Burford Capital ditches finance chief in response to activist pressure August 15, 2019 Under-fire litigation funder Burford Capital today announced it would appoint a new chief financial officer and seek a US listing following last week’s attack from shortseller Muddy Waters. Burford said its chief finance officer Elizabeth O’Connell will be replaced by Jim Kilman, formerly vice chairman of Morgan Stanley Investment Banking, with immediate effect. O’Connell is [...]
Markets drop as US and China enter fierce war of words August 15, 2019 A fierce war of words between China and the US broke out today after Beijing vowed to strike back over the 10 per cent tariffs the Trump administration is set to apply to $300bn of Chinese goods. Read more: Recession warning lights flash red as US and UK ‘yield curves’ invert China’s finance ministry said [...]
Union calls August strike action on Central and Victoria lines August 15, 2019 Thousands of Londoners face Tube chaos at the end of the month after a leading rail union announced strike action on two of the busiest Underground lines. The RMT rail union has called strike action on services on the Central and Victoria lines from 8pm on Thursday 29 August and Friday 30 August. Read more: [...]
Challenger bank Monzo launches loans August 15, 2019 Challenger bank Monzo rolled out a range of new loans today, as the digital bank ramps up its efforts to compete with its larger rivals on the high street. The app-based group will charge interest rates starting at 3.7 per cent for loans higher than £7,500, climbing to a maximum of 24 per cent for [...]
Marshalls paves the way for fresh buyouts as sales surge August 15, 2019 Marshalls, the paving company which supplied flooring for landmarks including Trafalgar Square and Bond Street, enjoyed a jump in sales of more than one-sixth in the first half of the year, despite Brexit uncertainty hampering the construction industry. Shares rose 0.8 per cent today as the firm said it had outperformed the rest of the [...]
Belgravia’s billionaire strip: London’s new hotspot has £1.4bn property pipeline August 15, 2019 A strip of prime property in East Belgravia is undergoing a development boom with £1.4bn of investment in luxury homes and hotels in the pipeline, according to a new report. The plot of land between Upper Belgrave Street and Grosvenor Place, dubbed the billionaire’s strip, has been earmarked for private mansions, penthouses and VIP clubs. [...]
Brexit protester who caused £1m worth of rail disruption jailed August 15, 2019 A Brexit protester who caused £1m worth of disruption to train services between London, Kent and France has been jailed for one year. Terry Maher, 44, climbed on top of a tunnel overlooking railway lines near St Pancras station, blocking trains between the UK and France and causing disruption that affected about 22,000 people. Read [...]
Hong Kong revises growth forecasts and unveils $2.4bn spending package as protests and trade war hit economy August 15, 2019 Hong Kong’s government has revealed a ($2.4bn) £2bn spending package after warning of lower economic growth in the wake of unprecedented political protests and a US-China trade war. Read more: Chinese forces exercise on Hong Kong border Financial Secretary Paul Chan unveiled plans to slash taxes and introduce subsidies today in a bid to rejuvenate [...]
Weak Asda sales drive down Walmart’s international income August 15, 2019 Slow sales at Asda and other non-US retailers owned by Walmart have driven down the corporation’s international operating income by almost 30 per cent in the second quarter. In second quarter results released today, Walmart said that overall operating income was also down 2.9 per cent, as it lowered international sales growth guidance. Revenue was [...]
Union urges Ryanair to attend talks to avert summer strikes August 15, 2019 A trade union has urged Ryanair to attend talks to resolve the current dispute with its pilots over pay and working conditions. The British Airline Pilots Association (Balpa), which has over 10,000 members, has called on the budget airline to attend talks with the Acas conciliation service after pilots voted for strike action for Thursday [...]