Real estate jobs boom a worry – but labour market rebalancing September 11, 2013 IT is the fact of the day: those who work in real estate accounted for 23.05 per cent of the net jobs growth in the UK over the past year. In fact, 13 per cent of the 562,000 total jobs that now exist in “real estate activities” – which include a range of jobs, from [...]
Redrow signs £250m loan as it sets sights on further expansion September 11, 2013 REDROW announced yesterday it has agreed on a new and larger £250m loan with its banks, in a further sign of growing confidence in the housing market. The housebuilder said the four and a half year credit facility, which expires in March 2018, was £50m bigger than the existing facility it replaces, while costs were [...]
Cable and bank boss voice fears on Help to Buy September 11, 2013 BUSINESS secretary Vince Cable and Barclays’ Anthony Jenkins mauled the Treasury’s Help to Buy scheme yesterday, adding to fears about the risk of a new housing bubble. Cable said: “We should certainly think about how it should come into effect, indeed whether it should come into effect in the light of changing market [...]
Equistone gives more seed cash to Whitworths September 11, 2013 PRIVATE equity firm Equistone has taken a majority stake in snacks and baking products firm Whitworths, in a deal that values the company at £90m. Equistone said its cash injection will be used to develop new products and scout out possible acquisitions to expand the business further. Whitworths, founded in 1886, has been owned by [...]
What the other papers say this morning – 11 September 2013 September 10, 2013 FINANCIAL TIMES Barclays face Saudi damages claim A prominent Saudi businessmen has taken legal action against a US law firm in a preliminary step toward suing Barclays for what he says are damages of potentially as much as $10bn. Mr Jaber and his company allege that Barclays conducted “corrupt activities” in Saudi Arabia that ultimately [...]
New scheme set to make bank switching easier September 10, 2013 Liam Ward-Proud looks at the accounts offered by the bigger challenger banks FROM Monday, the Payments Council’s new seven-day switch guarantee scheme is set to make moving your bank account easier. It will ensure that bank account changes are completed smoothly and within a week, with transferring direct debits and incoming payments now the responsibility [...]
£459m deal for high voltage transmission link to London Array secured by favoured consortium September 10, 2013 The consortium Blue Transmission London Array – comprising Barclays infrastructure Funds Management and a UK subsidy of Mitsubishi Corporation – has been named by Ofgem as the owners and operators of the new £459m high voltage link to the London Array offshore wind farm, after a sell off by the London Array joint venture. We [...]
Chief regulator thinks interest swaps compensation should be complete by April 2014 September 10, 2013 Compensation for interest rate swap mis-selling should be complete by April 2014, according to the chief executive of the Finacial Conduct Authority (FCA). So far only £500,000 has been paid out for just 10 cases. Banks have taken on 2,800 staff to deal with more than 30,000 cases. FCA boss Martin Wheatley said that "nobody [...]
Pressure on Vodafone as investors pile into Kabel stock September 9, 2013 VODAFONE is under increasing pressure to change the terms of its €7.7bn (£6.5bn) purchase of Kabel Deutschland ahead of tomorrow’s deadline, as it was revealed yesterday that shareholders have increased their stake in the company. The German telecoms operator said yesterday that Paul E Singer, of Elliott Asset Management, has increased his holdings in the [...]
Icap enters late stage talks to put Libor rigging claims to rest September 9, 2013 ICAP, the interdealer broker, is in late stage talks with US and UK regulators to settle longstanding claims over the Libor rigging scandal for about £70m. The broker, led by City grandee Michael Spencer, is understood to be nearing a deal with the UK’s Financial Conduct Authority to pay it £20m and US Department of [...]