Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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City told to brace for a wave of stock market flotations: Investment banks across the City are preparing for a wave of stock market flotations and takeovers following last month’s general election, experts have claimed.
U.S. homeowners ‘should expect fall in property prices’: American homeowners who are struggling to make up for value lost during the financial crisis can expect recent gains in property prices to reverse within two years, according to a new report.
Eurozone unemployment rate registered an unexpected drop in April The unemployment rate in the Eurozone eased unexpectedly to a level of 11.10% in April, compared to market expectations of a steady reading. The unemployment rate had registered a revised level of 11.20% in the prior month.
UK services PMI slid in May The services PMI dropped to 56.50 in May, in the UK, compared to market expectations of a drop to a level of 59.20. The services PMI had recorded a reading of 59.50 in the prior month
Had to happen eventually, I believe you can now buy a 40sq Mtr kitchen with a living room and bedroom attached for 150,000 in the SE, we must be total mugs.
HOUSE PRICE GROWTH SLOWS The housing market is continuing to cool down, according to Nationwide's index of property prices. On average, house prices rose by 4.6pc in the 12 months to May, the slowest since August 2013. This is less than half the pace prices were rising at in mid-2014, and Nationwide says it expects them to start growing at the same rate as earnings in the future.
Germany keeps jobless numbers down in May: Germany’s unemployment rate stayed at a record low last month, indicating that private consumption will propel growth in the country’s economy this year.
Regional revival and New Covent Garden Market boosts St Modwen: ST Modwen posted a strong start to the year on growing momentum in the regional property market, and said that first-half profits would be “significantly ahead” of the same time last year.
Boost for ECB as Eurozone prices turn positive in May: Eurozone inflation turned a corner in May, posting a 0.3% increase after four months of flat or falling prices.
Record fall in fresh food prices drives retail deflation: Prices in British shops have moved into their third year of decline as a result of widespread supermarket discounting and cheaper fresh food, according to new industry figures.
Britain can afford to live with high debt ‘forever’, says IMF: George Osborne’s obsession with reducing Britain’s debt mountain may do more harm than good, research by the International Monetary Fund (IMF) has suggested
UK construction PMI climbed in May In the UK, the construction PMI advanced to 55.90 in May, compared to market expectations of a rise to 55.00. In the previous month, the construction PMI had registered a level of 54.20.
UK net consumer credit advanced more than expected in April In the UK, net consumer credit climbed GBP 1.17 billion in April, higher than market expectations for a rise of GBP 1.00 billion. Net consumer credit had recorded a revised rise of GBP 1.29 billion in the previous month. UK net consumer credit advanced more than expected in April Net consumer credit in the UK advanced GBP 1.20 billion in April, compared to a revised rise of GBP 1.30 billion in the prior month. Market expectation was for net consumer credit to climb GBP 1.00 billion. UK net lending secured on dwellings advanced less than expected in April In April, net lending secured on dwellings in the UK registered a rise of GBP 1.70 billion, compared to a revised rise of GBP 2.00 billion in the previous month. Markets were anticipating net lending secured on dwellings to rise GBP 1.90 billion. UK M4 money supply climbed in April The M4 money supply in the UK advanced 0.40% on a MoM basis, in April. In the previous month, M4 money supply had climbed 0.30%.
British mortgage approvals grew at their fastest pace in six years in April, the Bank of England said on Tuesday. Mortgage approvals for house purchases totalled 68,076 in April, a share increase from the previous month's reading of 61,945 and the highest level in 14 months, exceeding expectations of a 63,000 reading. The increase was the biggest since February 2009, the BoE said. A combination of cooling house price growth and new controls on mortgage lending saw the number of approvals decline throughout most of last year, although they have risen in four of the last five months. Together with an increase in the pace of price rises, the pickup in approvals suggests a revival might be underway in the housing market. "Mortgage approvals data fully tie in with our view that housing market activity has now turned around and will pick up over the coming months," said Howard Archer, chief European and UK economist at IHS. "This is notably a view shared by mortgage lenders. It is notable that the Bank of England's latest credit conditions survey released in early-April, reported that lenders expect demand for mortgages to pick up in the second quarter." Meanwhile, data released on Tuesday showed net mortgage lending rose by a less-than-expected £1.73bn in April. Consumer credit exceeded expectations and grew £1.17bn compared with consensus of £1bn.
