In brief: Price of London house land rises 19%, Pictet goes public in face of tax probe, Rooms demand powering Accor
The cost of land for housing developments in central London is 18.9% higher than a year ago after a 6.7% rise between April and June, property consultant Knight Frank’s latest figures showed.
The spike in costs for residential development sites in the capital is nearly seven times higher than the 1% rise in prices across England and Wales in the same quarter.
Pictet goes public in face of tax probe
Swiss private bank Pictet & Cie today broke with more than 200 years of tradition by publishing results for the first time in its history as it faces down a US criminal investigation into tax evasion via hidden offshore accounts.
Pictet posted a net profit of Swfr202.9 million (£133 million). It also said it held Swfr319 billion in net assets under management.
Rooms demand powering Accor
The world’s fourth-largest hotels group has reported rising demand for hotel rooms in every region except its home market of France. Accor, which runs 14 brands from budget chain Ibis to luxury group Sofitel, posted a 17.6% rise in first-half operating profit to €219 million (£174 million).
It expects 2014 operating profit of between €575 million and €595 million, up from last year’s €521 million.
