Deflation grips shops through Christmas sales January 7, 2014 SHOP prices dropped at the fastest pace for at least seven years this Christmas, as retailers struggled to capitalise on 2013’s increasing consumer confidence. According to the British Retail Consortium (BRC) and Nielsen, shop prices slipped by 0.8 per cent during December, driven by a 2.3 per cent drop in non-food prices. Retailers have now [...]
Property market prices and rents to keep rising in 2014 January 7, 2014 HIGHER demand and a dearth in supply will continue to fuel rising prices and rents in the commercial and residential markets in 2014, according to the latest research by Jones Lang LaSalle (JLL). The property group predicts London prices will jump eight per cent this year, albeit a slight slowdown on last year’s 11 per [...]
Rates fall again for UK’s savers and borrowers January 7, 2014 MARKET interest rates are still falling five years after the Bank of England slashed the base rate to 0.5 per cent, official data and Goldman Sachs research showed yesterday. Mortgage interest rates on new loans now average around 2.75 per cent, Goldman analysts said. The rates have fallen by more than one percentage point in the [...]
Ashmore wins China investment licence in first for a western firm January 7, 2014 LONDON’S push to become a leading foreign centre for yuan trade took a step forward yesterday after Ashmore became the first western asset manager to secure a licence to invest directly in China’s capital markets. China’s cautious embrace of international cash resulted in a coup for Britain last October, when London became the sole non-Asian [...]
Fed’s Rosengren gets on board with US plans to taper stimulus January 7, 2014 THE LONE US Federal Reserve official to dissent against the Fed’s decision last month to cut stimulus said yesterday he is nonetheless comfortable with the current approach of reducing bond-buying by $10bn (£6.08bn) increments at each policy meeting. In an interview, Boston Fed president Eric Rosengren warned against any “dramatic steps” to wind down the [...]
RBS sells chunk of Charter One ahead of exit from US banking January 7, 2014 RBS QUIT retail banking in and around Chicago yesterday, selling 94 Charter One branches to US Bancorp. The British lender is planning a wider exit from the US, aiming to float its American bank Citizens, which includes Charter One, later this year. It bought into Charter One a decade ago, and is now partly reversing that [...]
Pawn shop H&T in the mood for consolidation January 7, 2014 PAWNBROKER H&T is still on the hunt to buy shops owned by faltering rival Albemarle & Bond despite announcing plans yesterday to close more of its own stores. The UK’s biggest pawnbroker has signed a non-disclosure agreement with Albemarle & Bond, with a view to buying the company after rival bidder Better Capital pulled out [...]
Barclays beefs up its board with appointment of former regulator January 7, 2014 BARCLAYS yesterday bulked up its board, hiring former Federal Reserve and Financial Services Authority regulator Stephen Thieke. He joined immediately as a non-executive director. Barclays has been keen to increase its knowledge and skills in regulation and compliance, a drive which included hiring ex-FSA chief executive Sir Hector Sants as compliance boss last year. However, Sants [...]
Size of average homes falling as housing crisis hits families January 7, 2014 A TYPICAL family home is now two square metres smaller than it was ten years ago, as the UK’s chronic housing supply shortage moves households into smaller premises. An average home for a family now has 96.8 square metres of floor space, in comparison to 98.8 square metres just one decade ago, while the number [...]
Samsung warns of falling profits in mobile group January 7, 2014 SAMSUNG Electronics’ fourth quarter profits are expected to be hit by falling smartphone shipments and the impact of a special employee bonus estimated to be worth nearly 1 trillion South Korean won (£570m). Yesterday the world’s largest smartphone maker said it expects to fall short of analysts’ expected earnings of 8.8 trillion won by 18 [...]
