Qatari Diar unveils plans to turn US embassy in Mayfair into luxury hotel April 4, 2016 The Qatari owners of the US Embassy in London’s Grosvenor Square have unveiled plans to turn the Grade II-listed landmark into a five star hotel as the US government prepares for its move to Nine Elms next year. Qatari Diar, a subsidiary of sovereign wealth fund the Qatar Investment Authority, will launch a public exhibition next Monday before submitting plans to Westminster [...]
FTSE 100 traders catch breath, but oil prices still raising temperatures on steady day for markets April 4, 2016 It was easy-going on the stock markets today as investors caught a rare breather after a 2016 which has already had more than its fair share of twists and turns. The FTSE 100 closed the day up a modest 0.27 per cent at 6,164, though it was a day of up-and-down as an unconvincing mid-morning assault on last week's summit [...]
Pets Corner makes new furry friends after buying rival chain Pampurred Pets for £6m April 4, 2016 Pets Corner, the high street retailer dedicated to furry and scaly critters, has bought rival business PamPurred Pets for £6m to create the UK's second biggest pet chain. The Sussex-based company was founded by husband and wife team Mark and Sandra Richmond in 1968 and has since grown to 110 stores across the UK. The acquisition will add another [...]
Oil price hits one month low as production freeze deal begins to show cracks April 4, 2016 The price of oil has dropped to its lowest in a month as investors fret over the increasingly shaky looking deal between Russia and the Organization of the Petroleum Exporting Countries (Opec) to freeze production at January levels and clear a global supply glut. In mid afternoon trading a barrel of international benchmark Brent crude was going for [...]
These are the four things which have the ECB’s top economist worried April 4, 2016 Eyebrows may well have been raised at the European Central Bank (ECB) this morning after its chief economist said the organisation was in danger of losing credibility. Peter Praet, who also sits on the ECB’s six-strong executive board with the Bank’s president, Mario Draghi, said that low inflation was bringing into question the ECB’s remit [...]
Belvoir share price soars as profits at the property services group jump by a quarter April 4, 2016 Belvoir Lettings, the Aim-listed agency business which runs a network of franchises across the UK, said revenues jumped by 19 per cent to £6.9m over the year, boosted by acquisitions. Shares in the company, which counts ex-City workers and former servicemen among its franchisees, have surged by more than 13 per cent after posting a 25 per cent jump in profits to £2.2m, [...]
The European Central Bank is losing credibility, according to one of its board members April 4, 2016 Low inflation and defunct monetary policy risk threatening the European Central Bank’s (ECB) reputation as an effective organisation, according to one of its top economists, Peter Praet, who sits on the ECB’s executive board alongside its president, Mario Draghi. Praet warned that if the ECB fails in its efforts to save Europe from a period [...]
Elephant & Castle scheme and East Village site merged to create £1.4bn private rented sector venture April 4, 2016 The owners of the East Village residential neighbourhood on the Olympic site and the first phase of redevelopment at Elephant & Castle town centre have agreed to merge the schemes to create a vast £1.4bn private rented sector estate. Qatari Diar Real Estate Investment Company, Delancey’s flagship client fund, DV4, and the Dutch pension fund asset manager, APG, [...]
Double-digit unemployment leaves Eurozone residents twice as likely to be out of work compared to those living in Britain April 4, 2016 The unemployment rate across the Eurozone edged down to 10.3 per cent in February 2016, its lowest rate since August 2011, according to official figures out this morning, though economists warned the pace of job creation could be slowing down. The share of people out of work in the single currency bloc has fallen to [...]
Slow and steady for the FTSE 100 as it stumbles into Monday, edging up in early morning trading April 4, 2016 The FTSE struggled to get going this morning with a so-so start to the first full week of the new financial year. The blue-chip index crawled up 12 points in the first hour of trading to stand at 6,158, after slipping back at the end of last week from its highest close of the year [...]