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London house sales take a battering from sky-high stamp duty

London house sales take a battering from sky-high stamp duty, with just 70 central properties being sold a weekHome sales in the heart of the capital are down 16.8 per cent on a year earlierThere are now fewer homes selling than at the height of the financial crisisA rumoured tax on foreign property owners could make the problem even worse By James Burton, City Correspondent For The Daily Mail
Published: 16:58 EDT, 22 October 2018 | Updated: 17:33 EDT, 22 October 2018
House sales in central London have dived to a record low as buyers are put off by sky-high stamp duty.
Just 70 properties are being sold each week in the heart of the capital, according to analysis by investment firm London Central Portfolio – down 16.8 per cent on a year earlier.
There are now fewer homes selling than at the height of the financial crisis in 2009.
House sales in central London have dived to a record low as buyers are put off by sky-high stamp duty
Experts blamed steep hikes to stamp duty for putting..

Meet the pension sharks who stole £13.7m from hundreds of savers

Meet the pension sharks who stole £13.7m from hundreds of savers: Father and daughter who lived the high life are banned as directorsFriendly Pensions used cold-calling and high-pressure sales tactics The firm's ringleader was David Austin, a former bankruptThe Pensions Regulator has now launched a criminal investigationBy James Burton, City Correspondent For The Daily Mail
Published: 17:05 EDT, 22 October 2018 | Updated: 17:05 EDT, 22 October 2018
Four scammers who conned pension savers out of £13.7 million have now been banned from the industry.
The gang's company, Friendly Pensions, used cold-calling and high-pressure sales tactics to strong-arm 245 victims into investing in 11 fake schemes, including a truffle farm.
Nest eggs were used to line the pockets of the trustees, with more than £10.3 million shunted into firms owned or controlled by ringleader David Austin, a former bankrupt.
Nest eggs were used to line the pockets of the trustees, with more than £10.3 milli..

You left us living in squalor, Jeff! Furious families sold shoddy homes built by Persimmon speak out

You've left us living in squalor, Jeff! Furious families sold shoddy homes built by Persimmon speak outResidents of Philmont Court in Coventry say they feel betrayed by PersimmonThey have experienced more than a decade of problems with their propertiesThey have been forced into temporary homes while repair work takes placeBy Matt Oliver City Correspondent For The Daily Mail
Published: 17:02 EDT, 22 October 2018 | Updated: 17:02 EDT, 22 October 2018
Families forced to evacuate their homes because they could collapse have accused one of the country's biggest builders of abandoning them while it paid executives millions of pounds in bonuses.
Residents of Philmont Court, a four-storey block of flats built in Coventry just 11 years ago, said they felt betrayed by developer Persimmon after more than a decade of problems with their properties.
They have been forced into temporary accommodation while repair work takes place after experts warned extreme winds could cause the build..

MARKET REPORT: Invesco makes £1m in a day from a punt on tiny window replacement firm Safestyle

MARKET REPORT: Invesco makes £1m in a day from a canny punt on tiny window replacement firm SafestyleBy Lucy White City Correspondent For The Daily Mail
Published: 16:56 EDT, 22 October 2018 | Updated: 16:56 EDT, 22 October 2018
A canny punt on a tiny window replacement company has made fund house Invesco close to £1 million in a day.
Invesco, which manages billions of pounds' worth of UK savers' money, decided on Friday to more than double its 5 per cent stake in Safestyle to 10.2 per cent.
When Safestyle shares rocketed yesterday by 38.7 per cent, or 21.9p, to 78.5p, Friday's deal alone bagged Invesco around £950,000.
Invesco, which manages billions of pounds' worth of UK savers' money, decided on Friday to more than double its 5 per cent stake in Safestyle to 10.2 per cent
Taking into account the shares it already owned in the window company, Invesco made £1.9 million.
The shares shot up as Safestyle revealed it had entered into a non-compete agreement ..

International Petroleum boss Frank Timis is blamed over the sacking of a whistleblower

Controversial International Petroleum boss Frank Timis is blamed over the unfair sacking of firm's whistleblowerTimisadvised chairman Antony Sage to sack chief executive Alexander OsipovOsipov whistleblew over allegations of corruption at the firm's assets in NigerJudges upheld a record-breaking £2 million award to Osipov By Francesca Washtell For The Daily Mail
Published: 16:52 EDT, 22 October 2018 | Updated: 16:52 EDT, 22 October 2018
Frank Timis, director of International Petroleum
A company director twice convicted of heroin possession was behind the sacking of a whistleblower at his oil exploration business.
The Court of Appeal found Frank Timis, director of International Petroleum, advised chairman Antony Sage to sack chief executive Alexander Osipov for whistleblowing over allegations of corruption at the firm's assets in Niger.
Judges upheld a record-breaking £2 million award to Osipov, who was dismissed in October 2014 just months after taking the job.
The c..

