committee that focuses on financial stability. The financial policy committee (FPC) can impose restrictions on particular markets such as residential or commercial property markets, and can also make banks hold more capital. The monetary policy [...]
City workers kick off 2016 in the mood to move jobs as confidence climbs February 11, 2016 City workers began 2016 with itchy feet, according to new figures published today by a recruiter. Morgan McKinley said the number of job seekers reached 16,924 in January, up 67 per cent compared with the same month last year. A higher number of job seekers is associated with more elevated worker confidence. While the number [...]
Amazon shares rise in after hours trading as it unveils $5bn stock buyback February 10, 2016 Shares in US online retail giant Amazon spiked, before settling 1.4 per cent higher in after-hours trading, after it unveiled plans to buy back $5bn (£3.4bn) of shares. The company said will buy back shares "opportunistically from time to time when it believes that doing so would enhance long-term shareholder value", it said in a [...]
Black cabs and Uber can co-exist in London – and can even help each other get more custom February 10, 2016 Famous the world over, London’s black cabs are an iconic part of our city’s transport infrastructure. That’s why the impact of apps like Uber on traditional taxis has generated such a heated debate in the capital. Of course competition has affected the taxi trade. But surely the answer to the pressures faced by black cabs [...]
Great Portland Estates hails strong lettings demand despite fears over Brexit February 10, 2016 Great Portland Estates said strong demand for its offices helped it to strike another 15 lettings in the third quarter despite increasing uncertainty ahead of the EU referendum. The West End-focused developer has had a busy three months after signing Italian fashion giant Benetton to its flagship store at 73-89 Oxford Street and leasing the last two remaining floors at 240 Blackfriars [...]
FTSE 100 index closes higher as bank shares rise and Janet Yellen’s remarks calm markets despite the continued fall of miners February 10, 2016 The FTSE 100 index closed higher today as banks recouped some of the losses they made yesterday and US Federal Reserve chair Janet Yellen calmed markets. The index closed 0.71 per cent higher at 5,672.3 points. "Fed Chair Janet Yellen’s testimony was always going to be aimed at provoking the least reaction possible in her testimony to the House Financial [...]
UK wealth inequality is widening as climbing house prices due to quantitative easing drive home ownership down – Standard & Poor’s February 10, 2016 While quantitative easing (QE) may have helped to stabilise the UK economy, it has also led to a wider gulf between rich and poor, according to Standard & Poor's (S&P) – and it has also pushed home ownership even farther out of reach for younger people. QE has exacerbated wealth disparity by boosting financial asset and [...]
London weather: Thames Barrier closes for first time this year as spring tides loom just after Storm Imogen brought heavy rainfall and wind to the south of England February 10, 2016 It's official: it's been raining in London. The Environment Agency announced this morning that it has shut the Thames Barrier, a 520m moveable barrier in east London, for the first time this winter. "We are closing the barrier to protect London from the threat of flooding due to the high level of rain last week combined [...]
BP forecasts shale output to soar despite Saudi stand-off February 10, 2016 Saudi Arabia’s plan to drive out US shale producers will not work, according to BP’s Energy Outlook for 2016. The widely-read annual report predicts a 34 per cent rise in global energy consumption by 2035, almost 80 per cent of which will be supplied from fossil fuels. However, it forecasts stronger growth in shale that [...]