London house price growth set to slow to nothing in two years August 26, 2014 London house price growth will slow to nothing in 2016, as interest rates rise and properties become increasingly unaffordable, according to research yesterday According to property firm Savills, prices will climb by 15 per cent in the capital this year, but a slowdown will mean no price growth by 2016, and slower-than-average increases in 2017 [...]
BNY Mellon hit as Argentina revokes licence August 26, 2014 Bank of New York Mellon was yesterday hit by a double whammy after Argentina stripped its licence to operate in the country. And it was revealed that George Soros had launched legal proceedings in London against it. Argentina’s Congress is due tomorrow to discuss a law that would replace BNY Mellon as intermediary for payments [...]
Don’t panic! Standard and Poor insists bonds blamed for credit crunch pain are safe August 26, 2014 The complex and opaque structured bonds blamed for exacerbating the credit crunch have turned out to be relatively safe investments, credit ratings agency Standard and Poor’s insisted yesterday. Banks were criticised for taking portfolios of bad loans and wrapping them up into mortgage-backed securities before the crunch. They were then given high-quality ratings by S&P and others, [...]
UK’s surge in renminbi trading cements European hub status August 26, 2014 The UK is fast become the dominant European hub for renminbi trading, with payments in the Chinese currency more than doubling in size over the last year. Data from currency trackers Swift show that renminbi trading in the UK has surged, rising by 123.6 per cent in the year to July. Activity in Germany has [...]
Boris takes first step towards return as MP August 26, 2014 Mayor of London Boris Johnson has taken the first step towards rejoining the House of Commons by submitting his application to stand as the Conservative candidate in Uxbridge and South Ruislip in 2015. The incumbent MP, Sir John Randall, is stepping down at the next election and Boris is favourite to take his place and [...]
Telecity’s Michael Tobin quits and sends share price tumbling August 26, 2014 Shares in data centre provider Telecity plunged nearly six per cent in trading yesterday following the shock resignation of outspoken chief executive Michael Tobin. In a statement Tobin said it was “time to move on. Having led the company for over a decade… the board and I agree that with the business in excellent health, [...]
Russian government shutters three more McDonald’s outlets August 26, 2014 The Russian government yesterday closed another three branches of McDonald’s, despite official denials that the shutdowns were related to sanction efforts against western governments. Last week, the state shuttered four McDonald’s outlets in Moscow, citing unsanitary conditions. Yesterday, two more in Moscow were closed, along with one in the mountainous Urals region. The company’s Russian [...]
Raven earnings rise but warns on sanctions August 26, 2014 RAVEN Russia said yesterday that it planned to boost its payout to shareholders after a positive set of results, despite warning that sanctions on Russia could pose an increasing risk to the company. The £530m London-listed firm supplies warehouse space for blue-chip companies in Russia such as Pepsi and has long been a favourite of [...]
WPP results ‘ravaged’ by strength of the pound August 26, 2014 The world’s largest advertising company, WPP, reported a 1.5 per cent rise in profit to £532m in the first half of the year yesterday, hampered by the effects of a strong pound. WPP reported that the strength of sterling had “ravaged” its billings and at a constant currency the same profits would have risen 15.6 [...]
Ride a black swan? WPP’s Sir Martin Sorrell adds Russian crisis to his list August 26, 2014 The Sochi Winter Olympics in February were a key turning point in the West’s deteriorating relationship with Russia, says WPP boss Sir Martin Sorrell who now lists the Russian crisis as the most threatening of his unknown unknowns – or “black swans” – supplanting the Eurozone debt crisis. “I think we made a mistake [...]