TfL to open first new Overground stop since 2015 July 12, 2022 Transport for London (TfL) will open its first new Overground stop since 2015 on Monday. The 4.5km Barking Riverside extension will connect the area’s new developments to Barking city centre in seven minutes, drastically improving commuting times. A total of four trains per hour will operate along the line, connecting the riverside to the District [...]
No Brexit exodus: Foreign homeowners sit on £45bn worth of property in London alone July 12, 2022 It has been revealed this morning which areas of the property market are home to the highest value of homes owned by overseas homeowners, with the total market value of foreign owned homes currently standing at £90.7bn across England and Wales. Just shy of a quarter of a million homes are owned by overseas buyers, [...]
Big banks axe dealmaker jobs as revenues tumble July 12, 2022 Major investment banks have started cutting dealmaker jobs after last year’s hiring binge as revenues fall. 12 big banks have slashed their investment banker roles in the second quarter of 2022, according to research from data provider Coalition Greenwich, as reported by Financial News London. These include Bank of America, Barclays, BNP Paribas, Citigroup, Credit [...]
City exclusive: HSBC strikes £605m deal for iconic Cheesegrater skyscraper in the Square Mile July 12, 2022 City A.M. can exclusively reveal this afternoon that property investment giant CC Land Holdings has struck a £605m refinancing deal for one of London’s tallest buildings, the iconic ‘Cheesegrater’, in an agreement co-ordinated by HSBC. Officially named The Leadenhall Building, after its London location, the 225-metre-tall skyscraper was purchased by Hong Kong-headquartered C C Land [...]
Rail union bosses who called for biggest train strike in 25 years take home £280,000 in pay and perks July 12, 2022 With the transport unions having voted on the ‘biggest rail strike in 25 years’, it has been revealed that two Aslef trade union bosses had a combined total remuneration of £281,601 in 2021. Aslef’s general secretary, Mick Whelan, took home £151,371 in total remuneration in 2021. While Aslef’s Assistant General Secretary, Simon Weller, received £130,230 in the same year, the TaxPayers’ Alliance said [...]
Labour to table vote of no confidence as Tory leadership election deadline nears end July 12, 2022 Labour is going to table a vote of no confidence in the government today, as the Conservative leadership election heats up. Keir Starmer will put forward a motion in Parliament to try and force prime minister Boris Johnson out of office before the contest ends. The prime minister, who resigned last week following a series [...]
Sanctions bite: London-listed Russian mining firm Petropavlovsk to suspend trading and file for administration July 12, 2022 London-listed Russian gold mining firm Petropavlovsk will cease trading and file for administration after revealing it was unable to repay a $201m (£169.3m) loan to a sanctioned bank. Sanctions against Kremlin-linked firms continued to bite this week, with the Petropavlovsk in debt to Gazprombank, that has been targeted over the war in Ukraine. The bank [...]
‘You can only block it out for so long’: Sir Mo Farah says he was trafficked to the UK as a child July 12, 2022 Olympic legend Sir Mo Farah has revealed he was brought to the UK illegally as a child. Speaking to the BBC, Farah said his real name is actually Hussein Abdi Kahin, and he was flown over from the east African country of Djibouti at the age of eight or nine by a stranger and forced [...]
June bookings for Hostelworld climb to pre-pandemic levels as pent-up demand for travel surges July 12, 2022 June bookings for Hostelworld sites hit 80 per cent of June 2019 levels as backpackers flock back on holiday this summer. Net revenue exceeded 2019 levels by 104 per cent thanks to higher average booking values, and the firm’s success in April and in May in drawing backpackers in once again. Booking demand into Europe, the largest destination [...]
Tech company AdEPT announces higher revenue and cash generation in strong year July 12, 2022 AdEPT Technology Group reported an 18 per cent increase in revenue to £68.1m and strong cash generation after tax of £8.1m for the year ended 31 March 2022. In a solid year for the IT and communications company, gross profit increased 17 per cent, £32.4m up from £27.6m the year before. Revenue was also lower at £57.9m [...]