Business news in brief: Starboard | Buccleuch | Cable & Wireless | BA

Published on 20/07/2012 23:48

STARBOARD Hotels is to operate part of Edinburgh university’s student accommodation as a tourist hostel during the Festival and summer months.

Under the Smart City Hostel banner, 81 rooms will be converted from single use to multi-bed rooms and made available to visitors. The rooms will be returned to their original state in time for the start of the academic year in September.

Buccleuch sells bulk of Native Land stake

Buccleuch Property has sold a 40 per cent stake in central London property developer Native Land for an undisclosed sum.

The Duke of Buccleuch’s company, which has developed land including Bankside next to the Tate Modern art gallery, reduced its stake in Native Land from 50 per cent to 10 per cent but remained tight-lipped over how much it had received for its shares.

C&W losing its voice hitting share price

Telecoms group Cable & Wireless saw its shares fall yesterday after it said its revenues from voice services had dropped.

Although overall group performance remains in line with expectations, the company said it was working hard to mitigate the impact of a continuing decline in income from voice services, especially in the Caribbean and Panama.

But the company said mobile data revenues have been rising in markets including Macau and Panama.

Heathrow slot bond pulled by BA owner

The owner of British Airways has aborted an innovative fundraising move that would have seen up to 31 of its Heathrow take-off and landing slots used as security. International Consolidated Airlines Group (IAG), which owns BA and Spanish airline Iberia, said it had cancelled the launch of a bond designed to cover the costs of its recent BMI takeover.