Formula 1 plans to move to a new global HQ in St James’s Market March 2, 2017 Formula 1 is moving its global headquarters from Knightsbridge to a £400m development in the West End. The motorsports business will be taking up 21,000 square feet of space over two floors of a redevelopment by the Crown Estate and Oxford Properties called St James's Market. It is expected to make the move later this [...]
French energy giant Engie’s shares rise on a positive outlook to its turnaround plan March 2, 2017 France's Engie booked a multi-million euro writedown today due to low power prices and high nuclear costs, but investors remain confident in the firm's overhaul strategy. The firm also today agreed to acquire the regeneration business of Keepmoat for £330m. Keepmoat is the UK's leading provider of regeneration services specialising in refurbishing buildings. The figures The world's biggest non [...]
How long is the investment learning curve? March 2, 2017 | City Talk Mistakes and disappointments are not unusual in the investment world. On the contrary, it is investment successes that are rare. Persistent boom-and-bust economic cycles underline the numerous unavoidable challenges that investment decision makers face. Moreover, professional investors rarely have a complete understanding of their own miscalculations or those of others. From poor analyst forecast accuracy [...]
Here’s how City analysts reacted to Cobham’s new £500m rights issue and a decline in profits March 2, 2017 Today, embattled defence giant Cobham announced a £500m rights issue at the same time as it unveiled a 37 per cent fall in pre-tax profits. The aerospace firm issued its fifth profit warning in less than two years in February, and its outlook for 2017 isn't looking any rosier. Cobham said it will be "challenging to deliver a similar [...]
Labour’s John McDonnell wants to force high-earners to publish their tax returns March 2, 2017 Labour's shadow chancellor John McDonnell has revealed new plans designed to improve trust in the UK's tax system, including forcing anyone earning over £1m to publish their tax returns. McDonnell announced the plans at a pre-Budget speech in London earlier today, adding that Labour also shares the widely-held goal of clamping down on tax avoidance. "Transparency and [...]
Travis Perkins’ share price heads south as profits plunge March 2, 2017 Travis Perkins' share price has dropped by 8.5 per cent today after the builders' merchant's profit slumped and it fired a warning-shot about the UK economy. The figures In the year ending 31 December, Travis Perkins' profit before tax slumped 67 per cent, down from £224m to just £73m. Like-for-like revenues grew 2.7 per cent, up from £5.9bn to [...]
Brexit schmexit: Aldermore reports profit boost despite EU vote uncertainty March 2, 2017 Challenger bank Aldermore has reported a 34 per cent jump in profits, thanks to higher mortgages and loan demand from homeowners and businesses. Phillip Monks, the bank's CEO, said Aldermore hasn't seen "any tail-off in demand post-Brexit". “To date it’s been business as usual: we have seen no direct impact on either the lending or deposit side [...]
Higher energy prices drive Eurozone inflation to hit two per cent for the first time in four years March 2, 2017 Eurozone inflation hit two per cent in February, beating the European Central Bank (ECB)’s target for the first time since January 2013. The year-on-year rate of inflation rose from 1.8 per cent in January according to flash estimates from the European Commission. The sharp rise over the months since November has mainly been driven by the [...]
Leaving the EU without a deal would bring significant tariff and regulatory barriers to trade, the CBI is set to warn at Mansion House March 2, 2017 The CBI has warned that leaving the EU without a deal and reverting to World Trade Organisation (WTO) rules would open a pandora’s box of economic consequences, hurting firms on both sides of the Channel. In a speech this evening to the Lord Mayor’s business and investment dinner at Mansion House, CBI president, Paul Drechsler, [...]
Capita chief executive falls on his sword as profits drop by a third March 2, 2017 Shares in troubled outsourcing giant Capita fell today after its chief executive, Andy Parker, stepped down – and profits fell by a third. Shares were down 7.9 per cent at 520.1p in late morning trading after the company, which administers the London congestion charge and TV licencing among many other things, said today Parker will step down later this year, [...]