Land Secs set to restart its £350m mall July 21, 2010 THE UK’S largest real estate investment trust Land Securities will restart work on a £350m shopping centre in Leeds next month, in the biggest retail project seen outside of London since the recession. The property group said it waited until 47 per cent of the Trinity Leeds mall was let before agreeing a construction contract, [...]
Northacre losses up as projects shelved July 21, 2010 PROPERTY developer Northacre suffered pre-tax losses of £3.9m last year, though the firm softened the blow by selling off several assets including the Kensington Odeon and taking advantage of rising property values. The central London specialist blamed a lack of confidence in the lending market for its difficulty in securing work, which has spread to [...]
Madoff trustee files fresh suit July 21, 2010 ATHE trustee overseeing the liquidation of Bernard Madoff’s financial advisory firm has sued 43 new defendants affiliated with a hedge fund firm that fed money to the now-imprisoned swindler. The trustee is seeking more than $3.6bn (£2.4bn) of damages in the lawsuit. Walter Noel, a co-founder of Fairfield Greenwich Group, was among those added to [...]
City jobs boom for accountants July 21, 2010 THE JOB market looks rosy for qualified accountants, as recruitment levels recovered to pre-recession levels at several firms in the second quarter of the year. Employers were paying up to £100 more per day for contractors than they were during 2009, according to recruiter Robert Walters, with experienced product controllers commanding between £375 and £475 [...]
Profits up for Johnson on demand jump July 21, 2010 British speciality chemical company Johnson Matthey yesterday said first-quarter profit jumped 47 per cent as it recovered from a slump in demand, and forecast an improved full-year performance. The platinum refiner and world’s largest supplier of catalytic converters said yesterday Apri to June sales excluding precious metals rose 32 per cent on the 2009 period, [...]
Rail ticket machines confuse July 21, 2010 AARAIL ticket machines are confusing which leads to passengers overpaying for fares, said an industry watchdog yesterday that called on train companies to simplify the system. Research conducted by Passenger Focus found that overly complicated ticket machines found in UK train stations forced customers to pay higher fares and wait in longer queues. The consumer [...]
BDO called in as joint administrator of Halliwells as law firm sells off business July 21, 2010 BDO HAS been appointed as administrator of collapsed legal outfit Halliwells as rivals move in to buy up the firm’s assets. Restructuring partners Dermot Power and Shay Bannon at BDO were appointed as joint administrators of the Manchester-based firm late on Tuesday night just before the company agreed on sales to rival firms. Barlow Lyde [...]
Dana expands in Egypt with Nile Delta venture July 21, 2010 OIL and gas explorer Dana Petroleum has agreed to acquire a 50 per cent stake in a potential oil field off the coast of Egypt from rival BG Group, boosting its prospects in Africa. The Aberdeen-based firm said yesterday it has agreed to fund the cost of the next exploration well in the Nile Delta, [...]
CITY MOVES | WHO’S SWITCHING JOBS July 21, 2010 BANK OF IRELAND The bank has appointed Bill Greaves to the position of head of corporate banking in the UK. Greaves previously led the bank’s technology, media and telecoms team, which he established in early 2005 upon joining the group. Prior to that, he led the media team at Barclays. In his new role, he [...]
BEST OF THE BROKERS July 21, 2010 GOLDMAN SACHS JP Morgan Cazenove rates Goldman Sachs as “overweight” despite disappointing second quarter results. JP Morgan said that it has lowered its earnings per share predictions for Goldman, but believes the bank still maintains a strong position in its peer group, and that its potential for restructuring could help offset any negative impact. GOLDMAN [...]