Revealed: Elon Musk’s half-a-billion dollar debt to banks helping Tesla fundraise May 3, 2019 Tesla boss Elon Musk personally owes $507m (£389m) to the Wall Street banks helping the electric car firm raise up to $2.3bn, it emerged yesterday. Read more: Tesla looks to strengthen with $2.3bn fundraising round The lending was disclosed in a Tesla prospectus for the fundraising, and showed the debt to be $117m less than [...]
Making bank: HSBC profits soar past expectations but it warns of global economy risks May 3, 2019 HSBC hailed rocketing profits for its first quarter today as it also sounded a warning over risks to the global economy. Read more: Metro Bank's shares in meltdown after profits halved The figures Reported profit before tax rose 30.7 per cent to $6.2bn in the three months to the end of March, the bank revealed. [...]
Crossrail: Watchdog blasts bosses for ‘driving up costs’ on London’s £17.6bn delayed Elizabeth Line May 3, 2019 Crossrail bosses took decisions that drove unnecessary cost into the troubled £17.6bn railway, a report by Whitehall's spending watchdog has found. A catalogue of errors including a "failure to change course" when it was clear the project was de-railing, as well as flaws in its own commercial strategy, led to cost increases and the current uncertainty [...]
City Moves for 3 May – Who’s switching jobs at Ikea, EIP and McLarens? May 3, 2019 Today's City Moves includes Ikea, EIP and McLarens. Ikea Ikea has announced the appointment of Peter Jelkeby as country retail manager with responsibility for the UK and Ireland. Taking over from Javier Quinones, who joins Ikea USA as country retail manager, Peter will continue to strengthen Ikea’s position as the number one home furnishing retailer [...]
Pumped up: Petrol prices soared in April as oil prices pushed up May 3, 2019 Petrol prices soared faster in April than in almost any other month for nearly two decades, it has been revealed. Motorists across the UK were having to pay an average of £3 more for every full tank, according to data from insurance company RAC. Read more: Oil prices fall after Trump’s showdown with Opec The [...]
Pennies saved as Philip Hammond sets up committee to protect access to cash May 3, 2019 Cash machines will be protected by a new government-led committee, Philip Hammond will announce today as he unveils a new taskforce to safeguard access to physical money. The Treasury-led group will coordinate work across the country to ensure people can still get to their cash in an increasingly digital payment focused economy. The Chancellor will [...]
Margaret Thatcher voted top Prime Minister on 40th anniversary of her first election win May 3, 2019 Margaret Thatcher has been ranked as the UK’s greatest post-war Prime Minister in a survey marking the 40th anniversary of her first election victory. Read more: CBI expresses 'deep concern' at prospect of Prime Minister Boris Johnson A Yougov poll placed Thatcher top of the pile, with 21 per cent of respondents saying she was [...]
Corbyn’s past just keeps tripping him up May 2, 2019 The charge sheet is grim. He defended a mural depicting hook-nosed Jewish bankers playing monopoly on the backs of the poor. He claimed Israel exerts “unbelievably high levels of influence” over “the upper echelons of parts of the media”. He presides over a party struggling to deal with complaints of antisemitism among its members and [...]
London jumps to second in global ranking of best cities to invest in May 2, 2019 London has overtaken Hong Kong to take second place in a global ranking of cities with the most investment potential. London rose to second place in the index compiled by asset manager Schroders, up from third place in 2017 and eighth place in 2016. Its position in the table has been boosted by strong employment [...]
Former energy minister Greg Barker receives £3m bonus for Russian sanctions deal May 2, 2019 Former UK energy minister Greg Barker pocketed £3m-£4m for his role in the ending of US sanctions on Russian metals giant En+, according to insiders. Read more: Lord Barker takes time out for Russia’s En+ Barker, a Conservative party politician and member of the House of Lords, helped convince US President Donald Trump to lift [...]