House loans grow despite grim economy January 16, 2012 THE HOUSING market showed signs of life in November with sales and remortgages both rising, data from the Council of Mortgage Lenders (CML) revealed yesterday. Growth is expected to continue in the months before March, after which first-time buyers will no longer benefit from stamp duty exemption. Overall lending for house purchase rose four per [...]
State nears a sale for Actis January 16, 2012 THE government has moved closer to selling its remaining stake in the controversial private equity firm Actis. Analysts have said the Department for International Development could raise up to £200m by offloading its 40 per cent share in the emerging markets buyout firm. However the management team of Actis, who are the most likely buyers, [...]
Phoenix still in talks with CVC Capital Partners on takeover January 16, 2012 BRITISH life insurer Phoenix remains in talks with private equity firm CVC Capital Partners over a possible takeover, prolonging discussions which began last November but which have been hampered by debt issues. Phoenix said in a statement yesterday that it would provide a further update on the situation no later than 28 days from now. [...]
Small construction firms in recession for four years as demand keeps falling January 16, 2012 WORKLOADS fell again in the final quarter of 2011, with the last expansion among SMEs taking place in the first three months of 2008, the Federation of Master Builders (FMB) reported yesterday. However, rising exports and a focus on non-Eurozone markets went some way towards offsetting the decline in domestic demand, according to the Construction [...]
Euro crisis drags down emerging manufacturers January 16, 2012 THE EUROZONE crisis dampened emerging markets’ economic recovery, with HSBC’s emerging markets index, out yesterday, recording lacklustre growth in 2011’s last quarter. The index edged slightly higher in the three-month period to 52.2, from 52.0 in the third quarter. Any figure above 50 indicates expansion. World trade declined through the year, dragging on sentiment, with [...]
OSBORNE LINES UP LONDON FOR TRADING January 16, 2012 Chancellor George Osborne got the City’s seal of approval yesterday when he spoke at the Asia Financial Forum in Hong Kong. Osborne has brokered a deal lining London up as a powerhouse for trading the Chinese currency, the renminbi. He is set to visit Beijing and Tokyo today and tomorrow in a bid to strengthen [...]
Fitch worried on Russian politics January 16, 2012 Ratings agency Fitch revised Russia’s outlook to “stable” from “positive” yesterday. Rising “political uncertainty” and the global economic outlook were both blamed. “Political risk, reflected by poor governance indicators, is a long-standing weakness compared with most other triple-B rated countries,” Fitch announced. Such political worries increase the risk of capital flight, the agency claimed, which [...]
Many graduates unfit for work January 16, 2012 One fifth of employers believe school leavers make better employees than university graduates according to research from Adecco Group, the UK’s largest recruiter. The research revealed employer concerns that universities are giving unrealistic expectations of work and are failing to equip graduates with critical interpersonal, IT and even basic literacy skills. Graduates agree, with nearly [...]
CITY MOVES | WHO’S SWITCHING JOBS January 16, 2012 Signia Wealth Signia Wealth has appointed Martin King as managing director to lead its new Birmingham office, which will serve ultra high net worth individuals in the West Midlands as part of CEO Nathalie Dauriac-Stoebe’s expansion plans for the business. King joins the wealth manager from UBS Wealth Management, where he founded the Midlands office [...]
BEST OF THE BROKERS January 16, 2012 FEDERAL GRID COMPANY (GDR) Goldman Sachs transfers its coverage of Russia’s largest electricity transmission company grid from the local stock exchange to its global depositary receipt listing in London, rating it as a “buy” with a target price of $7.50. The broker says news flow on Russian power utilities reached its most negative in autumn [...]
