Hong Kong revises growth forecasts and unveils $2.4bn spending package as protests and trade war hit economy August 15, 2019 Hong Kong’s government has revealed a ($2.4bn) £2bn spending package after warning of lower economic growth in the wake of unprecedented political protests and a US-China trade war. Read more: Chinese forces exercise on Hong Kong border Financial Secretary Paul Chan unveiled plans to slash taxes and introduce subsidies today in a bid to rejuvenate [...]
Union urges Ryanair to attend talks to avert summer strikes August 15, 2019 A trade union has urged Ryanair to attend talks to resolve the current dispute with its pilots over pay and working conditions. The British Airline Pilots Association (Balpa), which has over 10,000 members, has called on the budget airline to attend talks with the Acas conciliation service after pilots voted for strike action for Thursday [...]
Remainer MP Wollaston joins Lib Dems to halt Brexit August 15, 2019 Former Conservative MP Sarah Wollaston has joined the Liberal Democrats, as she continues to fight Boris Johnson’s threats of a no-deal Brexit. Wollaston, who chairs the Health and Social Care Committee and the influential Liaison Committee, which will haul Johnson over the coals next month, was one of three Tories to quit the party in [...]
First Group appoints former Arriva boss as chair August 15, 2019 Travel company First Group has appointed former Arriva chief executive David Martin as its new chair. The appointment comes the day after First won a tender to run the West Coast mainline alongside Italian firm Trenitalia. Former chair Wolfhart Hauser resigned in June after 30 per cent of investors voted against his re-election. Read more: [...]
Grant Shapps questions whether Heathrow third runway plan ‘stacks up’ August 14, 2019 Transport secretary Grant Shapps has cast doubt over the Heathrow third runway after he questioned whether the £14bn plan “stacks up”. Shapps, who replaced Chris Grayling when Boris Johnson became Prime Minister last month, said that while parliament had voted in favour of the third runway, there were “questions about whether the whole plan stacks [...]
US vice president Mike Pence to speak at City trade banquet August 14, 2019 US vice president Mike Pence will speak at a trade banquet in the City when he visits London next month, City A.M. can reveal. The black tie dinner, hosted by the City of London Corporation, will take place at Guildhall in the Square Mile on 5 September and will also be attended by the international trade secretary Liz Truss. Some City councillors [...]
ECB tells banks in Britain to speed up Brexit preparations August 14, 2019 Banks have been urged to speed up their Brexit preparations by the European Central Bank (ECB), which warned yesterday that London-based firms are falling behind on potential plans to move jobs. The Eurozone’s top banking watchdog has called on firms to step up their contingency plans as the UK nears Downing Street’s 31 October deadline [...]
Venture Capital funding hits record high August 14, 2019 Venture capital (VC) funding in the UK soared to a record high during the first half of this year, bolstered by a growing appetite for tech investments. Funding in VC rose to £4.3bn during the first half of 2019, rising 45 per cent on the same period last year. Read more: Barclays stops banking cryptocurrency [...]
UK court blocks private prosecution over Boris Johnson’s Brexit bus claim August 14, 2019 A campaigner attempting to prosecute the Prime Minister over claims that Britain would be £350m a week better off after leaving the EU has lost his bid to take the case to the UK’s Supreme Court. Marcus Ball was seeking to bring a crowdfunded private prosecution against Boris Johnson for misconduct in public office over [...]
Recession warning lights flash red as UK ‘yield curve’ inverts August 14, 2019 Warning lights are flashing for the UK economy after the government bond “yield curve” inverted this morning for the first time since 2008. An inversion is traditionally seen as a steadfast indicator of an upcoming recession. Read more: Into the red: UK economy shrinks for first time in seven years The curve is the difference [...]