Light at the end of the North Sea oil pipeline: Oil firms have all taken a hit by the decline in global crude prices. But has it hit rock bottom? August 19, 2015 The affect of fraught conditions in oil markets on North Sea companies was revealed yesterday as John Wood Group and Cairn Energy announced their half-year results. Wood Group revealed it has axed around 5,000 jobs in response to the decline in crude oil prices, with 1,000 of them coming from North Sea operations. The company’s [...]
George Osborne facing pressure from UK building societies over ‘perverse’ bank surcharge August 19, 2015 The Treasury is under fire from Britain’s building societies, who say that a new tax will cost them at least £630m over the next five years – and choke off £20bn worth of lending. Mortgage lenders want the government to think again. “As you would expect the sector is positively engaging with HM Treasury,” Building [...]
Fitch upgrades Greece’s long-term currency rating to CCC August 18, 2015 Fitch has become more optimistic about Greece's ability to pay off its debt. Today, the ratings agency upgraded the country's long-term foreign and local currency ratings by one notch from CC to CCC. It said the change was down to an agreement reached last week by Greece and its European creditors to release [...]
Shortage of prime London homes fuels frenzy of 24-hour exchanges August 18, 2015 An acute shortage of property in prime central London is driving more buyers to exchange on homes within 24 hours even as the top end of the market slows, according to search agent Banda Property. The boutique firm, which acts on about 50 sales a year, said that buyers were insisting on a 24-hour exchange [...]
Mayfair sees fastest rent price growth in prime central London August 18, 2015 Mayfair is leading the way in prime central London rental price growth, a lettings agent said yesterday. Rents in Mayfair have shot up 7.5 per cent over the last 12 months, according to E J Harris. Prime central London has seen rents rise 4.1 per cent. The firm warned that prices are likely to keep [...]
FCA drops investigation into Quindell in light of Serious Fraud Office probe August 18, 2015 The Financial Conduct Authority (FCA) has dropped its investigation into troubled insurance outsourcer Quindell with immediate effect, making way for the criminal investigation being carried out by the Serious Fraud Office (SFO). "Quindell announces that it has been informed by the FCA that, in light of the investigation by the SFO into past business and accounting [...]
UK tech sector growth falls to two-year low, dragged by election jitters and Eurozone woes August 18, 2015 The UK’s tech sector growth fell to a two-year low, with activity slowing in the second quarter dragged by election jitters and Eurozone woes. Tech has been booming lately, and the latest figures mark three years of sustained business activity growth in the sector. But expansion is at its weakest pace since early 2013, according [...]
Saudi stocks drop to seven month-low as weak oil prices knock confidence August 18, 2015 Saudi Arabia's Tadawul All Share Index dropped to its lowest value in seven months today, after the International Monetary Fund (IMF) issued a warning about the country's oil dependence. The index finished the day 2.85 per cent lower at 8,197.02 points, marking the sixth consecutive day of declines. Read more: Saudi Arabia's Tadawul stock [...]
Austin Reed puts Regent Street flagship store up for sale August 18, 2015 Austin Reed has put its flagship store on Regent Street up for sale just months after undergoing a painful restructuring that involved closing 31 stores to pay down debts. The 114-year-old tailor, which counts International Monetary Fund chief Christine Lagarde among its customers, has instructed agents James Andrew International to sell the lease on its [...]
UK inflation: Pound hits seven-week high as inflation unexpectedly hits 0.1 per cent in July August 18, 2015 The pound hit a seven-week high against the greenback this morning as investors cheered a better-than-expected inflation figure. Official data showed the consumer price index rose 0.1 per cent in the year to July, from zero a month earlier, beating economists' expectations for no change. Nevertheless inflation still remains well below the Bank of England's target [...]