Date: Tuesday 10 Aug 2010
Fears of a new slide in house prices emerged yesterday amid signs that the economy is sagging again, the Times reports.
First-time buyers are finding it harder to get on to the property ladder than at any point for a quarter of a century because they need to raise larger deposits and borrow more money, according to analysis by the Nationwide building society. This is making the market virtually inaccessible to tens of thousands of would-be home owners who cannot rely on help from their parents.
A separate report from the Royal Institution of Chartered Surveyors reveals that a flood of sellers are putting their homes on the market amid new fears of a slowdown in the economy.
The Independent adds that a fall in house prices later this year and in 2011 is becoming increasingly likely, according to the latest survey of the property market from the Royal Institution of Chartered Surveyors. The RICS's July poll of estate agents found more members saying that prices were falling than rising – the first time the index has turned negative since June last year. In contrast, last month saw 8% more surveyors reporting improvements.
The boards of International Power and GDF-Suez gave the green light to a merger on Monday, paving the way for the creation of one of the world’s biggest independent power generators with estimated sales of €13.5bn ($17.9bn). GDF will pay a cash dividend of about 90p a share to International Power shareholders as part of the so-called reverse takeover. The companies have identified cost savings and synergies in the order of £150m a year, the FT reports.
Leading figures in the retirement industry have warned the Government that its controversial plans to dilute thepension
rights of millions of private sector workers are a “potential nightmare”. In a letter to the Work and Pensions Secretary, they say that the proposed changes could lead to a retrospective cut for some pensioners, in contravention of the Human Rights Act. The group, which collectively speaks for 200 British pension funds managing £500 billion in assets, has called on the coalition to hold a public consultation before the measures are adopted, the Times reports.
BP has made its first payment into the $20bn fund set up to compensate victims of the oil spill in the Gulf of Mexico. The oil producer said yesterday that an escrow account had been established — as previously agreed with the US Government — and an initial $3bn (£1.9bn) paid into it, the Times reports.
Cable & Wireless Worldwide has unveiled a raft of lucrative share awards for top managers, only weeks after the company issued a damaging profit warning. The new performance shares, worth more than £8 million at yesterday’s closing share price of 66¼p, are in addition to the controversial long-term incentive plan (LTIP) that has paid out £41 million to top executives in recent years, the Times reports.
The European Union is to push for the right to levy direct taxes on Britons and the citizens of other member countries, the EU Budget Commissioner has disclosed. The EU hopes that the plan, to be unveiled next month, which could see new taxes on air travel and financial transactions, will give it more independence and fund controversial expansion proposals. The direct taxes would reduce each country's annual payment to the EU, the Telegraph reports.
Internet giant Google is proposing new "net neutrality" legislation in America that would force web providers to treat all traffic equally – but not on wireless connections. Google has proposed a legal framework that would allow American regulators to fine internet service providers up to $2m if they allowed one kind of internet traffic priority over another on the fixed-line internet, the Telegraph reports.
Precious metals such as gold were the best performing asset class of the first half of the year, according to research by Lloyds TSB. They rose in value by an average of 9.7%, with gold turning in the best performance thanks to a rise of 13.5%, the bank's survey of asset classes found. International equities were the worst assets to hold over the period, falling by 6.8%, the Telegraph reports.
Rupert Murdoch has sold a majority stake in three of his Chinese TV channels to a private equity fund backed by the government in Beijing. The decision marks a shift in News Corporation's strategy in the country and fuelled speculation yesterday that the media mogul could retreat from China, where his company has struggled to break through despite a long-standing commitment to the market, the Independent reports.
First-time buyers are finding it harder to get on to the property ladder than at any point for a quarter of a century because they need to raise larger deposits and borrow more money, according to analysis by the Nationwide building society. This is making the market virtually inaccessible to tens of thousands of would-be home owners who cannot rely on help from their parents.
A separate report from the Royal Institution of Chartered Surveyors reveals that a flood of sellers are putting their homes on the market amid new fears of a slowdown in the economy.
The Independent adds that a fall in house prices later this year and in 2011 is becoming increasingly likely, according to the latest survey of the property market from the Royal Institution of Chartered Surveyors. The RICS's July poll of estate agents found more members saying that prices were falling than rising – the first time the index has turned negative since June last year. In contrast, last month saw 8% more surveyors reporting improvements.
The boards of International Power and GDF-Suez gave the green light to a merger on Monday, paving the way for the creation of one of the world’s biggest independent power generators with estimated sales of €13.5bn ($17.9bn). GDF will pay a cash dividend of about 90p a share to International Power shareholders as part of the so-called reverse takeover. The companies have identified cost savings and synergies in the order of £150m a year, the FT reports.
Leading figures in the retirement industry have warned the Government that its controversial plans to dilute the
BP has made its first payment into the $20bn fund set up to compensate victims of the oil spill in the Gulf of Mexico. The oil producer said yesterday that an escrow account had been established — as previously agreed with the US Government — and an initial $3bn (£1.9bn) paid into it, the Times reports.
Cable & Wireless Worldwide has unveiled a raft of lucrative share awards for top managers, only weeks after the company issued a damaging profit warning. The new performance shares, worth more than £8 million at yesterday’s closing share price of 66¼p, are in addition to the controversial long-term incentive plan (LTIP) that has paid out £41 million to top executives in recent years, the Times reports.
The European Union is to push for the right to levy direct taxes on Britons and the citizens of other member countries, the EU Budget Commissioner has disclosed. The EU hopes that the plan, to be unveiled next month, which could see new taxes on air travel and financial transactions, will give it more independence and fund controversial expansion proposals. The direct taxes would reduce each country's annual payment to the EU, the Telegraph reports.
Internet giant Google is proposing new "net neutrality" legislation in America that would force web providers to treat all traffic equally – but not on wireless connections. Google has proposed a legal framework that would allow American regulators to fine internet service providers up to $2m if they allowed one kind of internet traffic priority over another on the fixed-line internet, the Telegraph reports.
Precious metals such as gold were the best performing asset class of the first half of the year, according to research by Lloyds TSB. They rose in value by an average of 9.7%, with gold turning in the best performance thanks to a rise of 13.5%, the bank's survey of asset classes found. International equities were the worst assets to hold over the period, falling by 6.8%, the Telegraph reports.
Rupert Murdoch has sold a majority stake in three of his Chinese TV channels to a private equity fund backed by the government in Beijing. The decision marks a shift in News Corporation's strategy in the country and fuelled speculation yesterday that the media mogul could retreat from China, where his company has struggled to break through despite a long-standing commitment to the market, the Independent reports.
KKR has decided to withdraw its proposed public offer of $500m, less than a month after finally listing in New York. The private equity group made the announcement as it reported economic net income of $433m for its second quarter, down 29.4% from $613.5m on a pro forma basis from a year ago, the FT reports.
source:digitallook
1 comment:
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