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Waitrose sees trading rocket over Jubilee

first_imgWaitrose achieved its highest week of trading, bar Christmas and Easter, over the Jubilee weekend. Sales were up 19.8% on last year, for the week ending 2 June.Melton Mowbray Pork Pies, sausage rolls and Scotch eggs featured among the picnic food favourites, with sales up 76% for each. Trifle was also up 28% year-on-year.Tubes of red, white and blue icing also rocketed, with growth in sales up 637%.Mark Price, managing director, Waitrose, said: “The prospect of a long weekend and a wonderful focus for celebration spurred shoppers into action. Many people clearly welcomed having a great reason to step away from day-to-day budgeting to stock up on fabulous food and drink for Jubilee parties and entertaining.”Related news:>>Little Waitrose targets food-to-go marketlast_img read more

APRA lifts limit on interest-only mortgages starting January 1

first_imgHappiness is having a home and mortgage locked and loaded.Christmas has come early for thousands of Australian property investors — and banks — after APRA confirmed it would lift the floodgate on interest-only borrowing from January 1.The move could prove a boon to banks as well, with the sector considered a cash cow for lenders, raking in an extra billion dollars just in higher rates for interest-only loans last year.The Australian Prudential Regulation Authority on Wednesday issued a statement to all lenders informing them it was removing its 30 per cent benchmark on growth in interest-only loans, saying it had “served its purpose” to dampen risky lending.APRA threw the investor lending growth restraint over the entire market last year over concerns about the rise in “higher risk lending” and growing levels of debt among Aussie families.APRA chairman Wayne Byres said “the proportion of new interest-only lending has halved, and interest-only lending at high loan-to-valuation ratios (LVR) has also declined markedly” since that time. FOLLOW SOPHIE FOSTER ON FACEBOOK Investor, principal and interest 4.60% Average rates according to borrower Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenStarting your hunt for a dream home00:51 More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours agoCredit growth for housing is the lowest it’s been since the 1983 recession according to the Housing Industry Association. Picture: AAP Image/Glenn Hunt.Housing Industry Association principal economist Tim Reardon said the move was necessary to stem the falls in the housing market in southern capitals.“Credit growth across the market is the lowest it has been since the 1983 recession,” he said. “Credit growth to investors is the lowest on record.”But he warned that more needed to be done with the time taken to get mortgage approval having now blown out “from two weeks to more than two months” with half of applications being rejected.“With the Royal Commission scheduled to release recommendations early next year there is a risk that the credit squeeze may drag on into 2019. The residential construction sector is already cooling. Policy makers will need to proceed cautiously when responding to the Commission’s recommendations.”Meanwhile, APRA will continue to watch how lenders respond — and it wants self-imposed limits on both interest-only periods for owner-occupiers and interest-only loans with low deposits.“Interest-only periods should be of limited duration, particularly for owner-occupiers, and serviceability assessments should test borrowers’ ability to repay principal and interest over the actual repayment period (excluding the interest-only term),” Mr Byres said.center_img Owner occupier, interest-only 4.68% Owner occupier, principal and interest 4.27% Wayne Byres from APRA leaving the Banking Royal Commission in Melbourne at the end of November. Picture: David Geraghty/The Australian.RateCity research director Sally Tindall said interest-only loans now made up 16.2 per cent of new lending compared to the record high of 45.7 per cent in June 2015.“This announcement today will see banks re-open their books to more interest-only lenders, particularly investors.”But, she said, “whether they drop their interest-only rates to attract more borrowers on to their books will be interesting”.“Banks have grown accustomed to charging borrowers more for interest-only loans. The final ACCC report into residential mortgage pricing released last week found that the big four banks collected an extra $1.1 billion over the last financial year as a result of hiking interest-only rates.” Investor, interest-only 4.84% Source: RateCity.com.aulast_img read more

‘IT’S BACK TO PECO’: Court orders MORE Power to return operation to rival

first_imgPECO lawyers,however, said this is not final since they have not received any such directive  yet.“The order of the ERC regarding the alleged revocation of the PECO CPCN is notyet final and, in fact, has not been officially received by PECO,” Elamparorevealed. “Moreover, the order was premised on misrepresentations made byMORE,” she added.“We are hopeful that once we are able to apprise the ERC of the true situationthat’s happening on ground, ERC will not only reverse this order but would alsodeny the outright the application of MORE Power for a CPCN,” said Elamparo.Last week, MORE Power forcibly took over the substations of PECO on thestrength of a writ of possession issued by RTC Branch 23 and announced it hadfull control of the facilities. The presidingjudge also said she is still not sure about the capability of MORE Power tooperate the facilities and by returning the operations to PECO, the court isprotecting consumers from the possibility of power outages. “The decision ofthe Iloilo RTC to direct MORE Power to give back power distribution operationsto PECO is a crucial development because it proves that everything we have beensaying in the past few weeks is true,” said Atty. Estrella Elamparo, PECO legalcounsel.It was reported that MORE Power still has no standing Power Service Agreement(PSA) and the company is still using PECO’s contracts in doing powerdistribution, contrary to the claims of the untested power firm. During yesterday’shearing, a huge swarm of PECO supporters overwhelmed the Hall of Justice andwere allowed to pray while the proceedings were ongoing.In a related development, the ERC said it had revoked the CPCN of PECO. Pending therelease of MORE Power’s own Certificate of Public Convenience and Necessity(CPCN) from the Energy Regulatory Commission (ERC), Presiding Judge EmeraldRequinto-Contreras ordered during a hearing yesterday to give back powerdistribution operations to PECO. PECO also claimedthat MORE Power has no CPCN, thus has no right to provide power distributionservices in Iloilo City despite holding a legislative franchise.Also, MORE Power does not have any power distribution facility in Iloilo Cityand does not have enough employees of its own to man the substations it tookover, according to PECO./PN ILOILO City – In alandmark decision, the Regional Trial Court (RTC), Branch 23 directed MORE Electricand Power Corp. (MORE Power) to return the operations of substations and other powerdistribution utilities that it took over last week back to Panay Electric Co. (PECO). PECO contested thewrit, stating it is illegal as there is a pending petition in the Supreme Courtin relation to the constitutionality of MORE Power’s franchise and alluding toContreras’ bias in the expropriation case. MORE Power shouldfollow the RTC Branch 23-issued Addendum that states PECO personnel should bethe ones to operate the power distribution facilities and MORE Power employeesshould only observe as part of their immersion into the service, stressedContreras.last_img read more