Oxford Street property deals set to reach £1bn by end of this year June 17, 2015 The revamp of the eastern end of Oxford Street and the imminent arrival of Crossrail has sparked a flurry of property deals this year, with investors flocking to get a slice of London’s busiest shopping street. According to CBRE, seven record-breaking transactions totalling £645m have taken place since January, of which five were undertaken off-market. [...]
Deanna Oppenheimer to join Tesco’s nominations committee June 17, 2015 Deanna Oppenheimer, a former high-flying banker who joined the board of Tesco three years ago, has been drafted to join the supermarket’s nominations committee next month. The appointment comes after Oppenheimer, previously the boss of Barclays UK retail and business bank, was made chairman of Tesco’s remuneration committee earlier this year. Deanna [...]
Report says Britain’s state debt amounts to £221,000 per family June 17, 2015 Britain needs an Office for Inter-generational Responsibility to keep a lid on its snowballing debt, reducing the burden on younger generations, a think tank has said. The Centre for Policy Studies has (CPS) today claimed in a new report that the current debt position of the UK is not fully appreciated due to the [...]
Betfair misses despite hitting its goals as traders and analysts go cold on fears that the firm is over-valued June 17, 2015 The City stopped championing Betfair yesterday, despite premier full-year results from the online bookmaker. Shares in the FTSE 250-quoted firm slid throughout the day, with analysts warning that the stock was overvalued due to intense competition in the online gaming market. Betfair closed 3.9 per cent lower at 2,416p, against the FTSE 250 [...]
Cheesegrater bolts to cost Severfield £6m after Leadenhall building loses five June 17, 2015 Steelmaker Severfield said yesterday that the cost of replacing bolts in the Cheesegrater building, after five broke, is likely to hit £6m. There are around 3,000 bolts in the City skyscraper, formally known as the Leadenhall building, and most will be replaced, chief executive Ian Lawson told City A.M. “These bolts were a specialist [...]
Think tank slams Bank of England stress tests for being far too weak June 17, 2015 A think tank has called for an end to regulatory stress tests on banks, saying they are “sleep- walking” the sector into another financial crisis. The Adam Smith Institute, a free market think tank, said the annual Bank of England tests – which are used to gauge the resilience of banks to volatile financials scenarios [...]
JD Sports warns weak euro will dent its margins June 17, 2015 Sports fashion group JD Sports yesterday said it has made a “strong start” in the first 19 weeks of the year despite tough comparatives with last year, having announced record annual pre-tax profits of £100m in April. In a trading update ahead of its annual general meeting yesterday, the Size? and Millets owner said the [...]
Suppliers lose out on over half of supermarket promotions June 17, 2015 Suppliers of everyday products to supermarkets are losing money on 60 per cent of promotions, and the situation has been getting worse, according to data gathered over three years by Nielsen. Around $500bn (£317bn) is spent on trade promotions globally each year, with makers of fast-moving consumer goods (FMCG) such as Unilever often investing 20 [...]
Asia Resource Minerals hit with £4.65m FCA fine June 17, 2015 The financial regulator has slapped a £4.65m fine on Asia Resource Minerals (Arm) for breaching the listing rules. The firm was cited by the Financial Conduct Authority (FCA) for having “inadequate systems and controls to comply with its obligations as a listed company”. This included failing to identify transactions valued at just over £8m. Georgina [...]
House insurance prices forecast to fall further as competition thrives June 17, 2015 The UK’s household insurers could swing to an underwriting loss within two years, despite recording an industry-wide profit of around £500m last year. In a report released today, audit firm Deloitte warns that increasing competition pressures are forcing household insurance prices down. Relatively benign weather conditions over the past two years have also helped keep [...]