House Prices 'Jumped 1.4% In December'

House prices in the UK rose by the biggest amount in more than four years in December, according to mortgage lender Nationwide.

It measured a 1.4% increase in the month - its best performance since August 2009 - leaving annual growth in the year to December at 8.4%.

The surge, Nationwide calculated, raised the average house price to £175,826 but London continues to outperform the rest of the country.

Prices in the capital are now 14% above their 2007 peak with the price of a typical London home at £345,186.

The North of England remains the weakest performing region though each region achieved growth in the three months to the end of December.

The latest data will further fuel concerns that the second phase of the Government's Help To Buy scheme is only likely to raise prices but it appears it is helping the construction industry that was hammered by the financial crisis.

Official figures have shown that new home-building boosted Britain's construction industry in December.

It reported its second-fastest month of growth in more than six years - although it was slightly lower than the previous month.

Construction PMI fell to 62.1 in December from November's reading of 62.6, the index's highest level since August 2007. 

And the upward trend looks set to continue. The number of people attempting to get on the property ladder using the Government's Help to Buy scheme has trebled in the last two months.

In November, figures showed in the first month of the scheme's launch more than 2,000 people had put in offers on homes and applied for a Help to Buy mortgage.

Prime Minister David Cameron has said the scheme led to 6,000 extra mortgage applications between October and December.

Separate figures from the Bank  of England showed the number of mortgage approvals at their highest level since January 2008 with almost 71,000 loans handed out in November. 

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12.06 | 0 komentar | Read More

Cameron's Pledge To Guarantee State Pensions

Voters 'Won't Back Tories' In 2015

Updated: 1:13am UK, Sunday 05 January 2014

More than a third of people who voted Conservative in the last general election say they would not vote for the party in the next election, according to a poll carried out by Lord Ashcroft.

The former Tory Party deputy chairman's findings revealed around half of the 'defectors' had switched allegiance to the UK Independence Party, with a fifth aligning themselves with Labour or the Lib Dems and a third undecided.

But in a more positive message for the Tories, 56% of those 'defectors' believe David Cameron is the best of the three main party leaders and say their preferred outcome in 2015 would be a Conservative majority.

The poll showed the 'defectors' significantly outweigh the number of new backers from other parties since 2010, making it more difficult for David Cameron to win an overall majority in 2015.

Commentary on the research, Lord Ashcroft said: "This research shows it is far from impossible for the Tories to win outright. But to do so they will need the votes of everyone who supported for them last time, plus practically everyone who is even prepared to think about doing so next time."

The poll found many voters in all camps gave at least a grudging recognition that the coalition had done well in dealing with the economy.

Mr Cameron and George Osborne were more trusted than Ed Miliband and Ed Balls to manage the economy in the country's best interests by a margin of 57% to 43%.

But it would be "hard" to persuade people that they were feeling the benefits of improved growth rates in their own lives given that the Government had no scope for large giveaways.

In fact a small majority 54% said they expected no improvement or a slight worsening in the economy over the next one or two years - with 46% anticipating a significant improvement.

The findings are from Project Blueprint: Phase 4, the latest round of Lord Ashcroft's research into the Tories' prospects of winning the next election outright.

The Tory peer said the Conservatives need to offer a clear direction to win the next election, not simply highlighting Labour's weaknesses and relying on progress achieved since 2010.

"Drawing a contrast with Labour and highlighting progress on welfare, immigration and the macro economy, important though they are, will only take the Tories so far," he said.

"It needs to be clearer what would be on offer under a new Conservative government. It is one thing to say don't turn back, but we also need to know where we're going."

The poll interviewed 8,053 adults online between November 4 and 10.

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12.06 | 0 komentar | Read More

House Prices 'Jumped 1.4% In December'

House prices in the UK rose by the biggest amount in more than four years in December, according to mortgage lender Nationwide.

It measured a 1.4% increase in the month - its best performance since August 2009 - leaving annual growth in the year to December at 8.4%.

The surge, Nationwide calculated, raised the average house price to £175,826 but London continues to outperform the rest of the country.

Prices in the capital are now 14% above their 2007 peak with the price of a typical London home at £345,186.

The North of England remains the weakest performing region though each region achieved growth in the three months to the end of December.

