Blackrock voted to remove Elon Musk as Tesla chairman August 31, 2018 Blackrock-managed funds voted in favour of replacing Tesla's billionaire founder Elon Musk with an independent chairman, it revealed yesterday. Funds run by the New-York based firm backed a shareholder proposal to oust Musk as chairman, its filing with the US Securities and Exchange Commission showed. More than 86m shares voted against the failed motion, which would not [...]
India’s economy just had its best quarter in two years August 31, 2018 India’s economy had its best quarter in two years in the three months ended in June, growing at a powerful 8.2 per cent. The surge was fuelled by consumer spending and a strong manufacturing performance. It is the country's highest performance in a quarter since the 9.3 per cent growth India experienced in the January-March [...]
City Airport boss Sir Terry Morgan – who also happens to be the former Crossrail boss – stepping down to focus on HS2 August 31, 2018 Sir Terry Morgan is stepping down as chairman of London City Airport next month to focus on his new job heading up HS2. Morgan, who has been at the helm of City Airport since March 2017, also happens to have been chairman of Crossrail Ltd, which today admitted the massive infrastructure project would overrun by nearly [...]
Creditors approve plan to close 42 Homebase stores August 31, 2018 Creditors have thrown DIY store Homebase a lifeline and approved the closure of 42 stores and rent cuts on several others. At a meeting held today in London, creditors passed the proposals with 95.9 per cent voting in favour. Damian McGloughlin, chief executive of Homebase, said: “We are pleased that an overwhelming majority of our creditors, [...]
Warren Buffett: I’d pick my iPhone over my airplane August 31, 2018 People should be taking better care of their iPhones, if billionaire Warren Buffett is to be believed. The business magnate said in an interview yesterday that he would prefer to have his iPhone over his private jet. Despite the $999 (£770) iPhone X being the most expensive smartphone Apple has produced, he claimed the device [...]
Costa sold to Coca-Cola: Here’s how the City reacted August 31, 2018 Coca-Cola is buying Britain's biggest coffee chain Costa in a deal valued at a whopping £4bn. Following this morning's surprise announcement, City analysts were quick to react. The high price paid, the opportunities for expansion, and the future of Whitbread all came under the microscope. Here's a few of the talking points. A coffee battle [...]
Lloyd’s exits continue as chief commercial officer departs August 31, 2018 Exits from the C-suite at Lloyd’s of London are set to continue with the insurance market today announcing that its chief commercial officer Vincent Vandendael is leaving to join Everest Insurance as chief executive of international insurance. Vandendael’s resignation follows that of chief executive Inga Beale who is leaving Lloyd’s early next year and chief financial [...]
Dominic Raab ‘stubbornly optimistic’ a Brexit deal can be done August 31, 2018 Dominic Raab is "stubbornly optimistic" that a Brexit deal is within reach, he said today at the end of another week of negotiations with the EU. But Michel Barnier warned that a Brexit deal will not be possible if the two parties cannot reach a backstop agreement for the border with Northern Ireland. "With no [...]
Legal costs squeeze profits at Independent News and Media August 31, 2018 Shares in newspaper company Independent News and Media fell by three per cent this morning as the publisher blamed losses on costs related to an investigation by Ireland's corporate watchdog into an alleged data breach. Read more: Corbyn’s plan for the BBC would harm the press he wants to protect The figures Total revenue was down [...]
Focus On Covent Garden: The tourist trap turned foodie hotspot also does homes August 31, 2018 Who lives in Covent Garden anyway? To most Londoners, this historic 17th century piazza is synonymous with street performers and burger bars. It’s always been a place to pass through on the way to the theatre, rather than a place to spend much time in or, god forbid, live in. But all that is changing [...]