HS2 faces the scrap as Boris Johnson kicks off review August 21, 2019 The controversial HS2 high speed rail line could be scrapped after the government launched a review into the scheme following mounting concerns over its cost and deliverability. Transport secretary Grant Shapps officially kicked off the review into the high speed line, which will connect London to Birmingham from December 2026, and Birmingham to Manchester and [...]
UK government spending surplus shrinks in July August 21, 2019 The UK government earned £1.3bn more in taxes than it spent in July 2019, official figures showed today, a smaller surplus than economists had expected. Read more: Chancellor Javid to simplify’ the tax system in Autumn budget Analysts predicted a £2.7bn surplus in public borrowing in the first figures under new chancellor Sajid Javid, but [...]
‘Massive gravy train’: British Airways owner IAG slams Heathrow expansion plans August 21, 2019 British Airways’ parent company has accused Heathrow airport of “treating customers with contempt,” saying plans to spend billions on its expansion before getting planning permission amounted to a “heist”. In an excoriating attack, International Airlines Group accused Britain’s biggest airport of covering up the cost of the expansion. Heathrow has claimed the plans can be [...]
Softbank-backed startup Uhuru to list in London August 21, 2019 Japanese software startup Uhuru is to go public in London later this year, after opening an office in the city in 2018. The company raised $4.5m from Softbank last year, and also counts Salesforce, Dentsu and Mitsui & Co as investors. Uhuru, an IoT startup which helps connect products to the cloud, said it will [...]
Boris in Berlin: PM seeks to woo Merkel after Tusk turns down backstop plea August 21, 2019 Boris Johnson is travelling to Berlin today for his first bilateral meeting with German Chancellor Angela Merkel since taking office, in the hope of breaking the Brexit impasse. The UK Prime Minister will have meet his German counterpart this afternoon, followed by dinner, before travelling to Paris for talks with French President Emmanuel Macron on [...]
Repair job slashes Costain profits despite new work flooding in August 21, 2019 Orders have flooded in during the first half at infrastructure group Costain, despite a historic Oxfordshire project came back to bite it more than a decade on from its completion. The London listed construction firm was forced to pay £9.7m to repair the roof of a high-tech science centre, the National Synchrotron facility, which it [...]
Sorrell called up to Dutch court case over Mediamonks row August 21, 2019 Sir Martin Sorrell has been called to appear in court as a witness as part of a legal dispute between former shareholders of a company which Sorrell acquired to rebuild his career. A former senior executive and investor in Mediamonks is considering taking out a lawsuit against the Dutch content company’s previous managers, arguing he [...]
Alibaba delays Hong Kong listing over protests August 21, 2019 Chinese e-giant Alibaba has reportedly delayed a $15bn (£12bn) Hong Kong listing, scared off by protests that have rocked the city for more than two months. There is no formal timetable for when the listing will happen, but the company may go to market in October, sources told Reuters. Read more: Softbank earns $11bn for [...]
China confirms it is detaining worker from Britain’s Hong Kong consulate August 21, 2019 China has confirmed that an employee of Britain’s Hong Kong consulate is being detained in the Chinese border city of Shenzhen for violating the law. Simon Cheng, a Hong Kong citizen, had failed to report back to his office on 9 August after visiting mainland China for a meeting. Ministry spokesman Geng Shuang confirmed at [...]
Astrazeneca faces setback in lung cancer trials August 21, 2019 Astrazeneca took a blow this morning as it revealed that trials of a lung cancer drug had not lived up to hopes pinned on it. Patients given Imfinzi with tremelimumab did not show better overall survival rates than those on standard chemotherapy, Astra said this morning. Read more: Heart patients given boost by Astrazeneca drug [...]