The latest data will further fuel concerns that the second phase of the Government's Help To Buy scheme is only likely to raise prices but it appears it is helping the construction industry that was hammered by the financial crisis.

Official figures have shown that new home-building boosted Britain's construction industry in December.

It reported its second-fastest month of growth in more than six years - although it was slightly lower than the previous month.

Construction PMI fell to 62.1 in December from November's reading of 62.6, the index's highest level since August 2007. 

And the upward trend looks set to continue. The number of people attempting to get on the property ladder using the Government's Help to Buy scheme has trebled in the last two months.

In November, figures showed in the first month of the scheme's launch more than 2,000 people had put in offers on homes and applied for a Help to Buy mortgage.

Prime Minister David Cameron has said the scheme led to 6,000 extra mortgage applications between October and December.

Separate figures from the Bank  of England showed the number of mortgage approvals at their highest level since January 2008 with almost 71,000 loans handed out in November. 

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12.06 | 0 komentar | Read More

Alicia Keys And BlackBerry Part Company

Grammy-winning Alicia Keys and BlackBerry are cutting ties just one year after the singer was hired as a 'creative director' for the struggling smartphone maker.

The Canadian company partnered with the singer-songwriter in January 2013 when it launched its much-delayed BlackBerry  Z10.

The relationship between it and Ms Keys got off to a bad start when early on some technology blogs alleged that a tweet from the star appeared to have been sent from an iPhone. 

The Z10 was BlackBerry's first full touch-screen phone but proved unpopular with customers who preferred to hold onto earlier models with their easy-to-use keyboards. And even the glamour of a worldwide popstar was not enough to tempt people to flock to the new model. 

In a statement BlackBerry thanked Ms Keys for her part in the year-long collaboration:

"We thank Alicia for her many contributions including providing creative direction for the BlackBerry Keep Moving Project which attracted more than 40m visits."

BlackBerry, which once dominated the corporate smartphone arena, has struggled in recent years to stop rapid market share losses to the likes of Apple and Samsung. 

In September, the smartphone maker announced it would slash 4,500 jobs worldwide in a desperate attempt to cut costs. And in December, it reported a loss of £2.7bn ($4.4bn) in its third quarter.

The company is now retreating from the consumer market to focus on businesses, governments and other large organisations.  

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12.06 | 0 komentar | Read More

Debenhams CFO Quits After Profits Warning

The chief financial officer at Debenhams has quit the retailer, just 48 hours after it issued a post-Christmas profits warning.

Simon Herrick had already been under pressure, according to media reports, after he asked suppliers for a discount on goods just eight days before Christmas in what was seen as a 'Santa tax'.

The department store chain denied at the time of his letter to suppliers that it was an attempt to boost fragile festive trading.

In the letter he wrote: "As we will mutually benefit from the growth of Debenhams we are now seeking a contribution from our suppliers to support our commitment to on-going investment."

He said this would include: "A single-sum contribution on all outstanding payments on your account at close December 17.

"An additional discount of 2.5% applied to all open orders on our system at close on December 17.

"This is a contribution and not a permanent amendment to your trading terms with Debenhams," the letter said.

The company, which lowered its profit outlook on Tuesday after the hoped-for surge in last-minute Christmas shopping failed to materialise, said a search to find a replacement for Mr Herrick was under way.

Neil Kennedy, director of finance, has assumed the role of acting chief financial officer on an interim basis, Debenhams said.

The chain blamed its poor Christmas performance on the continuing decline of the high street, the impact of the recession on household incomes and bad weather.

The retailer said it was planning to slash prices in January and February.

Michael Sharp, chief executive of Debenhams, said on Tuesday: "As has been widely commented on in the media, the market was highly promotional in the run-up to Christmas and we responded to these conditions to ensure our offer was competitive.

"However, this extremely difficult environment has inevitably had an impact on both our sales and profitability."

The announcement, which had been due on January 17, saw the retailer reveal an £85m profit for the 17 weeks to December 28 – some way off the £114.7m in the same period last year, a 26% drop.

The company's statement showed that online sales had increased by 27% during that time and accounted for 15.6% of total sales, compared to 12.4% for the same period last year.

Its share price has tumbled by 20% over the past month.

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12.07 | 0 komentar | Read More

Xmas Storms: Ofgem May Fine Power Networks

The energy regulator has threatened to impose fines on power line operators after the Christmas storms which left hundreds of thousands without electricity.

