Starting gun fired to restart sale of billions of pounds of distressed mortgages October 4, 2016 The government is preparing to put a multi-billion pound portfolio of mortgages it manages on behalf of failed lender Bradford & Bingley back on the market. UK Asset Resolution (UKAR) – whose role is to flog mortgages written by doomed lenders that include Bradford & Bingley and Northern Rock – signalled an end to its Brexit break by circulating non-disclosure agreements to prospective buyers. Read [...]
Business travelers fork out more to stay near the City, study shows October 4, 2016 Business travelers were still prepared to pay more to stay near Canary Wharf and the Square Mile despite increased uncertainty ahead of the EU referendum. A bi-annual report by HRG — the global travel company — showed that average room rates for business travelers leapt in the Docklands and the City by 6.9 per cent [...]
“No silver bullets” for homebuilding says the housing minister October 4, 2016 Housing minister Gavin Barwell has pushed back on a call to liberalise rules on green belt construction, warning there are "no silver bullets" to the UK's shortfall in homebuilding. Earlier this week, communities secretary Sajid Javid revealed plans for a housing white paper later this year. And Barwell today said the government would pursue a multi-faceted [...]
Electra Partners floats Premier Asset Management and bags £36m October 4, 2016 Premier Asset Management announced its return to the stock market this morning in a listing that values the company at nearly £140m. Not content with floating Hollywood Bowl last month, shareholder Electra partners continued the trend today and will net £36m through selling its preference shares, although it will retain an eight per cent share interest. Read [...]
Facebook and trend for fewer but bigger nights out lift profits at Revolution Bars Group October 4, 2016 A large Facebook following and people opting for fewer but bigger nights out have revolutionised profits at Revolution Bars Group over the last year. The figures Revenue at the premium bar firm, which operates the Revolution and Revolucion de Cuba brands, was up 6.9 per cent to £119.5m in the year ended 30 June. Like-for-like [...]
“No question” government will address the City’s fears over Brexit says David Davis October 4, 2016 Brexit secretary David Davis has vowed to “resolve” fears from the City over the loss of access to European markets in the aftermath of leaving the EU. Speaking at the Conservative party conference in Birmingham, Davis said the government was working to minimise risks to the financial services sector. London mayor Sadiq Khan has been [...]
World gets thirsty for British gin as exports skyrocket October 4, 2016 The rest of the world has developed a bigger taste for British gin than ever before, as new figures show global exports have risen 166 per cent by value since 2000. According to the Wine and Spirit Trade Association, exports since 2010 have risen 44 per cent by volume and 46 per cent by value. [...]
Bank of England could unleash another £280bn of quantitative easing October 4, 2016 The Bank of England could take interest rates to zero and unlock another £280bn of quantitative easing if the economy slows in the wake of the Brexit vote. In fresh analysis by Michael Saunders, the newest member of the Bank's monetary policy committee (MPC), he outlines how the Bank would respond should the economy perform [...]
Businesses have reacted horribly to Amber Rudd’s visa crackdown October 4, 2016 Businesses have hit out at the government’s new plans to tighten visa rules for workers who come to the UK from outside the EU. Home secretary Amber Rudd told the Conservative Party Conference earlier today she is considering making it harder for UK businesses to recruit from overseas by introducing a new rigorous test to [...]
Megabrew holding company lists in Johannesburg as SABMiller prepares to leave the London Stock Exchange October 4, 2016 The holding company for the Megabrew merger listed on the Johannesburg Stock Exchange (JSE) today, while SABMiller shares will be suspended in London tomorrow morning ahead of the long-awaited tie-up. Newbelco SA/NV, which will be renamed Anheuser-Busch InBev SA/NV when the £79bn takeover completes next week, listed 1.7bn new ordinary shares on the main board [...]