Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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UK industrial production advanced more than expected in March Industrial production in the UK recorded a rise of 0.70% on an annual basis in March, compared to a rise of 0.10% in the prior month. Market anticipation was for industrial production to rise 0.10%. UK industrial production unexpectedly rose in March On a MoM basis, industrial production recorded an unexpected rise of 0.50% in March, in the UK, higher than market expectations for an unchanged reading. Industrial production had climbed 0.10% in the prior month
UK NIESR estimated GDP rose in the February-April 2015 period NIESR estimated gross domestic product (GDP) in the UK climbed 0.40% in the February-April 2015 period. In the November-January 2015 period, NIESR estimated GDP had advanced by a revised 0.30%.
UK manufacturing production rose more than expected in March On a MoM basis, in the UK, manufacturing production advanced 0.40% in March, higher than market expectations for an advance of 0.30%. In the previous month, manufacturing production had recorded a revised rise of 0.50%. UK manufacturing production rose more than expected in March On an annual basis, manufacturing production in the UK rose 1.10% in March, compared to a revised rise of 1.20% in the previous month. Markets were anticipating manufacturing production to rise 1.00%.
Agnellis sell off Cushman in £2 billion global property merger: Cushman & Wakefield has been sold by the Italian family behind Fiat to DTZ for $2 billion, creating one of the world’s largest real estate services companies
Latest figures from the Halifax House Price Index reveal that house prices increased by 1.6% in April. This brings the average national house price to £196,412, up from £193,328 in March. On a quarterly basis prices rose by 2.2%, a lower rate of growth than that recorded in March (+2.6%). This marks the first decrease in the quarterly rate of growth this year and follows three consecutive months of increases. Year-on-year, prices saw an uptick of 8.5% (up from 8.1% in March), although this figure still sits well below last July's peak of 10.2%. These figures reflect ongoing moderation in house prices, the report noted, which are being constrained by a housing shortage. "Housing demand is being supported by a number of factors, including economic improvement, rising employment and low mortgage rates," explained Martin Ellis of Halifax. "At the same time, supply remains very tight with a general shortage of properties available for sale. This combination has kept house price inflation steady in recent months." House price rises are expected to outstrip increases in average earnings for the rest of the year, which should continue to constrict house price rises. Annual house price growth is therefore forecasted to end the year at 3-5%.
Tory win means austerity will keep rates lower for longer: Another full year of rock-bottom interest rates will be one outcome of the Conservative victory at the polls, analysts have forecast.
Brothers’ dispute hits sale of society hangout Scott’s: A family disagreement means that plans to sell the property that houses the celebrity hangout Scott’s in Mayfair are on the verge of falling through.
April saw far stronger housing market activity across the board than at the same point a year ago, the latest research from Connells Survey & Valuation has revealed. Overall, the number of property valuations conducted in April posted an annual increase of 13%, despite falling by 32% compared with March 2015. All sectors witnessed monthly falls in transaction volumes as seasonal factors took their toll, but on an annual basis, they all saw an increase in valuations activity. Remortgaging outperformed the rest of the house purchase market by posting annual growth of 25%, overcoming a 34% seasonal dip from March, while first-time buyers and homemovers posted annual increases of 7% and 3% respectively, as well as monthly falls of 33% and 27%. Meanwhile, the buy-to-let sector experienced the largest rate of annual growth (up 29% year-on-year), but it also witnessed the sharpest monthly fall, with valuations activity down by 36% from March. "The fact that all indicators - from first-time buyers right through to remortgagers - are up on this time in 2014 demonstrates the broad momentum in the property market, which we expect to continue," said John Bagshaw of Connells. "The latest monthly dip from March is generally a seasonal effect at this time of year [and] there is no sign of a serious housing market slowdown. Remortgaging is leading all other valuations activity on the back of record-low mortgage rates and the need to reset household finances… many households may be capitalising on this period by refinancing to a fixed mortgage."
Galliford Try Plc (GFRD.L) Announced that it has been appointed to two new contracts in the education sector worth up to £55 million to the business. Firstly, Galliford Try's Building business has reached financial close on the £38 million Hull and East Riding batch under the first phase of the Government's Priority School Building Programme. The batch includes the £18.6 million construction of Hessle High School and Sixth Form College, as well as new buildings for Eastfield, Francis Askew, Wold and Ainthorpe primary schools. Secondly, Morrison Construction has been appointed preferred bidder by Moray Council for the refurbishment of four primary schools under the LHC Framework. The package is worth up to £17 million to the business and includes projects at Applegrove in Forres, Millbank in Buckie, Seafield in Elgin and St Gerardines in Lossiemouth.
Derwent London Plc (DLN.L) Announced, in its first quarter business update, that lettings is 225,400 sq ft let so far in 2015, securing £11.3 million per annum, already 23% more than in the whole of 2014. Vacancy has fallen to 1.9% from 4.1% in December, reflecting recent letting activity. In developments, 70,500 sq ft completed (100% let or exchanged) with 933,300 sq ft either under construction or due to start in 2015. In the investment activity, £114 million property swap adds major Farringdon Crossrail opportunity to portfolio. £175 million convertible bonds 2016 redeemed in January 2015 by the issue of 7.88m new shares. Long-term corporate credit rating improved to BBB+ (from BBB) by Standard & Poor's. LTV ratio of 19.9% with cash and undrawn facilities of £342 million at 31 March 2015. Claudia Arney to join the Board as an independent non-executive Director.
