UK banks' approval of mortgages down

LONDON • The number of mortgages approved by British banks last month fell to its lowest in a year, but robust credit growth added to signs that the Brexit vote has had little impact on consumers so far, industry data showed yesterday.

British banks approved 37,662 mortgages for house purchases last month, down from 39,763 in June and 19 per cent lower than in July last year, the British Bankers' Association said.

The figures chimed with strong retail sales data earlier this month that showed little impact on consumer spending so far from the shock vote to leave the European Union.

REUTERS

SoftBank to sell subordinated bonds

TOKYO • SoftBank Group plans to sell at least 350 billion yen (S$4.72 billion) of subordinated bonds to investors next month to bolster its balance sheet, following the announcement of its purchase of chip designer ARM Holdings.

The wireless carrier agreed last month to buy ARM for £24 billion (S$42.78 billion).

SoftBank plans to sell 350 billion yen of 25-year hybrid debt to mainly individuals, together with two separate subordinated tranches to mainly institutional investors, according to a statement from the company yesterday.

SoftBank's first-quarter profit rose 19 per cent as proceeds from selling part of its stake in Alibaba Group Holding helped make up for losses at Sprint.

BLOOMBERG