Private equity house says Avio-derci to Italian space business October 20, 2016 Private equity house Cinven has announced the sale of its space launcher and propulsion company. Ten years after Cinven acquired Avio from Carlyle, alongside Finmeccanica as a minority shareholder, for €2.57bn (£2.3bn), the firm has agreed a sale to Space2 and Leonardo-Finmeccanica together with Avio’s management. Read more: Private equity firms backed to capitalise on [...]
Gross mortgage lending down seven per cent in September October 20, 2016 Gross mortgage lending fell seven per cent last month, but hit the highest September figure since 2007. According to the Council of Mortgage Lenders (CML), gross mortgage lending was £20.5bn in September, down seven per cent month-on-month. Read more: London boss of Barratt Developments arrested on suspicion of misconduct The figure represented a two per [...]
London Stock Exchange beats expectations as it seeks to push through Deutsche Boerse merger October 20, 2016 The London Stock Exchange Group has reported growing income in its third quarter, beating expectations, as it seeks to push through its merger with Deutsche Boerse. The figures In an interim management statement, the LSE said revenue from continuing operations was up 15 per cent to £376.2m for the three months to 30 September. Read more: [...]
Wanted: A market breakthrough to solve poverty in rich countries October 20, 2016 What is the point of a free market system? It’s to lift people out of poverty, giving them a better life, richer in every way. By this test, free markets have been fantastically successful historically. But rich countries, from the UK and America to those in Europe, have done nothing much for the poor in [...]
Chinese industrial duo Yinyi Group and Impro to battle it out for Doncasters October 18, 2016 Two Chinese industrial firms, Yinyi Group and Impro, have emerged as two of the bidders for engineering giant Doncasters. According to Sky News, the interest is tentative, but should it progress further, could test the government’s attitude on foreign ownership of British manufacturers. Read more: Winning HS2 bidder has to develop generation of UK engineering [...]
What better excuse could you have for a G&T or six than International Gin & Tonic Day? Here’s where to drink up October 18, 2016 The Portobello Star 171 Portobello Road, W11 portobellostarbar.co.uk Journey to The Ginstitute, London’s second smallest museum sitting atop a 270-year-old pub on Portobello Road. Open since 2011, it’s also the headquarters of Portobello Road Gin, where you can learn all about the juniper drink’s rich history in London. There’s a chance to sample a tipple [...]
Surprise, surprise: Oil majors face a “resoundingly negative” threat from the rise of electric cars October 18, 2016 A leap forward in battery technology could pose a "resoundingly credit negative" threat to the oil sector and disrupt global credit markets, according to a report from Fitch Ratings. Falling demand for fuel could scupper oil majors' prospects in particular as transport accounts for 55 per cent of total oil consumption. "Widespread adoption of battery-powered vehicles is [...]
Sir Philip Green lashes out at MPs over “bizarre” report that branded him the “unacceptable face of capitalism” October 18, 2016 Sir Philip Green has published a report from a top lawyer that criticises MPs for branding him the "unacceptable face of capitalism". The 82-page report from Lord Pannick QC, a human rights lawyer, says the joint select committee inquiry into BHS made conclusions that were "bizarre" and "unsupportable". Read more: Sir Philip Green hires top lawyer to [...]
Gear4music proves that buying musical instruments online is the way to go October 18, 2016 Shares in Britain's largest online musical instrument retailer fell by two per cent despite posting half-year results that showed it had grown revenue and profit by over 70 per cent. The numbers Aim-quoted Gear4music's revenue increased from £12.5m to £21.6m with gross profit rising from £3.3m to £5.8m. The company's gross margin percentage – the percentage of [...]
Sales of houses worth over £10m crashed this summer October 17, 2016 Sales of super-prime properties in London – luxury pads costing over £10m – slumped this summer. According to research by property consultancy London Central Portfolio (LCP), sales have fallen 86 per cent in the three months to August as compared to the same period last year. Read more: This is how sterling's unstoppable slide will affect [...]