London hotel prices rise by 70pc July 16, 2012 The average daily rate for a hotel room in London has soared to an average of £189 over the Olympics period, up more than 70 per cent compared to the same period last year. According to hotel data provider TravelClick, committed occupancy across the capital shows rooms currently reserved for the Olympics stands at 77 [...]
CITY MOVES | WHO’S SWITCHING JOBS July 16, 2012 Pioneer Investments The investment management group has appointed Neal Jenkins as head of sales, Middle East, Central Asia and Africa. He joins from Janus Capital, where he was head of Middle East and Africa business. Jenkins has over 20 years’ financial markets experience, and previously worked at Merrill Lynch. KPMG Tom Brown has been appointed [...]
BEST of the BROKERS July 16, 2012 ASHMORE Peel Hunt has downgraded its forecasts for the fund manager by seven and fifteen per cent in 2012 and 2013 respectively, but keeps a “buy” rating on a lower target price of 390p. PROVIDENT FINANCIAL Numis has downgraded the personal credit provider from “buy” to “hold” with a target price of 1,321p, saying the [...]
FTSE dips on mining and banking while security firm G4S is top faller July 16, 2012 BRITAIN’S top share index edged lower in low-volume trade yesterday, led by banks and mining stocks, as concern about the outlook for corporate earnings kept investors cautious. The FTSE 100 ended down 3.7 points, or 0.1 per cent, at 5,662.43 in volume, just under two-thirds of its 90-day daily average. “Investors are not keen to [...]
Citigroup lifts market despite decline in retail July 16, 2012 ASURPRISE decline in June retail sales was the latest worrying sign from the economy, pushing stocks slightly lower yesterday, but Citigroup earnings limited losses in another forecast-beating report from a bank. The S&P 500 has fallen in seven of the last eight sessions, weighed down by concerns about the economy. Still, in a sign of [...]
The government is off track with its uneconomic transport policy July 16, 2012 IS ELECTRIFYING branch lines in Wales a top priority for transport investment? It seems unlikely. But then again the government’s plans to invest £9.4bn in rail infrastructure show scant regard for economics. Cynical political calculation seems to be the driving force. Regional interests have long complained that London receives a disproportionate share of transport spending. [...]
Creative destruction means corporate giants rarely outlast their usefulness July 16, 2012 I LIVE just outside Hemel Hempstead, where one of its most famous landmarks has recently been converted into an apartment complex. Kodak Tower, as it is commonly known, was built in the 1960s as Kodak Eastman’s European headquarters. It’s a beaming symbol of the company’s presence in the town. Designed by Thomas Bennett, it was [...]
Why Britain must not veto banking union for Europe July 16, 2012 DAVID Cameron risks facing his own personal European groundhog day. A watershed European summit last month advanced proposals for a Eurozone banking union. Final approval is due in December. The aim is to break the fatal link between euro area banks and sovereigns. Less painful for Germany than eurobonds, but seen as credible by financial [...]
Does London need designated Games lanes to manage road traffic during the Olympics? July 16, 2012 YES Gareth Emmerson The Olympic Road Network (ORN) is a requirement of the Host City contract and is vital in ensuring all athletes, officials and the world’s media get to their London 2012 Games events on time. In total, the ORN covers 109 miles across London, although Games lanes will only be used on 30 [...]
RAPID RESPONSES July 16, 2012 Building problems [Re: London homes still horribly expensive for first time buyers, yesterday] Unfortunately, policy-makers are stuck in a house building dilemma. If they supply more homes to help first-time buyers, the price of the average home will drop – therefore moving many existing homeowners into negative equity. Stephen Bishop Private sector contractors are certainly better [...]
