UK car industry investment slumps to half the amount announced this time last year as Brexit uncertainty bites June 26, 2018 The Society of Motor Manufacturers and Traders (SMMT) said today that investment in Britain’s car industry has stalled – dipping by half compared to the same time last year. The SMMT’s boss said there was no Brexit dividend for the UK automotive industry, particularly in what he described as “an increasingly hostile and protectionist global [...]
A victorious Erdogan must resist the allure of authoritarian rule June 26, 2018 Following Sunday’s election victory, Recep Tayyip Erdogan will now rule Turkey until at least 2023. No other leader since Ataturk has ruled the country for so long – or with such a powerful personal mandate. There is much to commend in Erdogan and his party’s 15-year rule. Read more: Innocent children have paid the price [...]
Alibaba founder Jack Ma hits out at Bitcoin amid launch of Ant Financial blockchain plan June 26, 2018 Billionaire business magnate Jack Ma has warned against speculating on the Bitcoin market after saying that the virtual currency could be a potential bubble. Ma, who is the founder of technology conglomerate Alibaba, made the remark yesterday as he launched his own “electronic wallet” which would make allow blockchain-based money transfers between Hong Kong and [...]
Parliament backs third runway at Heathrow with strong majority in the absence of Boris Johnson June 25, 2018 Parliament on Monday night voted in favour of building a third runway at Heathrow Airport in a historic decision taken after decades of delays. The bill passed the House of Commons with a large majority of 296, as MPs from both Labour and the Conservatives defied their leaderships in large numbers. 415 voted in favour, [...]
Shareholders back Standard Life Aberdeen’s £2bn insurance business sale to Phoenix June 25, 2018 Standard Life Aberdeen shareholders overwhelmingly backed the £2bn sale of its insurance business to Phoenix today. At its general meeting today 99.26 per cent of voters backed the deal which will see Phoenix acquire Standard Life Assurance Limited (SLAL), the company’s insurance arm. Read more: Lloyds sells off last of its holding in Standard Life [...]
BMW warns of halt to UK production if it can’t import components from EU after Brexit June 25, 2018 BMW has indicated it could be forced to close its plants in the UK if it is unable to import components rapidly enough from the continent after Britain leaves the EU. Customs manager Stephan Freismuth told the Financial Times: “We always said we can do our best and prepare everything, but if at the end [...]
Sweat the details: How Croatia consistently punch above their weight on the world stage June 25, 2018 They face Iceland tomorrow but Croatia are already through to the knock-out stages of the World Cup, having captured the attention of the planet by potentially ending Lionel Messi’s international career with a 3-0 dismantling of Argentina last week. To even the most casual football fan, that result will only have come as so much [...]
HSBC appoints Royal Bank of Scotland’s Ewen Stevenson as its new finance boss June 25, 2018 HSBC has announced today that it has appointed Royal Bank of Scotland’s (RBS) chief finance officer Ewen Stevenson as its new finance director. Ferguson will replace Iain Mackay in the role who is retiring from the bank after 11 years. Read more: Outgoing RBS finance head could be in line for HSBC job Stevenson resigned [...]
Uber admits TfL was ‘perfectly correct’ to revoke its London licence as company kicks off appeal to win it back June 25, 2018 Uber’s UK general manager Tom Elvidge has said he “absolutely accepts” TfL’s decision to revoke its licence on the grounds it was not a “fit and proper” private licence holder. Giving evidence at a three-day hearing in which the operator is seeking to persuade TfL it has changed and deserves a renewed licence, Elvidge said [...]
Old Mutual wealth management arm Quilter lists in London with £2.8bn market cap June 25, 2018 Old Mutual’s wealth management division quilter has today listed in London at a price of 145p per share. The company which was previously named Old Mutual Wealth today said its market capitalisation at admission would be around £2.8bn. The offer comprises around 165,010,507 ordinary shares, which counts for around 8.7 per cent of the company’s [...]