First-time buyers need to save eight years to build up deposit January 13, 2013 THOSE looking to get their foot on the housing ladder are taking eight years to save up the necessary deposit, according to research out this morning. The average deposit on a first home was £31,059 during 2012, Barclays said today, meaning potential buyers had to save eight times as long as in 1995, when a [...]
Building firms move to invoices as traditional finance dries up January 13, 2013 HARD-PRESSED construction firms are turning to invoice financing due to an inability to get traditional credit from banks, according to research out today. The number of building companies borrowing against unpaid invoices jumped 17 per cent in 2012, accountant Wilkins Kennedy said this morning, from 1,629 firms in 2011 to 1,911 this year. The latest [...]
City Moves for 14 January 2013 | Who’s switching jobs January 13, 2013 Legal & General Alex Gipson has been appointed as a loans originator and underwriter in Legal & General’s commercial lending team. He joins from RBS, where he worked for 27 years. Gipson was most recently director of housing finance within RBS’s structured finance team. He is a social housing expert, and has worked on numerous [...]
Best of the Brokers January 13, 2013 AGA RANGEMASTER GROUP Numis has the iconic cooker maker “under review” following last week’s trading update. According to the broker, the firm will continue to generate earnings and revenue growth this year. However, Numis has lowered it outer profit before tax forecast for 2013 from £8m to £7.5m. Profit before tax for 2012 is set [...]
Boeing 787 Dreamliner to be probed by US officials January 11, 2013 US regulators have today launched a review of the Boeing 787 Dreamliner, following a series of incidents. The 787 jet suffered a cracked cockpit window and an oil leak on separate flights in Japan today, and earlier this week a brake problem and a battery fire affected Dreamliner flights. The Federal Aviation Agency will look [...]
EDF wins 10-year power supply deal with Network Rail January 11, 2013 EDF Energy has snapped up a 10-year contract with Network Rail to supply electricity to the growing electrified rail network. Under the contract, EDF Energy will supply around 3.2 terawatt-hours (TWh) of electricity a year to the network, which carries around 3m passengers a year. At present only 40 per cent of the rail network [...]
Slow industrial production figures disappoint in November January 11, 2013 Sluggish industrial and construction figures out today have increased concerns that the UK economy contracted in the fourth quarter of 2012. According to official figures from the Office for National Statistics, industrial production grew by a less-than-expected 0.3 per cent in November, despite a rebound in oil and gas production that had been expected to [...]
Banks keep FTSE 100 above 6,100 level January 11, 2013 The blue chip index nudged up in early trading this morning – staying above the 6,100 level – as it consolidated overnight gains from the US, where the S&P 500 hit a five-year high. Financial stocks were bouncing about at the top of the FTSE 100 in early deals, with Barclays and RBS adding 1.8 [...]
Honda to cut 800 jobs from Swindon plant January 11, 2013 Car manufacturer Honda is to cut 800 jobs at its plant near Swindon by the spring, it said this morning. Ongoing subdued demand from Europe is behind the reduction in the workforce. “Honda remains fully committed for the long-term to its UK and European manufacturing operations. However, these conditions of sustained low industry demand require [...]
Japan reveals £72bn spending package January 11, 2013 The Japanese government has unveiled a 10.3 trillion yen (£72bn) spending package in an attempt to revive its economy. Japan’s economy has been hit by lower exports as global demand slows. The package, unveiled by Japanese Prime Minister Shinzo Abe, will include public works spending, incentives for business investment and financial aid for small firms. [...]