Generous trade offer to Australia will allow Global Britain to demand the same elsewhere May 29, 2021 The free-traders in Boris Johnson’s Cabinet appear to have won the day: the Prime Minister has reportedly sided with Trade Secretary Liz Truss, his Brexit advisor Lord Frost and other Cabinet liberals to support a zero-tariff, zero-quota trade deal with Australia. The protectionists who wanted a watered-down deal – led by Environment Secretary George Eustice [...]
Investors unshaken by inflation surge as Wall Street opens higher May 28, 2021 Wall Street’s main indexes opened higher today as investors shrugged off data showing a rise in inflation. Consumer prices rose 0.7 per cent in April after a 0.4 per cent increase in March, exceeding economists’ predictions of a 0.6 per cent gain. The Dow Jones Industrial Average rose 0.3 per cent, while the Nasdaq Composite [...]
Tui sells minority take in Riu Hotels for €540m May 27, 2021 Holiday giant Tui said this evening that it had agreed to sell its 49 per cent stake in Spain’s Riu Hotels SA to co-owner Riu-Group for €540m (£463.8m). The deal gives the joint venture, which comprises of 21 properties, an enterprise value of €1.5bn. The Anglo-German firm said that its separate 50/50 hotel management joint [...]
Value of UK house sales to jump 46 per cent this year but London lags behind May 26, 2021 The total value of houses sold in the UK is set to reach £461bn this year, a 46 per cent jump on 2020, according to new data. Property website Zoopla predicts that the current housing market boom is likely to surge to its busiest rate for 14 years. The forecast comes after data last week [...]
Broadgate developer British Land posts annual loss as pandemic wipes £2bn off portfolio May 26, 2021 British Land posted its third consecutive annual loss as empty shops and offices squeezed the valuation of its portfolio. The commercial landlord said the value of its portfolio fell 10.8 per cent from £11.1bn to £9.1bn in the year ended 31 March. It reported a pre-tax loss of £1.08bn compared with a loss of £1.11bn [...]
M&S sinks to a loss as store closures hammer clothing business May 26, 2021 M&S has reported an annual loss as sales in its clothing division collapsed during the pandemic. The high street stalwart reported a £201.2m pre-tax loss in the 52 weeks to 27 March 2021, down from a pre-tax profit of £67.2m in the previous year. M&S Food sales dipped 0.6 per cent across the year with [...]
The Gym Group beats expectations on strong reopening demand May 26, 2021 The Gym Group today said trading had outperformed expectations since the easing of lockdown measures as Brits flocked back to its venues to get in shape. The fitness firm reopened its gyms in England on 12 April, followed by reopenings in Scotland on 26 April and Wales on 3 May. Its entire estate of 187 [...]
Retirement villages may offer high streets their needed post-pandemic revival May 24, 2021 Retirement village provider Audley Group and BlackRock Real Assets have embarked on a £500m joint venture into the retirement living sector in the UK, which could bring high streets the much-needed footfall for post-pandemic revival. The joint venture, confirmed yesterday, will fund the development of at least three retirement communities, which will be ready for [...]
Exclusive: City commuters lives in Walton-on-Thames at risk as fourth Grenfell anniversary nears May 21, 2021 City commuters lives may be at risk nearly four years on from the Grenfell disaster after an official dossier uncovered a major housing association failing to carry out key remedial works. Official documents seen by City A.M. reveal that PA Housing Association in Walton-on-Thames, Surrey, a commuter hotbed for brokers, bankers and consultants, has so [...]
BoE eyes a climate-conscious corporate bond purchase scheme May 21, 2021 The Bank of England (BoE) has tabled plans to make its £20bn of corporate bonds better aligned with government net zero targets today. Set to begin later this year, the bank will not immediately sell off bonds issued by businesses that have high carbon emissions, such as energy and oil firms. “Divestment is a powerful [...]