UK house price growth speeds up in January as buy-to-let stamp duty hike looms February 4, 2016 House price growth sped up in the year to January, new data showed this morning – suggesting buy-to-let investors are trying to sneak in those transactions before new stamp duty rules are introduced in April. The annual figure was up from 9.5 per cent in December and nine per cent in November, according to Halifax's house [...]
Ouch: Credit Suisse has cut bonuses by 36 per cent February 4, 2016 Having unveiled its first annual loss since 2008, there was one more howl of pain in store for Credit Suisse bankers this morning, after chief executive Tidjane Thiam told analysts the bank has slashed bonuses by more than a third in its investment bank. On a call with analysts this morning, Thiam said bonuses at [...]
Police call on Gurkha victims of suspected £50m CWM FX Ponzi scheme February 4, 2016 The City of London police will this morning launch an appeal for members of the Gurkha and Nepalese community to come forward if they have invested in what is believed to be a £50m Ponzi scheme. Last year, City A.M. first reported that police had raised the offices of CWM in the Heron Tower, arresting 13 people. [...]
Average house prices in over half of London neighbourhoods are now £500,000 or more February 4, 2016 House prices have broached the £500,000 barrier across 51 per cent of London postcode districts, new research has found – backing up evidence the capital's homes are becoming increasingly unaffordable. The report, by estate agent Stirling Ackroyd, found even areas such as Peckham, which were traditionally seen as pretty affordable, have now joined the half-a-million [...]
Volkswagen scandal: The European parliament has passed watered-down emissions testing legislation which could contribute to thousands of deaths in London February 3, 2016 This year London exceeded one of its annual pollution quotas in just one week – but MEPs have now voted for legislation which could cause London to become even more polluted. This morning the European parliament passed controversial plans to water down standards in new real-world driving emissions tests. Even before Volkswagen was caught out [...]
Archaeologists have found a 2,000-year-old Roman fresco near Leadenhall Market February 3, 2016 Archaeologists have discovered one of the earliest surviving frescoes from Roman Britain on Lime Street, near Leadenhall Market. The painting, which is thought to have adorned the home of a wealthy Roman citizen, dates back to the first century – making it more than 2,000 years old. Discovered six metres below street level, the painting depicts deer [...]
Pound rises as UK services PMI shows surprise rise in January February 3, 2016 The UK's services sector showed stronger growth than expected in January, Markit's purchasing managers' index showed today. The index showed a reading of 55.6, against expectations of 55.4 (any number above 50 denotes expansion). That caused the pound to spike 0.14 per cent against the dollar, rising to $1.4448, with economists suggesting the surprise jump will [...]
Prudential share price plummets on reports Chinese regulators are tightening insurance restrictions February 2, 2016 A temporary suspension of shares in Prudential was triggered this afternoon, after its share price fell more than eight per cent. The fall came after Bloomberg reported China's currency regulator was tightening restrictions on its citizens buying insurance products from overseas. Purchases of insurance products using UnionPay credit and debit cards will be capped at $5,000 [...]
EU referendum betting odds: Ladbrokes thinks a lot of David Cameron’s renegotiation skills – it’s just slashed the odds of the UK staying in the EU February 2, 2016 Ladbrokes seems to be pretty impressed at the text of Donald Tusk's letter to European heads of state, suggesting a renegotiated relationship for the UK. Today it said that since David Cameron started his negotiation process, the odds of Britain voting to stay in the EU have fallen from 4/7 to 1/3, while the chance [...]
From the British Chambers of Commerce to Nigel Farage: Here’s how everyone is reacting to Donald Tusk’s draft EU package February 2, 2016 European Commission president Donald Tusk has unveiled a draft agreement on the new, improved relationship between the UK and the European Union. The agreement includes four "central baskets", including points on economic governance, competitiveness, sovereignty and social benefits and free movement (the full text is available here). But how have the worlds of business and [...]
