London cost of living rises but quality decays: Singapore ranked world’s most expensive city March 3, 2015 London has become the world’s 11th most expensive city after jumping four places in the Economist Intelligence Unit’s latest survey. However, a separate report ranked the capital just 40th in terms of quality of living. The bi-annual World Cost of Living report, released yesterday, shows that London is now as expensive as Tokyo, Frankfurt and [...]
Regus targets universities and libraries as operating profits soar March 3, 2015 Regus said yesterday it planned to bridge the gap between higher education and working life by launching offices in universities and public libraries. The serviced office provider signed its first deal with Helsinki University last year and has also partnered with the Singapore Government to open facilities within their public libraries. It is now eyeing [...]
Tullett Prebon share price falls as broker chops staff to slash costs March 3, 2015 Revenues dived at Tullett Prebon last year as demand from banks and other traders slumped, the interdealer broker said yesterday. Pre-tax profits fell 13 per cent to £86.6m, as revenues tumbled 12.5 per cent to £703.5m. The broker responded by slashing costs – 217 staff have been cut, and the firm has cut back [...]
London cab firm Addison Lee embarks on global expansion with New York launch March 3, 2015 London cab firm Addison Lee is expanding its services to the hotly contested taxi battleground of New York. The expansion, its first outside London, will give the firm access to the second biggest cab market in the world after London's, which is worth an estimated £2.2bn. The private equity-owned firm said the expansion was spurred [...]
Bank of England says high frequency trading helps markets March 3, 2015 While Michael Lewis suggested high frequency trading meant markets were "rigged" in his book "Flash Boys", however a research paper by the Bank of England has found such practices actually beneficial. High frequency trading firms use technological tools and computer algorithms to make a number of big, fast trades. Investment position may be held for seconds, [...]
UK construction accelerated further in February March 3, 2015 The UK's construction sector has posted its strongest growth in four months thanks to increases in new orders, signalling a rebound from the 17-month low it hit in December. The Markit/CIPS UK Construction Purchasing Managers' Index was 60.1 in February, up from 59.1 a month ago. This beat economists' expectations of 59, and marked the 22nd [...]
UK mergers and acquisitions fall to lowest total since 1987 March 3, 2015 Last year was officially the year of the failed merger. According to new data from the ONS, there were fewer mergers and acquisitions involving UK companies in 2014 than in any year since 1987, when ONS records begin. The figures There were 20 completed acquisitions of UK companies by foreign businesses in the fourth quarter [...]
Grosvenor House Hotel up for sale as owner collapses into administration March 3, 2015 The iconic Grosvenor House Hotel in London has been put up for sale after its owner collapsed into administration. The luxury five-star hotel, located on Park Lane in Mayfair, is expected to go for more than the £470m than its owners Sahara Grosvenor House Hospitality initially paid five years ago – the largest London hotel deal [...]
Direct Line boosts dividend as it meets all IPO targets – but warns of “competitive” market March 3, 2015 Direct Line has increased its dividend despite operating profits falling for the last calendar year. The figures It was broadly positive for the insurance group. Operating profits fell from £509m to £506m in 2014, but everything else was on the up: Group statutory pre-tax profit rose 12.2 per cent to £456.8m and final [...]
Paddy Power share price jumps on €392m payout to shareholders after record profit March 3, 2015 The figures Paddy Power is paying out – this time to shareholders – to the tune of €392m (£285m) after record pre-tax profit of €167m in 2014, up from €126.6m and a rise of 21 per cent. The cash of 800 cents per share will come from surplus cash and planned debt raising. The windfall sent shares surging nine per [...]