Payday lender Wonga pushed to the brink as claims management companies look for ‘next PPI’ August 27, 2018 Payday lender Wonga is considering insolvency among the options as it tries to deal with a deluge of complaints from claims management companies looking for “the next PPI”. Wonga said it is assessing “all options” for the group, which is struggling under the burden of a large number of compensation claims. The controversial firm raised [...]
US and Mexico agree trade deal to replace NAFTA as talks with Canada set to begin immediately August 27, 2018 The United States and Mexico have reached an agreement on a new trade deal, as Wall Street rallies to all-time highs. President Trump has announced a new United States-Mexico Trade Agreement and said that discussions with Canada would begin immediately. Shares of automakers, set to gain from the deal, soared following the announcement with Ford [...]
South African government abandons plan for more nuclear power August 27, 2018 South Africa has ditched plans to expand its nuclear power capacity, in favour of diversifying towards natural gas, wind and other energy sources. Under the leadership of former President Jacob Zuma, the government had put forward a proposal to increase the amount of energy generated by nuclear power by six fold. If given the go ahead, [...]
TSB forced to delay switch from Visa to Mastercard after bank’s computer collapse August 27, 2018 High street lender TSB has been forced to delay a switch to Mastercard for its card payments as it focuses on getting its computer systems back to health following the IT collapse it suffered earlier this year. TSB had planned to leave Visa Europe for its card operations by the end of this year, but [...]
Melrose subsidiary sale on hold after CEO falls ill August 27, 2018 Plans by Melrose Industries to divest itself of an American subsidiary to help plug a £1bn pension deficit has been put on hold. The sale of Ergotron, a maker of equipment for schools and hospitals, was expected to raise around $800m (£620m). However, the disposal has now been delayed due to retirement of Ergotron’s chief [...]
Thames river bus buoyed by rising tide of London commuters August 27, 2018 Commuting by boat in London hits a major milestone this week with the capital’s river bus service set to carry its 40 millionth passenger. The landmark figure comes at the end of a bumper summer for MBNA Thames Clippers, in which a combination of hot weather and growing waterside property development has increased passenger numbers [...]
Report highlights huge divide between public sector and private sector pensions August 27, 2018 PUBLIC sector pensions are three times more generous than their private sector counterparts, despite being paid for through general taxation, a new study has revealed. According to the Tax Payers’ Alliance, a 25-year-old employee entering the public sector on the national average wage of £28,600 per annum, would enjoy a far larger a pension pot [...]
TfL welcomes Uber’s embrace of bikes over cars for future strategy August 27, 2018 Transport for London (TfL) has welcomed Uber's announcement that it will shift its focus from cars to electric bikes and scooters, saying it wants to encourage growth in a vital market for the capital. Electric bikes and scooters have become a boom market in London, with the city seeing a number of companies including Ofo and [...]
Relocation, relocation, relocation: Cheaper houses lure record number of Londoners north August 27, 2018 The rate at which Londoners are quitting the capital’s housing market to relocate up north has more than tripled in the last decade, according to research from estate agent Hamptons International. Around 21 per cent of Londoners who left the capital in the first six months of the year moved to the Midlands and north [...]
Yopa raises £20m as boss hails ‘disruption’ to traditional high street agencies August 27, 2018 One of the UK’s fastest growing estate agencies has secured £20m in new funding today, underlining the threats that traditional brands face as new online rivals look to expand. Hybrid estate agency Yopa has now raised more than £70m since its launch in early 2016, with the latest cash injections coming from the Daily Mail’s venture [...]