Lack of supply lifts house prices as mortgage lending increases September 14, 2009 HOUSE prices rose in August for the first time in two years, new data from the Royal Institute of Chartered Surveyors (RICS)showed yesterday, providing further evidence that activity in the housing market is improving. The seasonally-adjusted net balance of surveyors reporting rising rather than falling prices over the quarter to August turned positive with a [...]
Moody’s sees more pain for British banks September 14, 2009 BRITAIN’S banking crisis is far from over, credit ratings agency Moody’s said yesterday, with adverse macroeconomic conditions likely to weigh on their profitability for months to come. In its new UK Banking System Outlook, Moody’s signalled continuing pain for beleaguered British lenders, due to the likelihood that unemployment will rise, forcing struggling borrowers to default [...]
Kentz set to bid for more LNG work at Gorgon September 14, 2009 KENTZ, the Irish oil and gas group, said yesterday it would bid for more contracts at the Gorgon liquefied natural gas (LNG) mining project, and saw its first-half profits rise 10 per cent. Chief executive Hugh O’Donnell said the firm would put up between $400m (£241m) and $500m for the contracts at Gorgon, a project [...]
WHAT IS THE OUTLOOK FOR KENTZ? September 14, 2009 KEITH MORRIS EVOLUTIONKentz’s focus on engineering and construction in growth areas continues to impress. Improving margins on flat revenue, a 38 per cent increase in the backlog this year and larger cash reserves all point to strong profits growth underpinned by good visibility.MALCOLM GRAHAM-WOOD HANSONWESTHOUSEKentz delivered the goods in the first half and with a [...]
ITV boosted by change in advert rules September 14, 2009 THE COMPETITION Commission is today expected to relax the rules governing the way ITV1 sells advertising, in a move that could net the firm an additional £20m in annual revenues. The regulator has been reviewing the contracts rights renewal (CRR) system, which was introduced when Carlton and Granada merged in 2003 to protect advertisers from [...]
France Telecom comes under pressure to respond to string of staff suicides September 14, 2009 France Telecom, owner of Orange, has been asked by the French government to explain its position after a string of 23 employee suicides that have rocked the company. Unions partly blame the deaths on recent layoffs and restructuring at the telecommunications giant. The company’s head of human resources, Olivier Barberot, held a conference call with [...]
BOUNCING BACK September 14, 2009 A TRAMPOLINE and a slide could soon adorn a disused Victorian gas holder near St Pancras station. The plan, one in a shortlist of five, is part of a makeover at St Pancras. The gas holder is a listed building and cannot be dismantled, so a competition is being held to decide the site’s future. [...]
Property guru to launch fund September 14, 2009 Property veteran and former Slough Estates chief executive Roger Carey is set to launch a new property fund to take advantage of bargain opportunities in the depressed real estate market. The UK Strategic Income Property Fund will be managed by Graham Gould from Cobra Asset Management and BDOStoy Hayward Investment Management, and will take advice [...]
City Moves for 15 September 2009 | Who’s switching jobs September 14, 2009 White & CaseThe law firm has appointed London partner Oliver Brettle to its global executive committee. Brettle will retain his responsibilities as executive partner in the London office, which he has led for the past year. He replaces New York-based partner Dimitrios Drivas on the committee. Drivas is stepping down from the post to devote [...]
WHARF BITES September 14, 2009 A year on from Lehman Brothers, Canary Wharf has been trying to change its image from financial hub to eating and leisure destination. The Docklands site yesterday revealed its Park Pavilion restaurant site, due to open this Autumn in Canada Square, is now fully let. Roka, Canteen, Wahaca and cocktail bar The Parlour will all [...]