THE DAILY BRIEFING
RELEASE BOOM Over-55s are withdrawing £10m a day from the value of their houses in a boom for equity release. A total of £870m was withdrawn in the first three months of the year, says the Equity Release Council.
CUTS PLAN The Scotsman and Yorkshire Post owner Johnston
Press is preparing further cuts, as turnover dropped nearly 10pc during 2017. Revenue fell from £222.7m to £201.6m for the year to December 31, with an 18.3pc fall in total advertising sales to £100.2m.
AIR STRIKE A third of Air France flights were cancelled yesterday due to a strike over pay as crews and ground staff staged their eighth day of walkouts since February. They are seeking a 6pc pay rise.
HEADING OFF Aidan Heavey, 65, the founder of Tullow Oil, is stepping down as chairman in July. Former Drax chief executive Dorothy Thompson, 57, will take over. DIAMOND CASH Diamond seller De Beers sold £362m worth of diamonds during the third sales cycle of 2018, down from £408m during the same period last year.
FINANCE ROLE Sugar and sauces business Tate & Lyle has appointed Imran Nawaz as its chief financial officer. HAPPY DAYS Online value gifts and schools supplies business Findel said it expects performance for the full financial year to be at the upper end of market expectations.
LANDLORD WOE The number of landlords snapping up new properties has fallen to a 21-month low as tax hikes bite. Over the past two years, landlords have been hit with higher stamp duty rates and the removal of a perk that allowed them to claim higher rate tax relief on their mortgage interest payments.
GOLDEN ERA Chinese investment in Britain will be boosted by Brexit, according to the tycoon behind one of London’s biggest building schemes. Xu Weiping, who is building shops, apartments and offices at Royal Albert Dock, said relations are in a golden era.
BANKING AID The Bank of England is teaming up with its counterparts in Ghana, Sierra Leone and South Africa to boost links between Commonwealth countries. Experts will help the other central banks improve their operations, using a £2m grant from the Government.