Russian banking giant drops US arm as geopolitical tensions mount September 3, 2018 Fragile political tensions between Moscow and Washington, D.C. took a turn for the worse this evening, as Russia’s second biggest bank revealed it has sold its New York-based business. Citing geopolitical reasons, Russian financial services provider VTB said it had disposed of its US broker arm VTB Capital, which is now an independent company called Xtellus [...]
London boss of foreign bank arrested over bribery investigation September 3, 2018 The head of an international bank’s UK arm has been arrested on suspicion of bribery, it emerged this afternoon. In comments made to a conference in Cambridge, the deputy director of the National Crime Agency (NCA)’s economic crime unit said that two senior individuals from a foreign bank’s London unit have been detained following a seven-month [...]
Property bosses vent frustration in wake of Crossrail delays September 3, 2018 Senior property executives expressed anger and frustration today at the delay in the opening of Crossrail, as it emerged the postponement of the new line could result in substantial house price falls along its route. Emoov research carried out for City A.M. suggests property values could sink as much as £10,000 in the short-term, with [...]
The Hut Group wards off potential buyers as it gears up for Acheson & Acheson takeover September 3, 2018 Online beauty retail company The Hut Group (THG) has rebuffed a series of takeover deals as it looks to expand its own acquisition spending spree. A number of offers valuing the firm at almost £4bn have been turned away by the fast-growing technology company, according to reports from Sky News last night. While strategic and [...]
Aiming high: Junior stock market to hit £1bn of dividends by the end of the year September 3, 2018 Dividends paid out on London’s junior stock market are set to smash the £1bn mark for the first time ever later this year. Companies listed on the Alternative Investment Market (Aim) are projected to deliver investors £1.16bn by the end of 2018, growing nearly 20 per cent this year and expected to soar another 14 [...]
Thames Water launches major investment after choppy year September 2, 2018 Thames Water has unveiled plans for a record £11.7bn investment project today as it seeks to win back public support following a turmoiled year of regulator fines and bonus pay disputes. In a five-year business plan submitted to regulator Ofwat, Britain’s biggest water company is announcing new funds for leakage reductions and infrastructure resilience. However, [...]
Exclusive: Asian buyer nears £425m deal for Commerzbank HQ September 2, 2018 Commerzbank’s London HQ is set to be sold in a deal worth almost £500m to an undisclosed Asian buyer later this week, City A.M. understands. An agreement for 30 Gresham Street, which was put on the market by Samsung Life Insurance earlier in the summer, is reportedly nearing its final stages, as the burgeoning Asian demand [...]
Countrywide of the mark: City investors spurn beleaguered estate agent as share wounds deepen August 30, 2018 It seems there is no end in sight for Countrywide’s bloodbath on the stock market. The embattled estate agent has suffered a collapse in its share price since unveiling a £140m emergency fundraiser earlier this month, reflecting just how uncertain City investors feel about the firm’s future. Shares have fallen a further three per cent so far today, [...]
First-time buyers swoop in during summer lull August 30, 2018 First-time buyers jumping onto the property ladder rose to an eight-month high in July, as hopeful homeowners took advantage of the housing market’s traditional summer slump. Roughly 30 per cent of all house sales were made to first-time buyers in July, rising from 23 per cent in the same month last year, according to new [...]
Mortgage approvals sink back down as housing activity grows thin August 30, 2018 Mortgage approvals suffered a renewed dip in July, underlining fears of stagnant activity levels throughout the UK’s housing market. Last month approvals for house purchases edged down to 65,000, bucking a slow rise to a five-month high in June, according to new bank of England (BoE) statistics. Remortgaging approvals also dropped 5.5 per cent to 45,000 [...]
