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☆ UK will not take action over Czech mogul's plan to raise Royal Mail stake
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Britain is no longer intervening in Czech billionaire Daniel Kretinsky's plan to increase his stake in Royal Mail parent International Distributions Services (IDSI.L), sending the company's shares up more than 7% on Monday. In August, Royal Mail said it had been notified by then business minister Kwasi Kwarteng that he was exercising powers to look into proposals by Kretinsky's vehicle, Vesa Equity Investment, under the National Security and Investment Act. The Royal Mail review came days after the government decided not to take action over billionaire Patrick Drahi's stake in telecoms firm BT (BT.L). Vesa, Royal Mail's biggest shareholder which is ultimately controlled by Kretinsky and his business partner Patrik Tkac, in August said it had voluntarily contacted the government to inform them of its intention to increase its stake in Royal Mail, which is currently just over 22%. "Vesa Equity Investment welcomes the decision ... and reiterate our commitment to continuing long term investment presence in the U.K., including our partnership with Royal Mail," a spokesperson said.

☆ Royal Mail's largest labour union rejects new conditional pay offer
▼ + stars: | 2022-10-31 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +2 min

Royal Mail and the Communication Workers Union (CWU) last week agreed to engage in talks through arbitration to resolve the months-long pay dispute and on Sunday the CWU withdrew its planned strike action in Britain in the next two weeks. Royal Mail's latest offer includes a 7% salary increase over two years, plus a lump sum payment of 2% of pay this year, but was subject to CWU agreeing to several changes including to Sunday working, start times and flexible working. The CWU, which represents more than 115,000 postal workers at Royal Mail, rejected the offer and said it would vote to take further strike action. "It (the offer) includes more unacceptable changes and a derisory 7% two-year pay offer that is well below projected inflation for both years," the CWU said in a statement. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shailesh Kuber and David EvansOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Landsec sells 21 Moorfields property to Lendlease for $917 mln
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSept 21 (Reuters) - British landlord Land Securities Group Plc (LAND.L) said on Wednesday it had sold 21 Moorfields, EC2 office property in London to an investment vehicle managed by Australia's Lendlease Group (LLC.AX) for 809 million pounds ($917.08 million). A 568,500 square feet property, 21 Moorfields was fully pre-let to Deutsche Bank (DBKGn.DE) on a 25-year lease for housing the German firm's London headquarters. The FTSE 100 firm said the total consideration from the sale of 21 Moorfields represents a 9% discount to the property's value in March and the net proceeds would initially be used to reduce debt. Landsec has now sold 1.8 billion pounds of London offices following the strategic review in late 2020, when it undertook the decision to raise capital by selling mature office spaces. ($1 = 0.8821 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Aby Jose Koilparambil in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Andrew BoyersSept 21 (Reuters) - Shares in British homebuilders rose sharply on Wednesday morning after a media report said the government would cut stamp duty - a tax on property purchases - in a mini-budget on Friday. Peel Hunt analyst Sam Cullen said any stamp duty cut could help housebuilders better offset inflation in building costs, which has been largely cushioned by higher house prices. The Times said the plan to cut stamp duty would be part of new Prime Minister Liz Truss's drive to boost economic growth. A temporary stamp duty cut was used to support the market by previous finance minister Rishi Sunak during the COVID-19 pandemic. Currently, no stamp duty is paid on the first 125,000 pounds ($141,650) of any property purchase.

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