WILL GOLD CONTINUE TO RISE OVER THE COMING MONTHS? October 11, 2009 JULIAN JESSOP CAPITAL ECONOMICSWe would not be surprised to see gold break higher in the coming weeks. However, a mix of unfounded inflation fears, conspiracy theories and speculative demand looks more like the ingredients for a speculative bubble than the grounds for a sustainable increase in prices. Gold looks vulnerable to a roller-coaster ride in [...]
Xstrata’s Anglo bid in doubt October 11, 2009 MINER Xstrata looks set to pull out of its hostile bid for Anglo American, after its rival issued a three-week “put up or shut up” clause on the deal. The usually bullish Xstrata boss Mick Davis is likely to walk away from the proposed merger, which would have created a mining giant worth £56m to [...]
Glut of City empty offices shrinks as market rises October 11, 2009 Two full years after the commercial property market crash began, the flow of vacant office space that flooded the City of London and West End has finally started to subside, reveals research from NB Real Estate, the leading commercial property agency. According to NB Real Estate the percentage of office space in the City of [...]
Standard goes free from today October 11, 2009 The London Evening Standard will today become a free newspaper and double its circulation, a move that has already led to record ad revenues. The 182-year-old title announced earlier this month that it would drop its 50p cover charge and increase the number of copies it prints to 600,000 per day, in what many have [...]
Belgian government set to demand a minimum 500m from rescued banks October 11, 2009 THE Belgian government is to demand that its bailed out banks pay back a minimum of €500m (£464m) of aid they received amid the financial crisis, ministers said yesterday. The country’s deputy prime minister, Socialist Laurette Onkelinx, told a party conference that she would ensure that banks “pay for the crisis they have caused”. “The [...]
Songbird gains Qatar as its biggest shareholder October 11, 2009 QATAR Holding, the investment arm of Qatar’s sovereign wealth fund, has become the largest shareholder in Songbird Estates, owner of much of London’s Canary Wharf business hub. AIM-listed firm Songbird has confirmed plans for a £620m placing, an open offer of shares at one penny each and a £275m preference share placing, the latter with [...]
London rents still higher than Europe October 11, 2009 LONDON remains the most expensive European city in which to rent prime office, distribution and shopping centre space according to research out today by Knight Frank. Despite a steep fall in prime property values, London’s West End remains the most expensive location to rent space in Europe. Office space in London’s West End is now [...]
Kuwait urges currency delay October 11, 2009 KUWAIT, one of four Gulf states to sign a pact to launch a monetary union and single currency, yesterday called for a delay in the 2010 launch date, citing incomplete preparations. “The ministry of finance calls for revising the target date for launching the Gulf single currency until all committees and concerned parties have completed [...]
Boutique advisers turn to outsourcing of analysis October 11, 2009 NEW boutique investment advisory firms are increasingly turning to outsourcing firms to help them find quality analysts, industry figures said yesterday. The financial crisis has seen an exodus of well-connected executives leaving larger investment banks for smaller rivals but many are reluctant to join minnows at a reduced salary, while smaller firms often only need [...]
CITY MOVES WHO’S SWITCHING JOBS October 11, 2009 McDermott Will & EmeryThe law firm has appointed Hugh Nineham as its new London office head, replacing Doron Ezickson, who steps down to return to full-time practice as head of international for the energy and commodities practice. Nineham joined the company in April 2008 from rival Lovells, where he previously headed up the firm’s international [...]