Growth in bridging business Bridging lenders appear confident about the months ahead, research from the Association of Short Term Lenders (ASTL) has revealed, with the latest sentiment survey revealing overwhelmingly positive results. Members responded unanimously that they feel confident in the sector's outlook, with only 20% reporting that their business had been negatively affected due to election uncertainty. Instead, 73% had recorded business growth in the past six months, while the same amount expected their business to do better in 2015 than in 2014. The remainder (27%) predict that business volumes will stay the same, with no respondents expecting it to reduce. This marks a shift from the survey conducted in November 2014, when 35% of respondents were still sceptical about seeing growth in the market
The UK's economy will grow more slowly than previously anticipated this year, although the deceleration seen in the pace of the expansion during the first three months of the year will likely prove temporary, a prestigious think-tank said. Overnight, the National Institute for Social and Economic Research (NIESR) lowered its projection for the rate of growth in Britain's gross domestic product (GDP) this year to 2.4% from the 2.9% estimated in February. "Future productivity growth remains the largest single uncertainty facing the UK economy," the think-tank explained. Assuming the government sticks to the fiscal plan as set out in Budget 2015 - although any future government will likely pursue a looser stance - Britain's economy will grow by 2.5% this year and 2.4% next, the NIESR said in a statement. The economists expect Bank Rate will be hiked for the first time in the present monetary cycle come the first quarter of 2016 - as temporary oil price and exchange rate effects dissipate - and will increase by roughly 50 basis points per year thereafter, reaching 3% by 2020. Export performance should overcome short-term weakness and provide support to GDP growth in the medium-term.
Housing group Miller builds a solid profit: Miller Group said that profits soared by 233% last year, fuelled by improved confidence in the housing market and a rise in home completions.
Higher loan-to-value ratios as rates stay low: Property investors’ appetite for debt at higher loan-to-value (LTV) ratio has soared in the last six months thanks to the improving economic outlook and the low interest rate environment.
Rich opt to rent before the election: A surge in the number of wealthy people renting instead of buying a house before the general election has lifted the growth in average annual rent in prime central London to 4.1% per month in the 12 months to April, the fastest pace in three years.
UK construction PMI slid in April In April, the construction PMI in the UK registered a drop to 54.20, lower than market expectations of a fall to 57.40. The construction PMI had registered a level of 57.80 in the previous month
UK BRC shop price index dropped more than expected in April The BRC shop price index fell 1.90% in the UK, on a YoY basis in April, more than market expectations for a fall of 1.70%. In the previous month, the BRC shop price index had registered a drop of 2.10%.
Houses too expensive, says lobby group Proportion of private tenants who cannot afford to buy now 69%
UK net lending to individuals rose more than expected in March In March, net lending to individuals climbed £3.10 billion in the UK, compared to an advance of £2.50 billion in the previous month. Market expectation was for net lending to individuals to climb £2.60 billion.
Grainger Plc (GRI.L) Announced that it has agreed terms with an affiliate of the Lone Star Funds for the sale of its interest in New Sovereign Reversions Limited (Sovereign) to Lone Star Real Estate Fund III (LSREF III). New Sovereign Reversions Limited was a 50:50 Joint Venture between Grainger and Moorfield Real Estate Fund II (MREF II). The company will receive a total cash consideration of c.£18.5 million subject to completion adjustments for its interest in the portfolio, representing an anticipated pre-tax profit of c.£4.5 million and post-tax profit of c.£3.6 million, which will be treated as a non-recurring item.
The latest First Time Buyer Tracker from Your Move and Reeds Rains has revealed a sharp fall in the number of first-time buyer (FTB) transactions during Q1 2015, with just 60,900 being recorded. Down from 79,900 in Q4 2014, it's the lowest quarterly total seen since Q1 2013 (51,000). On a monthly basis, the sector showed signs of improvement, with 23,300 transactions in March - up 24.6% from February - but it's still an annual drop of 3.7%. These lower volumes come despite the fact that typical mortgage rates for FTBs have fallen to a five-year low (3.64%), while the average LTV is the highest seen since last April, standing at 83.5%. Mortgage payments are also taking up a smaller proportion of typical income, with 19.9% of gross earnings being spent on repayments in March, down from 20.1% in February and 21.9% in March 2014. As such, the drop in activity is largely unexpected, and arguably the result of wider pressures. "Cheaper mortgages and a steadier property market should be boosting first-time buyers," said Adrian Gill of Your Move and Reeds Rains. "It's a great time to get on the ladder according to these headline fundamentals, yet for many thousands of would-be new buyers there is still a very real difficulty in matching their personal finances to a home they can afford. Some might also point to election uncertainty, [but] the real bottle-neck is a much more serious and longer term problem… a lack of new homes is catching up with the property market."
Increasing supply of new homes only solution to housing crisis, say industry insiders: The political parties have rushed out a series of promises reflecting public concern at a dysfunctional housing market, but the industry has unanimously dismissed them as failing to recognise the key issue - the supply of new homes.
I believe the outlook on a 3 year level is excellent although I expect only a 5-10% rise in profits this year due to flat London House Price inflation in 2015 IMHO. The Joint Venture with National Grid is another leg to growth for the company over the next 5 years. Tony Pidgley has delivered outstanding results for shareholders for well over a decade now.
Factories fall-off is a fresh blow to finances just days before the General Election: Britain’s manufacturers suffered a slowdown last month – raising fresh concerns about the health of the economy just days before the General Election.
I was wondering whether all employees received them but I suppose it will only be the big boys! What do you think the outlook is for bkg? Thanks mpg