O2 arena plans for a new designer outlet win £185m backing from Lloyds Banking Group January 21, 2016 Lloyds Banking Group is backing the owners of the O2 arena in Greenwich with a £185m loan to finance the building of a new designer shopping outlet to rival Bicester Village and Wembley. The loan by Lloyds’ commercial banking arm will allow the O2’s owners AEG and Crosstree Real Estate, to push ahead with the [...]
Best and worst ski currencies: Head to Canada or Norway’s slopes to get the best value for your pounds, but avoid Sweden and the US dollar January 21, 2016 Planning a ski holiday? Choosing the right slopes can make a difference to the tune of hundreds of pounds. If you want your holiday pounds to go furthest, avoid the US and Sweden – but those heading to Canada and Norway will be far better off. Sterling is up against six of the most popular [...]
European Central Bank holds interest rates at record lows January 21, 2016 The European Central Bank decided not to cut interest rates further today. The interest paid on deposits kept at the Frankfurt-based central bank was kept at minus 0.3 per cent. It was cut to minus 0.2 per cent last month while the ECB also ramped up its €60bn asset purchase programme in December, extending it by six [...]
Chemring share price tumbles on rights issue as losses widen January 21, 2016 The figures British defence group Chemring plans to tap shareholders for £80.8m to tame the high debt levels and repayment costs which are hampering its restructuring efforts. The British-based company's full-year pre-tax loss for the year ending October 31 widened to £9.1m, from £5.2m a year earlier. Underlying operating profit slipped 26.34 per cent to £34.4m, while [...]
Challenger Shawbrook poaches Evelyn Hamilton from Lloyds Banking Group January 21, 2016 Shawbrook has hired a new managing director of consumer finance, announcing in a statement this morning that Evelyn Hamilton has joined the challenger from Lloyds Banking Group. Hamilton becomes just the latest high-profile hire for the challenger, which floated on the London Stock Exchange last April. The bank announced last autumn that it had poached Santander's then-head [...]
From every angle, the outlook for global liquidity looks bleak: Policy makers must adopt “QE4” or risk officers must plan for low liquidity future January 21, 2016 Recent investor concerns over decreasing market depth across many fixed income segments reflect more serious downstream problems in funding markets. These problems are now coming to a head, have four components which taken together combine to undermine the long-term supply of global liquidity. They explain why our monthly GLI index measure is declining. Looking ahead, they [...]
Mortgage lending hits post-recession high of £220bn in 2015 January 21, 2016 Mortgage lending rose by eight per cent last year compared with the year before, the Council of Mortgage Lenders (CML) said this morning. Lenders approved £19.9bn of home loans in December, taking the 2015 total to £220.3bn – the highest annual figure since 2008. December's lending figure was slightly down on November, but was 23 per [...]
Market turmoil terminology: What are the definitions of a a bear market, a bull market and a correction? January 21, 2016 The New Year sell-off has sent equity markets across the world into bear territory. But rather than a single, fatal trigger, it appears a general sense of unease over the slowing global economy is sending investors running for the hills. Yesterday, the FTSE 100, Japan's Nikkei and the MSCI All-Country World indices all joined the Shanghai Composite, France’s Cac 40, the German Dax [...]
RICS: Housing demand jumps as buy-to-let investors go on a mad dash to buy properties January 21, 2016 Demand for property in the UK hit a three-month high in December, as prospective buy-to-let investors rushed to beat the impending rise in stamp duty. Figures by the Royal Institute of Chartered Surveyors (RICS) showed the balance of new buyer inquiries rose to plus 16 in December, from plus seven in November. In November, chancellor [...]
Financial Reporting Council confirms plans to investigate KPMG over Hbos handling January 21, 2016 The Financial Reporting Council (FRC) has confirmed plans to launch an investigation into KPMG and its handling of Hbos’ accounts today. In a statement this morning, the regulator said it had asked its executive counsel to undertake preliminary enquiries under the accountancy scheme, the disciplinary scheme for members of the accounting profession. The FRC will examine [...]