IMF chief Christine Lagarde found guilty in negligence trial December 19, 2016 The head of the International Monetary Fund (IMF), Christine Lagarde, has been found guilty of negligence in relation to her handling of a controversial payout to a French tycoon during her time as the country's finance minister. However, the judges did not hand down any sentence in the case. The IMF chief was facing charges linked to [...]
London Assembly Budget committee raises concerns over mayor’s council tax hike and TfL’s finances December 19, 2016 The mayor's plans to hike council tax for the first time in nine years to pay for the Met Police have raised concern among the London Assembly's Budget and Performance Committee. Ahead of Sadiq Khan's draft 2017-18 budget, the committee set out its concerns and what it considered the big issues facing the Met along with Transport for London [...]
Rupert Murdoch pleads with newspaper to stop using “fake news” quote December 19, 2016 Rupert Murdoch has written to the Guardian, asking the newspaper to stop attributing a "fake" quote to him. The executive chairman of 21st Century Fox, which last week agreed an £11.7bn deal to takeover Sky, has taken issue with the following quote: “When I go into Downing Street, they do what I say; when I [...]
Letting agents expect rents to rise next year December 19, 2016 Eight in ten letting agents think rents will rise next year as a result of chancellor Philip Hammond's decision to ban letting agents' fees for tenants, according to the Association of Residential Letting Agents (ARLA). Hammond's announcement – which was a part of his Autumn Statement at the end of November – has angered both [...]
Wealth manager bemoans “one of the toughest industry environments” since 2008, but is hopeful for 2017 December 19, 2016 Wealth management firm WH Ireland has described 2016 as “one of the toughest industry environments since the financial crisis of 2008”. But, in a trading update today, the company said it “remains cautiously optimistic” about its prospects in 2017. However, WH Ireland’s share price dipped by two per cent this afternoon to 119.5p after it [...]
It’s not you, it’s us: Why Barclays is preparing to break up with 7,000 clients December 19, 2016 Barclays is preparing to tell 7,000 low-return clients to either boost their trading or move to another bank in a continued effort to reshape its offering to keep pace with tighter capital rules. The bank is aiming to get at least a 10 per cent return on capital from its markets clients and has recently launched a [...]
We’ve got cereal strikes going on: Now Weetabix workers vote for walkouts December 19, 2016 Another day, another proposed batch of industrial action. This time, it's Weetabix workers apparently. Usdaw union has said workers at the cereal company are planning to go on strike in the new year after voting for action in a row over the firm's proposal to change shift patterns. Ed Leach, Usdaw's area organiser, said: “Despite long [...]
British Airways intends to run a full Christmas schedule despite planned strikes December 19, 2016 British Airways has said it intends to run a full Christmas schedule of flights despite planned industrial action. The airline hasn't yet provided details of how this will be achieved, but said it had drawn up "contingency plans" so the normal flight programme can go ahead, should conciliation talks at Acas today not succeed. Alex [...]
SoftBank invests $1bn in satellite initiative OneWeb December 19, 2016 SoftBank is pumping $1bn into satellite startup OneWeb, a start-up that is building a group of satellites to boost the world's internet access. OneWeb has announced a $1.2bn fundraising round, with $200m coming from its current investors and the bulk from the Japanese communications group. The deal is set to close in the first quarter of 2017. [...]
Drax gets go-ahead to convert unit of Yorkshire power plant from coal to biomass December 19, 2016 The European Commission has given the go-ahead for UK power company Drax to convert a unit of its sprawling Yorkshire power station from coal to biomass. EU antitrust regulators said the conversion will further environmental and energy targets. An in-depth investigation was launched in January to assess whether proposer state aid to assist the conversion would lead [...]