Loophole stops industry from going full speed October 4, 2012 FINALLY, some good news. Not only did car sales improve by more than expected in September, but the gains came mostly through consumer spending rather than corporate sales. But wait – a new car? That’s a pretty luxurious purchase in these straitened times, surely the squeezed middle can’t be cutting back on everything else and [...]
Scardino exit at Pearson sparks FT sale rumours October 3, 2012 THE FTSE 100’s first female chief executive Dame Marjorie Scardino stepped down as head of Financial Times owner Pearson yesterday, after more than 15 years in charge. Scardino, who has transformed Pearson since she took charge in 1997, will be replaced by the head of the firm’s successful education unit John Fallon. The move sparked [...]
Nationwide survey reveals fall in house prices for September October 2, 2012 HOUSE PRICES slipped in September, according to Nationwide’s house price index, released yesterday, adding weight to other studies showing downturn during last month. The average house price fell 0.4 per cent over the month, after the 1.1 per cent gain seen in August, and contributing to the overall 1.4 per cent fall seen over 12 [...]
Private buyout deals reach a four-year high September 30, 2012 PRIVATE equity buyouts in the UK are returning to pre-financial crisis levels, with buyout leverages and deals worth over £1bn at their highest point since 2008, data released today reveals. Figures from the Centre for Management Buyout Research shows that three buyout deals have surpassed the £1bn mark this year, the first time this has [...]
Just 250 homes sold through government’s NewBuy scheme September 27, 2012 JUST 250 houses have been sold through the government’s flagship scheme to help first-time buyers onto the property ladder, figures revealed yesterday. The NewBuy programme offers mortgage guarantees to purchasers of new-build homes, even if they can only raise a five per cent deposit. Then-housing minister Grant Shapps had said that 100,000 households will be [...]
Lack of lending hurting retailers September 27, 2012 The lack of mortgage lending to first time buyers is not only hurting the housing market, but also retailers selling tools, homewares, and furniture, data revealed today. Boosting lending would have a knock-on effect on these markets, the data released jointly by Genworth, the British Retail Consortium and KPMG showed. “A lack of lending leads [...]
Terry Smith attacks plan to use pensions to secure mortgages September 25, 2012 LEADING City fund manager Terry Smith yesterday called Nick Clegg “brain dead” after the Deputy Prime Minister announced plans to allow children to guarantee mortgage deposits using their parents’ pension pots. The multimillionaire Tullett Prebon boss criticised the policy, which would enable first-time buyers to secure part of their house loan on a relative’s savings. [...]
What the other papers say this morning September 25, 2012 FINANCIAL TIMES Temasek considers StanChart stake Singapore investment fund Temasek has sounded out potential buyers for its £6bn stake in Standard Chartered, potentially reigniting talk of a takeover of the emerging markets bank. The fund, which is owned by the Singapore government, had been judging buyer interest for its 18 per cent shareholding in recent [...]
JJB Sports calls time as it hires administrators September 25, 2012 AILING retailer JJB Sports yesterday confirmed it will appoint administrators after failing to receive an offer for the entire company, putting up to 4,000 jobs at risk. Shares in the group – which were worth a total of as much as £1bn a decade ago – were suspended yesterday and remaining investors, including US tycoon [...]
The ideas emerging from Lib Dem conference dissolve under scrutiny September 24, 2012 SOMETIMES, it’s hard not to feel rather sorry for the Liberal Democrats. After the public relations disaster of Nick Clegg’s toe-curling apology on tuition fees last week, the party faithful have gathered in Brighton only to be battered by violent storms. The Lib Dem leadership was hoping to pilot a course to sunnier political climes [...]