CMA says BAA breakup shows how competition leads to benefits while adding further gains can be realised if runway capacity restraints can be lifted May 16, 2016 The breakup of BAA is an example of how competition can lead to benefits for business and personal customers, the Competition and Markets Authority (CMA) has said, while adding further gains can be realised if runway capacity restraints can be lifted. The CMA published an evaluation of the decision to break up BAA, which found a [...]
BHS administration: Sir Philip Green could face MP grilling over £571m pension deficit April 26, 2016 MPs are to decide tomorrow whether former BHS boss Sir Philip Green should be called in for questioning over the demise of the iconic high street name and its towering £571m pension deficit. BHS entered administration yesterday with debts of £1.3bn. The pension liabilities have been passed onto the Pension Protection Fund (PPF) – which is [...]
From Sir Philip Green to Frank Field, these are the most important reactions to BHS’ wind-down June 2, 2016 It's the end of an era: after weeks of uncertainty, today BHS' administrators finally announced they were calling time on the sale of BHS – without a buyer. That could mean the disappearance of one of the high street's biggest names, with all 163 stores closing. Not surprisingly, given the size of the collapse – some [...]
UK house prices: Sorry, but right now the UK can’t meet its target of building 240,000 homes a year, says House of Lords National Policy for the Built Environment Committee February 19, 2016 The UK won't hit the government's 240,000-a-year housebuilding target by relying on the private sector, according to a new report – which also warned so-called starter homes shouldn't be classed as affordable housing. The report, by the House of Lords' National Policy for the Built Environment committee, said the government must give local authorities and housing [...]
BHS saga continues: Chappell comes under spotlight as MPs scrutinise funds he used June 23, 2016 Ever since BHS collapsed into administration, recriminations have flown about who is to blame for the parlous state of its finances, particularly with regard to the £571m pension deficit. Today, the spotlight fell again on Dominic Chappell, the former racing car driver and bankrupt whose outfit Retail Acquisitions bought BHS for £1 off from its [...]
Give booming London more control of tax to create a virtuous circle of new homes and better transport March 10, 2016 For decades, transport has been at the top of Londoners’ list of concerns. Weary commuters reading their copy of City A.M. on today’s commute will know all too well how delays and congestion can make travelling in the morning peak draining. But as a result of the sustained efforts of successive mayors, borough leaders and [...]
Stella McCartney, Huge Boss and Yoox Net-a-Porter in talks to move to Stanhope and Mitsui’s White City Place February 22, 2016 Three leading fashion brands are in talks to move their London headquarters to new offices being developed inside the former BBC Media Village in White City, City A.M. understands. Designers Stella McCartney, Hugo Boss and online fashion website Yoox Net-a-Porter have separately approached developers Stanhope and Mitsui about taking office space inside White City Place. [...]
City Airport sold to consortium of Canadian and Kuwaiti investors led by the Ontario Teachers’ Pension Plan and Borealis Infrastructure February 25, 2016 City Airport has been sold to a consortium made up of Canadian and Kuwaiti investors, led by the Ontario Teachers’ Pension Plan and Borealis Infrastructure, for around £2bn. The group also includes AimCo and the infrastructure investment vehicle owned by the sovereign wealth fund of Kuwait, Wren House. It beat out bids from Chinese airline owner [...]
Live: Pensions lifeboat says that it had concerns about the BHS pension scheme in 2012 May 9, 2016 The BHS' pension scheme was on the Pension Protection Fund's (PPF) radar as far back as in 2012, MPs were told today. Alan Rubenstein, chief executive of the PPF, also explained to a committee hearing that the scheme had a 23-year recovery plan at that point, which is significantly longer than would usually be allowed. Lesley Titcomb, [...]
Why rising London house prices have got parents buying homes for their school-age children April 8, 2016 Every week, City A.M. invites an industry professional to write about an emerging trend in the property market. Over the past few years, given the exceptional price growth London has seen, the role of “the bank of mum and dad” in house sales has evolved considerably. No longer restricted to parents helping their 20-something adult children finishing [...]