AccorHotels to bag Travel Keys February 5, 2017 French hotel group AccorHotels, owner of Sofitel and Fairmont hotels, is in talks to bag up luxury travel company Travel Keys. Atlanta-based Travel Keys offers luxury holiday lets in over 100 destinations, including Mexico, Hawaii and the Caribbean. Read more: You won't believe the opulence of these new hotel suites The discussions come just less than [...]
A senior Eurosceptic is sounding the alarm over an Article 50 rebellion among Tory MPs this week February 5, 2017 A senior Tory Eurosceptic is raising concerns of a rebellion among MPs ahead of this week’s vote on Article 50 legislation. MPs will vote on a Bill granting the government power to begin divorce talks on Wednesday, but Brexiteer and Treasury committee member Steve Baker is worried that some Tories will back “wrecking” amendments. These could place more restrictions [...]
Everything that you need to know about this week’s housing white paper February 5, 2017 The government is set to reveal its long-awaited housing white paper this week after a series of delays. Q: Why do we need a housing white paper? A: There is a mismatch between supply and demand in the housing market which has caused prices to rise to levels that are unaffordable for many. Meanwhile, the [...]
Dodd-Frank reform could force UK to loosen financial services regulations February 5, 2017 The UK and the rest of Europe could come under pressure to loosen financial services regulations, analysts have said, after the President of the United States last week set in motion his plans to scale back rules across the pond. Donald Trump signed an executive order for the 2010 Dodd-Frank financial regulations to be reviewed on [...]
Economists following Bank of England’s lead raise UK growth forecasts February 5, 2017 City economists are raising their predictions for the UK economy’s growth in line with the Bank of England’s more positive outlook. In a survey conducted by Consensus Economics, the average forecast for 2017 growth rose to 1.4 per cent, The Sunday Times reported today. The positive outlook is up from a low of 0.6 per [...]
Bad line: Investors to sue BT over accounting slip-up that wiped billions off its market value February 5, 2017 BT could be hit by legal action from its shareholders following an accounting scandal that rocked the telecoms company last year. Law firm Quinn Emanuel Urquhart & Sullivan is mulling a potential lawsuit on behalf of institutional investors over the impact of the accounting scandal being worse than originally stated. The group announced writedowns of £145m in October [...]
Thomas Cook is under pressure for its bonus plans ahead of this week’s annual meeting February 5, 2017 Thomas Cook is under pressure from shareholders relating to bonuses plans for chief executive Peter Fankhauser. The travel firm will host its annual meeting on Thursday, and one shareholder group has questioned whether the firm is providing enough about a proposal that could see Fankhauser pocket up to £1.6m a year. Institutional Shareholder Services (ISS), which represents around 20 per cent of investors, has [...]
Bank of America Merrill Lynch is looking for new space in the City despite Brexit uncertainty February 5, 2017 Bank of America Merrill Lynch (BAML) has started its search for new office space despite the uncertainty of the City of London's future following the Brexit vote. The US banking giant is currently located near St Paul's Cathedral, but as its lease expires in 2022, the bank has started looking at other buildings that could [...]
RMT boss says “fiasco” rail franchise system is beyond reform February 5, 2017 The RMT Union has welcomed the findings of a House of Commons select committee in its damning report on rail franchises. RMT general secretary Mick Cash called the franchise system a “fiasco” and said that the report confirmed the government had covered up Southern Rail’s poor performance. However, he did not think the suggested reforms [...]