St. Modwen Properties’ half-yearly report shows effects of recovery July 1, 2014 St. Modwen Properties released its half-yearly results today, revealing a 32 per cent rise in pre-tax profits and an increase in shareholder equity. The results come on the back of the rising housing market and burgeoning commercial developments. Pre-tax profit for the six months to 31 May had increased to £51.3m from £38.8m for the corresponding [...]
Japan’s industrial output rises just 0.5 pc June 30, 2014 Fears that Shinzo Abe's plans for the Japanese economy are running out of steam were stoked today by news that Japanese industrial output rose just 0.5 per cent in May, less that the 0.9 per cent rise that many were expecting. The figures were better than those posted for April, when output declined 2.8 per cent, but [...]
Argentina fails in debt repayment, faces deadline today June 30, 2014 An American judge ordered that the $539m Argentina paid to Bank of New York Mellon, a bank holding some of the South American nation's restructured debt, must be returned as it contravenes a judge's ruling. US District Judge Thomas Griesa said the attempt to pay selected bondholders was an "explosive action" by Argentina and that it was counterproductive to [...]
First Legoland in Japan set to open in 2017 June 30, 2014 Merlin Entertainment has announced an agreement to build a Legoland theme park in Japan. The plans represent an attempt to capitalise on Japan's status as the second biggest theme-park market in the world, worth around £4bn annually. The park will cost £185m, and will be built using Merlin's operated and leased framework, where the [...]
Bank of England’s new interest rate norm not the same as the old – Mark Carney June 27, 2014 Mark Carney, the governor of the Bank of England, today suggested that interest rates may be heading for a "new normal" of 2.5 per cent, rather than the historical five per cent. Carney was decidedly vague regarding when this norm might be reached, suggesting 2017 as a possible date. He stressed that a mid-term norm [...]
This 12 acre Caribbean island costs the same as a three bedroom London flat June 27, 2014 As any good economist will tell you, when you're considering a purchase ask not if you should spend the money or not but what else you could buy for the amount you're considering parting with. To put that into context, if you have £5.7m burning a hole in your pocket should you buy a three-bedroom [...]
When was London last not No1 for average loan-to-income lending? Less than 20 years ago June 26, 2014 As many people were expecting, the Bank of England (BoE) has moved to control mortgage lending, restricting to 15 per cent the proportion of mortgages that can exceed a loan-to-income ratio (LTI) of 4.5. A look at recent data from the Council of Mortgage Lenders (CML) however shows that nowhere in the UK has ever approached that [...]
Housebuilders shares surging after Bank of England announcement June 26, 2014 Shares in housing builders Persimmon and Barrett Homes have jumped 58p (4.84 per cent) and 16.4p (4.74 per cent) respectively at pixel time after news the Bank of England would not be imposing the tight restrictions some had feared. The new mortgage controls have been introduced to temper a possibly overheating market, but with some [...]
Queen’s property portfolio increases to £9.9bn June 26, 2014 The Crown Estate, the company that manages the Queen's property portfolio, saw the value of its assets grow to £9.9bn in 2013 and produce record returns of £267m. Success was driven by a more entrepreneurial approach and London's growing office market. Last year the portfolio was valued at around £8bn. The year-on-year growth rate of [...]
EasyHotel IPO raises just half of target £60m June 25, 2014 EasyHotel has raised just half of the £60m it had hoped to gain for its 30 June IPO on the AIM market. The company has now priced its shares at 80p for the company's flotation on 30 June, implying a market capitalisation of £50m. The £30m the IPO is set to raise will be used to roll out [...]
