Morning markets update: London’s FTSE continues to climb after Wall Street tech rally May 8, 2018 The FTSE has continued to rally this morning, buoyed by a strong performance on Wall Street overnight and positive results in Asian markets. The London stock index was up 13 per cent, edging back up towards the 7,600 level, led by gains from Shire pharmaceutical after it agreed to a $62bn (£45.9bn) takeover from Japanese [...]
Challenger bank Paragon confirms it’s in talks to acquire housebuilders’ lender Titlestone May 8, 2018 Challenger bank Paragon has revealed it is in the “early stages of considering a possible acquisition of Titlestone”, a firm which lends to residential developers. Though FTSE 250-listed Paragon – which focuses on mortgages, savings and providing business finance – did not expand on how much it was likely to offer for Titlestone, the housebuilders’ [...]
Runners and riders: Who will replace Mark Carney as Bank of England governor? May 8, 2018 The Bank of England will this week reveal its latest monetary policy decision, with investors having performed an abrupt u-turn on their bets it will raise rates. Investor bets indicate a probability of only seven per cent for a May hike, compared to an implied probability of more than 71 per cent at the end [...]
FTSE roundup: Pearson pushes the blue chip index up as sterling shows signs of weakness May 4, 2018 The FTSE 100 index ended this week up 0.86 per cent on last Friday’s close, though it lost some of the gains made at Wednesday’s peak. Recovering publisher Pearson seemed to close the chapter on its all-too-regular profit warnings, saying at had seen a “good start” to the year. It led the blue chip index, [...]
FCA says UK’s 150,000 ‘mortgage prisoners’ need help switching to better deals May 4, 2018 The UK’s financial watchdog has said it wants to help around 150,000 “mortgage prisoners” who are trapped in their current borrowing find a better deal. Releasing its interim report into the mortgage market this morning, the Financial Conduct Authority (FCA) said that there were a number of ways in which the industry could work better [...]
Will UK interest rates rise in May? May 4, 2018 Rate rises are important to many in the UK, particularly those whose wealth is tied to the value of their homes and the mortgage debt they pay on them. A rate rise could have a substantial impact on both, potentially driving down the value of the home while increasing mortgage costs. It can also have [...]
TSB boss Paul Pester to give up (one) bonus after IT meltdown May 2, 2018 TSB chief executive Paul Pester will give up a bonus tied to the computer systems migration which has gone disastrously wrong, leaving thousands of customers without access to their accounts for days. Speaking at the Treasury Select Committee, TSB chair Richard Meddings today said: “He will not be taking his bonus for the integration”. In [...]
The anti-Brexit House of Lords has just signed its own death warrant May 2, 2018 The House of Lords has crossed the Rubicon. In voting on Monday to send back the government’s European Union (Withdrawal) Bill with an amendment that weakens its hand in negotiating the terms of Brexit, it has set itself against the British people and their expressed will. For an unelected assembly that is meant to be [...]
Wembley sale: Questions over the FA’s valuation and need to sell, says its former commercial director May 1, 2018 As has been widely reported, the Football Association has received an offer from the American billionaire Shahid Khan to buy Wembley Stadium. Khan already owns an NFL franchise and Fulham FC, and is no stranger to football or London and the UK. Permission for the FA executive to develop the proposal has been granted by [...]
RBS is closing 162 branches resulting in 800 job losses as more customers opt for mobile banking May 1, 2018 The Royal Bank of Scotland (RBS) is closing 162 branches and cutting nearly 800 jobs after a review of its network in England and Wales, noting that an increasing number of customers were using branches less often and using mobile banking. It said the branch closures will result in 792 roles being made redundant and [...]