Metro Bank investor interest deadline looms, as bank prepares for unconventional stock market float March 2, 2016 UK challenger Metro Bank is gearing up for its unconventional stock market float next week, looking to raise £400m from mostly institutional investors. On Monday Metro will have a so-called introduction to the market, meaning it will float without a public sale. In February Metro Bank cut the offer price in its fundraising round from £24 to £20 a share [...]
Morrisons chairman Andrew Higginson joins Shore Capital as senior adviser March 2, 2016 Investment firm Shore Capital has signed up retail veteran and Morrisons chairman Andrew Higginson as a senior adviser to help bolster its expertise in consumer industries. Higginson, who is also currently chairman of home shopping group N Brown, joined Morrisons in 2014 to lead a shake-up at the supermarket following years of worsening sales. He previously spent 15 years on the [...]
UK house prices are going to keep going up – Standard and Poor’s March 2, 2016 The UK's rapid house price growth will not end anytime soon, a major ratings agency said today. "Conditions for ongoing robust gains of UK residential property prices remain intact," Standard and Poor's said in a new report. Low mortgage rates and record high employment are fuelling demand, the report said. It added that "the search for yields in a [...]
Darty share price soars as Christo Wiese’s Steinhoff International wades in with £662m offer March 2, 2016 Shares in Darty have soared by nearly 10 per cent this morning after South African retail conglomerate Steinhoff International made a £662m offer for the UK-listed electrical chain – a move that could scupper its already agreed sale to French rival Fnac. Darty said it has received a cash offer of 125 pence per share from the [...]
Seadrill, EnQuest, Tullow Oil and Ithaca: Moody’s issues another warning over UK oil firms’ credit ratings March 2, 2016 Credit ratings agency Moody's has sounded the alarm over the effects of crumbling crude prices on oil companies' ratings, as it issued a series of credit rating cuts and downgrades for UK companies in the sector. Moody's downgraded independent explorer Seadrill's credit rating by three notches, citing the continued deterioration of the offshore drilling market. Independent explorer [...]
UK house prices: Construction sector slows as house building rises at slowest pace since 2013 March 2, 2016 A gauge of activity in the construction sector stooped to a 10-month low this morning as survey figures revealed Britain's house building recovery may have hit the brakes. Markit's construction purchasing managers' index fell to a score of 54.2 in February from the previous month's 55. Scores above 50 indicate growth but lower scores imply [...]
Russian oil production shows first sign of freeze deal March 2, 2016 Russian oil production was flat in February, in the first sign of the country's participation in a historic production freeze deal among some of the world's biggest producers. Energy Ministry data showed oil output held at the same rate in January of 10.88m barrels per day. In tonnes, it hit 43.064m compared to 46.006m in January, which [...]
The Shard inches closer to being filled after confirming second letting for 2016, with digital marketing agency Jellyfish due to move into level 22 soon March 2, 2016 One of the most iconic buildings on London's skyline inches closer to being filled today, after The Shard signed its second letting for the year. Digital marketing agency Jellyfish will later this year move its headquarters into a 9,017 sq ft office space on level 22 of the building near to London Bridge from its current base [...]
Rolls-Royce share price rises after it appoints new executive Bradley Singer from activist investor ValueAct March 2, 2016 Roll-Royce has appointed a new non-executive to its board from US-based activist investor ValueAct, as the company presses ahead with its turnaround plan. California-based hedge fund ValueAct raised its stake in Rolls-Royce from 5.4 per cent to 10 per cent in December, fuelling expectations that it would seek a seat on the firm’s board and work with [...]
Moody’s cuts China’s credit rating to “negative” from “stable” March 2, 2016 Moody's cut its outlook for China from "stable" to "negative", citing the country's rising debt burden and uncertainty over the government's ability to implement the much needed economic reforms. The world's second largest economy is transitioning to a “new normal” of lower growth, driven by domestic consumption instead of credit-fuelled investment. "Without credible and efficient reforms, [...]
