British Bankers’ Association: London is losing its edge as a financial centre November 13, 2015 London is losing its edge as an international banking centre, a new report out today has warned, saying that “urgent action is needed if the UK is to remain an attractive location for foreign banks and provide a competitive business environment for UK wholesale banks to challenge overseas”. The report, produced by the British Bankers’ [...]
Suburbs lag behind inner London boroughs in housebuilding drive November 13, 2015 Inner London boroughs are granting planning permission for more new homes than the all of the surrounding outer boroughs put together, according to a new report that warns of a growing prosperity divide within the capital. Stirling Ackroyd’s latest New Homes Monitor showed London’s thirteen Inner boroughs approved a total of 11,970 new homes throughout [...]
Over £1bn of masala bonds to be issued in London, Indian Prime Minister Narendra Modi announces November 12, 2015 Indian Prime Minister Narendra Modi has marked the beginning of his trip to the UK by announcing today that the country’s railway network will issue so-called masala bonds in London to raise cash for its expansion. Masala bonds are rupee-denominated bonds issued outside of India. Over £1bn masala bonds will be issued including the first private [...]
A fifth of Goldman Sachs’ 425 new managing directors joined as summer interns November 12, 2015 Goldman Sachs has promoted 425 of its employees to managing director – its second-highest rank behind the lucrative position of partner – the investment bank announced today. A person familiar with the matter said that 21 per cent of the group initially joined the company as summer interns, while 35 per cent were campus hires. The highest [...]
At the close: FTSE 100 slides as Rolls-Royce plummets November 12, 2015 The FTSE 100 index fell in Thursday's trading after Rolls-Royce shares tanked and miners continued to slide. The UK's top blue-chip index fell 1.88 per cent to 6,178 points. Rolls-Royce was the biggest casualty of the day, tumbling 19.57 per cent to 536.5p after warning profits will be at the lower end of expectations due [...]
GoPro shares drop to below IPO price as analysts suggest demand for firm’s cameras is in decline November 12, 2015 GoPro's share price has dropped to below its initial public offering (IPO) price, falling by over six per cent today to $23.56. The point of view camera company floated at $24 per share in June 2014, and fared well on the Nasdaq for a while – making founder Nick Woodman a billionaire. However, the stock [...]
BHP Billiton and Vale share prices fall after Brazil vows to make it pay for mine disaster November 12, 2015 The Brazilian government has said BHP Billiton and Vale will be punished for the fatal mining disaster, in its strongest remarks on the tragedy yet. "If federal fines are applicable, we will apply them," environment minister Izanbella Teixeira said. "There will be punishment, and under Brazilian law the environment has to be repaired," she added. Dams [...]
The UK and US governments just conducted a huge cyber terrorism drill to test the resilience of the FCA, Bank of England and Treasury November 12, 2015 The UK and US governments have conducted a huge joint exercise, along with global financial firms, to see how well we'd respond to a "cyber incident" in the finance sector. The drill involved participants including the Bank of England, the Treasury, the Cabinet Office and the Financial Conduct Authority, the chancellor said today. The exercise [...]
Derwent sells Covent Garden’s Davidson Building for £66m as third quarter lettings soar November 12, 2015 Derwent London's Davidson Building in Covent Garden has been snapped up by US real estate firm Cornerstone for £66.2m, the developer said yesterday, as it reported a surge in third quarter lettings. The company bought the office building and redeveloped it in 2003, keeping the Edwardian façade on Southampton Street. It was named the Davidson [...]
Glencore, Anglo American, BHP Billiton share price: FTSE miners tumble as commodities rout deepens November 12, 2015 The FTSE 350 mining index fell 4.61 per cent to 8,234.14 points this afternoon as copper prices tumbled. Glencore shares shed 9.52 per cent to 94.77p per share, Anglo American fell 8.55 per cent to 450.60p per share and BHP Billiton was 4.27 per cent lower at 884.50p per share. Earlier, copper prices slid to a two-and-a-half month low after the dollar [...]