The fluctuations in the property industry have been among the hardest to keep track of in recent months. Crest Nicholson reports this morning that they’re seeing a fall in inflation, and in some cases even price cuts from suppliers. That’s partly assisted by a slowdown in construction activity, which has helped match demand to the knotted supply chains caused by the pandemic and war in Ukraine. Of course, a recent fall in house prices might reduce the profit-taking on the table for homebuilder
(Bloomberg) — The fluctuations in the property industry have been among the hardest to keep track of in recent months. Crest Nicholson reports this morning that they’re seeing a fall in inflation, and in some cases even price cuts from suppliers. That’s partly assisted by a slowdown in construction activity, which has helped match demand to the knotted supply chains caused by the pandemic and war in Ukraine. Of course, a recent fall in house prices might reduce the profit-taking on the table for homebuilders.
Here’s the key business news from London this morning:
In The City
Crest Nicholson Holdings Plc: The homebuilder is starting to see signs that high inflation is starting to abate with price reductions being offered by suppliers in some cases.
- A slowdown in building activity has also helped ease shortages caused by supply chain problems as a result of the pandemic and war in Ukraine
Wizz Air Holding Plc: The low-cost carrier expects to return to profit this year, dependent on the success of the summer travel period, as well as its performance in the second half of the year.
- The Hungarian-based airline expects its load factor, which indicates cabin occupancy, to be above 90% this year
CAB Payments Holdings: The business-to-business cross-border payments company specializing in emerging markets is planning to list in London, the latest IPO buoying the LSE’s capital markets.
In Westminster
Rishi Sunak called for global cooperation to shield against risks posed by artificial intelligence, before talks with President Joe Biden in the White House this Thursday. The British PM Sunak wants the UK to play a leading role in the AI debate, with plans to establish a global watchdog in London and host a conference in the fall to bring key players together.
Britain is also drawing up a war-risk insurance scheme that it hopes will convince investment companies as well as tech, energy and defense firms to back Ukraine’s reconstruction with billions in aid, people familiar with the plans said.
In Case You Missed It
Standard Chartered Plc is carrying out selective lay-offs of employees across its Singapore, London and Hong Kong hubs, part of its existing plan to trim costs by more than $1 billion through 2024. A few managing directors in financial markets have been cut in London and some junior staff will be let go as well, according to people familiar with the matter. The total reductions could be more than 100, although a final number has yet to be decided.
Meanwhile, the UK’s financial regulator tightened rules around marketing of cryptoassets, including banning the so-called “refer a friend” bonuses that are popular in the industry. The Financial Conduct Authority also introduced a 24-hour “cooling off” period for first-time crypto investors, effective from Oct. 8.
Looking Ahead
Investors begin to look at next week’s agenda, which brings updates from equipment rental firm Ashtead Group Plc, homebuilder Bellway Plc and derivatives dealer CMC Markets Plc on June 13. Later in the week, Britain’s largest grocer Tesco Plc discloses its first-quarter performance.
For a more considered take on the UK’s economic and financial news, sign up to Money Distilled with John Stepek.
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