Help to Buy sparks £1.3bn house sales
The UK housing market has been given a sharp jolt by the government’s flagship Help to Buy scheme, subsidising an estimated £1.3bn-worth of house purchases in the past four months. Nearly 7,000 new-build homes have been reserved through the scheme since its launch in April.
EU telecoms hit by regulatory worries
European telecoms groups came under pressure yesterday following analyst concern about the impact of Brussels’ single market proposals and a profit warning from Mobistar, the Belgian wireless group. Bernstein warned that plans by Brussels to impose low wholesale rates as part of its efforts to end roaming tariffs in the region could be used to undercut domestic operators and would “hasten the decline of wireless only companies”.
US banks now worth double Brics’
A stark shift in investor sentiment in global equity markets has accelerated this year with a widening gulf between the market value of big US banks and commodity companies in emerging markets.
Three walk free as iSoft case shelved
After seven years, two trials and a £5m bill, the City’s financial regulator has had to abandon the prosecution of three former directors of iSoft.
An embarrassed Financial Conduct Authority said it had dropped its case against Timothy Whiston, John Whelan and Stephen Graham. A retrial of the three former software executives collapsed two weeks ago when “highly pertinent” new material emerged while barristers were preparing to give their closing speeches.
The Daily Telegraph
Rail executives to pocket £900,000
Three senior Network Rail executives are set to pocket £900,000 for not leaving their jobs, The Daily Telegraph can disclose. Patrick Butcher, the group finance director; Robin Gisby and Simon Kirby respectively the managing directors for network operations and infrastructure projects will each get £300,000 “retention payments” next year if they stay in post. The proposed “golden handcuffs” rekindles the row over executive bonuses for the track infrastructure company.
THE WALL STREET JOURNAL
Hasbro, Disney extend Marvel deal
Hasbro and Walt Disney agreed to extend the toy maker’s merchandising rights to Marvel characters, while Hasbro posted a 16 per cent profit decline .
Time fills Its corner office
Time Warner yesterday named a former finance chief of Time, Joe Ripp, to take the reins at the magazine unit, publisher of Time, Sports Illustrated, People and other well known titles.