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 [...]
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 [...]