CITY VIEWS: DO YOU THINK TRAIN FARES SHOULD BE RAISED ABOVE INFLATION? November 17, 2009 PAUL GIFFORD BANK OF ENGLAND“Generally I think it’s too much – to increase fares in this climate, when people are under stress is wrong. I guess their argument is that if you use the train to get to the City you’ve got the money to pay the fare. I think that they should put the [...]
Top bankers warn on the cost of new FSA powers November 17, 2009 Two top London bankers yesterday stepped up warnings that tightening regulatory rules on capital and bonuses too soon could stall economic recovery. HSBC chairman Stephen Green said that planned increases in capital ratios could “easily withdraw credit from the economy and cause a new credit crunch”. He added that “going over the top with risk-averse [...]
British Land’s asset value lifts November 17, 2009 BRITISH Land posted its first rise in net asset value since 2007 yesterday, fuelling hopes that the billions of pounds of distressed property loans jamming bank balance sheets may not be as toxic as first feared. The blue-chip real estate company said its net asset value rose 3.1 per cent to 372p a share in [...]
Barratt reports jump in buyers November 17, 2009 HOUSEBUILDER Barratt Developments said home buyers were coming back to the market, with private reservations per site up over a third on last year. The second largest housebuilder by market value saw net private reservations per site rise by 34 per cent, it said yesterday in a trading statement covering the 19 weeks to 8 [...]
Savills says performance this year will meet expectations November 17, 2009 GLOBAL real estate broker Savills yesterday said it expected its full-year performance to be in line with its expectations, as its European business continued to face challenging market conditions. Savills said greater-than-expected cost savings of £60m for the year had enabled it to continue investing in its business “without adversely affecting our performance expectations for [...]
Minverva bid is rejected as opportunistic November 17, 2009 Minerva, owner of City development the Walbrook, yesterday fended off a takeover offer from one of its largest shareholders, slamming the offer as “woefully inadequate”. South African shareholder Nathan Kirsh, who has built up a 29.9 per cent in the company, yesterday launched an unsolicited 50p a share offer for Minerva, valuing the business at [...]
ELECTION RACE STARTS TODAY November 17, 2009 PRIME Minister Gordon Brown today launches his general election campaign with a Queen’s Speech that will be the most political for 12 years. The annual speech will set out Labour’s stall on everything from a bill that will give the Financial Services Authority (FSA) more power to veto the bonuses of bankers to free care [...]
Archie Norman to chair ITV November 17, 2009 STRUGGLING broadcaster ITV is today set to name former Tory MP and Asda chief executive Archie Norman as its new chairman, handing him the unenviable task of finding a new chief executive that will please investors. Michael Grade will now retire as chairman, and will step down as chief executive at the end of the [...]
Ferrero and Hershey eye up Cadbury November 17, 2009 ITALIAN confectionary firm Ferrero and US-based Hershey are in talks over a potential joint bid for Cadbury, threatening to derail Kraft’s £9.8bn hostile bid for the UK confectioner. A source familiar with the talks said that the discussions are “very early in the process”. But the news is the clearest sign yet that there could [...]
We are sorry, says Goldman November 17, 2009 Goldman Sachs chief executive Lloyd Blankfein yesterday apologised for his bank’s participation in the cheap credit binge that fuelled the bubble. “We participated in things that were clearly wrong and have reason to regret,” Blankfein said, speaking at a conference in New York. “We apologise.” The admission came as Goldman, whose large profits and bonuses [...]
