Quintain lands new tenants August 7, 2013 QUINTAIN Estates said yesterday that its London Designer Outlet at Wembley was now 70 per cent let after securing a raft of new tenants ahead of its grand opening at the end of October. In an interim statement the developer said it will also soon be submitting plans for the first major phase of new [...]
Jobs growth rate hits 6-year high August 7, 2013 THE NUMBER of jobs available in the UK has risen at its highest rate in six years according to new research from KPMG and the Recruitment and Employment Confederation (REC). The data also showed permanent staff appointments increasing at their fastest rate in three years. In a further boost to confidence, REC chief executive Kevin [...]
China fines infant formula firms £71m over price-fixing charges August 7, 2013 CHINESE authorities yesterday issued fines totalling 670m yuan (£71m) on six global producers of infant formula following a probe into price fixing, according to state media. The six companies are Biostime, Mead Johnson, Dumex, Abbott, Friesland and Fonterra. The National Development and Reform Commission (NDRC) says that the firms set minimum resale prices for distributors [...]
SAB Miller prices $1.1bn bond August 7, 2013 Brewing giant SAB Miller yesterday issued a $1.1bn (£0.7bn) bond to repay debt used to buy Australian beer company Foster’s in 2011. Its subsidiary SABMiller Holdings has priced $750m five-year fixed rate notes with a coupon of 2.20 per cent and $350m five-year floating rate notes with a coupon of 0.69 per cent over 3-month [...]
Oxford Street scheme wins consent August 7, 2013 Great Portland Estates won planning consent from Westminster City Council on Tuesday night to redevelop 73-89 Oxford Street, a retail and office block near Tottenham Court Road. The plans make provision for 88,100 square feet of new retail and office space. Great Portland expects to kick-start work on the building in the first half of [...]
Grainger sells £58.4m Tilt portfolio August 7, 2013 Grainger yesterday sold some 300 homes in East Dulwich known as the Tilt portfolio to the GRIP Unit Trust, a privately rented residential property fund it formed with APG, Europe’s largest pension fund manager this year. In an interim statement yesterday Grainger said the sale for £58.4m will help to repay debt, which currently stands [...]
Best of the brokers for 8 August 2013 August 7, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com MILLENNIUM & COPTHORNE Jefferies maintains its “hold” recommendation and 510p price target on the hotel chain, despite quarterly results which were worse than the broker’s forecasts. Jefferies warns that a slowdown in performance in Asia will continue, but is upbeat about the firm’s [...]
City Moves for 8 August 2013 | Who’s switching jobs August 7, 2013 Lombard The asset finance provider has announced the appointment of Richard Hemsley as managing director. He was most recently at RBS, where he was chief logistics officer in its international banking division. Speechly Bircham Victoria Younghusband has joined the City law firm as a partner in its financial services and funds team. Younghusband specialises in [...]
London Report: FTSE slumps to 4-week low on tightening fears August 7, 2013 THE FTSE 100 share index closed at a four-week low yesterday on concerns the Bank of England (BoE) and the US Federal Reserve may start tightening monetary policy earlier than expected. A day after two Fed officials suggested the US central bank may cut the pace of bond purchases as early as next month, the [...]
New York Report: Wall St drops again on doubt over Fed policy August 7, 2013 US stocks fell for a third straight day yesterday on growing concerns over the longevity of the Federal Reserve’s stimulus policy, which has been widely credited with fuelling the market’s gains this year. Even after shares suffered their biggest decline since 24 June on Tuesday, the market was unable to shake off comments from a [...]