Costly coal and lower US steel prices leave ArcelorMittal braced for weak fourth quarter November 8, 2016 The world's largest steelmaker, ArcelorMittal, has warned low US steel prices and a recent rally in the price of coal will weigh on its profits in the fourth quarter. The figures Earnings before interest, tax, depreciation and amortisation (Ebitda) rose 40 per cent to $1.9bn (£1.5bn) at the global steelmaker in the quarter ended 30 September. However, [...]
Construction begins on Europe’s tallest modular residential block November 8, 2016 Work has begun on Europe's tallest modular residential tower block, the latest innovation scheme to help combat London's housing crisis. The 26-storey tower will be built in Mapleton Crescent in Wandsworth, and is constructed entirely from modular units – compact flats assembled in factories before being installed with cranes. Read more: How innovation is transforming the property industry The 89-unit [...]
How SoftBank won “national interest” backing from Theresa May for its “game-changing” Arm takeover November 7, 2016 Even the most devout follower of the London Stock Exchange’s RNS feed may have been confused by a statement issued by SoftBank last week. The Japanese lender published the number of staff employed by British tech giant Arm, a company it acquired in a £24bn mega-deal over the summer, as at 5 September. The figure, [...]
UK house prices were flat in October November 2, 2016 House prices were flat in October, as the housing market struggled to regain the momentum it lost following the EU referendum. According to data from Nationwide, there was no house price growth month-on-month in October. House prices increased 4.6 per cent year-on-year, down from an annual growth of 5.3 per cent in September. Read more: [...]
Housebuilder Persimmon shrugs off Brexit vote but says it’s staying cautious November 2, 2016 Housebuilders' shares were among the hardest hit after the Brexit vote – but it seems investors may have been over-cautious, after Persimmon reported a 19 per cent jump in sales. The figures In a trading statement this morning Persimmon, the UK's biggest housebuilder, said since it reported its half-year results at the end of August, sales have [...]
London must shake off its complacency over housing and infrastructure if it’s to thrive post-Brexit October 31, 2016 Rarely has a ranking of the world’s greatest cities been released in the past few years without London at its top, or very near it. PwC recently named the capital the world’s best city for opportunity, praising its economic clout, its attractiveness to foreign direct investment, its highly skilled workforce, and its status as a [...]
Focus On Bermondsey: River views, great food, warehouse conversions – what more could you want in SE1? October 28, 2016 This ancient town, first mentioned in the Domesday Book as Bermundesy, has had a colourful existence on the south bank of the river Thames. For centuries condemned as a slum, this centrally located area in Zone One has blossomed in the last ten years into one of the most artistic – not to mention delicious [...]
Don’t rely on downsizing to make up for your insufficient pension October 27, 2016 After years of runaway house prices, few will be surprised that a sizeable proportion of the UK’s net wealth is tied up in property. The latest ONS statistics show that dwellings make up a massive 62 per cent, or £5.5 trillion, of the country’s £8.8 trillion total. So it is also unsurprising that many see [...]
Time to remortgage? The rates on two-year fixed deals are very low, but watch out for additional fees October 27, 2016 Brexit has been kind to mortgage holders. As the Bank of England’s interest rate has come down, banks have been able to borrow more cheaply, allowing competition to increase and mortgage rates to fall. Borrowers have been quick to take advantage of the deals on offer; in August, the number of people remortgaging hit a [...]
Mortgage approvals fell 15 per cent in September October 26, 2016 The number of mortgages approved by high street lenders fell 15 per cent in the year to September, figures published today showed. The British Bankers' Association said the number of mortgages given approval hit 71,738 in September – up from 69,499 in August. But the figure was down on the 74,252 six-month average, and three per cent lower in [...]