Autumn Statement 2014: George Osborne’s wizard wheezes don’t mask his total failure to eliminate the deficit December 3, 2014 I said that I would eliminate the budget deficit in this Parliament. I have failed to do so. It’s actually going to take me about 10 years rather than five. So, I’d be most grateful if you could re-elect me next May to let me finish the job at the snail’s pace I have now [...]
Autumn Statement 2014: What does George Osborne’s stamp duty reform actually mean? December 3, 2014 In an Autumn Statement firmly aimed at courting the popular vote, George Osborne today announced a complete overhaul of the stamp duty system – the elephant in the residential market for a decade. Estate agents said the old system wasn't progressive enough, and unfairly taxed home buyers. The cherry on Osborne's stamp duty cake was [...]
St Modwen set for record profits thanks to revival in UK regions December 2, 2014 ST MODWEN Properties said yesterday it was on track to report record profits this year, thanks in part to a revival in the regional property market. The company behind the regeneration of New Covent Garden Market in Nine Elms said profit before tax for the year to 30 November would be “at the top end [...]
City Moves for 03 December 2014 | Who’s switching jobs December 2, 2014 Valad Europe The real estate investment manager has appointed Simon Marriott as head of UK real estate. He was most recently director in the real estate transactions team at PwC, and has also held roles at Oxford Properties, MGPA, and Invista REIM. Ontario Teachers’ Pension Plan Jo Taylor has been appointed managing director for Europe, [...]
UK and London house prices mapped: An average wage in Blackpool will buy you less than two square metres in Chelsea December 2, 2014 Click on the buttons in the top right to reveal the layers The average wage in Blackpool will net you one and a half square metres of floor space in Chelsea, while a Westminster dweller could buy 42.6 metres of home in Blaenau Gwent, such is the disparity in the UK’s housing market. Westminster is [...]
Property firms Barratt Developments and Taylor Wimpey line up to join FTSE 100 as IMI and Petrofac drop out December 1, 2014 Two companies are on track to be promoted to the FTSE 100 this week as the UK’s main stock indices undergo a reshuffle. Residential property development companies Barratt Developments and Taylor Wimpey are both in line to be moved on to the FTSE 100 index from their current position on the FTSE 250. The FTSE 100 [...]
Watchdog to shame worst bank auditors December 1, 2014 THREE banks and three auditors have failed a set of tests set by the Financial Reporting Council (FRC), which reviewed their audits, it said today. The audit watchdog fears banks are failing to consistently measure and report loan-loss provisions. Four of the seven auditors reviewed have improved the quality of their work, making sure they [...]
Aberdeen Asset beats forecasts for year’s profit December 1, 2014 BRITISH investment manager Aberdeen Asset Management yesterday reported better-than-expected profits for the financial year ended 30 September, despite seeing heavy outflows from emerging markets. The Scottish asset manager recorded a two per cent increase in underlying pre-tax profit to £490.3m. The figure was generally above analysts’ expectations, with Canaccord Genuity forecasting £480m. Net revenue was [...]
Deutsche Annington Immobilien to buy Luxembourg-based rival Gagfah in €3.9bn deal December 1, 2014 German estate agents Deutsche Annington Immobilien said yesterday that it had agreed to acquire Gagfah, a Luxembourg-based owner and manager of residential properties, in a deal that values the company at €3.9bn (£3.1bn). The deal would create a combined company with a portfolio of roughly 350,000 residential property units worth around €21bn. The cash-and-stock offer works [...]
Gfinity IPO: eSports mania set to hit London with sector’s debut float November 30, 2014 In a move that surprised many, Amazon forked out just under $1bn in August to acquire online electronic sports (eSports) TV channel Twitch. For the majority in the UK, it was a first introduction to eSports: the world of online competitive video gaming. The industry attracts not only people who compete against each other, but [...]