Brunei family’s secret £500m swoop on Queensway September 15, 2013 A PRIVATE Brunei family has spent £500m secretly buying most of Queensway, with the aim of regenerating the area into an urban village. The off-market deals are being arranged by Siahaf, a property development firm run by British businessman Johnny Sandelson and Bruneian entrepreneur Mohamad Shuif Hussain. A spokesperson for Sandelson would not confirm the [...]
Media firms double demand for office space on the Southbank September 15, 2013 BOOMING demand from the media industry is set to double take-up of office space along London’s Southbank this year, according to new research from estate agent Knight Frank. Nearly 700,000 square feet (sq ft) of office space has been acquired on the Southbank in 2013 so far. Major leasing deals this year include News Corp, [...]
Longchamp opens British flagship store September 15, 2013 French luxury goods retailer Longchamp officially opens its biggest store in Europe today, on London’s Regent Street. Kate Moss, pictured here at the store’s opening party on Saturday night, models for the brand. The 5,400 sq ft store is Longchamp’s third British outlet, alongside Westfield London and New Bond Street. The opening is part of [...]
Five years since Lehman failure heralded crisis September 15, 2013 THIS WEEKEND marked the fifth anniversary of the collapse of Lehman Brothers, the landmark moment that began the sharp spiral into the financial crisis. The iconic investment bank was declared bankrupt after more than 150 years of business, and its web of complex trades around the world baffled investors and regulators, and sparked panic globally. [...]
Bottom Line: We’re still picking up the pieces while fresh risks grow September 15, 2013 FIVE years later and the Lehman Brothers collapse retains the power to surprise. Few would have predicted at the time, with the shock of the global financial firm’s downfall fresh, that after so much value apparently disappeared overnight creditors would still end up being paid out in full. Creditors’ claims traded around 10 per cent [...]
Central bankers urge caution as rates start rising September 15, 2013 THE RETURN to normal interest rates will be fraught with uncertainty, and investors should be careful and cautious to make sure they can withstand any surprises, the Bank of International Settlements (BIS) warned yesterday. Markets have been surprised by the impending tapering in the US, which will see the Federal Reserve slow the pace of [...]
Up to five million could use new bank account switching service September 15, 2013 THE SEVEN-DAY switching service launched today could be taken up by millions in its first year, according to a new poll. The scheme is intended to boost competition in a sector that is traditionally dominated by a few small banks. According to the study from business analytics firm SAS, two-fifths of customers have been put [...]
Co-operative Bank investors attack plans for bail-in deal September 15, 2013 BONDHOLDERS in the Co-op Bank have accused the troubled lender of over-stating its losses in an effort to force them to take part in the planned recapitalisation. The Co-op Group is planning to put £1bn into the bank and for investors to inject another £500m in a bid to plug a black hole in the [...]
Glitches could lead Twitter to shun Nasdaq September 15, 2013 SOCIAL network giant Twitter is likely to favour a listing on the New York Stock Exchange (NYSE) over the Nasdaq on the back of glitches and problems with the exchange that marred Facebook’s initial public offering (IPO). Confidence in the Nasdaq is low after the stock exchange has faced a spate of technical glitches in [...]
EU Commission to investigate Amazon’s Luxembourg tax deal September 15, 2013 ONLINE retailer Amazon could be dragged into the European Commission’s investigation into US multinational businesses with so-called sweetheart tax deals with national governments. The European competition authority launched its probe into the tax arrangements of these companies following the revelation that US companies were basing their taxable operations in Ireland for preferential tax arrangements. Last [...]
