Developer Trevor Osborne has paid former joint venture partner Pell Frischmann £3.1 million and issued a public apology, following a lawsuit alleging he had diverted investment opportunities from the joint venture to his own company. Osborne's former company, Speyhawk, collapsed with debts of more than £350 million in 1993. He has now given up his 50 per cent stake in the joint venture, Hawk.
The City of London Corporation is planning to charge drivers of non- essential vehicles £3 per day to enter the Square Mile. More than 90 per cent of City workers commute using public transport. A total of 250,000 vehicles enter the City each day.
German roofing company Kock Hightex has issued another writ over the cancellation of its contract to roof the Millennium dome. This second writ brings its total claim against New Millennium Experience to £4.4 million.
Growth in construction output, expected to reach 3.3 per cent this year, will slow to 1 per cent during 1999, according to Construction Forecasting & Research. Any improvement in 2000 will be marginal, it says.
The housing market is showing clear signs of slowing down, says Halifax, the uk's biggest mortgage lender. This year's house-prices rise of about 5 per cent will slow to 4 next year, it says.
The government is to write off £62 million of debt built up in relation to construction of the ill-fated Humber Bridge.