Boris pledges £1bn to support London housebuilding November 25, 2013 London mayor Boris Johnson has acknowledged that the dearth of London housing supply has become the biggest challenge facing the capital's economic development. Boris announced that "for over 30 years, regardless of boom and bust, governments of every hue have failed to build enough homes". London's minimum target for home building stands at 42,000 for [...]
UK mortgage approvals see shock fall in October November 25, 2013 Mortgage approvals have fallen by around 1,400 in October, despite economists forecasting that they would rise by 2,200 in the month. BBA data shows approvals down from 43,000 to 42,800 (45,200 expected). In the year to date, mortgage approvals have climbed by 33.4 per cent. Adrian Anderson, director of mortgage broker Anderson Harris, says that [...]
Petrofac and Daelim awarded $2.1bn refinery contract November 25, 2013 Gas and Petroleum companies Petrofac and Daelim have been awarded a $2.1bn (£1.3bn) contract by Oman Oil Refineries and Petroleum Industries Company (ORPIC). The deal is a 50/50 joint venture between the companies. The contract is for engineering, procurement, construction and start-up commissioning services at the Sohar refinery, located 230km north west of Muscat. The [...]
Less than two months ago regulators warned against a payday loan cap November 25, 2013 It's not been two months since the Financial Conduct Authority (FCA) released its consultation on payday lending – and recommended against a cap – and now politicians are attempting to bring one in. The FCA called such a proposal a "very intrusive proposition". In October the FCA's "Detailed proposals for the FCA regime for consumer [...]
Osborne denies departure from free markets in capping payday loans November 25, 2013 The UK will introduce a cap on payday loans, the chancellor announced this morning. The level of the cap will be determined by the Financial Conduct Authority and will be included in the banking reform bill. Asked on Radio 4's Today programme whether the he had departed from a free market world view, the chancellor [...]
Co-op asks Crystal Methodist for its £31,000 back November 21, 2013 The Co-operative has asked former Co-op Bank chairman Paul Flowers for £31,000 back, and stopped £90,000 of further payments. Flowers has been dubbed the "Crystal Methodist" after allegedly buying illegal drugs, including crystal meth. He received that £31,000 after resigning as chairman of the Co-op Bank earlier this year as remuneration for continuining as vice [...]
How this small company highlights the problem of valuing the Royal Mail float November 21, 2013 One float that hasn't gripped the public imagination much has been that of Applied Graphene Materials, a company that floated on AIM on Wednesday. Since its initial public offering (IPO) shares in the company have more than doubled. Launching at 155p, they have since risen above 380p during today's trade, before falling back a little. [...]
Fed on track to get first female chair as Senate Banking Panel votes 14-8 to approve Yellen November 21, 2013 The Senate Banking Panel has voted 14-8 to approve Janet Yellen as Federal Reserve chief. Now the nomination will head to the full Senate. Yellen would be the Fed's first female chair, as the successor to incumbent Ben Bernanke. Obama's Democrats hold 12 of the 22 seats on the panel.
Serco boss steps down after tagging scandal November 21, 2013 One of security company Serco's chiefs, Jeremy Stafford, has decided to step down as chief executive of UK & Europe as the company "has been working hard to refresh its relationship with central government in the UK". Andrew White, chief operating officer of UK & Europe, will take over the role on an interim basis. [...]
US government to exit GM by end of 2013 November 21, 2013 On Thursday, the US government announced that it expected to sell its last shares in General Motors (GM) by the end of the year. The government will sell its remaining 31.1m shares on a gradual basis on the open market. The government has so far recouped $38.4bn (£23.8bn) through selling 70.2m shares. However, it is [...]
