Transport for London Bill slammed by RMT as multi-billion pound rip off April 12, 2016 The RMT union has slammed the Transport for London Bill as a "multi-billion pound rip off" ahead its third reading in parliament tonight. The bill was introduced to help TfL maximise profits that it makes from developing its property. It aims to allow TfL power to enter into partnerships with property developers to generating cash in [...]
Lonmin shares pop as CFO departs after “challenging” fundraising April 12, 2016 Lonmin shares tracked higher this morning, after the struggling platinum miner said that its chief financial officer would step down following a "challenging" fundraising round last year. Simon Scott, who was appointed to the board in 2010 and served as acting chief executive from August 2012 to July 2013, is leaving to pursue "other interests". He oversaw a $407m (£270m) rights [...]
Oil price volatility holding back “inevitable” M&A in industry, new survey of executives finds April 12, 2016 Oil price volatility is holding back mergers and acquisitions (M&A) activity in the industry, according to a new report. With falling energy prices, distressed sales and bankruptcies in the oil and gas sector, M&A levels are widely predicted to increase. But research by law firm Clyde and Co has shown that the "inevitable" wave of activity has [...]
FCA bans RBS Libor submitter from working in financial services April 12, 2016 The FCA has banned former Royal Bank of Scotland staffer and Libor submitter Paul White from working in regulated financial services again, saying it would have fined him £250,000 "were it not for White's serious financial hardship". White, who worked as a Japanese Yen (JPY) and Swiss Franc (CHF) Libor submitter, is "not a fit and proper [...]
Nomura to slash hundreds of investment banking jobs in London April 12, 2016 Japan's largest brokerage firm, Nomura, is planning to cut hundreds of jobs in London and across Europe as it lines up to close key investment banking departments, blaming extreme volatility in the global economy, which has put the firm's bottom line under sustained pressure. "Nomura will close certain businesses in Europe, the Middle East and Africa (EMEA)," a statement from the [...]
London house prices actually fell last month – but Londoners need a six-figure salary to afford to buy a home April 12, 2016 Another day, another set of house price figures – but this time there's a bit of good news for those struggling to afford a home. Yep – house prices in the capital actually fell in February on the month before – dropping to £524,000, from £540,000 in January. But house prices can be volatile – [...]
EU referendum: David Miliband warns Brexit would be “tragic miscalculation”. Vote Leave says voters will be in “no mood for lectures” from former Labour MP April 12, 2016 Quiet everybody – David Miliband has come out of hiding and wants to say something about Brexit. Pipe down at the back, there. The former politician, who lost the Labour leadership race with his brother Ed in 2010 and quit as an MP in 2013, has warned: "No nation in human peacetime history has voluntarily given up [...]
Cheese power: Plant in the lake district to generate green energy from Cumbrian cheese April 12, 2016 A British company has come up with the un-brie-leavable idea of generating green energy from old cheese making waste. The £10m project in Cumbria, commissioned by British company Clearfleau and built for Lake District Biogas, will operate for 20 years, using waste from dairy company First Milk's nearby Aspatria creamery site. Read more: Brits are obsessed with cheddar while [...]
Now people want to move the Houses of Parliament to Bristol as the Palace of Westminster undergoes a £5.7bn restoration April 12, 2016 First of all we were going to move the Houses of Parliament to Hull – now the nation's politicians are heading off to the Westcountry, if one design studio gets its way. Yes, Bristol-based architect Studio Egret has come up with a new design for the Houses of Parliament – nestled in next to Bristol's Templemeads station. This [...]
Pound jumps against the dollar as UK inflation figures beat expectations in March April 12, 2016 The pound jumped against the dollar this morning, after UK inflation for March beat economists' expectations, data released today by the Office for National Statistics (ONS) has shown. British consumer prices rose 0.5 per cent year-on-year in March, ahead of expectations for a 0.4 per cent increase, and up from 0.3 per cent a month earlier. Read more: Inflation basket [...]