Mortgage approvals soar to 13-year high as UK housing market booms October 29, 2020 Mortgage approvals jumped again in September to hit a 13-year high as pent-up demand and the stamp duty holiday fuelled the housing market despite the economy’s fragile state. Approvals of mortgages for house purchase rose sharply to 91,500 in September from 85,500 in August, the Bank of England said today. Analysts had expected the number [...]
Lloyds profit beats forecasts on pandemic mortgage boom October 29, 2020 Lloyds posted a forecast-beating profit for the third quarter as Britain’s biggest domestic lender cashed in booming demand for mortgages and set aside a smaller amount to cover bad loans. The bank returned to profitability in the three months to September after posting an unexpected loss in the first half. Lloyds reported a pre-tax profit [...]
US stocks tumble and oil drops after disastrous FTSE 100 day October 28, 2020 The FTSE 100 plunged to its lowest level since April and US and European stocks tumbled as surging coronavirus cases and a lack of US stimulus sent shockwaves through markets. London’s blue-chip index dropped three per cent in afternoon trading, its third fall in as many days, to just 5,556 points. Read more: How close [...]
Institutions don’t share retail investors’ optimism on returns October 28, 2020 Schroders’ studies suggest retail – or individual – investors are more optimistic about future returns than investors at large institutions. Individuals have indicated that they expect average annual returns of nearly 11% over the next five years while institutional investors anticipate a more moderate 6%. Schroders’ Institutional Investor Study is an analysis of views from [...]
Rush to beat stamp duty rise sees UK house prices jump again October 28, 2020 The stamp duty holiday and pent-up demand have led to a stampede into the housing market, with 140,000 more buyers currently waiting to complete their property transactions than a year earlier, according to a new report. The high demand saw UK house prices jump again in September by three per cent year on year, the [...]
Beautiful Samoa: Beautiful will always be here October 27, 2020 Nestled in the heart of the Polynesia – only four hours away from New Zealand, five hours from Australia and three hours from Fiji – lies beautiful Samoa. Known for its pristine beaches, lush gardens, majestic mountains, breath-taking waterfalls, powerful blowholes and stunning seascapes, the islands of Samoa celebrate the gifts bestowed upon it by [...]
Fidelity acquires LGIM’s personal investing business October 23, 2020 Fidelity has acquired Legal and General Investment Management’s personal investing business for an undisclosed sum. The business will now form part of Fidelity’s own personal investing platform and will more than double its current 280,000 customers on the platform, which has £20.3bn in assets under management. LGIM’s UK personal investing business has £5.8bn in assets [...]
Whisky, stilton and pork pies to be protected in post-Brexit food regulations October 22, 2020 The government today set out new legislation to guarantee the authenticity and origin of traditional British foods such as stilton, pork pies and Scotch whisky at the end of the Brexit transition period. Negotiations between the UK and EU are still ongoing, with time running thin for a trade deal with the bloc before Britain [...]
Daily Mail owner raises profit outlook following spike in advertising revenue October 22, 2020 The Daily Mail and General Trust (DMGT) has raised its full-year profit outlook following a strong hike in advertising revenue, after formally suspending guidance in the initial outbreak of the pandemic. DMGT today said it expects group adjusted revenue for the year to be in the region of £1.205bn to £1.215bn, with adjusted operating profit [...]
Snakes and Ladders: Who is moving jobs in the City this week? October 21, 2020 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. City firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of [...]