Philip Hammond rules out running for Treasury committee chair July 25, 2019 Former chancellor Philip Hammond has ruled out making a bid for the vacant position of chair of the Treasury select committee, City A.M. has learnt. On Thursday evening a source close to Hammond said the former chancellor was contemplating the move, saying: “He hasn’t ruled it out.” However, a spokesperson for Hammond poured cold water on the suggestion, [...]
Business groups cheer new government’s change of tune on migration cap July 25, 2019 Britain’s biggest business groups yesterday welcomed signals from Downing Street that the new administration has all but abandoned the target to bring net migration below 100,000. Read more: Boris Johnson takes aim at Brussels in fresh Brexit battle Both the Confederation of British Industry (CBI) and the Institute of Directors (IoD) said the government’s turn [...]
Boris Johnson takes aim at Brussels in fresh Brexit battle July 25, 2019 Boris Johnson fired the first shots in a new Brexit battle with the EU on Thursday, just hours into his first full day as Prime Minister, as the EU’s chief negotiator branded Johnson’s position “combative” and “unacceptable.” Michel Barnier emailed EU leaders after the UK’s new prime minister told MPs the Irish backstop protocol must be stripped [...]
American Airlines to take $400m hit from Boeing 737 Max groundings July 25, 2019 American Airlines shares dropped today after it said the Boeing 737 Max groundings would likely dent its 2019 pre-tax earnings by around $400m (£320m). Read more: Boeing loses $3.4bn on 737 Max groundings in second quarter Yet in its second quarter results, released today, the world’s biggest airline said its revenue grew by 2.7 per [...]
Clearing house LCH drafts in Credit Agricole executive as new CEO July 25, 2019 Global clearing house LCH has drafted in a former top boss of Credit Agricole as its new chief executive. Isabelle Girolami is set to take on the role of chief executive in November, taking over from Martin Pluves as he begins a new role as head of the Fixed Income, Currency and Commodities Markets Standards [...]
Jaguar Land Rover skids to £395m loss in first quarter July 25, 2019 Jaguar Land Rover (JLR) skidded to a £395m pre tax loss for the first quarter of its new financial year after sales fell nearly 12 per cent. In the three months to 30 June, JLR sold 128,600 cars, down from 145,500 cars in the same period last year. Revenue slid to £5.07bn for the quarter, [...]
Ride the UK heatwave: These are London’s hottest Tube lines July 25, 2019 It’s sweltering outside, and the last thing you want to do when it’s hot is take the Tube. But with the UK set to experience a new record high temperature today of 39C, for once it’s actually cooler on the London Underground than it is in the capital’s parks. Read more: UK breaks temperature record [...]
Business groups urge Boris Johnson to drop opposition to Heathrow third runway July 25, 2019 Business groups have urged the new Prime Minister, Boris Johnson, to drop his apparent opposition to Heathrow’s third runway. In a letter to Johnson, business firms including the CBI and British Chamber of Commerce warned that a failure to support the £14bn scheme would “prevent us all from successfully building a global Britain”. Read more: [...]
ECB prepares stimulus to kickstart stalling Eurozone economy July 25, 2019 The European Central Bank (ECB) kept interest rates on hold today but signalled it will ease policy to kickstart the Eurozone economy unless growth picks up. Read more: Tepid Eurozone inflation stays well below ECB target It said it now expects its main interest rates will stay at “present or lower levels at least through [...]
Capco demerges Covent Garden and Earl’s Court businesses July 25, 2019 Property development firm Capital & Counties (Capco) has confirmed it will separate its Covent Garden business from its troubled Earl’s Court development, which has dropped in value. The company announced today that Covent Garden London and EC Properties will stand alone as two separately listed businesses. Read more: Capco investment boss to quit as demerger [...]