Canary Wharf Group buys back Isle of Dogs building for £128m July 22, 2013 CANARY Wharf Group has bought 15 Westferry Circus on the Isle of Dogs out of administration for £128m, its listed parent company Songbird Estates revealed yesterday. The developer has bought back the asset after selling it to Vico Capital, the property vehicle owned by Ireland’s O’Donnell family, in 2006 at the top of the market [...]
Skanska wins contract for The Scalpel July 22, 2013 CONSTRUCTION firm Skanska has won the contract to build the 190m tall office building known as The Scalpel. The Nordic firm, which has also built the Gherkin and the Heron Tower, is due to start work immediately on the Kohn Pedersen Fox (KPF) designed high-rise, with completion set for early 2017. The building, at the [...]
City Moves for 23 July 2013 | Who’s switching jobs July 22, 2013 LDC The private equity firm has announced the appointment of Gordon Hague as investment director. He has over 15 years’ private equity experience, and was most recently a director at 3i. Berwin Leighton Paisner David Rowe has joined the law firm as finance director. He previously held senior roles at PwC, including director of finance [...]
Best of the Brokers for 23 July 2013 July 22, 2013 RANDGOLD Morgan Stanley has stuck to its “overweight” rating on the gold miner and raised its target price from £46 to £49. Despite the waning gold price, the broker thinks Randgold’s high-quality mines enable it to keep generating substantial cash flows. SPIRIT PUB COMPANY Panmure Gordon keeps its “buy” rating and price target of 93p [...]
London Report: Glaxo troubles in China weigh on the FTSE 100 July 22, 2013 BRITAIN’S blue-chip share index ended slightly lower yesterday, weighed by GlaxoSmithKline’s problems in China, but remained close to a retest of seven-week highs. Glaxo, the FTSE 100’s biggest pharmaceutical company by market capitalisation, fell 1.2 per cent and accounted for more than half the broader index’s decline after it said some staff in China appeared [...]
New York Report: S&P notches a third record close in a row July 22, 2013 THE S&P 500 notched a third consecutive record closing high yesterday and other major indexes rose, though disappointing McDonald’s earnings kept the Dow from making significant gains. Banks and health shares were the day’s best performers, with financials advancing for the 10th time in the past 12 sessions. Bank of America led the group, while [...]
CNBC Comment: 2014 could see more pain for Eurozone July 22, 2013 IT HAS been impossible to tune out the din from the Fed on tapering, with the exit from QE dominating sentiment. But don’t be fooled into thinking the Eurozone crisis has disappeared. Europe has been on a slow boil, and could burn investors again this year or even worse in 2014 – when the first [...]
Analyst picks July 22, 2013 DailyFX CURRENCY STRATEGIST CHRIS VECCHIO My pick: Long Aussie dollar-yen Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks I maintain my bullish call on Aussie dollar-yen, despite no landslide victory in the Japanese election. But now that fiscal authorities don’t have carte blanche, the impetus to [...]
Any Other Business – 23/07 July 22, 2013 Can you grind faster than the rest of the Square Mile? The Capitalist is, of course, talking about the physically demanding process of reeling in the sheets when hoisting the sail on a yacht. Aberdeen Asset Management, sponsor of Cowes week, is challenging pairs of City workers to take part in a grinding contest at [...]
Duchess of Cambridge gives birth to a boy July 22, 2013 The Duchess of Cambridge gave birth to a boy at 4.24pm, it was announced this evening. The baby weighed eight pounds six ounces. A formal notice of the birth was taken from St Mary’s Hospital to Buckingham Palace, where it was set on an easel for public view. The announcement states “Her Royal Highness and [...]