Shares crash as short seller Muddy Waters savages Burford Capital August 7, 2019 Litigation finance firm Burford Capital has come under attack from short seller Muddy Waters, which has accused Burford of “egregiously misrepresenting” returns. In a report out this morning, Muddy Waters confirmed that it now holds a short position on Burford, which it describes as “a poor business masquerading as a great one”. Shares in the [...]
UK M&A deal values more than halve as global tensions take their toll August 6, 2019 The value of merger and acquisition (M&A) deals in Europe slumped during the first six months of 2019, as geopolitical concerns took their toll on the continent’s financial services industry. In the UK investors completed 97 deals totalling £6.3bn over the first half of 2019, plunging by more than half from £13.5bn when 103 deals [...]
Car sales stagnate again in July but electric vehicle market share surges August 5, 2019 New car sales were hampered last month by confusion over Brexit uncertainty and the government’s future policies over plug-in hybrid electric cars. The British new car market shrunk 4.1 per cent in July, its fifth straight month of decline, according to the Society of Motor Manufacturers and Traders (SMMT). Read more: Car industry investment grinds [...]
UK manufacturing sector ‘suffocating’ as output falls to seven-year low August 1, 2019 The UK’s manufacturing sector is “suffocating” from a poisonous mix of lower global economic growth and Brexit uncertainty, a closely-followed economic measure found today. Production volumes nosedived to a seven-year low in July, IHS Markit’s UK manufacturing purchasing managers’ index (PMI) showed. Meanwhile the sector was stuck in a contraction, with July’s PMI score of [...]
Growth falters as UK house prices stuck in ‘Brexit limbo’ July 31, 2019 UK house prices’ rate of growth slipped in July, falling to a “modest” 0.3 per cent annual rise to stay below one per cent for the eighth month in a row, according to Nationwide’s latest data. However, the 0.3 per cent month-on-month growth outstripped June’s 0.1 per cent to leave the average UK home worth [...]
UK mortgage approvals rise but consumer lending slows July 29, 2019 Britain’s housing market received a modest lift in June as mortgage approvals increased by more than analysts had expected, Bank of England figures showed today. Read more: UK mortgage approvals hit two-year high following Brexit extension Annual lending growth to UK consumers slowed from 5.7 per cent in May to 5.5 per cent in June, [...]
Private equity firms eye up challenger accountancy firm Cogital July 28, 2019 Several private equity groups are reportedly preparing bids on UK-based accounting firm Cogital, in a deal that could value the company at £1bn. European firms BC Partners, Permira, and PAI are preparing final bids alongside US-based Hellman & Freidman, according to the Financial Times Cogital was set up in 2016 by former Deloitte partner John [...]
UK mortgage approvals rise in June July 24, 2019 The number of mortgages approved in the UK reached one of it’s highest levels in the past two years in June. Last month the number of mortgages given the go-ahead for house purchases rose to 42,653 up from 42,407 in May and close to April’s two-year high of 42,792, according to data from UK Finance. [...]
Eurozone relapses as manufacturing downturn deepens July 24, 2019 Economic woes have deepened in the Eurozone as the manufacturing downturn hit a three-month low for July, according to a closely-followed measure of the industry’s health. Manufacturing output relapsed to fall to a score of 51.5 this month after two months of growth, IHS Markit’s Flash Eurozone Purchasing Managers’ Index (PMI) found today. Read more: [...]
‘Clouds gather’ for manufacturers as output hits lowest point since financial crisis July 23, 2019 British manufacturing output shrank at the fastest pace since the financial crisis over the last three months, according to research. Nineteen per cent of manufacturers reported that output rose while 30 per cent said it fell. This gave output a minus 11 per cent balance for the three months to mid-July. The Confederation of British [...]