THE DAILY BRIEFING

CHALLENGE REJECTED The controversial sale of a fund for renewable energy projects to an Australian bank looks likely to go ahead after a lastditch legal challenge failed.

Sustainable Development Capital LLP had argued the Government was wrong to award preferred bidder status to its rival Macquarie in the privatisation of Green Investment Bank.

But yesterday the High Court threw out SDCL’s request for a judicial review of the decision, saying there was nothing to suggest the process had been carried out unlawfully. ECONOMY GROWS Britain’s economy grew by 0.5pc in the first quarter, according to the National Institute of Economic and Social Research. That was slower than the 0.7pc growth seen in the final quarter of last year. HOUSE VALUE Average house prices rose to £219,755 last month. Property values in the three months to March were 3.8pc higher than in the same period a year ago, but the growth was slower than the 5.1pc rise reported in February, according to Halifax. BANK BIDS The Co-op Bank has received takeover approaches from ‘several parties’ as speculation rages over its future. Co-op Group – which owns 20pc of the bank following a previous rescue by US hedge funds – said on Thursday its stake was worthless. JUNK NATION South Africa’s credit rating was cut to ‘junk’ by Fitch with protesters across the country calling for President Jacob Zuma to resign after he fired respected finance minister Pravin Gordhan. DIAMOND DAYS Miner Gem Diamonds has found an ‘exceptional quality’ 114-carat diamond at its Letseng mine in Lesotho, Africa. Shares rose 6.4pc, or 5.75p, to 95p. US JOBS Unemployment in the US has fallen to 4.5pc, its lowest level in a decade – despite the creation of fewer than expected jobs last month. NEW BOSS Just Eat has hired Hays chief executive Alistair Cox as a nonexecutive director.