British Business Bank appoints new head of £2.5bn government-owned capital fund October 1, 2018 The British Business Bank (BBB) has appointed Catherine Lewis La Torre as the new head of its commercial patient capital fund. Lewis La Torre will take charge of British Patient Capital Ltd, responsible for investing a £2.5bn government funding package for UK venture and capital growth announced in last year's Autumn budget. The former head [...]
Standard Chartered reportedly facing $1.5bn Iran sanctions fine October 1, 2018 Standard Chartered is reportedly facing a fine of as much as $1.5bn (£1.15bn) from the US Department of Justice (DoJ) for violating sanctions on Iran. The British bank could face the penalty by the end of the year, although final discussions have not yet begun, Bloomberg reported. The investigation into Standard Chartered’s activities is focused [...]
Campbell Soup can serve you better, hedgie tells investors October 1, 2018 Billionaire investor Daniel Loeb is using his activist hedge fund to woo Campbell Soup shareholders, saying the “iconic asset” was an attractive prospect for takeover and claiming it could fetch $58 (£44.50) per share. Loeb’s Third Point fund is pushing to replace all the food company’s directors, who it said had presided over “tenure of [...]
Transport operator Go-Ahead calls for national strategy to tackle falling bus use October 1, 2018 Leading transport operator the Go-Ahead Group has called for a national bus strategy to address decline in the use of buses in the wake of a massive shakeup of the London network. The Go-Ahead Group, which carries over two million passengers a day on its buses, has raised alarm at the decline in the use of [...]
City minister calls for ‘frictionless’ immigration rules for financial sector after Brexit October 1, 2018 City firms need "frictionless" access to overseas workers after Brexit, according to a Treasury minister who called immigration a "force for good". Speaking during a debate on the shape of the the UK's future immigration policy, City minister John Glen talked up the importance of the financial sector being able to fill gaps in key [...]
Addison Lee says Sadiq Khan’s congestion charge plans could cost it £4m a year October 1, 2018 Addison Lee has said Sadiq Khan's plans to remove the congestion charge exemption for private hire taxi companies could cost it £4m a year. Uber rival Addison Lee has commissioned research that suggests levying a congestion charge on minicabs in London would make the capital more congested and polluted. Read more: London Assembly votes against Sadiq [...]
Royal Mail profit warning sends shares tumbling October 1, 2018 Shares in Royal Mail have crashed after the company posted a warning on profits and costs today. The UK post delivery company said it expected its adjusted operating profit to be between £500m and £550m for the year, down from £694m the previous year. Letter volumes were down seven per cent in the first half [...]
Pfizer CEO steps down after eight years in charge of US drugs giant October 1, 2018 Pfizer chief executive Ian Read will step down from the role at the end of the year after almost a decade in charge of the pharmaceutical giant. The Scot will be succeeded by chief operating officer Albert Bourla, a veteran of Pfizer's Innovative Health business area, which recorded $31bn (£24bn) in revenue last year. Bourla, 56, [...]
Erdogan accuses US of using pastor with ‘dark links’ to terrorists to justify sanctions October 1, 2018 President Recep Tayyip Erdogan has accused the US of using a pastor with “dark links” to terrorists groups to justify imposing sanctions on Turkey. Evangelical pastor Andrew Brunson, detained in Turkey on terrorism charges, has long been at the centre of the diplomatic spat between the two countries. Read more: Turkish courts will decide the [...]
British banks ‘resilient’ even in no-deal Brexit, says Moody’s October 1, 2018 Britain’s banks have grown more “resilient” to shocks despite an increased likelihood of a no-deal Brexit, an influential credit ratings agency said today. Moody’s Investor Service said the UK banking sector has a “stable” outlook in spite of an expected decline in economic growth, in a report published today. Profitability for British lenders will improve [...]