Budget fitness chain Pure Gym launches upmarket cycling studio in the City January 21, 2016 Budget fitness chain Pure Gym has gone upmarket after launching a luxury fixed cycling studio in the City. The company, which is eyeing a stock market float, said Pure Ride opened today at Moorgate will offer up to 60 cycling classes a week, including high-intensity workouts developed with Olympic cycling champion Sir Chris Hoy. Classes cost between £16 and £20 per session [...]
Impending tax increase sparks buy-to-let rush – Royal Institution of Chartered Surveyors January 21, 2016 A higher tax rate on house purchases due to start in April has caused a surge in demand from buy-to-let investors, new figures show this morning. From April, buy-to-let investors will have to pay three per cent more in stamp duty land tax (SDLT) than residential buyers. In December, 10 per cent more chartered surveyors in [...]
UK housing shortage hits mortgage lending in December January 21, 2016 Mortgage lending fell in December as a shortage of new homes, higher prices and recent government measures such as stamp duty reforms weighed on the property market. Figures from e.surv chartered surveyors today showed there were 68,218 house purchase approvals in December, down 3.1 per cent from 70,410 in November. E.surv director Richard Sexton, said. [...]
Wall Street closes down after volatile day which saw S&P 500 reach new year lows January 20, 2016 The Nasdaq, Dow Jones and the S&P 500 all closed down in New York after a rollercoaster ride today. Wall Street was heading for record losses but managed a late (sort of) rally before the close. The S&P 500 was at its lowest in over a year, losing 21.92 points, or 1.17 per cent, to 1,859.41. The Dow Jones staged [...]
Deutsche Bank will make its first full year loss since 2008 as it faces huge legal and restructuring costs and challenging markets dry up revenues January 20, 2016 Deutsche Bank has warned investors it expects to report a €6.7bn (£5.15bn) loss for the fourth quarter of 2015. The €6.7bn net loss comes as a result of €1.2bn in legal costs, as well as €800,000 in restructuring fees and severance pay, mainly for the retail bank for private and business clients. The bank is expecting [...]
Market volatility takes its toll on hedge funds, as returns slip to lowest levels since 2011 January 20, 2016 Hedge funds had their worst performing year last year since 2011, posting returns of 2.02 per cent, according to the latest data from Preqin. December was a tough month, with the funds on Preqin's all strategies benchmark posting negative returns of 0.4 per cent on average, bringing the total to five months with negative returns last year. [...]
Report: Investors want High Street challenger Metro Bank to push ahead with £500m listing next month January 20, 2016 High street challenger Metro Bank is reportedly eyeing next month for a flotation, bolstered by demand from existing investors. Metro Bank has not officially set a date for an initial public offering (IPO), but sources close to the bank have repeatedly said the challenger remains on course to list this year. But the listing could [...]
Investor optimism on world economy drops to four-year low – Bank of America Merrill Lynch fund manager survey January 20, 2016 Investors are at their most bearish on the global economy since 2012, according to survey data published by Bank of America Merrill Lynch today. The difference between the percentage of fund managers who said the economy would strengthen over the next 12 months and those that said it would not was eight per cent. The net balance [...]
Barclays cuts bonuses and jobs in London, New York and Asian Investment Banking divisions January 20, 2016 Barclays' Investment Banking division could see its bonuses cut by 10 per cent as cost cutting continues, it has been reported. As part of the ongoing restructuring at the investment bank, staff could see their bonuses fall 10 per cent compared to last year, according to Bloomberg reports. As previously announced, Barclays will pay bonus payments later than [...]
US WTI crude oil below $27 as MSCI’s benchmark global stock index enters bear market territory January 20, 2016 US crude oil dipped below $27 per barrel today, while the MSCI's benchmark global stock index fell into a bear market. West Texas Intermediate crude, the US benchmark, slumped 5.73 per cent to $26.83 per barrel. And Brent, the global benchmark, shed 4.35 per cent to $27.51. Concern over lower for even longer oil prices have dominated Davos, an annual meeting [...]