JP Morgan’s Jamie Dimon says Brexit job moves all about serving clients, as London faces declustering following UK departure from EU March 9, 2017 The boss of JP Morgan has said that any Brexit-related job moves will focus simply on serving clients. Jamie Dimon, whose bank heavily backed the campaign for Britain to Remain in the EU, said London's world-renowned cluster of financial and professional services firms could be fractured by Brexit. Many across the City are considering what moves they [...]
A former Tory minister is to lead calls for a new cap on energy price increases next week March 9, 2017 A former Conservative minister is to lead cross-party calls for a new intervention into the UK's energy market, demanding fresh restrictions on pricing. Ex-cabinet office minister John Penrose will next week tell the government to create a new “relative price cap” to limit suppliers ability to hike bills. In a backbench debate in the House of Commons on [...]
Liam Fox extols the virtues of free trade at an inaugural Commonwealth trade summit March 9, 2017 International trade secretary Liam Fox has met with more than 20 different Commonwealth counterparts at the first meeting of its kind at Lancaster House. The Commonwealth Secretariat hosted Fox and trade ministers from around the world for a summit in London to discuss increased collaboration in commerce. And speaking at the event, Fox extolled the [...]
London Assembly members have sided with Uber over English language tests and want the mayor Sadiq Khan to drop written plans March 9, 2017 London Assembly members have sided with Uber in the battle over English language tests, despite Transport for London triumphing in court last week. The majority of members have backed a motion calling on the mayor Sadiq Khan to ditch the requirements for written tests for Uber and other minicab drivers due to the disproportionate and unfair [...]
Barclays just handed its exec team £13.6m worth of shares in the bank, and there’s the chance they could snap up £9.2m more March 9, 2017 Barclays handed 10 of its most senior staff members shares worth £13.6m in the bank today, while also giving them the chance to snap up several million pounds more in years to come. By comparison, the bank awarded nine people shares worth £8.7m last year. The lender said the boost in this year's award was thanks [...]
Toshiba’s troubled nuclear business Westinghouse is bringing in bankruptcy lawyers March 9, 2017 Toshiba's US nuclear business, Westinghouse, has hired bankruptcy attorneys, signalling to investors it is serious about the potential of a Chapter 11 filing. The Japanese conglomerate brought in law firm Weil Gotshal & Manges to explore the option, but it had not yet taken a decision on a bankruptcy filing, sources told Reuters. Toshiba's shares closed down 7.2 per [...]
Mario Draghi says Brexit has had no economic impact as the European Central Bank (ECB) holds interest rates steady March 9, 2017 European Central Bank (ECB) president Mario Draghi said Brexit has so far not had a significant economic impact. Draghi said: "We haven't seen yet a consequence" or a "significant economic impact" from Brexit, despite the ECB's expectations. He also painted a more positive picture of the Eurozone economy as the bank held monetary policy steady, [...]
HS2 investigates Mace’s concerns over its controversial contract award to CH2M March 9, 2017 HS2 is investigating concerns raised by construction firm Mace after a £170m contract was awarded to competitor CH2M. There had been questions raised over potential conflicts of interest and the role of Roy Hill, HS2's interim chief executive, who was on secondment from CH2M during the procurement process for the contract. A Mace spokesperson said: “A [...]
Donald Trump’s Republicans want a trade deal with the UK, and they want one quickly March 9, 2017 Two weeks ago I was in the United States. I met with officials, staff and influential Republican supporters and I can tell you that there is no shortage of enthusiasm for a UK – US trade deal. The Trump administration may still be settling in, but behind the scenes, his supporters and key figures see [...]
Shell’s directors will now be paid bonuses based on how the firm manages greenhouse gas emissions March 9, 2017 Shell has announced changes to its remuneration strategy, which include basing a portion of directors' bonuses on how well the oil major manages greenhouse gas emissions. Shell outlined the new direction at its capital markets day and they took effect from the start of the year. New metrics for greenhouse gas management now form 10 per cent of [...]