Hard-hit online lender CAN Capital makes executive changes

The biggest online lender to small businesses in the US has pulled down the shutters and put its top managers on a leave of absence, in the latest blow to an industry grappling with mounting fears over credit quality. Atlanta-based CAN Capital said on Tuesday that it had replaced a trio of senior executives, after […]

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BoE stress tests: all you need to know

The Bank of England has released the results of its latest round of its annual banking stress tests and its semi-annual financial stability report this morning. Used to measure the resilience of a bank’s balance sheet in adverse scenarios, the stress tests measured the impact of a severe slowdown in Chinese growth, a global recession […]

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Zoopla wins back customers from online property rival

Zoopla chief executive Alex Chesterman has branded rival OnTheMarket “a failed experiment”, and said that his property site was winning back customers at a record rate. OnTheMarket was set up last year, aiming to compete with Zoopla and Rightmove, the UK’s two biggest property portals. It allowed estate agents to list their properties more cheaply […]

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Asia markets tentative ahead of Opec meeting

Wednesday 2.30am GMT Overview Markets across Asia were treading cautiously on Wednesday, following mild overnight gains for Wall Street, a weakening of the US dollar and as investors turned their attention to a meeting between Opec members later today. What to watch Oil prices are in focus ahead of Wednesday’s Opec meeting in Vienna. The […]

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Banks, Financial

RBS emerges as biggest failure in tough UK bank stress tests

Royal Bank of Scotland has emerged as the biggest failure in the UK’s annual stress tests, forcing the state-controlled lender to present regulators with a new plan to bolster its capital position by at least £2bn. Barclays and Standard Chartered also failed to meet some of their minimum hurdles in the toughest stress scenario ever […]

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Categorized | Property

Shaftesbury basks in London’s limelight

Posted on November 30, 2012

Shaftesbury, the West End-focused landlord, posted strong results for the 12 months to October on the back of what its chairman described as a “truly memorable year for London”.

The group, which owns 500 properties – predominantly shops – spanning 13 acres of Carnaby Street, Covent Garden and Soho, bolstered its position as the largest landlord in the central London retail district during the period, buying £44m worth of new stores.

    The West End has been one of the UK’s most buoyant property markets during the downturn, supported by a steady flow of overseas shoppers. The strength of activity in the area has driven up rents to record levels during the past two years.

    John Manser, Shaftesbury’s outgoing chairman, said the hosting of the Olympics and diamond jubilee celebrations meant London was “firmly in the world’s spotlight”.

    “The successful staging of these major events has greatly enhanced London’s reputation and should attract more visitors and businesses, particularly to the West End, in the years ahead,” he added.

    Shaftesbury recorded pre-tax profit of £31.2m for the period, up from £29.2m a year earlier. The net value of the group’s portfolio rose 8.9 per cent to £1.82bn. The company proposed a final dividend of 6.05p, up 5 per cent on 2011.

    The group also invested £15m on improving and redesigning buildings in its portfolio.

    Shares in Shaftesbury rose 1p to 548p.