Ian Marlee, senior partner at Ofgem, told Sky News that while praise was due to power networks which reacted swiftly in horrendous weather conditions, it remained to be seen whether reconnection delays of up to five days were justified.

More than 150,000 homes were cut off after strong winds, torrential rain and flooding caused damage and company bosses are due to be called before a committee of MPs to explain their response.

The Government called on the distributors to cancel Christmas holidays at the height of the crisis amid suggestions they were unable to cope with the scale of the damage to supplies because of the festive season.

On a visit to Yalding in Kent to see villagers affected by flooding and thank rescuers, the Prime Minister was confronted by one resident who claimed they were abandoned.

Basil Scarsella, chief executive of UK Power Networks which owns electricity lines and cables in London, the South East and east of England, has already admitted it was not prepared for the storm and too many staff were on holiday.

The company has pledged to increase payments for 48 to 60-hour outages from £27 to £75 for those affected on Christmas Day as "a gesture of goodwill".

Additional payments will be made to customers who have been without electricity for longer than that time - up to a maximum of £432.

Mr Marlee said today of the distributors: "They had learned the lessons of the past, for example in offering Christmas meals out to people through mobile catering, and working together with other companies.

"But there are still some questions remaining: Were they sufficiently well prepared, did they actually reconnect people fast enough and indeed was the information they provided sufficient?

"We will get reports back from the companies and clearly we will look at that and if there is regulatory action that needs to be taken then we will do so."

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12.07 | 0 komentar | Read More

AgustaWestland Deal Cancelled By India

India says it has pulled the plug on a £466m order to buy 12 British-made helicopters following allegations that bribes were paid to secure the deal.

The contract, agreed in 2010, has been cancelled with Yeovil-based AgustaWestland "with immediate effect... on grounds of breach of the pre-contract integrity pact", according to a statement from the Indian Defence Ministry.

India had already put the deal for the AW101 helicopters on ice, amid accusations that middlemen were paid to swing the sale.

The corruption claims threatened to overshadow David Cameron's trade visit to the country last February, when the Indian Prime Minister Manmohan Singh raised his "very serious concerns" about the case.

Giuseppe Orsi, the former chief executive of Finmeccanica, is on trial

India's Defence Minister AK Anthony said at the time he did not believe AgustaWestland's denial of paying bribes.

And India's Central Bureau of Investigation said it had evidence which allegedly showed alterations were made in the helicopter specifications to favour the company.

The helicopter manufacturer denies any wrongdoing.

Giuseppe Orsi, the former boss of AgustaWestland's parent company, Finmeccanica, is on trial in Italy on fraud and corruption charges over his alleged role in securing the contract.

Bruno Spagnolini, the former chief executive of AgustaWestland, is also on trial.

The former Indian air force chief SP Tyagi, and three of his relatives are among those facing charges in India.

India has named a judge to arbitrate over the cancelled deal, which AgustaWestland is understood to be challenging.

Finmeccanica has said it will defend its position.

A spokesman for UK Trade & Investment said: "We are awaiting formal confirmation from the Indian Government."

Indian Prime Minister Manmohan Singh raised his concerns with David Cameron

United Technologies Corp's Sikorsky Aircraft, EADS' Eurocopter and Lockheed Martin may now be in line to provide helicopters for India's defence forces.

The country has become the world's biggest arms and defence equipment buyer in recent years, and is expected to spend £48bn over the next decade to upgrade its military.

However, arms deals in India have often become mired in controversy, with allegations that companies have paid millions of dollars in kickbacks to Indian officials.

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12.06 | 0 komentar | Read More

Rail Fares Rise With Some Paying £5,000 A Year

Rail Fare Rises Revealed By Route

Updated: 2:21am UK, Thursday 02 January 2014

The rise in rail fares depends on the route passengers are taking. Here are some examples.

