Iceland to take over a handful of former Poundworld stores while rescue deal falls through August 23, 2018 Iceland is to take over a handful of former Poundworld stores, but a deal to save another chunk of the chain's estate has now fallen through. The retailer closed the last of its 335 stores earlier this month, after crashing into administration in June. The Henderson family announced two weeks ago that they would take [...]
The next generation of tech innovators need to be good citizens, not just good inventors August 23, 2018 The future is what the next generation makes it. No surprise, then, that today’s visionary leaders including Elon Musk, the Massachusetts Institute of Technology (MIT), and Stanford University are exploring how best to arm students with an education fit for innovation. Elon Musk’s Ad Astra super-school is the most recent headline-grabbing initiative of this kind, [...]
US-China trade war: Markets feel the strain as new tariffs take hold August 23, 2018 Fresh tariffs were accompanied by a war of words between Washington and Beijing today as the superpowers' trade war threatened to escalate. Previously announced tariffs of 25 per cent applying to $16bn (£12.5bn) worth of Chinese goods came into force today, met with equivalent retaliatory measures. China has introduced duties on 333 American products, including coal, steel products [...]
Ctrl Alt Delete: Technology could replace more than half of banking jobs, warns ex-Barclays boss August 23, 2018 Technology could replace more than 50 per cent of banking jobs, according to former Barclays chief executive Antony Jenkins. The boss of 10x Banking said that computers could replace customer service, middle and back office roles, and that the workforce will have to become more entrepreneurial. Read more: Aberdeen Standard Investments launches AI fund "We've [...]
Credit Suisse fires two London bankers after sexual harassment investigation August 23, 2018 Credit Suisse has fired two City bankers after an investigation into allegations of historic sexual harassment. The bank has fired the senior banker at the centre of the 2010 incident and a second manager who hindered the original investigation. Read more: Uber settles sexual harassment claims for $1.9m The alleged assault took place in 2010 [...]
Goldman Sachs launches UK consumer bank August 23, 2018 Goldman Sachs has soft launched its retail bank in the UK ahead of a full roll out in the next few weeks. Staff were offered access to the Marcus consumer bank and invited to give feedback before it becomes available to the general public. The 149-year-old bank will offer an online savings account to UK customers, [...]
UK buyers flock back to City market as investment levels soar August 23, 2018 UK buyers are returning to the Square Mile’s property market after a dry spell that has lasted several years, according to Savills research out today. Domestic investors poured more than £1.3bn into City commercial property in the first seven months of 2018, marking a sharp rise compared with last year, when investment levels hit £1.4bn [...]
World Bank issues first blockchain bond in £56m innovation push August 23, 2018 The World Bank is to settle its very first public blockchain bond next week. The instruction will see the bank use blockchain technology to carry out the entire issuance process, removing any manual involvement. Priced at AU$100m (£56.65m), the so-called Bondi (standing for Blockchain Operated New Debt Instrument) security will be managed by the Commonwealth of Australia Bank. The [...]
Virgin Media wins legal dispute with council over land access for ultrafast broadband work August 23, 2018 Broadband operator Virgin Media won a legal battle with a local council over fees it pays to access publicly owned land to carry out infrastructure work, in a landmark ruling. The company said it had reached an agreement with Durham County Council which will see it only pay £1 for land access to the sites under [...]
City business groups unite in calling for EU to match UK no-deal Brexit preparations August 23, 2018 The City's top business groups today called for the EU to secure cross-border financial trade in the event of a no-deal Brexit, after the UK government set out its warnings to firms on the consequences of negotiations falling through. The government today published technical notices covering 24 issues, including financial services, which will arise if [...]