Great Western electrification might miss new 2018 target and £2.8bn budget, MPs warn March 3, 2017 The Great Western electrification project might miss its revised delivery target of December 2018 and £2.8bn budget, MPs have warned. The government and Network Rail's failings on the cost estimations and planning of the project throws into doubt their ability to manage similar projects, the Committee of Public Accounts (PAC) said today. The estimated cost of [...]
International firms continue bringing overseas talent to the UK despite Brexit doubts March 3, 2017 Global companies have continued to move highly-skilled overseas workers to the UK despite uncertainty following the Brexit vote, according to law firm Pinsent Masons. The number of intra-company transfer (ICT) visas, which allow companies to transfer skilled non-EEA workers to the UK, granted in the six months after the Brexit vote have risen three per cent. ICT visas [...]
New Glaxosmithkline chief executive pay package under scrutiny from shareholders March 2, 2017 Another row over pay at one of Britain’s top companies is brewing, after major shareholders in Glaxosmithkline (GSK) reportedly objected to the high levels of remuneration suggested for the pharmaceutical giant’s new chief executive. Investors are demanding lower pay for Emma Walmsley, who will start as chief executive on 31 March, according to Sky News. [...]
Football Pools sale: Sportech agrees £83m deal with Opcapita March 2, 2017 The iconic Football Pools has been sold to the turnaround firm that counts former retailers such Comet and MFI as previous investments in a deal worth £83m. Sportech said today it would sell the firm to Opcapita, after a £100m deal to offload the business to Burlywood Capital fell through last November. The Football Pools, where players select outcomes [...]
Hastings takes £20m discount rate hit but pleases shareholders with preserved dividend March 2, 2017 Insurer Hastings said today it wouldn’t be taking the knife to its dividend, despite this week’s cut to the discount rate that has hit many in the sector. “We've taken the change in the Ogden [discount] rate in our stride,” said Hastings chief executive Gary Hoffman. Read more: South Africans take control of Hastings Annual profits were [...]
Judge mulling whether RBS Global Restructuring Group case should get the go ahead March 2, 2017 A judge is now considering whether a closely-watched case focusing on the Royal Bank of Scotland's Global Restructuring Group (GRG) should go ahead, after a hearing debating its merits drew to a close. Neil Mitchell is seeking legal action against the bank, as well as KPMG and Cerberus, over the way Torex Retail, the software company he [...]
KPMG names new UK chairman, who reveals his people priority March 2, 2017 KPMG's new UK boss today revealed his main priority when he formally takes over later this year: to attract the best and the brightest people in order to drive the firm forward. The Big Four firm unveiled Bill Michael, previously the head of its banking audit division, as the person to succeed outgoing chairman Simon Collins. [...]
TfL tells court: Our English tests for Uber drivers might be excessive, but it’s the best we have March 2, 2017 Lawyers for Transport for London (TfL) today told a court it is aware the testing it is proposing for private hire drivers, like Uber drivers, might be considered excessive, but it doesn't have a suitable alternative. Uber is challenging the legal basis for rules proposed by TfL which would require private hire drivers to take a [...]
BT to create 1,700 new jobs in a bid to bolster Britain’s boffin status March 2, 2017 BT will create 1,700 new apprenticeship and graduate positions in push to train up the UK's youngsters. The firm today announced the new positions which, it said, would boost "tech literacy within the UK so that the country remains a digital leader". "Young people today need three basic skills – reading, writing, and tech know-how," [...]
City minister Simon Kirby loses Brexit responsibilities to Treasury peer March 2, 2017 City minister Simon Kirby has seen his responsibilities for Brexit handed to Baroness Neville-Rolfe. Kirby was handed the role of economic secretary to the Treasury after the Brexit vote when May came to power. The Treasury has stressed that Kirby's remit remains the same as his predecessors, with the added Brexit work hived off to commercial secretary Neville-Rolfe. Neville-Rolfe [...]