TfL and Crossrail to pay £15m to Canary Wharf Group if Elizabeth Line station is not complete by 2021 December 6, 2018 Transport for London (TfL) and Crossrail could have to fork out £15m to the Canary Wharf Group if its new Elizabeth Line station is not complete by 2021, City A.M. can reveal. An email from outgoing Crossrail chief executive Simon Wright, seen by City A.M., reveals that TfL and Crossrail will have to pay the sum each year if the station [...]
Former BHS boss Dominic Chappell to be sentenced next week for failure to help Pensions Regulator December 6, 2018 Former BHS boss Dominic Chappell is to be sentenced next week for failing to provide information to the Pensions Regulator regarding the sale of the troubled department store. Chappell will be sentenced for three counts of breaching Section 72 requests for information from the regulator into the sale of BHS by Philip Green to Chappell for just £1 in 2015. [...]
Tony Blair: There’s no point in May pressing forward with parliament vote on ‘half in, half out’ Brexit deal December 6, 2018 Tony Blair believes Theresa May should scrap next week’s vote on her Brexit deal as she is about to hit a “brick wall at speed”. The former Prime Minister told journalists on Thursday afternoon May needs to begin finding a compromise that will pass through the Commons instead of pushing ahead with her “half in, [...]
Tesco fraud fiasco leaves new SFO boss with serious questions to answer December 6, 2018 The Serious Fraud Office (SFO) has had more ups and downs than Thomas Cook’s share price. When it scores a big success, like the near £500m deferred prosecution agreement (DPA) with Rolls-Royce, it gets cheered to the rafters, while failures such as the Tchenguiz brothers debacle sees it dubbed the Serious Farce Office by critics. [...]
Lib Dem MP Stephen Lloyd resigns party whip to vote for Theresa May’s Brexit deal December 6, 2018 Liberal Democrat MP Stephen Lloyd has resigned the party whip in order to vote for Theresa May's Brexit deal. Lloyd, the MP for Eastbourne, told the Eastbourne Herald: "It is with great regret that I am today resigning the Liberal Democrat party whip in parliament. "I have come to the conclusion that I cannot honestly uphold [...]
Thomas Cook shares plummet further as volatile travel firm’s misery continues December 6, 2018 Shares in Thomas Cook tumbled more than 13 per cent today as the travel agency reels from profit warnings and debt concerns. The fall wipes out gains made yesterday, when the company clawed back recent losses of nearly 60 per cent. During a turbulent few weeks Thomas Cook has seen its shares fall to their [...]
Deutsche Bank shares drop to new all-time low after report ties it closer to Danske scandal December 6, 2018 Deutsche Bank shares were down again this afternoon on claims that it processed €31bn more of questionable funds than previously thought on behalf of Danske Bank. Last month, Danske whistleblower Howard Wilkinson claimed a major European lender was involved in processing up to $150bn (£117bn) in suspicious payments. Today, the Financial Times reported Deutsche also processed [...]
‘Dockless’ electric bikes you can park anywhere launch in London December 6, 2018 Electric-powered bikes you can park anywhere after a ride are launching in London tomorrow. California-based company Lime will be dropping off its "dockless" Lime-E bikes in Brent and Ealing, with 1,000 expected in the two London boroughs by the end of the month. Painted a distinctive green, the e-bikes can be unlocked by Lime app users [...]
Michael Spencer buys $52m controlling stake in life insurance startup Singapore Life December 6, 2018 Veteran investor Michael Spencer is to invest $52.7m (£41.3m) in insurance startup Singapore Life, in a deal that gives him command over the company. Spencer’s investment company IPGL has acquired a 33.8 per cent stake in the startup from Chong Sing Holdings, a Hong Kong-based financial group, bringing his total stake to 63.2 per cent. The [...]
Brexit may shake up the jobs market, so get your CV in shape now December 6, 2018 We are less than four months away from when the UK is officially meant to leave the EU, but there’s still confusion and much negotiation to be done before we find out exactly what impact Brexit will have on the City. Jobs are already crossing the Channel – JP Morgan, Goldman Sachs, Lloyds and more [...]