Government backs 95% mortgages for first-time buyers March 12, 2012 The government has launched a new mortgage indemnity scheme that is designed to allow first-time buyers to step onto the property ladder and boost the construction industry. Under the NewBuy scheme major lenders including Barclays, Nationwide and Natwest will allow people to borrow up to 95 per cent of the value of a home, with [...]
Banks in rate swap dispute with SMEs March 11, 2012 BRITAIN’S top banks face claims of mis-selling from hundreds of small businesses that bought complex interest rate derivatives before the start of the financial crisis. Barclays and HSBC, as well as taxpayer-backed Lloyds and Royal Bank of Scotland, all face allegations that they pushed small- and medium-sized enterprises (SMEs) to take out interest rate swap [...]
NICK CANDY JOINS THE PARTY SET AT CANNES March 8, 2012 AFTER a subdued and more sombre start to MIPIM, the annual property conference in Cannes, the mood began to pick up on Wednesday, the second and busiest day, as the weather brightened and investors began to talk more positively, albeit cautiously about the outlook for real estate this year. The sun graced Cannes in time [...]
French GDP grinds to halt as German growth holds up March 8, 2012 THE FRENCH economy is looking weak with employment falling and new forecasts suggest it will not grow in the first three months of 2012. However, Germany is on a reasonably strong footing, according to industrial production data out yesterday. The final quarter of 2011 saw French non-farm payrolls fall by 0.1 per cent – a [...]
CITY MOVES | WHO’S SWITCHING JOBS March 8, 2012 AFC Energy The developer of low-cost alkaline fuel cell technology has announced the appointment of Sir John Sunderland as non-executive director of the company. Sunderland has spent 40 years in leadership roles, best known as the former chief executive and later as chairman of Cadbury Schweppes. Currently Sunderland is a non-executive director of Barclays Bank, [...]
FTSE buoyed by miners and banks March 8, 2012 The FTSE 100 pushed higher this morning as investors gained confidence in Greece’s chances of completing a lifesaving bond swap later today. Major banks and pension funds, representing about 40 per cent of Greece’s outstanding debt, threw their weight behind Athens’ bond swap offer to private creditors yesterday. That should be eno€130bn fund for Greece [...]
THERE’S NEVER A BAD TIME FOR BORIS TO ASK FOR CASH March 7, 2012 BORIS Johnson likes to make much of the fact that he has convinced the private sector to give him oodles of cash. Barclays gave £25m to help pay for his Boris bikes while Emirates, the airline, will pay £36m over the next ten years to sponsor the Thames cable car. But his method of extracting [...]
Europe slowing as US grows March 7, 2012 THE EUROZONE continues to look weak as industrial data published yesterday showed the economy in decline, while the US kept growing with positive jobs figures. German industrial orders plummeted in January, falling 2.7 per cent on the month as foreign orders collapsed. Export orders fell 5.5 per cent, led by an 8.6 per cent fall [...]
FTSE resilient despite Greek deal fears March 7, 2012 The FTSE 100 proved resilient this morning as strong corporate results shored up the index despite falls on other markets across the globe. European shares overall steadied after two straight days of losses as investors braced for news on whether Greece would succeed in restructuring its huge debt pile. The Greek bond swap deal must [...]
Santander UK prepares for float with a board overhaul March 6, 2012 SANTANDER UK has overhauled its board and appointed a new chief financial officer in a move widely seen as preparation for the float of the business when market conditions improve. Stephen Jones, who the bank poached from Barclays last year, will join the board as CFO and head of regulation, so that the lender has [...]