Theresa May defends due diligence into scrapped contract ferry firm Seaborne February 13, 2019 Theresa May has claimed proper due diligence was carried out in the government’s aborted ferry contract with Seaborne Freight despite consultants saying they could not assess its finances. Pressed by Labour leader Jeremy Corbyn at prime minister’s questions today, May insisted “proper due diligence was carried out” in the procurement of a contract for ferrying [...]
Revealed: Final cost of ‘botched’ Garden Bridge project comes to £53.5m February 13, 2019 Backers of the failed Garden Bridge project are under fire after the "galling" costs of the scheme were revealed to have spiralled north of £50m. The Garden Bridge Trust, which managed the project since November 2015, was accused of “squandering public money” on the ill-fated venture, after Transport for London admitted that the project racked [...]
Galliford Try profits rise despite loss-making Aberdeen bypass project February 13, 2019 Construction firm Galliford Try’s shares grew 4.8 per cent in early morning trading today as it announced rising pre-tax profit, but warned a no-deal Brexit could hurt its supply chain. The FTSE 250 firm, known for carrying out the redevelopment of Wimbledon Tennis Club, also said in its interim results it was still trying to break free from [...]
Victoria line trains to Brixton suspended as severe delays plague Tube lines February 13, 2019 Commuters were facing rush hour hell this morning after a key Tube line was part suspended and three were hit by severe delays Read more: King's Cross signal failure hits key Tube lines with severe delays The Victoria line was not running to Brixton this morning after engineers were called to fix a signal failure [...]
General Motors takes stake in British car tracking startup as it looks to driverless future February 12, 2019 US car giant General Motors (GM) is taking a stake in a British technology startup as it prepares for a driverless future. The deal, which values Chester-based Wejo at $275m (£213m), includes a $25m cash injection into the connected cars firm. Read more: General Motors cuts costs with 8,000 redundancies It also gives Wejo access [...]
Chris Grayling accused of ‘misleading’ parliament over money spent on ferry contracts February 12, 2019 Embattled transport secretary Chris Grayling faced another round of calls to resign yesterday over accusations he may have misled parliament in saying no taxpayer money was spent on the government's Brexit ferry contracts. Shadow transport secretary Andy McDonald today issued a point of order in the House of Commons over Grayling's statement that "we are [...]
Sadiq Khan announces shakeup of severance pay for departing TfL staff February 12, 2019 Sadiq Khan has announced a shakeup of Transport for London (TfL) pay agreements after £51m was paid out to departing staff last year. City Hall has said it will reduce notice periods, in which those made redundant can claim pay, from 12 months to six months for future managing directors and from six months to three [...]
Renault and Nissan executives to meet as Ghosn scandal shakes car manufacturer alliance February 12, 2019 Executives from car manufacturers Nissan and Renault will meet to discuss the future of their alliance amid the scandal surrounding former chairman Carlos Ghosn, the Japanese firm has said. Renault’s newly-appointed chairman, Jean-Dominique Senard, will meet Nissan chief executive Hiroto Saikawa in Yokohama this week in a bid to secure the ties between the two [...]
Channel Tunnel operators threaten legal action over Brexit ferry contracts February 12, 2019 The government is facing legal action from the operators of the Channel Tunnel over the way it awarded its ferry contracts, just days after one that was given to a firm with no ships collapsed. Eurotunnel and France-Manche SA, also owned by parent organisation Getlink, are taking the Department for Transport (DfT) to court over [...]
Michelin shares driven up as positive profit forecasts defy cost increases February 12, 2019 Shares in Michelin jumped by double digits this morning after the French firm promised to deliver increased profits in 2019. Michelin’s share price rose more than 10 per cent in early trading after the tyre maker posted better-than-expected full-year results and forecast further growth this year. Read more: Michelin chief a potential successor to Ghosn [...]