Shares in housebuilders and UK banks jump on new Brexit deal optimism October 11, 2019 Shares in UK housebuilders and banks jumped this morning on renewed optimism a Brexit deal is achievable. Prime Minister Boris Johnson and Irish Prime Minister Leo Varadkar met yesterday, with Varadkar saying he believes a deal is possible by 31 October. Read more: Sterling barrels past $1.25 as Donald Tusk welcomes progress on Brexit talks [...]
Wework’s European operational losses skyrocket 900 per cent October 11, 2019 Huge rises in staff costs and management fees related to Wework’s stratospheric expansion plans have sunk its internal division to an £80m loss. 2018 filings for Wework International reported an 898 per cent increase in overall losses to £75.9m, up from £7.6m a year earlier. Read more: Goldman Sachs keeps a Wework space to fall [...]
The US-China trade spat is a proxy war in a much bigger battle October 10, 2019 Make no mistake, the trade war is real. But it is being used as a proxy by China and the US to fight a bigger battle: one that transcends orthodox definitions of hard and soft power to incorporate “sharp” power – influence over finance, information, ideas, even thought and behaviours. It is a fight for [...]
City Moves for 10 October – Who’s switching jobs at Ashburton Investments, Pi Labs and Aviva Investors? October 10, 2019 Today’s City Moves includes Ashburton Investments, Pi Labs and Aviva Investors Ashburton Investments Sizwe Nxedlana has been appointed chief executive officer (CEO) of Ashburton Investments, the asset management arm of Firstrand. Sizwe has been with Firstrand for more than a decade, previously as First National Bank’s (FNB) chief economist and most recently as CEO of [...]
London house prices dip amid Brexit uncertainty October 10, 2019 London house prices dipped last month as both sellers and buyers drag their feet until clarity emerges over the UK leaving the EU. In total 36 per cent of estate agents in the capital reported a fall in agreed sales and 30 per cent saw a drop in homes coming on to the market last [...]
Center Parcs owner to mull sale of holiday resort chain October 8, 2019 The owner of Center Parcs UK is preparing to conduct a strategic review of the business with a view to explore a potential sale or stock market listing. Brookfield Property Partners, a subsidiary of Canadian firm Brookfield Asset Management, is preparing to appoint advisors to weigh up options for the UK holiday chain, Sky News [...]
The Conservative party’s love affair with the City is back on October 8, 2019 Have the Tories fallen back in love with business? In place of lectures from Theresa May about executive pay, this year’s Conservative party conference featured the new Prime Minister exulting on stage about the wonders of “dynamic free-market capitalism”. And on the conference fringe, finger-wagging panels about corporate governance reform were conspicuous by their absence. [...]
M&G Prudential backs London with £875m investment in City skyscraper October 7, 2019 M&G Prudential has backed London with a multimillion pound investment in a new Square Mile skyscraper development. The firm has invested £875m to buy and develop the 40 Leadenhall site – nicknamed Gotham City – which is expected to be constructed in the next four years. Read more: Batman-inspired skyscraper set for approval M&G Prudential [...]
UK property investors fear Brexit will push away foreign buyers October 7, 2019 The majority of UK property investors are concerned Brexit will deter overseas buyers from snapping up real estate in Britain, a new survey has revealed. Read more: Housing market uncertainty persists as property transactions remain flat More than half of investors said they were concerned about a decline in transactions from foreign buyers, which in [...]
UK house prices grow at slowest rate for six years October 7, 2019 UK house prices grew at their slowest annual rate in six years in September, a closely-watched gauge has revealed, as Brexit uncertainty continues to smother activity in the sector. Read more: UK house prices: Brexit holds back September growth House prices grew by just 1.1 per cent over the last year, undershooting economists’ expectations of [...]