Derwent buys £39m tech site November 13, 2013 DERWENT London said yesterday it has splashed out £39m on an office building in Clerkwenwell as the developer reported record lettings. Derwent said 19 Charterhouse Street sits in London’s “tech belt” from Whitechapel to Kings Cross, which is benefitting from the burgeoning technology sector. In a trading statement, the group said it had achieved record [...]
Spain dips into deflation as EU industry slows November 13, 2013 THE SPANISH economy officially entered a state of deflation in October, with the country’s consumer price index falling into negative figures, according to official figures. Fulfilling recent fears of falling prices in Europe, and despite an official end to the country’s two-year recession at the end of October, the consumer price index (CPI) fell by [...]
London’s Westfield shopping malls see annual sales of £1.9bn November 13, 2013 THE TWO London Westfield shopping centres have seen “solid performances” for the year, their Australian owner said yesterday. Sales at Westfield London by Shepherd’s Bush and Stratford City were up 1.9 per cent and 7.3 per cent respectively in the 12 months to September, compared to the previous year, global shopping centre giant Westfield Group [...]
Flybe nosedives as investor exits November 13, 2013 Flybe shares crashed 11 per cent yesterday after the embattled airline revealed that Rosedale Aviation, its biggest investor, had sold its 48.1 per cent stake. Rosedale, which represents the interests of the late Blackburn businessman Jack Walker, lost its board representative over the summer when Mark Chown left as part of a management exodus. Several [...]
Maersk sees calmer waters ahead November 13, 2013 Danish shipping and oil group AP Moller-Maersk raised its earnings forecast after a strong third quarter yesterday, pointing to an upturn in the container shipping market that should augur well for the global economy. Revenues at Maersk Line, the world’s biggest container shipping business, fell to $6.78bn (£4.2bn), hit by a 12 per cent year-on-year [...]
CBRE buys Norland Management November 13, 2013 Building group CBRE said yesterday it has paid £250m – plus up to £50m in deferred considerations – for Norland Managed Services, a commercial building and technical engineering service provider in the UK and Ireland. Canaccord Genuity acted as sole financial adviser to the majority owner of Norland Management. Once the transaction is complete, Norland’s existing [...]
City Moves for 14 November 2013 | Who’s switching jobs November 13, 2013 Baker & McKenzie The law firm has announced the hire of Mark Bevington as principal tax adviser in its London corporate tax practice. Bevington specialises in UK domestic taxation. He was most recently at Ernst & Young, where he was a partner. Ernst & Young The professional services firm has appointed David Kilshaw as a partner in its private [...]
Best of the Brokers for 14 November 2013 November 13, 2013 BSKYB Westhouse has given the TV group a good reception, raising its rating from “neutral” to “buy” and sticking to its 985p target. Despite the loss of Champion’s League rights, BSkyB still has strong content and attractive growth, the broker reckons. FULLER, SMITH & TURNER Numis tells investors to “add” shares in the pub chain and [...]
London Report: FTSE dives over rates rise fears November 13, 2013 BRITAIN’S benchmark equity index had its worst one-day fall since mid-August yesterday, weighed down by weaker financial stocks and the possibility the Bank of England may raise interest rates earlier than forecast. Nevertheless, several investors felt the stock market would recover from any pullback in November to end 2013 on a stronger note. The blue-chip [...]
New York Report: S&P and Dow both surge to record high November 13, 2013 THE Dow and the S&P 500 ended at record highs yesterday, driven by gains in consumer discretionary shares after results from Macy’s eased some worries about the holiday season. US stock index futures edged up after the bell following the release of Federal Reserve Vice Chair Janet Yellen’s introductory remarks, ahead of her confirmation hearing [...]