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 [...]
Why the UK always falls short in global innovation rankings November 12, 2015 Innovation is often cited as the Holy Grail of any politician. Without it, wealth creation becomes harder and economies can stagnate. Yet developing and encouraging this innovation is harder than it looks. That certainly seems to be the case in the UK, which once again is not represented in the latest Thomson Reuters study on [...]
RBS says it is cutting investment bank costs by another £2bn November 12, 2015 Royal Bank of Scotland (RBS) set out plans today to cut costs in its corporate and institutional banking (CIB) business by about £2bn over the next three years as part of a wider strategy to reduce the size of the division. RBS said in a presentation this afternoon it expects annual revenues in its CIB business [...]
FirstGroup first half profits slide following franchise misstep November 12, 2015 FirstGroup, operator of buses and trains in the UK and the US has said pretax profit dropped by a third in the first half year-on-year, down to £22.4m from £33.3m. Group revenue for the half was down 17 per cent to £2.44bn, in line with its expectations. The group’s share price is trading up by [...]
Liberty Interactive spinning off CommerceHub and Expedia Holdings November 12, 2015 Liberty Interactive is spinning off two new units, CommerceHub and Liberty Expedia Holdings. Travel firm Expedia’s parent company is splitting off its e-commerce software division to CommerceHub. Liberty Expedia Holdings, meanwhile, will include the group’s full 18 per cent stake in Expedia, but also the site bodybuilding.com. Expedia recently posted bookings up by 21 per [...]
Tech City launches programme to help address UK’s scale-up issue November 12, 2015 There's a new initiative out there to help London's fledgling tech businesses boom. Today, Tech City UK, a publicly funded nonprofit focused on nurturing digital businesses, launched Upscale, a programme that will connect 25 promising scale-ups – companies that have grown beyond the start-up phase – with free expertise and advice to grow their business to [...]
Deutsche Bank puts in place new management team for investment bank November 12, 2015 Deutsche Bank announced a new slate of top jobs this morning, naming a string of appointments to its corporate and investment bank (CIB) as part of the bank's strategic overhaul, first announced last month. The bank's new co-chief executive John Cryan said last month that he was dividing Deutsche's investment bank into two parts, with one focused [...]
Challenger bank Aldermore looking as safe as houses in third quarter results, as residential mortgages push up lending, but share price drops November 12, 2015 Aldermore has today reported loan growth of about £1bn over the last nine months, bringing total net loans to customers to £5.8bn, an increase of 20 per cent from the end of December. In its third-quarter results for 2015, the challenger bank, which was set up by former Barclays executive Phillip Monks, said it was on [...]
Number of new homes built in England at highest level in 28 years November 12, 2015 The number of new homes in England has risen by a quarter over the past year, the highest annual increase in 28 years, official figures show. A total of 170,690 residential properties were created in 2014/15, a 25 per cent increase on the previous year when the number of homes increased by 10 per cent, according data [...]