HS2 hit by 12-month delay in further blow to controversial £56bn project September 3, 2018 The £56bn HS2 project linking London to the north has been dealt a further blow after the government admitted it would be subject to a 12-month delay in parliament. Phase 2b of the project, which links Birmingham to Leeds and Crewe to Wigan and Manchester, will be delayed because the bill enabling the line to be [...]
Taxpayers’ Alliance launches competition to find HS2 replacement September 3, 2018 Armchair transport ministers have been given their chance to shine by a new competition to devise an alternative to HS2, the planned high-speed railway. Pressure group the Taxpayers’ Alliance (TPA), which advocates cutting public spending, has put out a call for ideas on how to spend the £50bn-plus designated for the planned route linking London, [...]
Crossrail’s delay sounds depressingly familiar September 3, 2018 With a plethora of talented engineers at our disposal and a rich history of leading the world in pioneering rail projects, it is depressing to witness Britain’s clumsy approach to improving the country’s transport links. Commuter services into the City still woefully under-serve the UK’s economic engine. Meanwhile, news has broken that Crossrail has succumbed [...]
No end in sight for Crossrail fiasco as budget overshoot could surpass £1bn September 2, 2018 Crossrail's budget overshoot could surpass £1bn as the flagship project works towards a new 2019 deadline. Last week it was confirmed that the £15.4bn Elizabeth Line, which stretches from Reading and Heathrow in the west to Shenfield and Abbey Wood in the east, has been delayed by almost a year over safety issues and will now [...]
Job cuts loom as Ford gears up for major business redesign September 2, 2018 Analysts at Morgan Stanley have predicted that car-maker Ford is preparing to axe around 24,000 jobs as part of major redesign of its European business. The Sunday Times reported that the car giant could axe up to 12 per cent of its global workforce across European outposts in the UK, Spain and Germany. The newspaper [...]
Ofo in £7.9m spot of hot water over unpaid bike bills September 2, 2018 Floating bike-sharing startup Ofo is being sued for defaulting on around 70m yuan (£7.9m) in payments to its supplier Shanghai Phoenix Bicycles, the company’s Shanghai-listed parent said in a filing late on Friday. Shanghai Phoenix petitioned a court in Beijing last week to demand Ofo repay 68.15m yuan as well as 1.87m yuan in losses incurred [...]
Apple reaches a new self-driving car milestone in its first road accident September 2, 2018 A test vehicle from Apple's self-driving car programme was involved in a road accident near its Silicon Valley headquarters last month, making Apple the latest tech giant to join a recent spate of autonomous driving incidents. One of Apple's Lexus RX 450h self-driving vehicles was preparing to join a motorway in Sunnyvale on 24 August when it [...]
Petrol station merger could drive up fuel prices, watchdog finds September 1, 2018 Motor Fuel Group's (MFG) takeover of petrol station supplier MRH could drive up prices, the competition watchdog has found. An investigation by the Competition and Markets Authority (CMA) said the merger could increase fuel prices at 29 locations across the UK. Read more: Petrol prices soar to four-year high on back of weak pound Competition provided [...]
Blackrock voted to remove Elon Musk as Tesla chairman August 31, 2018 Blackrock-managed funds voted in favour of replacing Tesla's billionaire founder Elon Musk with an independent chairman, it revealed yesterday. Funds run by the New-York based firm backed a shareholder proposal to oust Musk as chairman, its filing with the US Securities and Exchange Commission showed. More than 86m shares voted against the failed motion, which would not [...]
John Laing Infrastructure Fund boosts profit ahead of £1.45bn takeover August 31, 2018 John Laing Infrastructure Fund (JLIF) today announced a spike in pre-tax profit for the half-year, ahead of its takeover by a consortium for £1.45bn. Earlier this month JLIF agreed to a £1.45bn takeover by a consortium which includes Dalmore Capital and Equitix Investment Management. Read more: GAM Holding sets out plan to pay back investors [...]