Banking pay-outs: Forex rate-rigging scandal will be bigger than Libor August 24, 2015 The foreign exchange market is the largest financial market in the world, with transactions worth $5.4 trillion taking place every day. The revelation that banks colluded to attempt to manipulate the forex market over many years makes it likely that forex claims will cost the banks more in compensation, as well as regulatory fines, than [...]
Former Marks & Spencer boss Lord Stuart Rose backs Select Property Group August 24, 2015 There is a new new retail club in town and it’s called Select Property Group. Former Marks & Spencer chairman Lord Stuart Rose has emerged as a surprise backer in the privately-owned developer, which operates a swathe of student housing and is about to launch its first block of serviced flats in Manchester. He has [...]
China’s economic slowdown: There’s been blood on the trading floor this Black Monday – but should we be afraid of what’s to come? August 24, 2015 The Chinese government and regulators are currently learning some of the more harsh lessons that their Western counterparts have found out over the last century or so. You can fight free markets as much as you want but sooner or later you will lose. Monday’s 8.5 per cent fall in the Shanghai Composite, when [...]
UK house prices: No respite in sight for the housing market August 21, 2015 The housing market shows no sign of easing up this summer with prices climbing and mortgage lending seeing its strongest month for seven years. City level house prices are seeing their fastest growth for over a decade, property market analysts Hometrack said today. It said asking prices had increased 4.3 per cent in the [...]
Fat Face plots first US store despite profit fall August 21, 2015 FAT FACE is gearing up for expansion overseas after revealing plans yesterday to open its first two stores in the US before Christmas. The casual clothing chain, which has 216 shops in the UK and Ireland has invested a record £9m over the past year on improving its IT and distribution network as well as [...]
City Moves for 21 August 2015 | Who’s switching jobs August 20, 2015 Vistra The provider of corporate, trust and fund administration services has appointed Clive Gibbons as managing director of its Cayman Islands’ operations. He has over 15 years’ experience in the banking, trust and corporate services sector, and relocated to Cayman in 2013. Alceda Fund Management The consulting, financing and investment solutions provider has appointed Manuela [...]
The super-rich paying a £50,000 deposit to RENT in London August 20, 2015 With rising house prices placing home ownership out of reach for many and overseas investment rife, London’s lettings market is booming. But the commonly-painted picture of young professionals struggling to pay for their grotty house share in Dalston only tells one side of this increasingly complex story. For competition isn’t only fierce at the affordable [...]
Galaxy Entertainment earnings plummet 46pc on Macau downturn and costs of new casinos August 19, 2015 EARNINGS at casino operator Galaxy Entertainment plummeted 46 per cent in the second quarter amid higher operation costs at its new casino resorts and a declining market in Macau’s gambling industry. Adjusted earnings before interest, taxes, depreciation and amortisation fell to HK$1.9bn (£156m) from a year earlier, Galaxy said yesterday. That compares with the HK$1.8bn [...]
London house prices: Not another brick in the wall? London has a 24 million brick shortage August 19, 2015 London is more than just one brick short of a full load. A new study reckons the capital has a 24 million brick shortfall if it's to meet the demand for new homes. As the population of the UK's capital swells to nine million by 2021, the Linton Group claims London will need 66,000 [...]
Persimmon bucks summer slowdown with profit jump August 19, 2015 PERSIMMON yesterday became the latest housebuilder to boast an impressive jump in first-half profits as would-be homeowners regained confidence following the outcome of the General Election. The York-based housebuilder said profit before tax rose 31 per cent to £272.8m in the six months to 30 June, compared with £208.9m last year on revenues up 11 [...]