Official figures from the Land Registry show that average house prices are edging closer to their 2007 peak, following an annual increase of 5.1% in April. This puts the average property value in England & Wales at £179,817, compared with £181,014 in November 2007. London is continuing to fuel this rise, with prices in the capital experiencing the greatest annual increase of 10.9%, followed by the South East (8.8%) and the East (7.8%). The North East was the only area to see an annual fall in prices, down by 0.6% compared with April 2014. On a monthly basis, prices rose by 0.9% from March, with Yorkshire and the Humber experiencing the greatest monthly rise (2.7%). Conversely, Wales saw the largest monthly decrease of 1.1%, followed by the North East, which saw a monthly change of -0.5%. It was also revealed that housing transactions have decreased, with the number of completed house sales in England & Wales standing at 54,103 in February 2015 (the most up-to-date figures available), a drop of 17% from 64,994 in February 2014. This followed a similar reduction in transaction volumes in January (-16.1%), suggesting that although prices continue to rise, the market overall is cooling. There are indications that the high-value market is experiencing a particular downturn, with sales of properties worth over £1m falling by 18% in February, with 722 transactions taking place (down from 882 the previous year). This could be a result of the stamp duty reforms introduced in December, which means that those buying high-value properties pay a higher rate of tax.
UK housing: The £24bn Property puzzle As more people struggle to buy or even rent a home, critics say the government should ensure there is an adequate supply
Strong U.K. market lifts manufacturers amid lacklustre export sales: The U.K.’S manufacturing sector grew at a slightly quicker rate in May, according to a survey, but its growth remains subdued due to weak demand from abroad and lower investment in the oil industry
U.K. house prices set to surge over rest of 2015 as election uncertainty clears: Boom conditions are back in the U.K. housing market and prices look set for a new surge before the end of the year after the Conservative election victory has galvanised buyers and sellers.
City AM editor on brink of leaving paper: The editor of City AM is on the brink of leaving the business newspaper, less than a year after being appointed to the role
Councils own hundreds of pubs, restaurants and golf courses: Local authorities across Britain have been urged to sell off valuable assets after it was revealed that they possess a huge variety of properties, including 580 restaurants, 380 pubs and 190 shopping centres
LONDON (Alliance News) - British manufacturing growth improved less-than-expected in May, due to modest expansions of both output and new orders, survey figures from Markit Economics showed Monday. The Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index, rose marginally to 52.0 in May from 51.8 in April, which was revised from 51.9. Economists had expected a reading of 52.8 for the month. Any reading above 50 indicates expansion in the sector. Manufacturing production increased at a slower pace in May, but the pace of easing was less severe than April's sharp slowdown, led by solid domestic demand. New orders also rose further in May and the pace of growth was better than previous month's 7-Month low. Manufacturers raised their staffing levels for the twenty-fifth consecutive month in May, though the rate of growth was only marginal. On the price front, input prices dropped again in May, driven by lower costs of raw materials. Meanwhile, selling prices rose for the first time in five months in May.
New findings by Age Partnership have revealed that the number of people turning to equity release to pay off interest-only mortgages has tripled since the MMR. April 2014 saw just 78 customers using equity release for this purpose, but in April 2015 the number had risen to 229 (+193%). On average, customers were 69 years of age and released £73,980 to pay off an average outstanding mortgage of £61,846. The report attributed the increase to the tighter lending criteria imposed by the MMR, which has made remortgaging more difficult for older customers. Short of selling their homes, equity release is one of the few remaining options. "The unintentional side-effect of MMR is that it has created a league of interest-only mortgage prisoners unable to remortgage to repay their debt," said Simon Chalk of Age Partnership. "Thankfully, rising house prices mean that some borrowers can use their housing wealth to pay down interest-only mortgages." The FCA estimates that around 600,000 interest-only mortgages are set to reach the end of their term by 2020 and that around half will have no means to clear the debt.
Growth, investment and recruitment at Britain's manufacturers have suffered a setback this year as the services sector continues to power ahead, raising fresh doubts about the country's long-awaited economic re-balancing. In a sign that Britain is returning to a two-speed economy, the EEF manufacturing body has cut its growth forecasts for the industry, just as the CBI celebrated "stellar" growth in the powerhouse services sector. - The Times
Analysts predict a construction bounce back after election dip: The construction sector declined sharply in the run up to the General Election, according to figures published by industry analysts Glenigan, but a quick rebound is expected.
CBRE celebrates half a century in Scotland: There was a golden anniversary celebration for property consultancy CBRE last week – marking 50 years since the first Richard Ellis office (as the firm was known then) opened in Glasgow