House prices fall for sixth month in a row, but first-time buyers have big issues, data show.

Creative Media NewsThursday, 2 March 2023, 6:000

The average house cost fell to £257,406, according to Nationwide’s index, as the September mini-budget is shown to be a “turning point” for the property market. According to one of the largest mortgage lenders in the United Kingdom, house prices have declined for the sixth consecutive month and 1.1% over the past year. House price...

Andrew Bailey says “nothing is decided,” indicating interest rates may rise less than expected.

Creative Media NewsThursday, 2 March 2023, 2:000

Andrew Bailey, the Bank of England governor, warned that “too little” interest rate rises may be needed. With the Bank of England governor indicating no urgent need for rate rises, rates may rise less than expected. The central bank has been consistently raising interest rates – making borrowing more expensive – to bring double-digit inflation...

IFS says ahead of budget that stronger public finances weaken government’s pay policy.

Creative Media NewsTuesday, 28 February 2023, 16:000

According to the IFS, a clouded outlook for the economy is the only significant reason the Treasury could use to justify maintaining its stance on public sector pay increases. In an analysis published before the 15 March budget, the IFS stated that it anticipated the government to borrow approximately £30 billion less this year than...

Grocery inflation sets new record high of 17.1%, data shows.

Creative Media NewsTuesday, 28 February 2023, 14:000

The most recent industry statistics have not yet accounted for the impact of the salad shortage. But they do demonstrate that prices continued to rise even before the tomato shortage. According to closely observed industry data, grocery inflation in the United Kingdom increased to a new record high of 17.1% in February. According to Kantar...

Lidl is the newest supermarket to limit fruit and vegetables.

Creative Media NewsMonday, 27 February 2023, 22:000

The government has called in supermarket executives to meet food and farming minister Mark Spencer as Tesco, Morrisons, Lidl, Aldi, and Asda have all imposed purchase limits on certain vegetables due to shortages. Lidl is the most recent supermarket to limit the number of peppers, cucumbers, and tomatoes consumers can purchase. As with other prominent...

Ofgem’s new price cap prompts pleas for energy bill assistance.

Creative Media NewsMonday, 27 February 2023, 12:000

Ofgem has reduced the amount energy suppliers can charge households, but bills will still rise in April as government assistance wanes. The announcement by Ofgem does not directly affect what consumers pay per unit of gas and electricity, but it does reduce the costs that the government must bear. In April, the typical annual household...

Bao Fan: Missing Chinese tycoon helping police, firm says

Creative Media NewsSunday, 26 February 2023, 18:000

Bao Fan, a billionaire technology dealmaker, is cooperating with Chinese authorities conducting an investigation, according to his bank. Mr. Bao’s disappearance was reported by China Renaissance Holdings eleven days ago. Mr. Bao is the chief executive officer and founder of China Renaissance Holdings, as well as a prominent deal broker in China whose clients include...

Via, a New York-based transit tech giant, is in talks to acquire Citymapper.

Creative Media NewsSunday, 26 February 2023, 14:000

The term “ecosystem” refers to a group of people who work in the construction industry. Citymapper, one of the most prominent consumer technology companies in the United Kingdom, is in acquisition talks with a multibillion-dollar rival based in New York. Citymapper, which debuted in 2010, is in advanced talks with Via Transportation about a possible...

City trader sentenced to 14 years in jail for Libor rigging hopes hearing will overturn verdict.

Creative Media NewsSunday, 26 February 2023, 12:000

The term “ecosystem” refers to a group of people who work in the construction industry. Tom Hayes spent years in prison, at one point sharing a cell with a murderer, after becoming the first Briton convicted of manipulating Libor rates in 2015. The Serious Fraud Office (SFO) argued that Hayes, 43, was the “ringleader” of...

Eighties Fast Ford breaks auction marks at £596,250.

Creative Media NewsSunday, 26 February 2023, 8:000

This weekend, a 1980s Fast Ford collectible automobile sold at auction for a jaw-dropping £596,250, shattering all previous records. The 1987 Ford Sierra Cosworth RS500 obliterated its £150,000 to £180,000 pre-sale guide price on Saturday and sold for a winning bid that was four-and-a-half times higher than the previous world record amount paid for one...

Cineworld screens a “number” of plans to exit bankruptcy protection.

Creative Media NewsSaturday, 25 February 2023, 10:000

The troubled London-listed company provides an update on its auction process but maintains that it does not expect existing shareholders to see a stock price recovery. Crisis-hit Cineworld claims to have received “a number” of proposals for some or all of its business. But none of them entail an all-cash offer for the entire organization....

Netflix lowers prices in over 30 nations.

Creative Media NewsSaturday, 25 February 2023, 8:000

Streaming behemoth Netflix has reduced prices in more than 30 countries to attract more subscribers. Parts of Asia, Europe, Latin America, sub-Saharan Africa, and the Middle East have experienced price reductions. It comes as households tighten their budgets due to the rising cost of living and as Netflix faces increased competition from rival services. “Members...

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