Glut of City empty offices shrinks as market rises October 11, 2009 Two full years after the commercial property market crash began, the flow of vacant office space that flooded the City of London and West End has finally started to subside, reveals research from NB Real Estate, the leading commercial property agency. According to NB Real Estate the percentage of office space in the City of [...]
Standard goes free from today October 11, 2009 The London Evening Standard will today become a free newspaper and double its circulation, a move that has already led to record ad revenues. The 182-year-old title announced earlier this month that it would drop its 50p cover charge and increase the number of copies it prints to 600,000 per day, in what many have [...]
Belgian government set to demand a minimum 500m from rescued banks October 11, 2009 THE Belgian government is to demand that its bailed out banks pay back a minimum of €500m (£464m) of aid they received amid the financial crisis, ministers said yesterday. The country’s deputy prime minister, Socialist Laurette Onkelinx, told a party conference that she would ensure that banks “pay for the crisis they have caused”. “The [...]
Songbird gains Qatar as its biggest shareholder October 11, 2009 QATAR Holding, the investment arm of Qatar’s sovereign wealth fund, has become the largest shareholder in Songbird Estates, owner of much of London’s Canary Wharf business hub. AIM-listed firm Songbird has confirmed plans for a £620m placing, an open offer of shares at one penny each and a £275m preference share placing, the latter with [...]
London rents still higher than Europe October 11, 2009 LONDON remains the most expensive European city in which to rent prime office, distribution and shopping centre space according to research out today by Knight Frank. Despite a steep fall in prime property values, London’s West End remains the most expensive location to rent space in Europe. Office space in London’s West End is now [...]
Kuwait urges currency delay October 11, 2009 KUWAIT, one of four Gulf states to sign a pact to launch a monetary union and single currency, yesterday called for a delay in the 2010 launch date, citing incomplete preparations. “The ministry of finance calls for revising the target date for launching the Gulf single currency until all committees and concerned parties have completed [...]
Boutique advisers turn to outsourcing of analysis October 11, 2009 NEW boutique investment advisory firms are increasingly turning to outsourcing firms to help them find quality analysts, industry figures said yesterday. The financial crisis has seen an exodus of well-connected executives leaving larger investment banks for smaller rivals but many are reluctant to join minnows at a reduced salary, while smaller firms often only need [...]
CITY MOVES WHO’S SWITCHING JOBS October 11, 2009 McDermott Will & EmeryThe law firm has appointed Hugh Nineham as its new London office head, replacing Doron Ezickson, who steps down to return to full-time practice as head of international for the energy and commodities practice. Nineham joined the company in April 2008 from rival Lovells, where he previously headed up the firm’s international [...]
Warburg Pincus founder dies October 11, 2009 Lionel Pincus, the founder and chairman of New York-based private equity firm Warburg Pincus, has died, aged 78, after a long illness. Pincus founded Warburg Pincus in 1966. Since then the firm has invested more than $29bn (£18bn) in more than 600 companies.
Ambani seeks end to family feud October 11, 2009 Anil Ambani called yesterday for a renewed effort to end a bitter feud with his brother Mukesh, triggered by the carve-up of up their vast family business. The dispute centres on a deal for Mukesh Ambani’s Reliance Industries to sell gas to his brother’s Reliance Natural Resources at below-market rates. Anil Ambani said in a [...]
