London will retain financial firepower even in ‘worst possible’ Brexit, says Central Bank of Ireland August 8, 2019 London is likely to remain a leading global financial centre even in the most adverse Brexit scenarios, the Central Bank of Ireland has concluded in a new report. The EU-based Central Bank has said that even in the worst possible outcome of Britain’s departure from the EU, the impact on the capital’s financial and related professional [...]
Insurer Zurich expects to beat targets as profits jump August 8, 2019 Zurich Insurance Group hailed its best performance in a decade this morning after reporting a double-digit rise in profits and predicting that it would beat previous financial goals it had set. Read more: Aviva confirms strategic review of Asia Europe’s fifth largest insurer reported business operating profits of $2.8bn (£2.3bn) in the first six months [...]
Property investment plummets in first half as Brexit uncertainty hampers market August 8, 2019 British commercial property investment plunged by a third in the first half of the year because of Brexit-related uncertainty, while residential transactions were at their lowest since the global financial crisis, according to real estate giant Savills. Investment activity in greater London commercial property fell 31 per cent in the first half of 2019, while [...]
UK house prices suffer surprise July fall as housing market ‘treads water’ August 7, 2019 UK house prices continued to “tread water” in July as they slipped 0.2 per cent month on month, Halifax warned today. However, annual growth rose 4.1 per cent thanks to the housing market’s poor performance in 2018, the bank’s latest house price index found. Russell Galley, managing director of Halifax, said: “The average UK house [...]
Retailers beware, the online shopping revolution isn’t going anywhere August 7, 2019 Another week, another retailer biting the dust. The baked potato specialist Spudulike has closed all 37 of its branches, with a loss of nearly 300 jobs. Shopping centres are undergoing a sudden and dramatic squeeze, with many retailers only able to stay in business if granted a dramatic rent reduction. Last week, Intu Properties, owners [...]
City Moves for 7 August – Who’s switching jobs at Oaknorth, Harworth and Adarga? August 7, 2019 Today’s City Moves includes Oaknorth, Harworth and Adarga. Oaknorth Next-generation credit platform Oaknorth has announced the appointment of Jackson Hull as its chief technology officer and chief operating officer. Jackson will be responsible for Oaknorth’s architecture and product programme, as well as its product and engineering teams. He will also be in charge of the [...]
InterContinental’s first-half room revenue inches up August 6, 2019 InterContinental Hotels has reported a slightly increased first-half room revenue, but a drop in business travellers in China and protests in Hong Kong have dented demand in the region. The figures The FTSE100 group, which owns brands including Holiday Inn and Crowne Plaza, said revenue per available room (RevPAR) rose 0.1 per cent during the [...]
No need for tears: Boohoo confirms offer for Karen Millen and Coast online brands August 6, 2019 Boohoo today confirmed it has made an offer for the online arms of Karen Millen and Coast fashion retailers. The digital fashion giant did not say whether the potential acquisition includes any plans for the firms’ bricks-and-mortar stores. Read more: 1,000 jobs at risk as Boohoo set to acquire struggling Karen Millen Up to 1,000 [...]
London prime property prices make slight recovery August 5, 2019 London’s prime property market made a slight recovery in the second quarter of this year, with prices edging 3.1 per cent higher than the end of 2018. Property prices returned to levels last seen 12 months ago, indicating that the bottom of the market may have been reached. Sales activity picked up 21.4 per cent [...]
Why has the weaker pound failed to turbocharge the economy? August 5, 2019 The sharp fall in the pound in the wake of the 2016 Brexit referendum would help “rebalance the UK economy”, in the words of Mervyn King, former governor of the Bank of England. But since then, the UK has struggled to improve its trade position and has certainly not seen any boost to GDP growth. [...]