Friday newspaper round-up: Oil prices, Mortgage lending, SSE...

13th Jun 2014 07:30

Oil prices surged to a three-year high after insurgents took control of Iraq's second city and threatened to advance on Baghdad amid fears that the escalating conflict would disrupt oil exports. The price of Brent crude in London jumped $2 to hit $112 a barrel at one point yesterday, a level last seen at the outbreak of the Arab Spring in 2011. Christopher Bellew, a trader at Jefferies Bache, the brokerage, said: "If this conflict knocked out Iraq as an exporter, that would have a significant impact on prices." - The TimesThe Bank of England will be given legal powers to rein-in mortgage lending and councils will be forced to release brownfield sites for building after the Chancellor warned that Britain's housing market poses a threat to financial stability. George Osborne used his annual Mansion House speech to bow to international concerns about a housing bubble. Although he insisted that there was "no immediate cause for alarm" and repeated that his flagship Help to Buy scheme will not be shut down, the Chancellor conceded that roaring house prices could destabilise the economy in the future. - The TelegraphAlistair Phillips-Davies, chief executive of energy group SSE, saw his pay and pension package increase by two-thirds to £2.7m last year, according to the company's annual report. The leap came as new statistics from the Department of Energy and Climate Change showed more than two million households - 10% of all households - were living in fuel poverty. - The GuradianDiscount retailer B&M yesterday proved there is still an appetite for flotations on the London Stock Exchange as its first day of trading saw the company's value grow to almost £3 billion. The Liverpool-based chain, set up in 1978 and now among the UK's biggest retailers with 373 stores and 16,000 staff, saw its shares rise in conditional dealings from an opening price of 270p to more than 290p at one stage. The initial puplic offering valued the chain at £2.7bn, and delivered a £1bn windfall for its backers. - The ScotsmanElectric car maker Tesla Motors is handing over the keys to its technology in an effort to encourage other automakers to expand beyond gasoline-burning vehicles, Elon Musk, Tesla's CEO, promised on Thursday to give away the company's entire patent portfolio to all comers, as long as they promised not to engage courtroom battles over intellectual property. - The GuardianPrice comparison websites may seem like the perfect way to shop around for an insurance policy - providing an unbiased breakdown of all the best deals. But the websites - which allow customers to compare a range of different quotes - were exposed as a sham yesterday, as many prices offered for motor insurance are being unfairly restricted by secret agreements. Industry watchdogs claim some comparison websites make deals with insurers to get an exclusive price, making their website the cheapest for a certain product. - The Daily MailBC