Why we should all remember the man who built Canary Wharf October 28, 2013 THREE major forces help drive progress: economic and legal institutions; people, especially risk-taking buccaneers and entrepreneurs; and chance. The creation of Canary Wharf is a case study of how all three factors interact: its rise from the ashes of the bankrupt Docklands transformed London’s economy, enabling it to build and retain a world class financial [...]
Empire State shares climb in market debut October 2, 2013 SHARES of Empire State Realty Trust, owner of the Empire State Building, climbed in their first day of trading yesterday as investors bet the marquee property will be able to attract more tenants as New York’s technology sector continues to grow. The shares, which were initially sold late Tuesday at $13 a piece, rose as [...]
Don’t blame foreigners for our self-inflicted housing shortage October 28, 2013 LONDON’S housing policy is in a mess: rules, restrictions and levies make it hard and expensive to build homes in the right places, crimping supply. Combined with growing demand, this has pushed prices up. While the coalition’s reforms have helped slightly, making it easier to convert old offices and simplifying some rules, and more public [...]
Investment in renewable energy declines sharply October 14, 2013 Global investment in clean energy was £28.7bn in the third quarter of 2013, a 14 per cent fall on the second quarter of this year, according to Bloomberg New Energy Finance (BNEW). Investment in the sector is now 20 per cent below the number for the third quarter of 2012. The weak investment figures will [...]
Developers deny landbanking as Miliband vows to fine building firms sitting on valuable plots September 24, 2013 THE CONSTRUCTION industry yesterday rejected Ed Miliband’s suggestion that Britain's housing supply issues are caused by developers hoarding land, amid criticism of his willingness to confiscate land if firms that do not get building. “We will say to private developers you can’t just sit on land and refuse to build,” the Labour leader told his [...]
Walkie Scorchie redesign almost there says developer Land Securities November 12, 2013 The developer of the Walkie Talkie skyscraper in the City of London, Land Securities, said this morning that a solution to the "seasonal solar glare" issue – the 70C beam of sunlight that melted cars, burnt shops and saw an egg fried in its heat – is in its final stages. Land Securities says that [...]
Lloyd’s boss in warning over industry boom September 26, 2013 LLOYD’S of London could do more to cut transaction costs for member syndicates, its chairman admitted yesterday, as he warned the insurance industry to prepare itself for an astonishing period of transformation. “We cannot be complacent,” John Nelson told City A.M. “There is work to be done. In other industries they – to be frank – pay more [...]
EU takes a step toward union of Eurozone banks October 15, 2013 THE EUROPEAN Central Bank (ECB) will take the lead in regulating Eurozone banks, the European Council members agreed yesterday. But the group failed to come to a deal on what happens to failing banks, which is the next key step in creating a banking union. Establishing a Single Supervisory Mechanism (SSM) made up of the [...]
German construction sector pace of growth at March 2012 high September 5, 2013 Germany's construction sector is now growing at the fastest pace seen since March 2012, according to new data from Markit. The sector purchasing managers' index has risen to 55.1 in August, signalling higher growth from last month's figure of 51.5. Phil Smith, economist at Markit said: A solid and accelerated increase in construction activity was [...]
Stobart profits get boost from Autologic buy October 24, 2013 BRITISH haulier Stobart Group’s first-half revenue from continuing operations jumped 33 per cent, helped by its acquisition of Autologic Holdings in mid 2012. The company, whose Eddie Stobart trucks deliver goods to retailers like Tesco, reported an underlying pre-tax profit of £13.8m in the six months ended 31 August, up five per cent from a [...]