Elite US law firm boosts top City associate pay to $340,000 as pay war rages June 12, 2018 Blue-blooded US law firm Cravath Swaine & Moore has set the pace in the junior lawyer pay war presently raging among the City’s elite US law firms. Cravath, which has offices in New York and London, has unveiled a new pay scale for junior lawyers and promised to dole out thousands in bonuses in order [...]
Challenger bank Oaknorth loans a further £7.3m to Z Hotels for new London sites in Covent Garden, Holborn and Tottenham Court Road June 12, 2018 Challenger bank and fintech unicorn Oaknorth has provided £7.3m in a debt financing deal to compact luxury hotel brand Z Hotels, City A.M. can reveal. The hotelier says it has undergone rapid growth since launching in 2011, which now owns and operates eight hotels at sites across London, Glasgow and Liverpool. Today’s news is destined [...]
British Airways-owner IAG in the spotlight over excessive exec pay June 12, 2018 British Airways-owner IAG has been criticised by a shareholder advisory group for excessive executive pay. Advisory group Pirc has recommended shareholders abstain on IAG’s remuneration report over concerns about excessive pay for its chief executive. Pirc said that the pay of chief executive officer (CEO) Willie Walsh was “unacceptable” when compared to an average employee, [...]
Youth justice minister Phillip Lee resigns over Brexit: I want to ‘look my children in the eye’ June 12, 2018 A government minister and ally of Theresa May has resigned over the UK's Brexit policy, saying he wants to "look my children in the eye and honestly say that I did my best for them". Phillip Lee, the youth justice minister, announced he was quitting this morning, claiming the current government policy was "detrimental to [...]
Boohoo revenue jumps more than 50 per cent as it plugs ‘record levels’ of investment into infrastructure June 12, 2018 It might be carnage on the high street for numerous big names at the moment, but Boohoo is going from strength to strength in online retail. It has reported a 53 per cent rise in revenue for the first quarter of the year as it eyes more market share gains. The figures Boohoo has set [...]
TfL issues travel advice for Thursday’s 24-hour Tube strike and warns Jubilee Line passengers of disruption June 12, 2018 Commuters on the Jubilee Line are being warned to brace themselves for further strike action on Thursday which will mean no services will be in operation. The Rail, Maritime and Transport (RMT) union is currently in talks with Transport for London(TfL) to prevent the action going ahead. If it does go ahead, there will be [...]
Youth justice minister Phillip Lee resigns over Brexit: I just want to ‘look my children in the eye’ June 12, 2018 A government minister and ally of Theresa May has resigned over the UK's Brexit policy, saying he wants to "look my children in the eye and honestly say that I did my best for them". Phillip Lee, the youth justice minister, announced he was quitting this morning, claiming the current government policy was "detrimental to [...]
Alton Towers owner and multi-millionaire Nick Leslau on the “constipated” property market and that rollercoaster tragedy June 12, 2018 Nick Leslau, one of Britain’s wealthiest property entrepreneurs, loves buildings other people would find ugly. “I have a thing for unfashionable buildings that people generally hate,” says the multi-millionaire who turned two sixties office blocks in London into the St Martins Lane and Sanderson hotels. “I like them because of the opportunity they represent and [...]
Theresa May secures fragile unity with customs union amendment and Brexit plea to Tory backbenchers June 11, 2018 Theresa May appears to have secured fragile agreement among her MPs to back her ahead of a series of critical votes through an 11th hour meeting and a new customs amendment. The last-minute amendment proposes the government seek a “customs arrangement as part of the framework for the future relationship” with the EU after Brexit. [...]
DEBATE: Does the UK economy need a third runway at Heathrow? June 11, 2018 Does the UK economy need a third runway at Heathrow? James Ramsbotham, chief executive of the North East England Chamber of Commerce, says YES. The cabinet backed Heathrow’s North West runway plan for the same reason the independent Airports Commission recommended it in 2016: Heathrow is the UK’s only hub airport. The Commission came to [...]