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Live Reporting

All times stated are UK

  1. UK house prices grow by 0.6%

    For sale signs

    UK house prices grew by 0.6% for the year to February 2019, compared to the year to January 2019, when prices fell 1.7%.

    Average house prices in the UK fell by 0.8% between January and February 2019, compared with an increase of 0.3% in average prices during the same period in the previous year.

    In London, prices fell by 3.8% over the year to February 2019, from a fall of 2.2% in January 2019.

    The average price of a property in the UK for the month of February was £226,234.

  2. Victoria Derbyshire and Sean Clare

    BBC Victoria Derbyshire programme

    Mahad Egal

    Victoria Derbyshire and Sean Clare

    BBC Victoria Derbyshire programme

    Mahad Egal's family will now be placed on the council house waiting list, a legal letter says.

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  3. Kevin Peachey

    Personal finance reporter

    Booking a hotel

    Kevin Peachey

    Personal finance reporter

    Firms cannot automatically keep a large deposit if a customer cancels owing to unavoidable circumstances.

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  4. Mastercard case back on?

    Mastercard logo

    A long-running £14bn court case against Mastercard could be revived.

    That's after the UK Court of Appeal reversed an earlier decision by the Competition Appeals Tribunal to block the case brought by former financial ombudsman, Walter Merricks, who had claimed that 46 million consumers had been overcharged by Mastercard over a 16-year period.

    The Financial Times reported the decision by the UK Court and said Mastercard would appeal to the Supreme Court.

  5. Bank of America reports record quarterly profits

    Bank of America logo on phone

    Bank of America is the latest US bank to report its first quarter results.

    It has reported record quarterly earnings despite what its chief executive Brian Moynihan described as a challenging environment for capital markets.

    "Economic growth and consumer activity in the U. continue to be solid, businesses of every size are borrowing and driving the economy, and asset quality is strong," he said.

    Pre-tax profit rose 4% (year-on-year) to $8.8bn and was up 6% on a net basis to $7.3bn.

    Expenses were down 4% on the same time a year ago.

    Revenue was flat at $23bn.

  6. Unintended consequences of TSB's computer chaos

    Today Programme

    BBC Radio 4

    woman at  screen

    TSB yesterday become the first UK bank to pledge to refund customers who fall victim to any type of fraud.

    Its "fraud refund guarantee" will cover cases where customers are tricked into authorising payments to fraudsters, as well as unauthorised transactions.

    Richard Meddings, chair of the bank, told BBC Radio 4's Today Programme that it was the "right thing" to do for customers.

    But Victoria Baines, a visiting fellow at Bournemouth University, told the programme that TSB had a tough year after its IT problems and that some of the fraud its customers was facing may have been the result of that situation.

    She said the decision by TSB was "admirable" but that rival banks would be looking for unintended consequences.

    "There is a possibility this could encourage lax or even fraudulent behaviour on the part of customers," she said.

    Customers can take steps to avoid fraud, she said by keeping anti-virus software up to date, not using the same password for banking and social media accounts, and calling back your bank if you get a call.

  7. Citi 'performed well'

    Citi logo

    Another US bank has reported its results.

    Citigroup reported revenues of $18.6bn in the first quarter 2019, down 2%, while profits were up 2% at $4.7bn.

    Michael Corbat, chief executive, said: “Both our consumer and institutional businesses performed well and we saw good momentum in those areas where we have been investing, such as US branded cards, Treasury and Trade Solutions, and Investment Banking.

    "Importantly, our strategy in North America consumer banking is showing good early results as we introduce new products and engage with a broader range of customers, through digital channels".

  8. Goldman benefits

    Goldman logo

    Back to Goldman, profits are down and so is pay, according to the results published earlier.

    "Compensation and benefits" in the quarter amounted to $3.3bn, down from $4bn a year earlier.

    Headcount fell 2% during the first quarter of 2019, Goldman Sachs said.

    Overall operating expenses were $5.7bn for the first quarter of 2019, 11% lower than the first quarter of 2018.

  9. How does Goldman make its money?

    chart

    Institutional Client Services - where the bank does deals for customers and makes markets - makes up 41% of revenues. In the first quarter revenues were $3.61bn, 18% lower than the first quarter of 2018 and 49% up on the previous quarter.

    FICC is fixed Income, currency and commodities where revenue was down 11% on a year ago.

    Net revenue in investment banking, around 20% of the business, was largely unchanged on a year ago at $1.81bn.

    The quarterly dividend is going up to 85 cents a share from 80 cents.

  10. Muted start to the year

    Goldman Sachs logo and US flag

    Net revenues at Goldman Sachs were $8.81bn in the first quarter of 2019, 13% lower than the first quarter a year ago and 9% higher than the fourth quarter of 2018.

    "We are pleased with our performance in the first quarter, especially in the context of a muted start to the year," said David Solomon, Goldman's chief executive.

    Pre-tax profits in the quarter were $2.7bn, down from 20% on a year earlier.