British Land profits lifted by lucrative London property market May 14, 2015 The figures: British Land said that underlying profit before tax rose 5.4 per cent to £313m for this financial year, up from £297m a year earlier. Diluted underlying earnings per share rose 4.1 per cent to 30.6p, an increase from 29.4p in 2014. The developer's total portfolio valuation rose by 12.1 per cent to £13.63bn. This was [...]
Greek government moves to rule out a bailout referendum May 13, 2015 A leading member of the Greek government yesterday insisted that a referendum to secure government support for its bailout strategy is not on the cards. It will instead try and reach a compromise with its lenders. Interior minister Nikos Voutsis said “We are working towards an honourable compromise. An immediate recourse to a referendum or [...]
Surveyors say housing level at crisis point as rising UK house prices and weak supply spark “national emergency” May 13, 2015 House prices across the country climbed further last month as new listings fell at their fastest rate in six years, according to a new report published today. Thirty-three per cent more surveyors nationwide, and 28 per cent of respondents in the capital, saw prices rise in April, according to the latest Royal Institution of [...]
What will the new government do to build more affordable homes? May 13, 2015 Housing charity Shelter says 250,000 new homes need to be built in England each year to keep up with population increases. But current housebuilding rates are nowhere near those levels. According to the department for communities and local government, just under 120,000 homes were completed last year. On the campaign trail, the Conservatives made a [...]
Salvatore Ferragamo profit lifted by currencies May 13, 2015 Italian luxury group Salvatore Ferragamo yesterday reported a 16 per cent rise in its first-quarter core profit as currency effects boosted sales in Asia and North America. Earnings before interest, tax, depreciation and amortisation totalled €61m (£44m) in the first quarter, marginally ahead of analysts’ consensus of €58m. Sales rose 10 per cent to €327m. [...]
Bob Diamond re-elected as Atlas Mara director after facing a minor investor revolt May 13, 2015 Ex-Barclays chief Bob Diamond was re-elected as a director at his latest venture Atlas Mara – but only after a modest shareholder rebellion among voters. The chief executive was backed by 91.2 per cent of shareholders, giving him the support a solid majority. But that figure compares with more than 99 per cent for all [...]
Morgan Stanley fined $2m for incorrectly reporting short-selling positions May 13, 2015 US investment bank Morgan Stanley was yesterday fined $2m for incorrectly reporting its short-selling positions over a period of more than six years. Regulator Finra requires banks to report their short positions, to provide investors with transparency over activity in the marketplace. But Morgan Stanley failed to do this, and failed to implement a system designed [...]
Cadbury’s raider Nelson Peltz loses first ever boardroom vote over DuPont split May 13, 2015 Veteran corporate raider Nelson Peltz, who once besieged British chocolate maker Cadbury, lost a bitter boardroom battle for control of a US chemicals giant yesterday – his first defeat in a decade. Peltz, 74, lost a shareholder vote on his plans to overhaul the board of DuPont, a two century old company with offices in [...]
SABMiller falls flat as revenues lose sparkle after dollar woes May 13, 2015 Shares in SABMiller crept up yesterday as investors shrugged off the firm’s dollar woes and instead focused on the fundamentals. The world’s largest brewer saw its full-year results take a hit as the strong dollar weighed heavily on revenues. The firm continued to target the expanding markets of Africa and Latin America, spending $1.6bn (£1bn) [...]
Property magnate Nick Candy lifts his stake in online platform Audioboom May 13, 2015 Nick Candy, the property tycoon, has increased his stake in the social audio platform Audioboom, investing a further £531,500 in shares. The latest investment was 9,170,000 shares at a cost of 5.88p a share. It brings Candy’s total shareholding in the firm to 25m shares, a 4.6 per cent stake. Candy, who made his name [...]