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WeWork has posted a $629m (£539m) loss for the third quarter, announcing plans to close 40 “underperforming” locations. While the closures will mostly be in the US, more could follow as the flexible workspace provider seeks to balance its books.
Nikal’s £300bn regeneration of Blackpool Central has been “saved” by Michael Gove, after the Levelling Up Department stumped up £40m to unlock the site.
Meanwhile, former chancellor Kwasi Kwarteng has blamed former prime minister Liz Truss for the economic maelstrom caused by the disastrous mini-Budget. He claims he told her to “slow down”, adding that she was “mad” to fire him.
As the current chancellor, Jeremy Hunt, readies the axe ahead of the Autumn Statement, economists have questioned whether there really is a £50bn-plus black hole at all.
Redrow has become the latest housebuilder to announce sliding sales and reservations, with numbers nearly a fifth lower than last year.
The UK has frozen more than £18bn of Russian assets since Vladamir Putin’s invasion of Ukraine. But that figure would be even higher if it included the 106 properties also sanctioned.
Every death in the Grenfell Tower fire was avoidable, the inquiry into the disaster was told on its final day.
And staff in the Land Registry are among civil servants set to strike unless ministers offer more money.
EG talks to Regal London’s Jonathan Seal about being a newcomer to the industry at the helm of a major mixed-use developer. “People really hated me as a lawyer,” he says. “Imagine what they thought of me as a banker. Imagine what they thought of me as a private equity investor. This is the worst hat to wear in real estate!”
And the auditor hired by the Vatican to clean up its finances, and then sacked after looking into its €350m Sloane Avenue property deal, is suing the Holy See for €9.3m in damages.
