New York State Attorney General reportedly investigating Wework November 19, 2019 Embattled office space firm Wework is reportedly being investigated by the New York State Attorney General (NYAG). The issues NYAG is examining include whether Wework founder and former chief executive Adam Neumann indulged in self-dealing to enrich himself, Reuters reported. Read more: Wework losses ballooned to $1.3bn in quarter before failed float The investigation comes [...]
Storage firm Big Yellow’s profit jumps on higher revaluation gain November 19, 2019 Big Yellow’s pre-tax profit jumped over 50 per cent in the first half thanks to a higher revaluation gain, as the self storage firm reported increased revenue despite the “less than helpful” economic and political environment. The figures For the six months ending 30 September Big Yellow’s profit before tax increased 56 per cent to [...]
‘Unforgivable’: Property tycoon Robert Tchenguiz blasts First Group management amid calls for sale of US assets November 18, 2019 Directors at First Group have been branded “immature” by major investor and property tycoon Robert Tchenguiz, as shareholders demanded the struggling transport giant launch a full strategic review and sell off its US businesses. The bus and rail operator is in the process of selling its US coach service Greyhound, but said earlier this year [...]
St James’s Place City of London office on sale for £76m November 18, 2019 The owner of the St James’s Place office in the City of London has put the building up for sale for £76.1m. McKay Securities, a real estate investment trust focused on office and industrial property in London and the south east, is looking for buyers for 30 Lombard Street, which is completely let to the [...]
Crane drain: Construction on new London offices slows to five-year low November 18, 2019 The number of new construction projects for office blocks in London has fallen by almost half in the last six months, according to data published today. Work has started on only 24 new schemes totalling 1.8m square feet (sq ft) in the capital over the last six months, compared to 37 schemes totalling 3.5m sq [...]
Boris Johnson postpones corporation tax cut November 18, 2019 The Conservatives have shelved plans to cut corporation tax from 19 per cent to 17 per cent. Boris Johnson made the announcement at the CBI conference in London this morning. Read more: Sajid Javid will remain chancellor if Conservatives win the election He said the change had been made to free up funding for the [...]
Airbnb secures deal to provide Olympic accommodation November 18, 2019 Holiday home rental company Airbnb has agreed a deal to become an Olympic partner, in a bid to reduce the cost of the games. Airbnb hosts will provide accommodation for athletes and Olympic officials as well as visiting fans at the Tokyo games next year, followed by Beijing, Paris, Milan and Los Angeles. Read more: [...]
Creative monetary policy alone won’t spur sustainable economic growth November 18, 2019 The latest decision from the European Central Bank to reactivate quantitative easing to revitalise the comatose Eurozone economy has been met with scepticism — this time even by central bankers in the Eurozone. The doubters within the central banking community are now openly voicing their disagreement with such monetary policy tools. Monetary policy in the [...]
Fewer home sellers in November as general election ramps up uncertainty November 18, 2019 The number of new sellers advertising their properties for sale slumped by the largest amount in a decade this month, as a Brexit deadline and a looming general election spooked prospective sellers. According to the latest research, the number of new sellers dropped 14.9 per cent – the largest year-on-year fall since August 2009 – [...]
Jim Ratcliffe wins Jaguar Land Rover challenge over Defender shape November 17, 2019 Jaguar Land Rover’s (JLR) efforts to thwart billionaire businessman Sir Jim Ratcliffe’s plans to model the shape of his new 4×4 on JLR’s Defender have failed. The Sunday Times today reported that Ratcliffe, the founder of Ineos, had won his challenge to JLR’s attempt to trademark the Defender’s shape. Read more: Ineos’ Teeside chemicals factory [...]