Surge in optimism for UK food sector but Brexit uncertainty lingers February 17, 2020 The UK’s food and drink manufacturing sector has reported a surge in optimism as it entered the new year as renewed political certainty boosted business confidence. Optimism jumped 29 percentage points in the final three months of last year compared to the first quarter of 2019. However, despite the outcome of December’s General Election, net [...]
DfT unveils plan to head off Brexit-induced mega traffic jams in Kent February 17, 2020 The government is to deploy a San Francisco-style moveable barrier in the hope of avoiding Brexit-induced mega traffic jams throughout Kent. The £60m moveable barrier, creating a temporary contraflow system, can be set up “within hours” and will be available from December, transport secretary Grant Shapps revealed this morning. Although the UK has officially left the [...]
Bakerloo Tube strike this weekend means FIVE London Underground lines will be out of action February 17, 2020 London commuters are bracing for travel chaos over the weekend as nearly half of all Underground lines are set to be closed amidst a Tube strike. Bakerloo line drivers from the National Union of Rail, Maritime and Transport Workers (RMT) are expected to walk off the job on Friday for a three-day strike over a [...]
Global goods trade slows as coronavirus expected to dent growth February 17, 2020 Global trade in goods is set for further weak growth this year and will potentially be made even worse by the deadly coronavirus outbreak in China. World Trade Organization’s (WTO) goods trade indicator fell to a reading 95.5 this month, down from 96.6 in November. A reading of 100 or above is a sign of [...]
Rapid expansion drives losses at hotel startup Oyo February 17, 2020 Indian budget hotel startup Oyo reported widening losses last year as it ramped up its international expansion. Losses deepened to $335m in the 12 months to 31 March, rising to 35 per cent of revenue compared to 25 per cent the previous year, driven by expansion in China. Meanwhile, revenue reached $951m in the year, [...]
Former US financial regulator ‘to step down’ from HSBC’s board February 17, 2020 A former senior US financial regulator is set to step down as a director of HSBC, as the chairman of Europe’s biggest lender continues a board shakeup. Kathleen Casey, a former commissioner of the US Securities and Exchange Commission, will leave HSBC’s board at its annual general meeting in the spring, Sky News reported. Casey’s [...]
IR35: Business groups urge Rishi Sunak to suspend rollout February 17, 2020 Employment groups have urged the new chancellor Rishi Sunak to suspend the IR35 new tax regulations for self-employed workers or risk damaging the economy. According to industry bodies, the changes, which are due to come into effect in April, will lead to a third of self-employed contractors stopping freelancing over non-compliance fears. Andy Chamberlain, deputy [...]
Sadiq Khan launches £50m ‘green new deal’ fund in pitch to Green Party voters February 17, 2020 Sadiq Khan has created a £50m fund for green energy projects in a direct appeal to Green Party voters in the lead up to the mayoral election. The mayor of London today announced the fund as a part of his “green new deal for London”, with the funds set to be allocated to programmes to [...]
Barings sells listed St James’s office building for £71m February 17, 2020 Real estate investment manager Barings has sold a Grade II listed office building in St James’s to a German property investor for £71m. Cara Real Estate, the property investment arm of Cara Investments, has acquired 7-10 Waterloo Place, in its second London deal following the purchase of 20 Soho Square for £117m in 2018. Barings [...]
City regulator fines Provident Financial subsidiary Moneybarn £2.8m February 17, 2020 The financial watchdog has fined car finance provider Moneybarn £2.77m for treating customers unfairly when they fell behind on loan repayments. Moneybarn, which is part of Provident Financial, has voluntarily repaid over £30m to almost 6,000 customers potentially effected by the failings, the Financial Conduct Authority (FCA) said. The FCA also found that Moneybarn was [...]