Bad news for estate agents: LSL property services says housing transactions likely to “remain suppressed” in coming months August 2, 2016 Residential property services group LSL Property Services said this morning that it expects housing sales volumes to "remain suppressed" in the coming months. The outlook from the company – which reported it interim results this morning – comes as new research was released showing that home ownership has fallen to a 30-year low. Read more: Everything [...]
Construction output tumbles at fastest pace since 2009 but sterling gains ground August 2, 2016 Activity in the construction sector is shrinking at its fastest pace in seven years, but has still managed to beat some exceptionally gloomy forecasts, helping the pound climb against the dollar. The Markit/Chartered Institute of Procurement and Supply (CIPS) survey came in at 45.9 on an index where scores below 50 signify contraction. This was only slightly down [...]
TfL are cracking down on illegal taxis and minicabs, but unions says it’s failing to look at “e-hailing” services like Uber August 2, 2016 Sadiq Khan has unveiled plans to crack down on illegal taxis and minicabs – but transport union RMT has complained the drive will fail to look at smartphone services like Uber. Transport for London (TfL) will hire an additional 250 hi-vis wearing compliance officers by September 2017, quadrupling the number available to tackle illegal cabs at sites across London including Kings Cross, [...]
Deutsche Bank and Credit Suisse booted from top stock market index August 2, 2016 The bad news just keeps on coming for the naughty children of the European banking sector. To top off what has been one of the finest examples of a corporate annus horribilis, both Deutsche Bank and Credit Suisse are to be kicked out of the Eurostoxx 50 after their market cap has shrunk to record lows. [...]
City heavyweight Lady Barbara Judge has joined a startup August 2, 2016 One of the most well-known women in British business and the outgoing head of the pensions lifeboat is joining a technology startup that wants to disrupt how businesses manage workers. Lady Barbara Judge, who also chairs the Institute of Directors (IOD), has been named chairman of Hibob, the London-based startup which boasts backing from Saul and Robin Klein's [...]
Construction supplier Travis Perkins says demand weakened after the Brexit vote – and says housing transactions are “unlikely to be positive” after the Brexit vote August 2, 2016 Builder's merchant Travis Perkins share price was hit this morning after the company said sales growth in July was knocked by the Brexit vote. The construction materials supplier's share price fell by 2.72 per cent in morning trading, despite announcing in its interims that like-for-like sales were up by 3.1 per cent in the six months to the end [...]
Oscar-winning actor Mark Rylance heads a list of 200 names protesting BP’s renewed sponsorship of London’s arts scene August 2, 2016 Oscar-winning actor Mark Rylance is among the stars to have signed a letter slamming BP's sponsorship of London's leading cultural institutions. Rylance, who was previously the artistic director of Shakespeare's Globe theatre, heads a list of 200 artists, scientists and campaigners condemning the oil giant's association with the arts scene. BP renewed its sponsorship of [...]
Matteo Renzi: Italian banks not the bane of Europe August 2, 2016 Italy's Prime Minister has today hit back at critics' claims his country's banks are some of the most burdensome in Europe's banking sector. The country's banks are thought to be saddled with approximately €360bn (£304.7bn) of non-performing loans and it has been widely speculated that Renzi has recently been trying to arrange a capital injection for the sector with [...]
Banks’ share prices dip after FCA announces PPI deadline August 2, 2016 UK bank stocks dipped in early trading today, after the City watchdog announced that it was pushing back its deadline for payment protection insurance (PPI) complaints. The Financial Conduct Authority (FCA) said it plans to set a cut-off point for PPI claims that will fall by the end of June 2019 at the latest. Previously, banks had been [...]
InterContinental Hotels banking on a weaker pound to boost profits August 2, 2016 Worldwide hotel chain, InterContinental Hotels, which owns brands including the Holiday Inn and Crowne Plaza, said it will take a short-term hit from currency volatility but could win big if the pound stays weak following the EU referendum. The figures Profits before tax dropped 35 per cent from $458m (£347m) to $298m in the first six [...]