Five things to expect from the Bank of England minutes October 6, 2015 With the minutes from the Bank of England's October meeting expected to be somewhat uneventful, economists are preparing to drill into the detail for clues as to when it will start raising interest rates. This month's meeting took place ahead of the second round of so-called "Super Thursday", when the central bank treats investors to [...]
Round 2: Trial of six brokers accused of Libor rate-rigging begins in London today October 6, 2015 Six brokers accused of Libor rigging will see their trial begin in London today and could face decades in jail as the second instalment of the Serious Fraud Office’s (SFO) war on financial misconduct gets underway. The six brokers – who have worked at ICAP, RP Martin and Tullett Prebon – are charged with [...]
London sushi chain Itsu drives sales up with growing customer numbers October 6, 2015 Food conscious Britons seeking out healthier lunch options helped to drive up sales at Itsu by more than a fifth last year. The sushi specialist, launched by Pret a Manger founder Julian Metcalfe, posted a 20.8 per cent rise in turnover to £67.9m in the year to January, with like-for-like sales up by 6.8 [...]
Tenants falling behind on rent at highest level for two years – Your Move and Reeds Rain October 6, 2015 The number of tenants seriously behind on their rent has risen to the highest level in two years, according to the latest Tenant Arrears Tracker by estate agents Your Move and Reeds Rains released today. There were 74,000 tenants owing more than two months’ rent at the end of the second quarter – up 7.2 [...]
Tougher stamp duty rules have hit prices for top country homes – Knight Frank October 6, 2015 Prices of top country homes have slowed over the third quarter of the year as tougher stamp duty rules hit demand for £1.5m plus properties, according to research out today. Knight Frank’s index of prime country property shows prices edged up by 0.7 per cent between July an September, compared with a 0.9 per [...]
Sir Philip Green-backed flash sales website MySale buys three online retail firms in Australia October 6, 2015 Flash sales website MySale said yesterday it has bought three retail sites in Australia from Grays eCommerce group for AU$5.2m (£2.4m). The UK-listed company, which is backed by Sir Philip Green, said the deal was a great opportunity to grow its customer base in Australia, where MySale first launched in 2007. The three sites – [...]
Rental gap between financial and technology businesses is closing – Savills October 6, 2015 The gap in rents paid by financial firms and technology businesses worldwide is closing, according to a set of data out yesterday that shows a surge in office prices for the digital sector since the financial crisis. Research from estate agency Savills, which monitors rents across 12 major cities, found that overall rents for [...]
Battersea Power Station dismantling work to restart in coming weeks October 6, 2015 Work to dismantle the remaining three of Battersea Power Station’s iconic chimneys will kick off in the coming weeks after the first of the chimneys to be rebuilt successfully reached half of its full height. The huge concrete towers were badly damaged by the coal smoke they emitted during the building’s working life and [...]
Global property investment reaches post-financial crisis high – Cushman & Wakefield October 6, 2015 Global property investment has reached its highest level since 2008, new research shows, with New York and London holding on to the top spots as the world’s most sought after cities. According to Cushman & Wakefield (C&W), investment volumes rose by 16 per cent to $942.8bn (£621.4bn) in the year to June – just [...]
Standard Chartered set to become India’s first foreign bank to set up a regional subsidiary October 6, 2015 Standard Chartered is set to become the first major foreign bank to set up a subsidiary in India. The Financial Times has reported that the London-based bank is the only one of India's three big foreign lenders – the others are HSBC and Citigroup – to agree to regulatory changes requesting foreign banks set up subsidiary companies. [...]