City Of London News
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Bank of England Governor Mervyn King will return to the scene of some of his most acidic public encounters today for the annual occasion that helped define his relationship with Britain’s banking industry.
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Dalian Wanda Group, the Chinese developer controlled by billionaire Wang Jianlin, is investing 1 billion pounds ($1.6 billion) in a British yachtmaker and a London site to build Western Europe’s tallest residential tower.
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Tom Hayes, the former UBS AG and Citigroup Inc. derivatives trader, was charged as part of the U.K.’s investigation into manipulation of the London interbank offered rate.
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ABP (China) Holdings Group Ltd., the Chinese developer that announced a 1 billion-pound ($1.6 billion) London business center last month, said the project would be valued at more than twice what it will cost to build.
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The world’s least-developed markets are proving the most resilient to the three-week selloff that has erased $1.9 trillion of global equity value.
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Central London luxury-home values rose last month by the smallest annual amount since December 2009 on a drop in the Knightsbridge area, site of Christian Candy’s One Hyde Park complex, Knight Frank LLP said.
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Ashkenazy Acquisition Corp., owner of Boston’s Faneuil Hall, bought London’s Old Spitalfields Market from Dublin-based Ballymore Properties Ltd. for about 105 million pounds ($160 million).
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Tribeca Holdings Ltd. is close to buying London’s Old Spitalfields Market on behalf of an undisclosed party in what would be the city’s largest retail investment this year, according to two people with knowledge of the talks.
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London officials signed a deal with a Chinese developer to build a commercial district targeting Asian businesses at Royal Albert Dock near London City Airport.
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China is studying the possibility of investing a portion of its $3.4 trillion in foreign-exchange reserves in U.S. real estate, said two people with direct knowledge of the situation.
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