BP has bagged ex-MI6 chief Sir John Sawers as a non-exec director May 14, 2015 Oil giant BP has bagged ex-MI6 chief Sir John Sawers, who will sit on its board as a non-executive director with immediate effect. Sawers completed his five-year tenure as the top boss of the UK secret intelligence service in November 2014, and was the first MI6 chief to be appointed from outside of the service since 1968. [...]
UK house prices: Are low deposit mortgages propping up the housing market? May 14, 2015 The number of people buying houses with low-value deposits has risen by 7.3 per cent in the last year, according to data analysis by chartered surveyors e.surv. The figures Lending to borrowers who have only small deposits (15 per cent or less of the property’s value) accounted for 16.3 per cent of house purchases in April, [...]
UK house price growth means regional rents are now rising faster than in London May 14, 2015 London’s rental prices are no longer the fastest growing in the country. Other regions have outstripped the capital, with the south west the leader with a whopping 15.5 per cent growth in the last year. The figures According to Homelet, UK rental prices for the three months to April rose by 10 per cent, and [...]
British Land profits lifted by lucrative London property market May 14, 2015 The figures: British Land said that underlying profit before tax rose 5.4 per cent to £313m for this financial year, up from £297m a year earlier. Diluted underlying earnings per share rose 4.1 per cent to 30.6p, an increase from 29.4p in 2014. The developer's total portfolio valuation rose by 12.1 per cent to £13.63bn. This was [...]
Greek government moves to rule out a bailout referendum May 13, 2015 A leading member of the Greek government yesterday insisted that a referendum to secure government support for its bailout strategy is not on the cards. It will instead try and reach a compromise with its lenders. Interior minister Nikos Voutsis said “We are working towards an honourable compromise. An immediate recourse to a referendum or [...]
Surveyors say housing level at crisis point as rising UK house prices and weak supply spark “national emergency” May 13, 2015 House prices across the country climbed further last month as new listings fell at their fastest rate in six years, according to a new report published today. Thirty-three per cent more surveyors nationwide, and 28 per cent of respondents in the capital, saw prices rise in April, according to the latest Royal Institution of [...]
What will the new government do to build more affordable homes? May 13, 2015 Housing charity Shelter says 250,000 new homes need to be built in England each year to keep up with population increases. But current housebuilding rates are nowhere near those levels. According to the department for communities and local government, just under 120,000 homes were completed last year. On the campaign trail, the Conservatives made a [...]
Salvatore Ferragamo profit lifted by currencies May 13, 2015 Italian luxury group Salvatore Ferragamo yesterday reported a 16 per cent rise in its first-quarter core profit as currency effects boosted sales in Asia and North America. Earnings before interest, tax, depreciation and amortisation totalled €61m (£44m) in the first quarter, marginally ahead of analysts’ consensus of €58m. Sales rose 10 per cent to €327m. [...]
Bob Diamond re-elected as Atlas Mara director after facing a minor investor revolt May 13, 2015 Ex-Barclays chief Bob Diamond was re-elected as a director at his latest venture Atlas Mara – but only after a modest shareholder rebellion among voters. The chief executive was backed by 91.2 per cent of shareholders, giving him the support a solid majority. But that figure compares with more than 99 per cent for all [...]
Morgan Stanley fined $2m for incorrectly reporting short-selling positions May 13, 2015 US investment bank Morgan Stanley was yesterday fined $2m for incorrectly reporting its short-selling positions over a period of more than six years. Regulator Finra requires banks to report their short positions, to provide investors with transparency over activity in the marketplace. But Morgan Stanley failed to do this, and failed to implement a system designed [...]