Saudi-backed fund plans investment in British digital bank Oaknorth October 18, 2018 The world’s largest technology fund could pump hundreds of millions of dollars into British unicorn Oaknorth. The deal would make Saudi Arabia’s sovereign investment fund an indirect shareholder in the digital bank. Read more: Acorn OakNorth rises to $2.3bn valuation as it closes fresh $100m fundraise Softbank’s Vision Fund, in which the Saudis are the [...]
Tory leader in City Hall offers coy defence of controversial mayoral candidate Shaun Bailey October 18, 2018 The leader of the Conservatives in the London Assembly has shied away from giving a weighty endorsement of the group's controversial candidate for mayor, Shaun Bailey. Bailey, who is the Tories' pick to take on the incumbent Labour mayor Sadiq Khan in the upcoming election, has sparked criticism after it emerged he made a series of [...]
Theresa May’s bungled Brexit backstop plan means that once again nothing has changed October 18, 2018 The gathering of EU leaders in Brussels this week was supposed to bring clarity, not confusion, to the Brexit negotiations. After the PR disaster of Salzburg, both sides needed to at least act like the talks were going in the right direction and a deal was doable. But as with so much of the Brexit [...]
Theresa May rows back from Brexit transition extension after Tory backlash October 18, 2018 Theresa May has tried to downplay anger over a plan to extend the UK’s post-Brexit transition period, just hours after flagging the idea to EU leaders. Speaking in Brussels, the PM claimed keeping the UK signed up to EU rules for a further year was not her idea – but could indeed be a solution [...]
Natural disasters like Hurricane Florence and Genoa’s bridge collapse cost Swiss Re $1.1bn October 18, 2018 A string of recent natural disasters will set global reinsurer Swiss Re back roughly $1.1bn (£840m) in its third quarter, it revealed today. The largest costs were inflicted in September by Typhoon Jebi, the most powerful typhoon to hit Japan for 25 years. Claims from that disaster alone are expected to reach $500m. Hurricane Florence, [...]
Auditors face fresh headache as shareholder adviser eyes industry October 18, 2018 The world’s largest adviser to shareholders is to ramp up its scrutiny of auditors, in a move that will pile further pressure on the UK’s embattled beancounters amid a series of industry controversies. Auditors will be facing another headache at their shareholder meetings next year after the Institutional Shareholder Services (ISS) today unveiled plans to [...]
HS2 will cost taxpayers 25 per cent more than similar schemes abroad, says leaked report October 18, 2018 High Speed Two (HS2) will end up costing taxpayers 25 per cent more than similar projects in other countries, a leaked report has said. HS2 is projected to cost £56bn and will link London to the north in two phases: the first phase will link London to Birmingham and is set to open in 2026, while phase two [...]
A prank left in tatters: Banksy reveals auction shredding did not go to plan October 18, 2018 The art world was captivated earlier this month when a painting by Banksy was partially shredded at an auction. Now, however, it seems that the infamous stunt was not one that went according to plan. A new video released today reveals that Banksy’s intentions had been to destroy the entire artwork, known as Girl with Balloon, [...]
Morgan Stanley banker moonlights as an Uber driver to win top role in upcoming IPO October 18, 2018 A top banker at Morgan Stanley has reportedly been moonlighting as an Uber driver outside of working hours, in a bid to win the deal to take the ride-hailing firm public in 2019. Michael Grimes, a technology banker in the US for Morgan Stanley, has been running the job on the side for several years despite [...]
US Treasury secretary Steven Mnuchin withdraws from Saudi conference over missing journalist October 18, 2018 The US has joined the UK, France and the Netherlands in withdrawing from a high profile Saudi investor conference amid the disappearance and alleged murder of journalist Jamal Khashoggi. US Treasury secretary Steven Mnuchin said that following a meeting with Donald Trump and secretary of state Mike Pompeo, he would not be attending the Future [...]