London house prices: Year-long boom comes to an end October 28, 2014 London house prices fell steeply in September, following a year of exceptional gains across each of the capital’s boroughs. Data published yesterday by the Land Registry shows London house prices fell 0.7 per cent in just one month. However, prices are still elevated; they are 18.4 per cent higher compared with September 2013. The price [...]
Battersea Power Station wins £1.35bn finance deal to fund new development and build Electric Boulevard high street October 28, 2014 Battersea Power Station has secured one of the biggest UK real estate finance deals in recent memory, after a £1.35bn fund was agreed yesterday. The deal represents £750m to fund the development of the power station building on the banks of the river Thames and £600m to build London’s newest high street, Electric Boulevard, in [...]
UK firms expect moderation in rapid economic growth October 28, 2014 UK firms’ expectations of economic growth have seen a decline with weak global growth and low productivity hitting sentiment. Reductions in growth expectations have occurred in the manufacturing, distribution, and consumer, business and professional service sectors, according to survey data published today by the Confederation of British Industry (CBI). The CBI is forecasting 0.6 to [...]
Emerging markets and cancer drugs help Pfizer top forecasts October 28, 2014 SALES in emerging markets and growing demand for its cancer drugs led US pharmaceutical titan Pfizer to report stronger-than-expected quarterly results yesterday. Earnings for its third quarter rose to $2.67bn (£1.65bn), up from $2.59bn a year earlier. The figure beat analyst expectations, but left shares trading fairly flat yesterday. Revenue fell two per cent to [...]
BP slumps to a loss as Russian arm struggles October 28, 2014 UK OIL company BP yesterday reported a loss of $335m (£207m) during the third quarter of 2014, down from a $1bn profit in the same period of last year. The firm’s Rosneft business in Russia took a major hit, with profit plunging to $107m, compared with $792m. BP said that this result was “principally affected [...]
Synthomer warns profit may fall October 28, 2014 CHEMICAL maker Synthomer saw its share price tumble by almost six per cent yesterday, after issuing a £6.5m profit warning. The company stated that, at current run rates and “given the current demand environment in Europe”, the board “now expects full-year profit-before-tax to be slightly below current consensus”, at £87.8m. According to the firm, profit [...]
Ryanair hit with €8.3m French fine over staff contract dispute October 28, 2014 Budget airline Ryanair is facing an €8.3m (£6.55m) fine in France after a court ruled the carrier had breached its labour laws. The appeal court turned down the airline’s bid to have the decision overturned, after French authorities fined it for avoiding social security payments in the country by putting workers on contracts in Ireland. [...]
Veteran Quindell board member Tony Bowers dies October 28, 2014 Insurance outsourcer Quindell announced that its independent non-executive vice-chairman Tony Bowers passed away yesterday afternoon. Bowers was a partner with Deloitte for 23 years before his retirement in 2008, when he began specialising in dealing with companies on aspects of business and taxation. He went on to join Quindell’s board in February 2011. “Tony was [...]
Lloyds’ branch closure tight-rope: Antonio Horta Osorio’s balancing act October 28, 2014 Lloyds is chopping 150 branches over the next three years, so it seems an odd time to claim the bank in fact values the traditional high street sites more than the other lenders. But that is exactly what chief executive Antonio Horta Osorio says he is doing. It is a fine line to tread, [...]
Mediobanca hurt by a crash in profits at its insurance business October 28, 2014 INVESTMENT incomes crashed at Italian lender Mediobanca, its first quarter results showed yesterday. Net profit came in at €160m (£126m) in the three months to the end of September, down 6.5 per cent on the year. The biggest blow came from its principal investing arm where profits dived 61 per cent to €53.3m on weak [...]