Bottom Line: There’s still plenty of time to build on this bull run July 7, 2014 CRITICS of the government’s Help-to-Buy programme, which is often accused of doping up already-too-high house prices, sometimes refer to it as “Help-to-Sell”. The scheme, which either backs up or even contributes to mortgages, is certainly helping housebuilders to sell a few more properties and thus bolster their earnings. Such fortunes are reflected clearly in the [...]
Carney’s tools get backing in economist poll July 7, 2014 THE BANK of England’s new macroprudential toolbox is the right way to deal with the risks posed by a frothy housing market, according to a survey of economists released this morning. The Centre for Macroeconomics polled economists on whether more action should be taken to cool the housing market, with 72 per cent agreeing. When asked [...]
Lafarge-Holcim list asset sales for merger plan July 7, 2014 Lafarge and Holcim yesterday unveiled a bumper list of proposed asset disposals as part of their planned mega-merger, which the cement giants hope will satisfy anti-trust regulators worldwide. France’s Lafarge and Swiss firm Holcim unveiled a share-for-share deal in April, which would create a self-proclaimed “merger of equals” with sales of €32bn (£26.5bn). The firms [...]
Marks & Spencer is preparing to defend clothing to shareholders July 7, 2014 Marks & Spencer boss Marc Bolland is expected mount a vigorous defence of his turnaround strategy today and insist that its clothing arm is on the mend, despite analysts expecting another fall in general merchandise sales. The retailer is likely to face a grilling from shareholders attending the annual general meeting at Wembley stadium over [...]
Watchdog may probe banks on mortgage rates July 7, 2014 BANKS that hiked the rate of their floating rate mortgages might have acted unfairly to customers, the City watchdog warned yesterday. The Financial Conduct Authority (FCA) is asking borrowers and lenders if it is fair that banks can raise the rates on loans when they are stressed. Banks gave the mortgages before the crisis and did [...]
Linklaters’ profits rise to £557.3m July 7, 2014 Law firm Linklaters saw its pre-tax profits increase in the latest financial year, up by 6.8 per cent to £557.3m. The group’s income rose to £1.255bn in the year to the end of April, a rise of five per cent on last year’s figures, which were particularly strong, following the Magic Circle firm’s assistance of [...]
Freshfields announces six per cent boost in firm’s earnings July 7, 2014 FRESHFIELDS Bruckhaus Deringer boosted its profits in the latest financial year, the law firm revealed today. Profits per equity partner, a common barometer of a law firm’s financial performance, increased by six per cent to £1.48m in Freshfields’ 2013-14 financial year. Total revenue for the Magic Circle business also increased by one per cent to [...]
Bridgepoint cashes out of British tech company SPTS Technologies July 7, 2014 Private equity firm Bridgepoint has cashed out its stake in UK tech manufacturing firm SPTS Technologies for $370m (£216m). The group, which also owns Pret a Manger, sold the company to Nasdaq-listed Israeli firm Orbotech, making 2.6 times its original investment. SPTS was formed in 2009 through a merger of several companies [...]
Abzena IPO: Life sciences firm secures £20m ahead of flotation on Aim July 7, 2014 Life sciences company Abzena yesterday priced its upcoming Aim flotation at 80p per share, valuing the company at £77.9m. The London-headquartered firm, which provides technology for drug companies to develop new products, has raised £20m via a placing of 25m shares at 80p per share. Abzena receives payments or royalties from a number of major [...]
Alternative market listings show strong start to the year July 7, 2014 CASH raised by newly listed firms on the junior market has increased five-fold compared to last year, underscoring the record breaking start for floats. Between January and the end of June this year, £1.35bn was raised by companies choosing to list shares on the Alternative Investment Market this year, compared to £248m in the same [...]