DAILY BRIEFING: Cinema chain Vue buys German rival Cinestar for £196m

By City & Finance Reporter for the Daily Mail
Published: 16:51 EDT, 22 October 2018 | Updated: 16:51 EDT, 22 October 2018
SCREEN SCOOP Cinema chain Vue has bought German rival Cinestar for £196 million. The acquisition of 57 sites with 449 screens is the largest in Vue's history.
AUDITOR PROBE The chairman of Santander's UK operation, Baroness Vadera, is being lined up to run a review of auditors following a string of scandals.
It will look at whether the so-called big four accountants – KPMG, PwC, Deloitte and EY – are doing an acceptable job.
Cinema chain Vue has bought German rival Cinestar for £196 million. The acquisition of 57 sites with 449 screens is the largest in Vue's history
PAID UP British firms paid out £32.3 billion in dividends in the three months to September 31 – an all-time high and 4.1 per cent more than a year earlier, according to research by Link Asset Services. It means that the £100 billion mark could be reached if payments stay strong for ..

Investment fund Interactive Investor buys its main rival Alliance Trust Savings for £40m

Investment fund Interactive Investor buys its main rival Alliance Trust Savings for £40mBy City & Finance Reporter for the Daily Mail
Published: 16:49 EDT, 22 October 2018 | Updated: 16:50 EDT, 22 October 2018
The UK's second-largest investment platform has bought a rival for £40 million
The UK's second-largest investment platform has bought a rival for £40 million.
Interactive Investor will take over Alliance Trust Savings, creating a platform with 400,000 customers and looking after £35 billion.
The deal will combine the two largest fixed-price platforms, which charge investors a flat annual administration fee rather than a percentage of what they invest.
Richard Wilson, chief executive of Interactive Investor, which is majority-owned by US private equity firm JC Flowers, added: 'This is another important step in our ambition to build the UK's best investment platform.'
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Glencore boss Ivan Glasenberg says he will quit the commodities trading and mining firm by 2023

Glencore boss Ivan Glasenberg says he will quit the commodities trading and mining firm by 2023By City & Finance Reporter for the Daily Mail
Published: 16:49 EDT, 22 October 2018 | Updated: 16:49 EDT, 22 October 2018
Ivan Glasenberg, the boss of Glencore
Glencore's boss will step down from the top job in three to five years.
Ivan Glasenberg has said he will quit the Switzerland-headquartered commodities trader and miner by 2023 and has begun training a number of people as potential successors.
The 61-year-old, who was born in South Africa and is also a champion race-walker, joined Glencore in 1984 and was named chief executive in 2002.
He is the second biggest shareholder in London-listed Glencore, holding 8.56 per cent.
A spokesman for Glencore declined to comment.
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CITY DIARY: What will Saucy Ann Summers tycoon Jacqueline Gold’s Desert Island Discs luxury item be?

CITY DIARY: What will Saucy Ann Summers tycoon Jacqueline Gold's Desert Island Discs luxury item be?By The dastardly Mr Deedes
Published: 16:47 EDT, 22 October 2018 | Updated: 16:47 EDT, 22 October 2018
Ann Summers tycoon Jacqueline Gold
Saucy Ann Summers tycoon Jacqueline Gold, creator of the 'Rampant Rabbit', is this Sunday's Desert Island Discs castaway. Will the luxury item she chooses be suitable for the morning airwaves? All I know is Ms Gold, 58, is a canny broad who rarely lets a promotional opportunity go begging.
Nationwide boss Joe Garner claims he is not motivated by money. He opines: 'Money as an incentive narrows focus.' Quite so. Yet Joe, 48 – not one of finance's swashbucklers – still negotiated a £2.3 million pay package last year, which many regard as OTT for a modest mutual. His £217,000 worth of perks is more than some FTSE 100 banking chiefs get.
Were obituaries of billionaire Microsoft co-founder Paul Allen, who died last wee..

Fast-moving Zara bucks the High Street gloom, with sales surging 17% to £704.8m

Fast-moving fashion chain Zara bucks the High Street gloom, with sales surging 17% to £704.8mStrong sales put a rocket under profits, which shot up by a third to £40.9 million The fast-fashion chain is owned by Spanish retail group InditexIn September the group reported a 4% rise in sales and a 3% boost in profitsBy City & Finance Reporter for the Daily Mail
Published: 16:46 EDT, 22 October 2018 | Updated: 16:46 EDT, 22 October 2018
Zara shrugged off the High Street gloom to post a jump in sales and profits last year
Zara shrugged off the High Street gloom to post a jump in sales and profits last year.
The fast-fashion chain, which is owned by Spanish retail group Inditex, saw sales in the UK surge 17 per cent to £704.8 million as its versions of catwalk dresses, shoes and other products flew off the shelves.
Strong sales put a rocket under profits, which shot up by a third to £40.9 million in the year to January 31.
Zara was founded in 1975 by the former chairman of Inditex, Amanc..

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