David Callaghan
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Planning reforms threaten City, Boris warns
London Mayor Boris Johnson has warned that a change in planning laws making it easier to convert offices into homes is a threat to the City. Johnson has signed a…
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Chinese investors target foreign property
Investors from China have become the largest buyers of property in London, New York City and Australia. A stagnant market in China is encouraging investors to seek better returns abroad.…
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Former Berkeley finance chief returns
Berkeley’s former financial controller, Richard Stearn, is returning to the housebuilder as finance director. Stearn, who will replace Nick Simpkin, left the company in 2012 after 10 years as financial…
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Lenders report fall in mortgages
Banks and building societies have recorded the biggest fall in the availability of mortgages since the financial crisis began. After eight consecutive months of expansion, the balance of lenders reporting…
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‘Co-op in denial’ chief admits
The Co-operative Group’s chief executive Richard Pennycook has admitted that the group was in denial as it lurched close to collapse. Pennycook admitted the group “nearly failed” after a £1.5bn…
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Punch finally agrees debt deal
Punch Taverns is to end its long struggle to refinance its debt when a £2.4bn deal is agreed with Royal Bank of Scotland. The deal has taken two years to…
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Bank ‘should raise rates’
The Bank of England should raise interest rates immediately, according to The Times’ shadow monetary policy committee. However, the bank is not expected to raise interest rates when its decision…
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Firms lose offices to homes
Local councils have warned that businesses are losing their offices due to a change in planning law to encourage residential development. A survey of local authorities by the Local Government…
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Fifth Tesco executive to step down
Tesco has asked a fifth senior executive to step aside as investigations into the company’s mis-statement of profits continues. Commercial director Kevin Grace is to step aside, it was announced.…
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C&W revenue hits $2bn but profit dips
Cushman & Wakefield saw revenue come close to its 2007 peak last year, but took a 26% hit on net profit.