Deutsche Bank CEO John Cryan hints at thousands of job losses as employees are replaced by tech November 8, 2017 The chief executive of Deutsche Bank has hinted thousands of jobs could soon be cut at the global institution, as technology developments including machine learning slash the need for human workers. John Cryan suggested that tens of thousands of jobs could be eliminated as the bank, which has a hefty investment banking presence in London, [...]
Uber’s hooking up with Nasa to bring flying cars a step closer to reality by 2020 in Los Angeles and beyond November 8, 2017 Uber says its vision for flying cars are closer to take off after a deal with Nasa to work on a system for managing airspace together. The ride-hailing startup’s ambitious plans for a network of pod-like flying taxis that zoom around the sky were first revealed in April. And now it says it will partner [...]
Monarch Airlines administrator KPMG vows to appeal “disappointing” lost High Court ruling over £60m airport slots November 8, 2017 KPMG, the administrator of doomed airline Monarch, has vowed to fight on after today losing a legal battle to sell take-off and landing slots believed to be worth as much as £60m. High Court judges this morning supported an earlier decision by Airport Coordination Limited – an independent slot coordinator – that the airline did [...]
Tencent takes a stake in Snap November 8, 2017 Chinese tech giant Tencent has bought up a more than 10 per cent stake in Snap, the maker of messaging app Snapchat. The stake was disclosed in regulatory filings overnight following earnings late on Tuesday evening. Snap’s ownership structure, which gives voting rights only to its founders, means the stake has not previously been disclosed [...]
Pound sterling falls against the dollar and the euro on Brexit no-deal worries (GBPUSD GBPEUR) November 8, 2017 The pound tumbled against both the dollar and the euro in morning trading as investors showed their nerves over political uncertainty in the UK. Sterling was down 0.3 per cent against the dollar, at $1.3129, in late morning trading, and fell 0.4 per cent against the euro, to €1.1318. The falls came amid political turmoil [...]
The £1.2bn Northern Line extension just reached a major milestone: It has finished tunnelling work from Battersea to Kennington | City A.M. November 8, 2017 The £1.2bn Northern Line extension to Battersea notched up a fresh milestone today, with the completion of tunnelling work. A huge tunnel boring machine broke through this morning at Kennington, meaning two 3.2km tunnels from Battersea Power Station, via Nine Elms, have now been built. Since starting in April, two boring machines – dubbed Helen [...]
Financial Conduct Authority launches review into competitiveness of London’s £68bn insurance broker market November 8, 2017 Financial regulators are to probe whether the City’s prized insurance broker network is delivering value for money amid concerns it is skewed towards larger players, allowing them to squirrel away bigger profits. The Financial Conduct Authority (FCA) wants to know whether London’s £68bn insurance market is fostering sufficient innovation and competition and today launched a [...]
Priti Patel summoned back to London by Theresa May after more undisclosed Israeli meetings come to light November 8, 2017 The international secretary Priti Patel has cut short her trip to Africa after she was summoned back to London by the Prime Minister, 10 Downing Street has confirmed. Patel was called back to the UK from her “pre-arranged” trip to Kenya and Uganda after it emerged last night she had attended yet more undisclosed meetings [...]
Esure share price rises after posting “record quarter” and netting Sir Peter Wood a multi-million pound paper profit November 8, 2017 Esure today posted “record quarter” results driving shares up and netting the firm’s founder a multi-million pound payday. The insurer also upped its full-year guidance as analysts pointed to the success of key strategic changes. Shares in the FTSE 250 firm rose almost four per cent in trading, meaning insurance tycoon Sir Peter Wood – [...]
Digital challenger bank Revolut’s applying for a European banking licence November 8, 2017 Digital challenger Revolut is seeking to become an official bank, applying for a licence from the European regulator. The fintech startup which started out focusing on money transfers with a pre-paid card for spending abroad, but has since expanded into more services, will now go all-in and become a bank in its own right. Read [...]