ROUTE                                   JAN 2013   JAN 2014     PERCENTAGE

RISE

Leeds-Wakefield                    £964           £992             2.9%

Basingstoke-London              £3,952        £4,076          3.13%

Ramsgate-London                  £4,864        £5,012          3.04%

Folkestone Central -London   £4,836         £4,984          3.06%

Bedford-London                     £4,172         £4,300          3.07%

Sevenoaks-London                £3,112         £3,208          3.08%

Cheltenham Spa-London        £9,184        £9,468          3.09%

Deal-London                            £4,864          £5,012         3.04%

Woking-London                       £2,896         £2,980         2.9%

West Malling-London             £3,876         £3,996         3.1%

Guildford-London                    £3,224         £3,320         2.98%

Dover Priory-London             £4,864          £5,012          3.04%

Ludlow-Hereford                    £1,992         £2,032          2%

Morpeth-Newcastle               £1,008         £1,040           3.17%

Milton Keynes-London           £4,620          £4,772           3.29%

Tunbridge Wells- London      £4,132          £4,260           3.1%

Aylesbury-London                  £3,632          £3,732           2.75%

Hastings-London                   £4,304          £4,432           2.97%

12.06 | 0 komentar | Read More

Debenhams Profits Warning After Poor Xmas Sales

Debenhams has announced it will be slashing prices after issuing a profits warning following poor Christmas sales.

Shares in Britain's second-largest department store plunged by as much as 13% on Tuesday after it disclosed profits nearly £30m lower than last year.

In a statement released by Debenhams management, they say that they now "expect the need for additional markdown to clear stock in January and February".

The store said that while online sales had increased they had not done so significantly enough and that the "final surge" in sales they had expected around Christmas had failed to materialise.

It blamed the poor performance on the continuing decline of the high street, the impact of the recession on household incomes and the bad weather.

The retailer is planning to slash prices in January and February

Michael Sharp, chief executive of Debenhams, said: "As has been widely commented on in the media, the market was highly promotional in the run up to Christmas and we responded to these conditions to ensure our offer was competitive.

"However, this extremely difficult environment has inevitably had an impact on both our sales and profitability.

"Looking forward, I expect conditions to remain highly competitive as we enter 2014. Everyone in the organisation is focused on improving performance and growing the business, building on the four pillars of our strategy which I remain confident will lead to success over the longer term."

The announcement, which had been due on January 17 but was brought forward because of the results, saw the retailer reveal an £85m profit for the 17 weeks to December 28 – some way off the £114.7m in the same period last year, a 26% drop.

The company's statement showed that online sales had increased by 27% during that time and accounted for 15.6% of total sales, compared to 12.4% for the same period last year.

However, the income from online delivery was, it said, still lower than had been anticipated.

It comes after the high street spending spree dubbed 'Manic Monday' that had been predicted for December 23, failed to materialise because of the strong winds and heavy rains.

Analysts had expected 15 million people to take to stores, spending £2.6m a minute on gifts, food, drink and decorations.

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12.07 | 0 komentar | Read More

UK Stock Market 'May Hit Record Levels'

By Poppy Trowbridge, Consumer Affairs Correspondent

City forecasters have predicted the UK stock market may reach record levels in the new year.

After a steady - if not stellar - 2013, the FTSE 100 is set to outperform other indices over the next few years, according to a report by Capital Economics.

The FTSE, a measure of the UK's top 100 shares, closed at 6,749 points on Tuesday.

The index gained 0.3%, bringing its annual advance to 14%, the biggest annual rally since 2009.

Yet measures of British consumer confidence suggest the financial markets do not reflect reality for many.

Pay is only rising at 0.9%, according to the Office for National Statistics.

And corporate profit warnings dampen the mood further.

Debenhams was one of the first to report on Christmas sales figures, and after a slow sale season, profits are already down £30m on last year.

It blamed the poor performance on the continuing decline of the high street, the impact of the recession on household incomes and the bad weather.

Retail analyst at ESCP Europe Jeremy Baker said: "More and more shops are chasing the same pound.

"There is a finite amount of shopping one person can do."

Still, in his Autumn Statement announcement, Chancellor George Osborne said the UK economy will grow more rapidly in coming years.

The rate of inflation has started to slow, falling to 2.1% in the latest reading.

Unemployment fell to 7.4% this month, the lowest rate in nearly five years.

Top city economists say the stock market may soon be even better than back during the tech boom years, when it reached a high of 6,930 points in December 1999.

Stock analysts at Citigroup are especially optimistic, setting a target for the FTSE of 8,000 points by the end of 2014.

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12.07 | 0 komentar | Read More