Landlords reap rewards as rents hit a record high May 19, 2011 LONDON rental prices have shot up by almost eight per cent over the last year, hitting their second-highest level on record and boosting landlords’ total annual returns above five per cent. The average monthly rent in London is now £988 – just £4 below its all-time high of £992 in November last year. Prices have [...]
CITY VIEWS: HAVE YOU NOTICED RENT PRICES RISING? May 19, 2011 DANIEL BERRY | ATARAXIA GROUP “I’ve bought a property but I’m still aware that rent has risen across the capital. It’s increasingly difficult to get a mortgage these days with banks less likely to lend money.” RICHARD BAXTER | HISCOX SYNDICATES “Yes, I think rent prices are increasing, but despite rising prices for property in [...]
Japanese firm spends €9.6bn on Nycomed May 19, 2011 JAPAN’S largest drugmaker Takeda Pharmaceutical is buying privately held Nycomed for €9.6bn (£7.3bn), it announced yesterday, boosting its presence in emerging markets and adding a newly approved lung-disease drug to its portfolio. The agreed deal is the biggest overseas purchase by a Japanese company since Japan Tobacco paid $19bn (£11.7bn) for Britain’s Gallaher, and is [...]
Ronson’s new home for Guildhall School of Music reaches milestone May 19, 2011 THE CITY’S Lord Mayor and property tycoon Gerald Ronson yesterday celebrated the completion of the frame of the new Guildhall School of Music & Drama on Silk Street. The school’s new home will make up the bottom two floors of The Heron residential tower, which is due to complete in 2013. Almost two-thirds of the [...]
BofA sells stake in BlackRock back for $2.5bn May 19, 2011 BANK of America (BofA) is selling its remaining BlackRock stake back to BlackRock for $2.5bn (£1.54bn), its latest step to prepare for new industry capital requirements. The sale further chips away at the relationship between the world’s largest asset manager and the biggest US bank by assets, but a senior Bank of America official will [...]
TalkTalk sees shares surge as profits rise May 19, 2011 TALKTALK continued a downward trend in terms of lost broadband customers, shedding 25,000 in the fourth-quarter. The company has struggled to integrate an unwieldy customer base after buying Tiscali and AOL UK, generating high levels of complaints amid breakdowns in its billing system. However, its shares surged 6.5 per cent as synergies from the acquisitions [...]
Euromoney beats forecasts May 19, 2011 Euromoney, the financial information unit of Daily Mail & General Trust, said yesterday that it is trading in line with expectations after first-half operating profit rose 10 per cent on sales up 13 per cent. Sales for the last six months were £168m, while adjusted operating profit was £49.8m. Analysts had expected sales of £164m [...]
IEA wants oil supply increased May 19, 2011 THE International Energy Agency (IEA) yesterday urged oil producing countries to increase supply to avoid “derailing the economic recovery”. The organisation says high oil prices are threatening the global recovery by reducing spending power and driving up inflation, placing upward pressure on interest rates. The IEA statement suggests it could release emergency stockpiles if action [...]
ANALYST VIEWS: WHAT DO YOU MAKE OF TALKTALK’S FIGURES? May 19, 2011 MORTEN SINGLETON | INVESTEC Full-year results were a bit of a mixed bag, but on balance perhaps slightly more positive than negative. Revenue and subscriber numbers continue to disappoint but cost and profit progression and dividend upgrades provide the counter balance. ‘Hold’ retained. MIKE JEREMY | DANIEL STEWART These figures are very close to outlook [...]
CITY MOVES | WHO’S SWITCHING JOBS May 19, 2011 Babson Capital Europe The credit fund manager has appointed Kam Tugnait as a managing director, ahead of its plans to launch a further UCITS fund focusing on European high yield, to be co-managed by Tugnait. Most recently, Tugnait was head of high yield at Gartmore, where he ran the firm’s high yield corporate bond fund. [...]
