Barratt reports record new housing completions but profit hit by cladding costs February 4, 2021 UK housebuilder Barratt Developments announced it will resume dividend payments after posting record completions, but warned it will take a £56m hit on legacy properties, including issues related to cladding. The firm said it will pay an interim dividend of 7.5p per share on 10 May following a “rapid and robust recovery and a further [...]
London house prices drop near Tube stations as buyers shuffle priorities February 4, 2021 London house prices near Tube stations have dropped as buyers are less concerned about the length of their commute due to the shift to remote working during the coronavirus pandemic. Research published this morning showed that property prices close to a London Underground stop average £642,674, a drop of two per cent on the pre-pandemic [...]
Shell posts $21bn loss as coronavirus sends oil industry plunging into the red February 4, 2021 Shell this morning posted a $21.6bn (£15.9bn) full year loss as the full costs of the coronavirus were laid bare. The loss marked a massive swing to the red for the oil giant, which made a $15bn profit in 2019. However, speaking to reporters this morning chief executive Ben van Beurden promised a “much more [...]
UK PMIs: Construction activity contracts for the first time since May February 4, 2021 Construction output declined for the first time in eight months in January as lockdown measures and near-term economic concerns led to hesitancy among clients. The IHS Markit/Cips purchasing managers (PMI) index for construction scored 49.2 in January, with any score below the 50-mark indicating contraction. The reading was a sharp drop from December, when a score of [...]
Petrofac snaps up new deals worth £220m in Oman February 4, 2021 Oil field services firm Petrofac today announced it had won two contracts worth a combined $300m (£220m) from Oman’s petroleum development outfit. Shares in the firm rose 1.5 per cent in early trading today. The first of these, at Marmul in the south of the Gulf state, is a 30 month contract to build and [...]
SPACs: The blank cheque vehicles loved by Richard Branson, Tidjane Thiam and Wilbur Ross February 4, 2021 With backing from the likes of Richard Branson, former US commerce secretary Wilbur Ross, City grandee Martin Gilbert and even the boss of the LSE, the vehicles known as special acquisition companies (SPACs) provide a quick and easy way for private companies to go public.
Global investors set to pump £46bn into ‘resilient’ London office market this year February 4, 2021 International investors are gearing up to pump £46bn of capital into London’s office market this year in a vote of confidence in the long-term resilience of the sector, according to the latest research. London’s reputation as a safe haven and leading global city remains attractive to global investors, with the removal of the risk of [...]
Bounce back in sports? February 4, 2021 While many hoped 2021 would be a bounce back year for the sports industry, the new strain of COVID-19 has left football clubs with a number of financial concerns. Match day revenue is very important for football clubs across the industry. The situation is dire with spectators not allowed into grounds. In England’s League Two, [...]
MPs back bereavement campaign to ensure grieving families do not ‘slip through the net’ February 4, 2021 Dozens of MPs have called on the government to improve treatment for grieving families by refining the process of registering a loved one’s death. The plea came during a debate in the House of Commons on the campaign for a cross-industry bereavement standard, where ministers promised to consider the demands of supporters. More than 91,000 [...]
New UK trial will ‘mix and match’ different Covid vaccines February 4, 2021 A new trial testing whether giving people two different Covid vaccines for their first and second doses is as effective as the current approach of using the same vaccine for both has been launched. The £7m trial is the first of its kind in the world, and comes as the UK reported that more than [...]
