MPs welcome regulator proposals to make banks spot fraudulent contactless payments March 30, 2017 Financial regulators are planning to shift the onus onto banks to identify fraudulent contactless payment transactions. The Financial Conduct Authority (FCA) chairman John Griffith-Jones will today set out the watchdog’s proposals in a letter to the chair of the Treasury Select Committee Andrew Tyrie. In September an investigation by a consumer organisation highlighted some banks [...]
Supreme Court president Lord Neuberger says judges will keep listening to European Court of Justice decisions post-Brexit March 29, 2017 The president of the Supreme Court today said he and his peers will likely carry on listening to the European Court of Justice’s decisions following Brexit. Lord Neuberger told the House of Lords Constitution Committee: “It would be quite inappropriate for us to be bound in any way by decisions of the Court of Justice [...]
AkzoNobel merger with PPG needs to be considered, even as a Plan B, urge investors March 29, 2017 Investors have pleaded with the management of AkzoNobel to listen to them and engage in takeover talks with US rival PPG. Activist investor Elliott, one of the leading voices calling for the Dulux-owner to engage with PPG, released research that indicated nearly all respondents want AkzoNobel sit down with its would-be suitor. Shareholders have been [...]
Shore Capital boss Howard Shore steps back from chief executive duties but will stay on as executive chairman March 29, 2017 The founder and executive chairman of Shore Capital is relinquishing his chief executive duties at the broker and will be replaced two joint co-chief executives. The company said today Howard Shore was “relinquishing his operational responsibilities”, which will now be taken over by Simon Fine and David Kaye as joint chief executives. Fine is a [...]
Central London housebuilding drops 75 per cent as house prices keep falling March 29, 2017 Developers have put the brakes on housebuilding in central London as house prices in the capital dropped at the end of last year. In the fourth quarter of 2016, construction started on 1,270 housing units in the centre of the city, a drop of 75 per cent as compared to the same quarter the year [...]
London Stock Exchange (LSE) merger with Deutsche Boerse blocked by European Commission and Margrethe Vestager March 29, 2017 European Commission confirms blocking of “de facto monopoly” deal LSE sale of LCH SA to Euronext was not enough, commission also demanded MTS sale LSE confirms sale of LCH SA will collapse along with the Deutsche Boerse merger Deutsche Boerse says deal breakdown is “setback for Europe” LSE announces £200m share buyback. Share price jumps [...]
Lloyd’s of London moving EU business to Brussels after Article 50 triggered, according to reports March 29, 2017 As the UK waits for Theresa May to trigger Article 50 and kick off the Brexit process, Lloyd’s of London has reportedly come to a decision on where to move its EU business. The insurance giant will locate its new EU subsidiary in Brussels, according to a report by The Insurance Insider, which revealed the [...]
Cost-cutting BBC drops international news agency Associated Press citing “financial pressures” March 28, 2017 The BBC will end its association with international news agency Associated Press (AP) this week because of “financial pressures”, City A.M. has learned. News staff have been informed that they will no longer be permitted to use AP video, pictures and wire copy from later this week. Fran Unsworth, head of the World Service, today [...]
Article 50 and sport: What triggering of Brexit process could mean for Britain’s sport industry, from player transfers to stadium projects and intellectual property March 28, 2017 The highly-anticipated triggering of Article 50 is now upon us and, on Wednesday, the UK will begin the two-year untangling process from the European Union. But what impact will this have on the UK’s sports industry which last year, according to the Department for Culture, Media and Sport, contributed more than £35bn to the British [...]
Uber is expanding its electric car plans in London to tackle air pollution, with more Nissan Leafs and a network of chargers March 28, 2017 Uber is expanding its fleet of electric vehicles in London in a bid to tackle air pollution in the capital. Another 100 Nissan Leafs will join the 50 already on the road since last summer, while the transport startup will create a network of charging points across the city. Initial analysis of the electric car [...]