The property boss who can see the light at the end of the tunnel July 5, 2009 The airy offices of Knight Frank chairman Nick Thomlinson are as good a place as any to survey the wreckage of the property market over the last two years. So it can only be good news that the head of the UK’s largest privately-owned property business shows no sign of panic as he holds court [...]
Rural homes near London see price rise July 5, 2009 PRIME country properties around London saw prices rising by 0.7 per cent in the second quarter of 2009 after five consecutive quarters of falls, according to the Knight Frank/ City A.M. prime commuter property price index. For the UK as a whole, the average value of prime country property fell by 0.9 per cent over [...]
Glass heads race to be the new finance director at RBS July 5, 2009 ROYAL Bank of Scotland (RBS) is considering the appointment of Simon Glass to replace Guy Whittaker as finance director. Glass, who joined RBS as deputy finance director three months ago from Standard Chartered, is believed to be heading the race to succeed Whittaker, who will part company with the 70 per cent state-owned bank before [...]
FULL HOUSE FOR CENTRE POINT July 4, 2009 Centre Point, the iconic London office tower has finally become fully occupied for the first time in its 40 year history after controversially spending the first 15 years of its life empty in a bid to reduce tax payments. Owner Targetfellow has now secured its last leasing to Onalytica, which is owned by the original [...]
CITY BANKERS CHEER AS BONUSES RETURN July 2, 2009 THE CITY is set for a return to the champagne-soaked days of old, after it emerged yesterday that bankers at Goldman Sachs and Morgan Stanley are on track for bumper full-year bonuses to rival those from the pre-credit crunch compensation heyday. Goldman Sachs is on course to pay out up to $700,000 (£427,000) per employee [...]
Freshfields is City’s top legal firm July 2, 2009 FRESHFIELDS Bruckhaus Deringer has overtaken rival Clifford Chance to clinch the top spot among the UK’s highest-grossing law firms. Profit per equity partner – considered the best measure of a law firm’s profitability – remained broadly constant for the 2008/09 financial year at £1.44m, outperforming rivals who saw profits slump. Revenue hit £1.29bn, an increase [...]
FSA revamps its structure July 2, 2009 THE FINANCIAL Services Authority said yesterday it had completed reforms of its operational structure designed to help it identify risks in the financial sector. The FSA, which has been criticised for failing to spot the signs of the banking crisis, has created a new international division, led by director Verena Ross, which it said would [...]
Bonuses done right are an essential tool July 2, 2009 SO bonuses are back. This is great news for many readers of this newspaper, the majority of whom work in financial services; but many others will find this return of the mega-payout to be entirely offensive. After all, the “bonus culture” – when huge financial rewards are meted out, regardless of real, long-term performance – [...]
Osborne in expenses probe July 2, 2009 SHADOW chancellor George Osborne is facing an expenses probe by the Parliamentary Standards Commissioner following a complaint by the Labour Party chairman for his constituency. Laurie Burton, Labour chair in Osborne’s Tatton constituency, alleges that between 2001 and 2003, Osborne claimed a second home allowance on his main home, a practice known as “flipping”. Burton [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 2, 2009 FINANCIAL TIMES M&B SEEKS TO FEND OFF INVESTOR REBELLIONMitchells & Butlers is prepared to head off a potential rebellion by offering its two largest shareholders board representation. Drummond Hall, M&B chairman, is understood to be in talks with Joe Lewis, the Bahamas-based billionaire, and Elpida, the investment vehicle for Irish horseracing tycoons JP McManus and [...]