Theresa May secures legally binding changes to Brexit deal after rushing to Strasbourg March 11, 2019 Theresa May has secured “legally binding assurances” over the Irish backstop and urged MPs to vote through her improved Brexit deal. The Prime Minister rushed to Strasbourg to secure last-minute changes to her deal ahead of tomorrow’s vote. In a joint press conference with European Commission president Jean-Claude Juncker, she said the legally binding instrument [...]
Tory mayoral hopeful Shaun Bailey pledges 10 per cent salary cut if he defeats Sadiq Khan in 2020 election March 11, 2019 Tory mayoral hopeful Shaun Bailey has vowed to take a 10 per cent pay cut and cap the salaries of his close political advisers if he defeats Sadiq Khan in the 2020 mayoral election. Bailey, who was selected as the Tory choice for mayor last autumn, has pledged to tackle increasing staff costs at City Hall, which he [...]
Forget Brexit, corporate debt is a bigger issue March 11, 2019 As a few of you might have been told many times already, today is the latest Brexit D-Day for the UK, and for Theresa May in particular. Now, despite the fact that I am – at the moment that you are reading this – down on a chilly College Green in Westminster reporting on the latest [...]
Siemens commits to building Goole factory ‘whatever the Brexit outcome’ March 11, 2019 Industrial giant Siemens has confirmed its commitment to building a factory in Goole, east Yorkshire, despite jitters in the manufacturing sector over Brexit. Siemens' head of rolling stock William Wilson told City A.M. that the firm, which won a £1.5bn contract to build Transport for London's (TfL) new Piccadilly Line trains, is "committed to building our [...]
Financial Reporting Council to be scrapped in shake-up of audit sector March 11, 2019 The Financial Reporting Council (FRC) will be scrapped and replaced with a new beefed-up watchdog following a review into the audit sector by Sir John Kingman, the government announced today. The new regulator will have stronger statutory powers, including the ability to make direct changes to accounts and powers to require rapid explanations from companies [...]
Barclays, Lloyds and Natwest launch business hubs as branch closures hit small firms March 11, 2019 Three of the UK’s largest banks have unveiled plans for joint business hubs amid fears small firms are being hit by branch closures. Natwest, Lloyds Bank and Barclays have announced the pilot, which will see six business banking hubs launched across the country. Read more: Digital bank Monzo in discussion with Post Office over cash [...]
Greystar, PSP and Allianz buy Shoreditch student housing scheme for £160m March 11, 2019 Property giant Greystar has led a consortium of buyers that has snapped up a student accommodation project in Shoreditch from investment firm Apache Capital for £160m. Greystar, alongside partners Public Sector Pension (PSP) Investments and Allianz Real Estate, has exchanged contracts to acquire the Paul St. East development. Read more: Greystar and Henderson Park snap [...]
Car manufacturers would suffer under no-deal Brexit, Moody’s warns March 11, 2019 The profits of British, Japanese and German car manufacturers would suffer in the event of a no-deal Brexit due to tariff increases, the credit ratings agency Moody’s has said today. Jaguar Land Rover, Nissan, Toyota and BMW are among the companies with sizeable production capacity in the UK that would face a 10 per cent [...]
Boeing shares plunge as airlines ground planes following fatal Ethiopian Airlines crash March 11, 2019 Shares in Boeing fell more than 11 per cent as the New York Stock Exchange opened as airlines grounded planes following yesterday’s fatal Ethiopian Airlines crash. China’s airline regulator called for all Boeing 787 Max 8 domestic flights to be suspended, while Ethiopian Airlines and Cayman Airways have also grounded the model after one of the [...]
Thousands of customers left in limbo as Brilliant Energy becomes the latest supplier to go bust March 11, 2019 Brilliant Energy Supply has become the third provider to go bust so far this year, as companies struggle with rising wholesale costs, and Ofgem’s new price cap. The regulator will now have to step in to find a new supplier for the company’s 17,000 customers, a process it has been forced to go through nearly [...]