Jacob Rees-Mogg attacks government over Brexit “weakness” May 22, 2018 Outspoken backbencher Jacob Rees-Mogg has launched an astonishing broadside against the government, slamming it for “abject weakness” over plans to allow a temporary extension to the UK’s membership of the customs union. The plan – proposed last week as a final resort “backstop” – has won the conditional backing of Cabinet Brexiters Boris Johnson and [...]
Deutsche Bank chair Paul Achleitner faces barrage of investor questions over company’s ‘limited progress’ May 22, 2018 The chairman of Deutsche Bank may be feeling hot under the collar ahead of the group’s Thursday AGM, as shareholders are warning he will have some tough questions to answer. Investors are demanding that Paul Achleitner address the lender’s lacklustre revenues and dwindling share price, which has been on a downward spiral since late last [...]
TSB gave business customers 1,500 free Android smartphones to replace card readers prior to IT meltdown May 22, 2018 Under-fire lender TSB handed out around 1,500 free Android smartphones to business banking customers – ones which were rendered almost useless amid the lender’s calamitous IT upgrade. Firms were offered free phones to replace card readers as part of TSB’s planned lift-out from legacy Lloyds Bank systems. TSB wrote to businesses informing them card readers [...]
SFO brings further charges against two people in ongoing Unaoil investigation May 22, 2018 The Serious Fraud Office (SFO) has announced that it is bringing further charges in the ongoing investigation into accusations of bribery, corruption and money laundering at Unaoil. The SFO said today that Basil Al Jarah and Ziad Akle have been charged with conspiracy to give corrupt payments to secure the award of a contract worth [...]
Tesla: When visionaries have to deal with reality May 22, 2018 | City Talk Elon Musk’s Tesla was supposed to be mainstream electric-vehicle maker, but he appeared to have rowed back on this aim over the weekend. Investors are likely to be concerned. Elon Musk’s last tweet before he went to bed on Monday was: “Just wanted to say thanks to all Tesla supporters. I damn well love you.” [...]
Venezuela sanctions uncertainty and high oil demand push prices back up to $80 per barrel May 22, 2018 Oil prices reached $80 (£59) per barrel again today as the tight supply of oil on the market continues and Trump imposing sanctions on Venezuela after the election. Brent crude, which reached a four-year high last week went it surpassed $80, has seen a significant increase over the past few weeks starting with President Trump’s [...]
FTSE 100 pension schemes climb into surplus for first time since financial crash May 22, 2018 The funding position of FTSE 100 pension schemes has moved into surplus for the first time since the financial crash in 2007-08. Over the course of 2017, FTSE 100 pensions turned around a £31bn deficit to end the year £4bn in surplus. Lane Clark & Peacock (LCP)’s Accounting for Pensions report explained that the rise [...]
Top City lawyer charged with two counts of fraud May 22, 2018 A former partner from the London office of a top US law firm has been charged with two counts of fraud. Jonathan Denton, a former partner of US law firm Locke Lord, has been charged with two counts of fraud in connection with conduct related to his time at the firm. Read more: Average prison [...]
BP invests $20m in company developing electric vehicle batteries that will take as long to recharge as refuelling a petrol car May 22, 2018 Oil giant BP has announced that it will invest $20m (£14.8m) in Storedot, a company which is in the process of developing batteries for electric vehicles (EVs) that will take the same time to recharge as refuelling a normal petrol car. The investment in the Israeli battery company is part of BP Venture’s effort to [...]
Brexit has cost UK households £900 each – “which is a lot of money,” says Bank of England governor Mark Carney May 22, 2018 Households are £900 worse off since the Brexit vote, Bank of England governor Mark Carney has claimed. Despite global and European economies being “much, much stronger” than they were when the Bank made its economic predictions ahead of the 2016 referendum, and a “very large stimulus provided by the Bank of England”, the UK’s economy [...]