The demand for cheap mortgage deals, which has fuelled rapid growth in house prices, is about to wea...
The demand for cheap mortgage deals, which has fuelled rapid growth in house prices, is about to weaken, according to Britain's biggest lenders, writes the FT.
The value of new mortgage approvals for house purchases fell 4.6 per cent in July from the previous month's £7.99bn to £7.62bn, according to figures published yesterday. The drop, revealed by the British Bankers' Association, coincided with a fall in the number of loans approved for house purchase.
Policyholders with Equitable Life, the troubled mutual, have renewed their demand for government compensation for losses that they blame on regulatory failures, reports the FT.
Four policyholder action groups said they support, in principle, the compromise deal that Equitable is expected to reveal in mid-September in an attempt to resolve its financial crisis. However, a letter from them to Gordon Brown says: "Whatever the outcome of the members' ballot on the compromise, you surely do not expect that it will excuse the failure to properly regulate the life assurance industry?"
Shares in Woolworths rose by one-third in the first day of trading, yesterday, after the general merchandise chain's demerger from Kingfisher, notes the FT.
The closing price of 33 ¾p, after opening at 25p, gives the group a market value of £475m ($686.5m). This is below some early estimates that put its value at more than £550m but well ahead of more recent forecasts that lack of interest from overseas investors would depress the price.
Some of the world's most powerful investors, including Paul Allen, the Microsoft founder, are facing losses of up to £245 million after the collapse of Britain's CityReach International, one of the new breed of "Internet hotels", writes the Times.
CityReach, whose data centres host other companies' IT equipment, was yesterday placed in administration after its backers failed to find a trade buyer or additional financing.
The UK's biggest banks yesterday challenged a report from a leading software company that claimed the banks were unprepared for the introduction of euro notes and coins at the beginning of next year, notes the Times.
The report, from Misys, claims that many retail and investment banks have so far failed to grasp the urgency of changing over to euro notes and coins.
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