Home-buying at its highest for five years

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Home-buying at its highest for five years

Home-buying at its highest for five years
A new report claims that mortgage lending has bounced back to levels not seen since before the financial crisis, driven by demand from buyers with small deposits.
The Times, p. 50
Also appeared in : The Times, p.47

Santander signs up to Help to Buy scheme
Santander UK will sign up to the Government’s Help to Buy scheme, it announced yesterday.
The Daily Telegraph Business, p. 5

Lloyds sells Australian assets to Westpac
Lloyds Banking Group has sold its Australian business to Westpac Banking Corp for A$1.45bn (£860m).
The Daily Telegraph Business, p. 5
Also appeared in : Financial Times Companies and Markets, p.22, The Times, p.48, The Times, p.52

ECB signs currency swap deal with China
The ECB has signed a currency swap agreement with the Bank of China that will last for three years and provide a maximum of 350bn yuan (£35.9bn) to the ECB and €45bn (£38.2bn) to the Chinese bank. The deal means the ECB can reassure eurozone banks that they can borrow Chinese currency if they need it. The agreement came as ECB President Mario Draghi defended the euro during a speech at at Harvard University, saying that the single currency was “irreversible” and had the “commitment” of the bloc’s members. He said: “Many commentators on this side of the Atlantic looked at the euro area and were convinced it would fail. They mistook the euro for fixed exchange-rate regime, when in fact it is an irreversible single currency. It is irreversible because it is born out of the commitment of European nations to closer integration”.
The Daily Telegraph Business, p. 4

Bank’s base interest rate is kept at 0.5pc
The Bank of England’s Monetary Policy Committee yesterday kept the key rate at 0.5% and held the quantitative easing programme at £375bn.
The Daily Telegraph Business, p. 5
Also appeared in : The Times, p.48, The Times, p.50

World Bank and IMF stress need for resolution
The International Monetary Fund and World Bank warned that a failure of the US to resolve its debt ceiling arguments threatens the security of investments and risks financial instability globally.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 6

Barclays sued by US energy commission
Barclays has been sued by the US Federal Energy Regulatory Commission over a $435m (£272m) fine in relation to alleged manipulation of the electricity market.
The Daily Telegraph Business, p. 5
Also appeared in : Financial Times Companies and Markets, p.18, The Guardian, p.32

US debt ceiling fears overshadow IMF and World Bank meetings
Speaking at the opening of the IMF’s annual meetings in Washington, managing director Christine Lagarde warned that a failure of US legislators to raise the country’s debt ceiling would do “serious damage” to both the US and global economies. “Failure to raise the debt ceiling would cause serious damage to the US economy, but also to the global economy as a result of the spillover effects”, she said. Political brinkmanship over the US debt ceiling overshadowed the IMF’s broader message. Ms Lagarde said the global economy was “coming out of the Great Recession and moving forward to this period of great transitions” as countries rebalance and central banks move back towards normal monetary policy.
The Daily Telegraph Business, p. 5

Markets cheer as Americans pull back from the cliff edge
Financial markets in the United States and Europe soared yesterday on hopes of a temporary fix to the political deadlock that has threatened to lead to the seismic shock of America defaulting on its debts.
The Times, p. 47

Banks draw up ‘repo market’ contingency plans
Large banks and investors are preparing contingency plans to deal with the potential impact on the $5tn “repo market” of the US government missing a payment on its bonds.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 6

New York Fed faces suit over Goldman case
Carmen Segarra, a former bank examiner, filed a suit against the Federal Reserve Bank of New York yesterday, claiming that she was fired after criticising Goldman Sachs for its policies on managing conflicts of interest.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 21

Bank signs up to help tackle mental health stigma in City
The Bank of England has pledged to stamp out any stigma surrounding mental illness, with executives, including Chief economist Spencer Dale, admitting that the financial crisis has taken a toll on its staff.
The Times, p. 2

The above articles appeared on 11/10/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.