Britain’s factories spring back from April’s slump July 7, 2011 MANUFACTURING output rose at its fastest pace in over a year in May as factories ramped up output after a royal wedding-related drop in April, official data showed yesterday. Manufacturing production jumped 1.8 per cent between April and May, after a 1.6 per cent drop in April. Yet the wider measure of industrial production only [...]
Stuttering quarter for economy July 7, 2011 The UK economy grew by a measly 0.1 per cent in the three months to June, according to an initial estimate by an economic think tank. One off events in April are partly to blame, yet underlying growth is “still likely to be weak”, the National Institute of Economic and Social Research said. Labour pounced [...]
London rents soar to all-time high July 7, 2011 Rents in London have surged to record levels and are now 50 per cent more expensive than in the rest of the country, according to figures released yesterday by HomeLet. The average rental cost in London has jumped 12 per cent in the last year to reach £1,125 a month. Across the UK as a [...]
TOKYO TOPS LIVING COST LEAGUE TABLE July 7, 2011 TOKYO was yesterday named the world’s most expensive city, retaining its top spot on a list of the most pricey places to make a home, based on the cost of living. Of the top ten most expensive cities in the world, seven are in Europe, with Oslo – where a litre of local beer in [...]
DTZ blames poor UK sales for annual loss July 7, 2011 REAL-ESTATE consultant DTZ Holdings reported a full-year loss yesterday, as its core markets in UK and Ireland continued to struggle from the effects of the economic downturn. DTZ’s pre-tax loss before exceptional items was £0.6m for the year to April 2011 compared to profits of £3m a year earlier. Revenues fell 4.1 per cent to [...]
Workspace plans cut-price rights issue July 7, 2011 BUSINESS landlord Workspace Group is to raise £63m in a deeply discounted rights issue, as part of plans to accelerate investment in its portfolio of buildings. The one-for-four rights issue is being made at a price of 23p per new ordinary share, representing a 21 per cent discount to the stock’s Wednesday night close. The [...]
Linklaters’ revenue and profits rise July 7, 2011 LINKLATERS will be the latest magic circle law firm to return to growth when it releases its 2010-11 numbers this morning, with revenues and profits both on the rise. Revenue was up 1.4 per cent year on year, from £1.18bn last year to £1.2bn, with profits climbing 1.5 per cent to hit £514.8m. Growth in [...]
Ontario fund sells Hammerson stake July 7, 2011 ONTARIO Teachers’ Pension Plan, Canada’s largest pension investor, sold its 12 per cent stake in Hammerson yesterday for £396m. Cadillac Fairview, owned by the Ontario fund, sold its 85.6m shares in the Anglo-French property developer at 463p, Goldman Sachs Group said in a statement yesterday. Cadillac Fairview announced on Wednesday it was selling the shares [...]
Punch fires starting gun on demerger July 7, 2011 PUNCH Taverns yesterday confirmed that the demerger of its “good” managed estate from its “bad” and highly-indebted tenanted pubs business will take place at the beginning of next month. The company’s managed division will be known as Spirit, and the tenanted division will retain the Punch name. They will be separately listed and start trading [...]
Back and on a mission July 7, 2011 Theo Fennell is a man on a mission to roll back the years to the days when his jewellery was draped around the necks of celebrities such as Elton John and Victoria Beckham. He left the company in 2008 after a boardroom dispute and his departure ushered in a bleak period of falling sales, with [...]
