The EU is adding fuel to the Brexit fire through new burdens on technology startups April 6, 2016 You might think, given Europe’s anaemic rate of growth and enduringly high levels of unemployment, that Brussels would be doing all it can to encourage small tech businesses to grow. After all, the evidence shows that SMEs are the motors of job creation and technology companies provide the best chance of new high-value, high-wage employment. [...]
UK construction industry growing at slowest rate for three years, according to purchasing managers’ index April 4, 2016 The construction industry is expanding at its slowest pace since 2013, according to the closely-watched Markit/CIPS purchasing managers' index (PMI) out this morning. The survey, which measures business activity across the construction sector, came in at 54.2 for March – on an index where a score above 50 indicates expansion – though Markit said this was sluggish compared to the last few years. "The [...]
Watch out, London: Brexit could mean fewer new homes as investors eye up Paris and Berlin April 4, 2016 Houses, hotels and office blocks may start sprouting up across London at a slightly slower pace this summer, as a survey of top property investors revealed investment in real estate will take a temporary knock in the event of Brexit. KPMG asked 25 global property investors, with combined portfolios of more than $400bn (£281bn), about [...]
Transport M&A activity on track to steam past 2015 record, with more than £52bn of deals expected to complete April 4, 2016 Mergers and acquisitions (M&A) activity in the transport sector is set to increase this year, with more than £52bn of deals expected to go through. Completed deals rose for the third consecutive year in 2015 to a total of £48bn. Further transactions worth around £66bn were announced, with the sector hitting record levels. KPMG's latest [...]
BHS landlords and creditors approve crucial CVA vote to slash rents March 23, 2016 Struggling department store chain BHS will live to fight another day after creditors and landlords today voted in favour of a restructuring deal to slash the rent bill for its 164 UK stores. The company said 95 per cent of creditors approved a Company Voluntary Arrangement (CVA) for 125 stores at a meeting at the Novotel Hotel in Hammersmith this morning – [...]
Fintech start-up Elliptic raises £3.5m to launch crackdown on suspicious blockchain and bitcoin transactions March 21, 2016 London and New York-based blockchain intelligence firm Elliptic has received $5m (£3.5m) in Series A funding to help crackdown on bitcoin crime, it announced today. Elliptic, which launched in 2013, uses graph analysis and machine learning to identify illicit activity in blockchain transactions. Blockchain, a decentralised ledger of transactions, is the technology underpinning cryptocurrencies such as bitcoin. The funding boost [...]
Budget 2016: Insurance premium tax raised (again) by 0.5 per cent to fund further flood defences March 16, 2016 Chancellor George Osborne announced he will be raising insurance premium tax (IPT) by 0.5 per cent in his Budget speech today. However, he also said that the money raised from the tax hike would go towards funding flood and storm defences. IPT was increased from six to 9.5 per cent last November. The new rise [...]
M&G backs £200m Snowhill scheme in Birmingham, as part of a 20 year master plan to turn the area into a business hub March 16, 2016 Fund manager M&G real estate has swooped in to back the £200m construction of Birmingham's Three Snowhill, in what will be one of the largest city office schemes to be built outside London. The 420,000 square feet building, which is being built speculatively by developers Ballymore, is part of a wider 20-year master plan to [...]
Plus500 promotes Elad Even-Chen to group chief financial officer as non-exec Paul Boyle steps down March 15, 2016 Plus500 has promoted Elad Even-Chen to the role group chief financial officer. Even-Chen is currently finance director and vice president of business development for the Aim-listed firm, where he has worked for the last four years. Prior to joining he was at KPMG, where he specialised in commerce and real estate audit. The promotion takes [...]
Crossrail 2: The north-east to south-west line gets thumbs up from Lord Adonis who says it will keep London moving so “we should get on with it right away” March 10, 2016 Crossrail 2 was given a thumbs up by an independent body today, leading businesses to urge the chancellor to press ahead with the project. London needs Crossrail 2 as quickly as possible as the capital will "grind to a halt unless significant further improvements are made" to London's transport capacity, Lord Andrew Adonis has warned. Commenting [...]