Value of government’s £22bn Help to Buy scheme ‘uncertain’ September 17, 2019 MPs have raised alarm bells over the government’s costly Help to Buy scheme, noting that more than half of those it helped did not need financial support, while warning it does not address structural problems in the housing market. The scheme, which will cost an estimated £22bn – more than eight-times its original budget, has [...]
Phonebooth startup Room launches in UK as it dials in to coworking boom September 17, 2019 Room, the US startup specialising in phonebooths for open plan offices, launched in the UK today as it looks to cash in on the rising popularity of coworking spaces. The New-York based firm, which counts Google, Uber, Amazon and Apple among its clients, is also rolling out in six other European countries amid growing demand [...]
City Fibre ‘set to announce former National Grid CEO as new boss’ September 16, 2019 City Fibre, the ultrafast broadband network which is competing to become the biggest UK rival to BT, is said to be gearing up to announce the former chief executive of National Grid as its new chairman. Steve Holliday, who was well-thought-of by investors while at the helm of the energy infrastructure firm, has reportedly agreed [...]
Jim Ratcliffe’s Ineos ‘nearing deal’ to build car in Bridgend September 16, 2019 Billionaire entrepreneur Jim Ratcliffe is said to be closing in on a deal to build a sport utility vehicle (SUV) in Bridgend, the town where Ford is bringing down the shutters on an engine factory which employs 1,700 people. Ineos, Ratcliffe’s chemicals firm, has been in negotiations for months over where to build the car, [...]
London tightens grip on FX market in three years since Brexit vote September 16, 2019 London has increased its dominance of global foreign exchange (FX) trading in the three years since Brexit, new figures have shown, in a sign that the City remains a top-two financial centre. Read more: Hong Kong vows to chase London Stock Exchange after £32bn bid rejected Between 2016 and April of this year, the share [...]
Gatland and Schmidt, two of rugby’s finest, seek perfect World Cup send-off September 16, 2019 While it is normal to see coaching turnover at the end of a World Cup cycle, the aftermath of the 2019 tournament will be particularly poignant. Steve Hansen, current world champion, will leave his post as New Zealand head coach. However, it is two of his countrymen, Joe Schmidt and Warren Gatland, whose departures will [...]
Media group Endeavor looks to raise $712m from float September 16, 2019 US media giant Endeavor Group today said it is looking to raise up to $712m (£573m) from its initial public offering (IPO) later this year. The company, which owns Hollywood talent agency William Morris Endeavor, said it will sell roughly 19m shares priced between $30 and $32 each. Read more: Liberty Media faces logistical nightmare [...]
Mike Brown hits out at ‘bonkers’ TfL borrowing limits September 16, 2019 Transport for London (TfL) boss Mike Brown has criticised the government for imposing “bonkers” limits on its borrowing and for failing to provide it with long-term certainty over its funding. The TfL commissioner told City A.M. that the organisation’s borrowing caps, which are set by government, were based on “no logic other than discussions within [...]
Issues with no-deal Brexit preparations ‘still to be resolved’, warns City watchdog September 16, 2019 The head of the UK’s financial regulator has struck a cautious tone over the City’s preparations for a no-deal Brexit, warning that while progress is “welcome”, there are “issues still to be resolved”. Financial Conduct Authority (FCA) boss Andrew Bailey said earlier that overlaps between UK and EU share trading regulations post-Brexit would damage both [...]
Government drops probe into Saudi investments in Evening Standard and Independent September 16, 2019 The government has decided not to pursue a probe into Saudi investments in the Evening Standard and the Independent, despite concerns they could harm freedom of expression. Culture secretary Nicky Morgan today said she will not appeal a court ruling that blocked the government from forcing a full public interest inquiry. Read more: Independent and [...]