London mayor Sadiq Khan calls for more devolution August 30, 2019 London mayor Sadiq Khan has renewed calls for more devolution of power from Westminster to City Hall. The mayor’s office today will release a report calling on “wholesale reform” of council tax and business rates so revenues from each stay with local authorities to spend on public services, education and housing. Read more: Mayor power: [...]
US prosecutors probe fresh allegations of technology theft by Huawei August 29, 2019 US prosecutors are reportedly investigating new instances of alleged technology theft by Chinese telecoms giant Huawei. The firm has been accused of stealing intellectual property from individuals and companies over several years and recruiting employees from its rivals, the Wall Street Journal reported. Read more: Britain to make 5G decision on Huawei in autumn The [...]
PPI mishap shows tech vulnerabilities of the banks August 29, 2019 The deputy chief executive of a global bank recently summed up what he saw as the sector’s biggest challenge: “Our chief concern is no longer how to attract the best bankers. It is how to attract the best IT staff.” This evening’s shambolic payment protection insurance (PPI) deadline once again put a spotlight on that [...]
Banks buckle under strain of PPI claims August 29, 2019 Some of Britain’s biggest banks came under fire today after suffering a series of IT failures in the run-up to a long-awaited payment protection insurance (PPI) deadline. A number of major high-street lenders were rushing to fix website glitches and jammed phone lines this evening following an 11th-hour stampede of consumers making complaints for mis-sold [...]
Market sell off as Argentina asks to ‘reprofile’ $100bn of debt August 29, 2019 Investors have sold off Argentine currency and bonds after the government announced it would seek more time to pay off its $100bn (£82bn) in debts, raising fears of a default. Read more: Global stock markets spooked by Hong Kong and Argentina The Argentine peso has plunged over 20 per cent since market-friendly President Mauricio Macri [...]
Burford Capital’s shares fall on fresh criticism from Canaccord analysts August 29, 2019 Shares in Burford Capital fell a further six per cent today as analysts at broker Canaccord Genuity unleashed a fresh barrage of criticism at the embattled litigation funder. Burford Capital’s shares lost 40 per cent of their value earlier this month after shortseller Muddy Waters blasted its accounting practices and governance. Read more: Burford left [...]
Central and Victoria Line strikes suspended August 29, 2019 Strike action that was due to take place on the Central and Victoria lines next week has been called off. Train drivers who are members of the RMT rail union were due to strike on the two busy London Underground lines from 8pm on Tuesday 3 September to 8pm on Wednesday 4 September following a [...]
US economic growth revised downwards August 29, 2019 The US economy slowed at a faster rate in the second quarter than was initially estimated, official figures showed today, as exports and manufacturing weighed on growth. Read more: Trump: China wants a deal ‘very badly’ The country’s Department of Commerce today said the economy grew two per cent in the second quarter, down from [...]
UK strikes autumn 2019: All the dates for Tube, rail and British Airways strikes August 29, 2019 This summer has felt like the season of non-stop, stop-start UK strikes action, but unfortunately, it isn’t over, with British Airways strikes and more planned for September. Industrial action across airlines, rail and the Tube are set to continue into the autumn. City A.M. gives you the low-down on how you might be affected during [...]
Sadiq Khan vows to take on Uber ‘big boys’ in licence decision August 29, 2019 Sadiq Khan has vowed to take on the “big boys” at Uber when it comes to renewing its licence, which expires next month. The London mayor, who revoked Uber’s licence in 2017, said everyone must play by the rules if they want to operate in the capital. Read more: Uber poaches new UK boss from [...]