Qataris to snap up IHG’s Le Grand hotel in Paris for €330m August 8, 2014 InterContinental Hotels Group (IHG) said yesterday it had agreed to sell Le Grand hotel in Paris to Qatari-backed investor Constellation Hotels for €330m (£264m), paving the way for more cash returns for investors. The sale of the flagship hotel overlooking the Paris Opera House, will see IHG manage the hotel for more than 60 years, [...]
Tesco’s credit rating downgraded by S&P amid profit fears August 8, 2014 Tesco suffered a fresh blow yesterday after Standard and Poor’s (S&P) downgraded the troubled supermarket’s credit rating over concerns of rising competition in its home market and its recent profit warning. S&P said it had cut its long-term rating on Tesco to “BBB” from “BBB+”, but reiterated its “A-2” short-term corporate credit rating on the [...]
Dixons Carphone share price falls on first day of trading after £3.6bn merger August 8, 2014 Shares in Dixons Carphone rose yesterday morning only to close down 1.8 per cent in their first formal day of trading since Carphone Warehouse and Dixons Retail merged to create a £3.6bn consumer electronics empire. The FTSE 250 company aims to exploit the ever-growing presence of consumer electronics in people’s lives and the so-called [...]
Walgreens stays in the US after £9bn Boots deal August 6, 2014 US pharmacy giant Walgreens yesterday ruled out plans to pursue a controversial tax inversion as part of its £9bn merger with Alliance Boots, amid fears that it would subject it to years of scrutiny from US tax authorities. Walgreens is pressing ahead a £9bn deal to acquire the 55 per cent stake it does not [...]
Scottish independence TV debate: Alistair Darling pounds Alex Salmond on Plan B for currency August 5, 2014 Alistair Darling piled the pressure on Scottish First Minister Alex Salmond last night over his plans for a Scottish currency after independence as the two rival campaign leaders battled it out in their first television debate ahead of next month’s referendum. During the two-hour exchanges broadcast only to viewers in Scotland, Darling, the leader [...]
InterContinental upbeat despite decline in profit August 5, 2014 INTERCONTINENTAL Hotels Group (IHG) said yesterday it was upbeat on prospects for the rest of the year thanks to strong trading in its biggest market the US, despite reporting an 18.4 per cent fall in half -year profits. The Crowne Plaza and Holiday Inn owner posted a pre-tax profit of $377m (£224m) for the six [...]
Urban Exposure becomes latest company to drop plans to float August 5, 2014 RESIDENTIAL property lender Urban Exposure yesterday became the latest company to scrap plans to float, blaming London’s lacklustre IPO market. The investment firm, founded by former Deutsche Bank risk analyst Randeesh Sandhu, had planned to raise £500m to help fund the construction of more homes in London and the south east. However, in a statement [...]
IHG shareholder pushes for tax inversion bid August 4, 2014 INTERCONTINENTAL Hotels Group (IHG) could become the latest target of a tax inversion deal after activist investor Marcato Capital confirmed yesterday is has hired investment bankers to explore options for the group. The San Francisco-based fund, which owns a 3.8 per cent stake in IHG, said it has retained Houlihan Lokey “to conduct a full [...]
British Land signs third tenant at West End’s Marble Arch House August 4, 2014 BRITISH Land has secured a third tenant at Marble Arch House in the West End after signing a deal with NERA Economic Consulting. The research and consultancy firm has signed a ten-year lease to take up 11,500 square feet on the third floor of the building, at £72.50 per sq ft. The deal comes just [...]
London office market recovery lifts Morgan Sindall’s order book August 4, 2014 Construction group Morgan Sindall said yesterday a pick-up in the London office market has helped to boost the value of its order book, despite reported a decline in first-half profits. The company, which builds houses, refurbishes offices and carries out redevelopment projects, said its forward order book rose by 14 per cent to £2.7bn in [...]
