British Land bags West End development January 11, 2011 BRITISH Land plans to build an 80,000 square foot mixed use building in Marylebone, the firm said yesterday, after buying two properties from the Portman Estate for £18m. The developer will start to demolish the buildings on the corner of Edgware Road and Seymour Street in mid-2011. Last week Westminster Council gave architect Bennetts Associates [...]
Terra Firma set to appeal EMI ruling January 11, 2011 PRIVATE EQUITY firm Terra Firma wants to appeal the US court decision that dashed its hopes for compensation from Citigroup over its £4bn purchase of music firm EMI. Citigroup provided £2.6bn of debt for the 2007 buyout of EMI, a deal that came to epitomise the risks of loading companies with debt when the company’s [...]
Simon Property walks away from £3bn Capital takeover January 11, 2011 SIMON Property gave up on its £3bn takeover interest in Capital Shopping Centres yesterday, blaming its target for failing to open up its books for due diligence. American retail property giant Simon had until 5pm today to formalise its 425p a share bid thanks to a Takeover Panel deadline, but has decided to walk away [...]
SPOT THE BALL FIRM HUNTS MISSING MONEY January 11, 2011 SPORTECH has lodged an appeal over its claim for over £40m in VAT repayment. The firm submitted a claim in April 2009 for the repayment of VAT overpaid in respect of the “Spot the Ball” game from 1979 to 1996. Sportech claims the VAT was paid in error and should be repaid, possibly with interest. [...]
Timing is key on this deal January 11, 2011 THE timing of British Land’s latest scheme couldn’t be better, with rents in the West End on course to rise dramatically before construction ends in 2013. The location isn’t ideal, though – Marble Arch House is across the road from British Land’s head offices on Seymour Street. While the firm’s top brass will suffer drills [...]
LSE cites human error in crash January 11, 2011 The London Stock Exchange yesterday said human error not sabotage caused a system crash last November. The LSE notified the police and launched an investigation when its Turquoise trading system buckled on 2 November citing “suspicious circumstances”.
Genzyme sees revenue rise January 11, 2011 Genzyme, the subject of an $18.5bn hostile takeover bid from Sanofi-Aventis, yesterday forecast a rise in fourth-quarter revenue. It expects fourth-quarter revenue to rise 23 per cent to $1.154bn. Analysts expect fourth-quarter revenue of $1.19bn.
Verizon to sell iPhone soon January 11, 2011 Verizon Wireless plans to sell Apple’s iPhone for as low as $200 (£128) starting next month, putting the smartphone at the centre of its high-stakes battle with AT&T for wireless customers. AT&T has been the exclusive US iPhone provider for three years.
M&S sales rise but year ahead set to be harsh January 11, 2011 MARKS & SPENCER saw sales rise in the key Christmas period but the retailer warned that 2011 would be tough, with austerity measures and the spectre of inflation rises to take their toll. Same-store sales rose 2.8 per cent in the UK in the 13 weeks to 1 January despite the impact of the snow. [...]
COULSON PRAYS FOR CHELSEA AS GREENBERG SIGNS ON FOR MURDOCH January 11, 2011 AFTER weeks of Guardian headlines, it seems News International has decided it is time for some drastic action on the News of the World phone hacking saga. It has brought in a public relations expert in the form of Simon Greenberg, to head up corporate affairs. Greenberg is being parachuted in to the job fresh [...]
