West End rent is the highest in the world December 1, 2009 LONDON’S West End has regained its title as the most expensive place in the world to rent an office, overtaking Tokyo in the past six months as the recovery in demand for space begins to take hold. Despite recording an annual tumble in rents of nearly 18 per cent, banking and finance companies are increasing [...]
Tories vow an end to UK’s health and safety culture December 1, 2009 CONSERVATIVE leader David Cameron yesterday promised to reform Britain’s “over-the-top” health and safety culture, saying it had become a straitjacket on personal initiative and responsibility. A Tory government would bring back “common sense, discretion and personal responsibility,” he told the Policy Exchange think-tank. The Trades Union Congress accused Cameron of distortion and urged politicians not [...]
ISA sales soar as the over-50s use allowances December 1, 2009 SALES of ISAs soared last month, boosted by the over-50s taking up their increased £10,200 tax-free allowance. Figures from the Investment Managers Association revealed gross ISA sales hit £965m in October. This was the highest recorded figure in any month since ISAs were launched in April 1999. Net new investments in equity ISAs reached £301.1m, [...]
BT may hike rivals’ bills to cut its pension deficit December 1, 2009 THE telecoms regulator may allow BT to charge its rivals more for using its broadband and telephone lines to help it cut its £9.4bn pension deficit. Ofcom said it would consult on whether to take into account BT’s payments to cut its deficit when setting prices for its wholesale arm Openreach. Charges to firms such [...]
HOW WILL BT’S COMPETITORS REACT TO THIS PROPOSAL? December 1, 2009 TOM GIDLEY-KITCHIN CHARLES STANLEYRivals to BT have been wholly against this right from the start. Why should people like Carphone Warehouse be penalised because BT cannot manage its pension? I think a compromise will be the end result of all this and I don’t think it will be massively negative for BT’s competitors.ROBIN BIENENSTOCK BERNSTEINA [...]
Global factory output mixed December 1, 2009 GLOBAL manufacturing data yesterday revealed a mixed set of results with US and UK surveys indicating a slowdown in the pace of growth in November, while the eurozone saw output accelerate and China continued to expand industrial output at an astonishing pace. In Britain, the CIPS/Markit purchasing managers’ index (PMI) came in at 51.8 compared [...]
Australian central bank hikes rates for third month in a row December 1, 2009 AUSTRALIA’S central bank yesterday hiked interest rates for the third consecutive month by 25 basis points to 3.75 per cent, citing strong employment growth, improving business confidence, and solid export demand from Asia. The country was the only major Western economy that has managed to escape recession – it experienced just one quarter of contracting [...]
Bank of Japan offers 10 trillion in emergency funding to banks December 1, 2009 JAPAN’S central bank announced yesterday that it would offer banks more short-term funds in a plan designed to avert the world’s second largest economy slipping back into recession. Following an emergency meeting, the Bank of Japan said it was offering banks ¥10 trillion (£69.43bn) in three-month funds at a rate of 0.1 per cent. The [...]
HOUSE PRICES RISE AGAIN December 1, 2009 BRITISH house prices rose 0.5 per cent in November, according to the latest monthly Nationwide survey. This matched October’s increase and took the average house price to £162,764. Although a lack of stock and falling prices have underpinned price rises, analysts pointed out that the rise in UK house prices appeared to be moderating and [...]
M&B steps up board battle December 1, 2009 PUBS group Mitchells & Butlers yesterday ramped up its row with its major shareholder, billionaire investor Joe Lewis, removing his representatives from the board and appointing a new chairman in defiance of his wishes. Richard McGuire and Douglas McMahon, representatives of Lewis’s investment vehicle, Piedmont, have been told by M&B to step down. Simon Laffin, [...]