Danske Bank thinks US Fed will slash rates to one per cent by March August 16, 2019 Denmark’s biggest bank has predicted that the US Federal Reserve will slash its interest rate down to one per cent by March 2020. Danske Bank said it expects five more 25 basis point (0.25 percentage point) cuts between now and the Fed’s March 2020 meeting to “reflate the economy and markets”. Read more: Markets drop [...]
UK weather warning in place as month of rain to fall on Friday August 16, 2019 The UK looks on course for its wettest August on record following a washout start to the month that is set to continue. New flood warnings have been issued across the west of Britain for Friday with a month’s worth of rain expected to fall within a 24-hour period. The Met Office have issued a [...]
Ofgem rips up supply licence for under-fire URE Energy August 15, 2019 Troubled energy supplier URE saw its licence to supply electricity ripped up in front of its eyes today after multiple warnings from regulator Ofgem. The decision to revoke its permission to supply customers came after the company refused to meet its £209,000 debt to a fund set up by the regulator. Read more: Chair of [...]
Shaun Bailey pledges to make every red bus electric if he becomes London mayor August 15, 2019 Tory mayoral hopeful Shaun Bailey has pledged to make “every red bus electric” by the end of his first term if he wins next year’s mayoral election. Bailey, who hopes to replace Sadiq Khan as London’s mayor, claims that under Khan, London’s diesel and hybrid bus fleet won’t be replaced with electric models until 2037. [...]
General Electric ‘is insolvent’ amid $38bn accounting fraud, claims whistleblower August 15, 2019 General Electric (GE) has been hit by claims of an accounting fraud “far more serious” than historic US cases at both Enron and Worldcom. The US industrial conglomerate’s shares fell sharply on Wall Street after a whistleblower said the company’s financial filings were hiding $38.1bn potential losses (£31.5bn), and claimed its cash situation was far [...]
Burford Capital ditches finance chief in response to activist pressure August 15, 2019 Under-fire litigation funder Burford Capital today announced it would appoint a new chief financial officer and seek a US listing following last week’s attack from shortseller Muddy Waters. Burford said its chief finance officer Elizabeth O’Connell will be replaced by Jim Kilman, formerly vice chairman of Morgan Stanley Investment Banking, with immediate effect. O’Connell is [...]
Union calls August strike action on Central and Victoria lines August 15, 2019 Thousands of Londoners face Tube chaos at the end of the month after a leading rail union announced strike action on two of the busiest Underground lines. The RMT rail union has called strike action on services on the Central and Victoria lines from 8pm on Thursday 29 August and Friday 30 August. Read more: [...]
Challenger bank Monzo launches loans August 15, 2019 Challenger bank Monzo rolled out a range of new loans today, as the digital bank ramps up its efforts to compete with its larger rivals on the high street. The app-based group will charge interest rates starting at 3.7 per cent for loans higher than £7,500, climbing to a maximum of 24 per cent for [...]
Brexit protester who caused £1m worth of rail disruption jailed August 15, 2019 A Brexit protester who caused £1m worth of disruption to train services between London, Kent and France has been jailed for one year. Terry Maher, 44, climbed on top of a tunnel overlooking railway lines near St Pancras station, blocking trains between the UK and France and causing disruption that affected about 22,000 people. Read [...]