City Moves for 28 August 2015 | Who’s switching jobs August 27, 2015 Pen Underwriting Jonathan Turner has been appointed executive chairman at the UK underwriting business within the Arthur J Gallagher group. He was most recently at Brit Insurance, where his roles included active underwriter of its Syndicate 2987. Turner has also held roles at QBE International Insurance. Deutsche Bank Kinner Lakhani has been appointed co-head of [...]
Nationwide figures: UK annual house price growth lowest since June 2013 August 27, 2015 Annual house price growth has slowed to its lowest level since mid-2013 making property a little bit more affordable this month – but this isn't set to last. Nationwide figures released today showed house prices rose 3.2 per cent in the year to August, down from a 3.5 per cent increase a month earlier. On [...]
Bank of England governor Mark Carney’s interest rate rise comments prompted a flurry of house buying in July August 27, 2015 Bank of England governor Mark Carney's suggestion that the rate decision will "likely come into sharper relief around the turn of this year" has prompted a flurry of homebuying, new figures suggest. Demand for houses rose 4.1 per cent in the year to July, and 5.3 per cent in the last month alone, according to [...]
Home purchase lending drops in London as buyers are priced out August 27, 2015 LONDON’S rising housing costs are pricing people out of the market with fewer mortgages being granted. There were 18,800 home purchase loans granted from April to June, the Council of Mortgage Lenders said yesterday, marking an 11.3 per cent drop on the same period last year. The amount lent out for house purchases in London [...]
UK housing market: Remortgaging spurred on by Bank of England interest rate hike threat August 26, 2015 Remortgaging has surged as the prospect of an interest rate rise leads homeowners to lock in better deals. The number of people switching to lower rates was 29 per cent higher in July than in the some month last year, figures released yesterday by the British Bankers’ Association (BBA) showed. “Savvy homeowners are snapping up [...]
What UK businesses need to know to overcome export hurdles August 26, 2015 POLITICIANS’ reputations are made or broken on the back of self-imposed targets. Back in 2012, George Osborne called for a doubling of UK exports to £1 trillion by 2020. It was certainly a bold aim. But then I guess you don’t become the chancellor of the exchequer and the bookies’ favourite to be the next [...]
Chinese stock market crash 2015: Capitalism is not in crisis – but China’s phoney model is August 25, 2015 There's nothing quite like a bout of market volatility to prompt a round of gleeful crowing from the usual suspects that “capitalism is in crisis”. This rather seems to miss the point that failures and successes, winners and losers are all essential and necessary components of an effectively functioning free market. What the [...]
BlackRock buys PwC offices in Uxbridge from Aviva for £59m August 25, 2015 FUND manager BlackRock said yesterday that it has bought an office building in west London for £55.9m from Aviva Investors. The Atrium in Uxbridge is a 138,000 square feet (sq ft) office block let to companies including American oil and gas firm Anadarko and accountants PwC. Blackrock said the deal offers a net initial yield [...]
UK property: Britain’s struggling pub trade is yielding opportunities for supermarkets and residential developers August 25, 2015 The Grotto Inn on the top of Monument Hill in Weybridge was a thriving pub before falling on hard times three years ago. It was forced to call last orders after succumbing to competition from nearby bars and pubs and has lain empty since – its windows boarded up and beer taps gathering dust. [...]
The bubble finally bursts on Black Monday: Tea, walnuts, garlic, now the Chinese stock market August 25, 2015 Fermented tea, garlic, preserved walnuts, and mahogany furniture. All of these have soared in price at one stage in the last ten years as wealthy Chinese have looked for places to store their assets and make a quick buck. “There are relatively few investment options,” says Mark Williams of Capital Economics. The walnut [...]