Network Rail is on track as its debt soars November 24, 2011 RAIL infrastructure group Network Rail said its debts have jumped, though it remains on track with cost-savings and improvement works. Its debt rose to a whopping £25.7bn in the period, which the group said was “at an expected level” due to capital expenditure and the rising value of its inflation-linked bonds. Around £1.25bn of Network [...]
BATS gets go ahead to buy Chi-X Europe November 24, 2011 STOCK trading platforms Chi-X Europe and BATS Global Markets were given the final green light to merge by the competition watchdog yesterday, clearing the way for them to control a quarter of Europe’s equities volume. The UK Competition Commission rubber-stamped an earlier provisional decision and will allow the exchanges to complete a $300m (£192m) deal [...]
Highways Agency chief calls for £200m annual savings November 24, 2011 THE Highways Agency could save £200m per year by taking “a much more businesslike” approach to managing the UK’s busiest roads, its chairman said in a new report yesterday. In his independent review of the strategic road network for the department for transport, Alan Cook said the agency had become inefficient and ineffective through a [...]
Heritage loses Uganda spat November 24, 2011 HERITAGE Oil has lost a $404m (£261m) tax row in Uganda after the east African country’s tax authority ruled it was liable to pay a disputed capital gains bill. But Heritage said the ruling was “fundamentally flawed” and that it would look at its options for appeal through the courts and arbitration. The dispute centres [...]
Deal agreed for City’s Merchant November 24, 2011 SHAREHOLDERS in Merchant Securities have overwhelmingly backed a takeover offer from South African investment group Sanlam. Investors holding nearly 94 per cent of Merchant shares agreed to the £12.25m deal, which will see Sanlam’s SPIH subsidiary buy the City stockbroker. Sanlam, which had been Merchant’s largest investor with nearly ten per cent, will take its [...]
Grainger up on a south east boost November 24, 2011 GRAINGER, the UK’s largest residential landlord, posted an 8.2 per cent rise in full year net asset value and remained confident in its outlook for the UK residential market as it focuses on London and the south east. Gross net asset value per share at the company grew to 216p at the end of September [...]
London & Stamford slumps into the red on higher costs November 24, 2011 LONDON & Stamford Property swung to a loss in the six months to September, thanks to a jump in exceptional costs and losses on derivatives. The firm, which owns One Carter Lane and Fleet Place in the City, posted a pre-tax loss of £3.4m, compared with a profit of £23.2m in the same period last [...]
W HOTEL SOLD TO QATARI INVESTOR November 24, 2011 THE W Hotel in Leicester Square has been sold to Qatari investor Al Faisal Holding for just under £200m, the developer said yesterday. McAleer & Rushe, the Northern Irish firm that built the 192-bed hotel and 11 flats, said the sale was completed yesterday, with Jones Lang LaSalle and Steerforth Partners advising.
Property developer Helical Bar swings back into full year profit November 24, 2011 HELICAL Bar swung to a first-half pretax profit, while its underlying net asset value slipped lower, and said it expected to sell more non-core assets in the coming months. The company, led by property veteran Michael Slade, posted a pre-tax profit of £4.1m for the six months, up from a loss of £3.2m. “The group [...]
HTC plummets after it cuts sales outlook November 24, 2011 HTC, the world’s number four smartphone maker, warned it would see no revenue growth this quarter, in a further sign that bigger rivals Apple and Samsung are stealing sales. The Taiwanese company, which is valued at around $16bn (£10bn), had previously forecast fourth-quarter revenue would grow 20-30 per cent from a year ago. The surprise [...]
