S&P downgrades EDF after UK government greenlights Hinkley Point C September 22, 2016 Credit ratings agency Standard & Poor's downgraded French utility giant EDF despite the UK government giving the green light to the £18bn Hinkley Point C nuclear power plant. It said construction risks linked to the project are high and that the large investments associated with it will weigh on EDF's already pinched cash flow. There have long [...]
You’ll be hearing from my lawyer: Blue chip companies placing more and more money to one side to fight costly litigation, with FTSE 100 legal provisions up by a fifth September 26, 2016 Firms in the FTSE 100 put aside £31.3bn between them last year in a bid to cover potential legal bills stemming from increasingly costly litigation, a study out today has found. Legal provisions, which refer to money set aside to cover expenses such as legal costs, fines and compensation, among those in the blue chip index have [...]
Part-fence, part-wall? Donald trump speaks on US-Mexico border plans November 13, 2016 Donald Trump has admitted that his ambitious and contentious plans to build a wall along the US-Mexico border could, in fact, be built of "some fencing". Speaking to CBS's 60 Minutes show, the President-elect said: "For certain areas I would, but certain areas, a wall is more appropriate. I’m very good at this, it’s called construction." [...]
Small companies review foreign exchange hedging strategies after Brexit shock October 19, 2016 Small and medium-sized businesses feel they need to change their approach to foreign exchange hedging after the Brexit vote, according to new research. Some 77 per cent of firms said they needed to change their approach, but 80 per cent of the 75 SMEs surveyed by Earthport said they had failed to act since the vote, [...]
Glencore flogs Australian coal haulage business October 20, 2016 Glencore has agreed to sell its Glencore Rail (GRail) coal haulage business to Genesee & Wyoming Australia (GWA), for AU$1.14bn (£712m). The FTSE-listed miner said the sale was "another significant part of Glencore's debt reduction programme". "We established GRail in 2010 and have steadily grown it to become the third largest coal haulage business in the country," said Peter Freyberg, head [...]
Ophir Energy shares jump 13 per cent on joint operating company agreement for Equatorial Guinea gas project November 10, 2016 Shares in Africa and Asia oil and gas exploration company Ophir Energy have jumped 13 per cent after the firm agreed to establish a joint operating company (JOC) to develop a gas block off Equatorial Guinea. A subsidiary of the former FTSE 250-listed group, Ophir Holdings & Ventures, has signed a binding agreement with OneLNG, [...]
Article 50 and sport: What triggering of Brexit process could mean for Britain’s sport industry, from player transfers to stadium projects and intellectual property March 28, 2017 The highly-anticipated triggering of Article 50 is now upon us and, on Wednesday, the UK will begin the two-year untangling process from the European Union. But what impact will this have on the UK’s sports industry which last year, according to the Department for Culture, Media and Sport, contributed more than £35bn to the British [...]
It’s now easier to buy a home in New York than it is in London November 5, 2016 London's housing market was once the poor relation of New York's, but rapid house price growth in the UK capital has made it more unaffordable than its American rival. In July this year, the average house price in London was £484,176 as compared to £411,018 in New York, making the Big Apple a more accessible market. [...]
EU referendum: The UK’s property sector is emphatically against the idea of a Brexit January 18, 2016 The UK's property sector is not enthusiastic about the idea, a new poll has shown – with 65 per cent saying leaving the EU would have a negative impact on investment in the sector. No kidding. The poll, by property consultancy Carter Jonas, also found 10 per cent of those surveyed said they would consider relocating [...]
Was the Autumn Statement a missed opportunity to tackle Britain’s housing crisis? November 23, 2016 Jeremy Leaf, a former RICS residential chairman, says Yes. As expected, the chancellor’s speech contained no reversal of stamp duty changes, withdrawal of mortgage interest relief proposals for landlords, or assistance for downsizers. This was despite the potential benefits for the wider economy of lower taxes, greater job mobility and more housebuilding. No measures were [...]