Hedge funds snap up Mayfair office space to house new staff September 10, 2013 THE AMOUNT of West End office space occupied by hedge funds has more than doubled in the past year, according to new figures, as established hedgies lease extra room for expansion plans. Over the past 12 months the West End space taken by hedge funds has ballooned from 25,000 square feet (sq ft) to 58,000 [...]
Xstrata merger saves Glencore at least $2bn September 10, 2013 MINER trader Glencore Xstrata delighted the market yesterday when it said that synergies from this year’s merger would hit at least $2bn (£1.3bn) next year, skyrocketing far beyond initial guidance of $500m. Chief executive Ivan Glasenberg said that a significant proportion of the synergies would come from cutting costs at head and regional offices, [...]
Analyst Views: What did you make of Glencore’s surprise revision to its savings? September 10, 2013 ALASTAIR MCCAIG | IG Glencore had already said there would be considerable improvements, but the $2bn figure definitely surprised the markets and distracts from the Xstrata writedown, which took the gloss off the merger a bit. I’m interested to see what they’re aiming to do with a secondary listing in Johannesburg. PAUL KAVANAGH | [...]
Foxton float set to value estate agent at £650m September 10, 2013 THE PLANNED stock market flotation of real estate agent Foxtons is over-subscribed, a source close to the process said yesterday, indicating interest in the offering may be outweighing any concerns that the London property market is looking overheated. The flotation of the London-focused group, due to happen later this month, has a price range of [...]
Gulf Keystone surges 17pc on legal outcome September 10, 2013 AIM-LISTED oil explorer Gulf Keystone Petroleum’s share price soared almost 25 per cent yesterday, after a three-year court battle over assets in Kurdistan was ended in its favour. The English Commercial Court in London dismissed all claims by Excalibur Ventures, which argued that it was owed a 30 per cent interest in GKP’s assets in [...]
Veteran dealmaker Hannam backs Heathrow Hub expansion September 10, 2013 SEASONED city rainmaker Ian Hannam has thrown his support behind the expansion of Heathrow by buying a stake in two companies calling for a new hub at the airport. Hannam, former chairman of global capital markets at JP Morgan and a trained engineer, has invested in Runway Innovations and Heathrow Hub, initiatives promoting a new [...]
Toilet maker owner escapes debtor crunch September 10, 2013 TOILET bowl maker Armitage Shanks’ corporate owner was yesterday forced to shore up its balance sheet by liquidating a key part of its business ahead of a looming debt deadline. Ideal Standard, the Belgian parent company of the iconic 196-year-old UK toilet maker, said it had agreed to sell a 40 per cent stake in [...]
Lloyds sale set for green light from regulator September 10, 2013 REGULATORS are set to rule that Lloyds’ proposals to sell hundreds of branches will boost competition to an acceptable degree, accelerating the chances of an imminent sale of the part-state-owned bank. It is thought the Office of Fair Trading (OFT), which is examining how disposals will affect competition in the banking sector, will approve of [...]
Marks & Spencer reveals plan to revamp its shops September 10, 2013 SHARES in Marks & Spencer rose two per cent yesterday as the latest phase of the retailer’s turnaround plan won the City’s approval. Chief executive Marc Bolland showcased a new layout for its womenswear range at the Oxford Street Pantheon store that it hopes to roll-out across the UK. The changes include a new shoe [...]
Brand Index: Retail bank’s split gives each group plenty to work on September 10, 2013 WITH the splitting of Lloyds Banking Group and the launch of the TSB this week, the next few months will be an important time for the two banks. Lloyds will look to use the opportunity to boost public perceptions of its brand. TSB will perhaps hope to trade off the positive associations of a different [...]