UK mortgage approvals fell to their lowest level in 18 months in July – meaning house prices could fall by five per cent next year August 24, 2016 The number of mortgages approved fell to their lowest level in 18 months in July, suggesting house prices could fall considerably by the end of 2017, the British Bankers' Association (BBA) has said. Figures by the BBA showed 37,622 mortgages were approved in July, down from 39,763 in June and 41,620 in May. It's an impressive slide since [...]
These big banks are working on a digital currency together August 24, 2016 Several of the world's biggest banks are working together to create a digital currency to speed up settlements with the ambitious goal of putting the blockchain-based system into practice by 2018. UBS has been working on the Utility Settlement Coin (USC) since last year and is now being joined by Santander, Deutsche Bank, BNY Mellon and the broker Icap on [...]
The weather this weekend could have a surprising effect on beer sales August 24, 2016 With two of the summer's biggest events – the Notting Hill Carnival and the Reading Festival – due to take place this weekend, Britons will be keeping a close eye on the weather forecast as they make plans for the Bank Holiday. The Met Office has issued a heatwave alert – which prompted a health warning [...]
One Savings bank shares are up nine per cent after releasing “another strong set of results” August 24, 2016 Shares in specialist lender One Savings bank jumped over nine per cent this morning after it released half year resilient results that it said were meeting all its targets. The figures Although statutory profit before tax leapt from £46.6m to £100.0m, underlying profits were less dramatic, increasing from £47.6m to £64.6m. New lending increased by 25 per [...]
Scotland’s deficit remains at £15bn despite huge fall in offshore oil and gas revenue August 24, 2016 The Scottish balance sheet is still looking grim as falling oil prices hit revenues earned from offshore oil and gas, urging First Minister Nicola Sturgeon to double down on the EU. The Government Expenditure and Revenue Scotland (GERS) showed a huge deficit for the nation after a sharp drop from oil and gas revenue. Scottish public sector [...]
Housebuilder shares rise as Brexit fears look like a thing of the past August 24, 2016 Rumours of housebuilders' demise are greatly exaggerated. Builders were among the big winners on the FTSE 100 for the second day in a row this morning, after strong results from Persimmon yesterday suggested they are weathering the Brexit storm. Persimmon was up 2.5 per cent at 1,918p in mid-morning trading, while Barratt was up 2.7 per cent at 499.3p. [...]
Owen Smith apologises for “lunatic” comments: “I was referring to myself” August 24, 2016 Labour leadership challenger Owen Smith has apologised for “lunatic” comments made last night. At a rally in Hammersmith last night, Smith promised he wouldn't be “a lunatic” at the top of the party if he is selected as leader in one month's time. "What you won't get from me is some, you know, lunatic at [...]
WPP’s share price jumps as company leads FTSE after results – but Sir Martin Sorrell is still worried about Brexit August 24, 2016 The chief executive of the world's largest advertising group is still worried about Brexit despite the company reporting strong results for the first half. The company is leading the FTSE 100 this morning, up more than five per cent to 1,839p per share in early morning trading. WPP reported better-than-expected first half results. The company [...]
Pfizer makes its second chunky purchase of the week – And it’s only Wednesday August 24, 2016 Astrazeneca has agreed to sell one of its antibiotics businesses to American rival Pfizer in deal that could net the Cambridge-based company up to $1.6bn (£1.2bn). Pfizer will pay $550m upon completion of the deal to purchase the small molecule antibiotics division with add-ons and royalties to follow. Astrazeneca said that the sale will to support its [...]
Euro edges down as German GDP growth slows in the second quarter August 24, 2016 The German economy slowed in the second quarter, but its budget surplus jumped in good news for Angela Merkel ahead of next year's crucial elections. The euro fell slightly against the dollar, down 0.3 per cent to $1.1276 in early trading, after statistics body Destatis showed growth had fallen to 0.4 per cent, down from 0.7 per cent [...]