Chinese economy: Country’s biggest property developer sees shares crash to record low August 14, 2023 Chinese property giant Country Garden’s debt problems deepened after its onshore bonds were suspended, sending its shares plunging 16 per cent to record low on Monday in a fresh blow to policymakers trying shore up confidence in a stuttering economy. Markets remain jittery as the trouble in China’s largest private property developer could have a chilling effect [...]
Premier League club owners: A breakdown of the state of play August 11, 2023 The greatest football league in the world returns tomorrow as the Premier League kicks off with Manchester City’s trip to Burnley – or a UAE-China-US conglomerate’s journey up the M66 to United States majority owned Turf Moor. The Premier League is a multicultural cauldron of ownership nationalities and structures, with some clubs owned largely by [...]
Bitcoin takes a peek above $30k while the SEC appeals Ripple ruling August 10, 2023 Bitcoin is trading for around $29.5k after a short-lived breach of the $30k level, yesterday, while ETH continues in the $1.8k range.
Persimmon slashes number of homes built as rate rise rattles business August 10, 2023 Persimmon has cut the number of homes it’s building by more than a third as the housebuilder faces up to rapidly rising mortgage rates and a slowdown in consumer confidence. The construction company built a total of 4,249 homes in the first half of the year down from 6,652 homes compared to the same period [...]
Mark Kleinman’s column: WANdisco fiasco, Co-op auction and Chelsea’s misfires August 10, 2023 Mark Kleinman is Sky News’ City Editor and is the man that gets the City talking in his fortnightly City A.M. column. It’s payback time WANdisco? More like WANfiasco. Within weeks of the AIM-listed data software company letting it be known that it was solidifying its ambitions of pursuing a US stock market listing, the [...]
Rents likely to continue rising sharply despite cost of living crisis August 10, 2023 Rents are likely to continue rising sharply despite the cost of living crisis, surveyors are warning. Property professionals’ expectations that rents will rise in the next few months are at the strongest levels seen so far this century, the findings from the Royal Institution of Chartered Surveyors (RICS) indicate. A net balance of 63 per [...]
London and south east house prices fall fastest with analysts predicting five per cent crash August 7, 2023 House prices dropped by 0.3 per cent from June to July, the latest data suggests, with London and south east homes falling fastest in value. House prices fell by -2.4 per cent on an annual basis , easing from -2.6 per cent in June, the latest figures from Halifax show. The 0.3 per cent fall [...]
Taylor Wimpey: Profit slashed almost in half by red-hot interest rates August 2, 2023 Taylor Wimpey posted a 44.5 per cent decline in operating profit in the half year, as the house builder said it was “inevitably” impacted by red hot mortgage rates which have shattered consumer confidence. The London-listed construction firm reported a 21.2 per cent contraction in revenues down to £1.6bn compared to £2bn in the same [...]
Housing crisis is not just an issue for avo-loving millennials, but one for the UK at large August 2, 2023 House prices crash – first time buyers, rejoice? Hardly. The near four per cent fall over the past year takes house prices back to where they were only a couple of years ago; and with interest rates and therefore the price of mortgages rocketing, the end result is housing remaining out of reach for all [...]
Crash warning: House prices slump in July as market hits 2009 lows August 1, 2023 House prices have slumped by 3.8 per cent year on year, the latest closely watched figures from Nationwide show, as a season of high interest rates and weak consumer confidence continues to batter the market. The figure is the weakest since July 2009, although it is only slightly lower than the -3.5 per cent recorded [...]