EDF to open up UK nuclear projects for partners July 31, 2012 French state-controlled utility EDF is considering looking for more partners for its nuclear projects in Britain to help it share costs and limit its debt burden, its chief financial officer said on Thursday. EDF, along with junior partner Centrica, plans to build four new 1,600-megawatt European pressurised water reactors as Britain looks to reform its [...]
Power station at Battersea in £8bn revamp July 25, 2012 THE GOVERMENT today announced plans for the £8bn redevelopment of Battersea Power Station by its new Malaysian owners, with the revamp due to kick-off as early as next year. Europe’s largest brick building, which has seen a string of developers try and fail to revive it over the past two decades, was recently rescued from [...]
West End gives Great Portland quarterly boost July 24, 2012 GREAT Portland Estates yesterday posted a buoyant set of quarter results, boosted by its prized West End offices and pipeline of upcoming developments. The firm said the value of its portfolio rose by 3.1 per cent to £2.1bn in the quarter to 30 June, while net asset value lifted 3.5 per cent to 417p. The [...]
Saracens and Allianz in £9m stadium deal July 23, 2012 SARACENS will today announce a groundbreaking £9m sponsorship deal with Allianz that will see the insurance giant take naming rights for the rugby club’s new home in north London. The 10,000-seater multi-use stadium at Barnet Copthall is due to open its gates in February and will be known as Allianz Park following the agreement of [...]
LONDON REPORT July 22, 2012 A SERIES of heavyweight corporate results and significant economic data releases await markets this week, culminating with the limelight being poured upon controversy-struck Barclays once again. Barclays will release interim results for its second quarter on Friday, with the ongoing Libor scandal likely to overshadow the banks’ forecasted profits. Fellow British lender Lloyds will itself [...]
FTSE edges down as UK borrowing rises July 20, 2012 Telecoms giant Vodafone pushed the FTSE 100 lower while UK government borrowing came in above estimates this morning. The Office for National Statistics said that public sector net borrowing excluding financial sector interventions rose last month to £14.4bn from £13.9bn in June 2011. On London’s blue chip index Vodafone fell 1.3 per cent after the [...]
Actelion raises its earnings forecast thanks to cost cuts July 19, 2012 ACTELION raised its earnings outlook for 2012 yesterday as cost cuts helped Europe’s biggest biotech company to post a first-half profit despite its most important drug facing tough competition in the US. Actelion said it now expects core earnings to grow in a mid single-digit percentage range for 2012, compared with previous guidance for no [...]
JP Morgan loses $4bn on trades July 13, 2012 JP Morgan Chase & Co, the biggest US bank, posted $4.4bn of losses from its “London Whale” trades, but also said some of its traders might have tried to conceal bad credit bets in the first quarter. The disclosure was the first indication the bank has made that the problems in its Chief Investment Office [...]
Barratt upbeat as profits rise due to stable housing market July 11, 2012 BARRATT Developments has forecast a big rise in full-year profit, and said yesterday its drive to build new homes on higher-margin land would allow more progress as long as the housing market remained relatively stable. The group said it expected to post a 41 per cent jump in operating profit before exceptional items to around [...]
CITY MOVES | WHO’S SWITCHING JOBS July 10, 2012 Argonaut Capital Partners The fund management firm has appointed John Lester as partner and head of distribution. He joins from Neptune Investment Management, where he was head of strategic partnerships. Lester was previously associate director at HSBC Asset Management. HSBC Patrick Boucher has been appointed global head of product management, equity research at the banking [...]