Transport secretary Chris Grayling is plotting to crack open Network Rail’s monopoly November 20, 2016 Transport secretary Chris Grayling will lay out plans to to break up Network Rail's grip on the UK's rail infrastructure within weeks. Grayling wants to end the state-owned firm's monopoly on repair and upgrade to tracks and signalling, and has commanded officials to investigate how to introduce competition. Westminster insiders describe the scheme as “bringing [...]
Fraud squad to ask for Barclays tribunal to take place behind closed doors November 20, 2016 The fraud squad will tomorrow ask for an employment tribunal for an ex-Barclays exec to take place in private, on the grounds it could compromise its ongoing investigation into the bank. Since 2012, the Serious Fraud Office (SFO) is currently investigating Barclays' handling of an emergency funding exercise back in 2008. As part of that, the fraud [...]
TSB moves to snap up £16bn Bradford & Bingley portfolio November 20, 2016 TSB has put an offer on the table for a £16bn mortgage loan portfolio which belonged to Bradford & Bingley. The government has been slowly but surely selling the assets it picked up in the fallout of the financial crisis, which includes parts of Bradford & Bingley's business. Now, the Sunday Times has reported UK [...]
Tesco to build homes on top of London superstores and carparks in bid to raise £400m from extensive property November 20, 2016 Tesco is in talks to build homes on top of its London stores and car parks in a bid to squeeze more value out of its massive land holdings. The supermarket giant hopes that the bold strategy could earn up to £400m. The homes, which could potentially number in the thousands, would take advantage of [...]
“Co-storytelling”: How US business magazine and media company Forbes plans to upset the journalism establishment… again November 20, 2016 City workers may be surprised to learn that it is rare, and even frowned upon in some areas, for journalists to familiarise themselves with the business-end of their trade. But, with revenues, profits and headcounts at publishing companies falling each year, editorial staff may increasingly find themselves having to familiarise themselves with how their companies [...]
Former Centrica boss Sam Laidlaw closing in on North Sea takeover November 20, 2016 A former Centrica chief executive is believed to be in pole position to snap up one of the largest operators in the North Sea. Sam Laidlaw’s investment vehicle, Neptune Oil & Gas, is in advanced talks to acquire Engie’s controlling stake in the $4bn-valued (£3.2bn) production arm. Engie, the French state utility formerly named GDF [...]
May risks return to “picking winners” former BoE deputy governor warns, days before MPs grill Arm Holdings November 20, 2016 Bank of England deputy governor Sir Charlie Bean has raised concerns over Theresa May's desire to intervene in the UK's economy, just days before MPs grill the British firm at the heart of a £24bn foreign takeover backed by the Prime Minister. Bean, who served as deputy governor from 2008 to 2014, told City A.M. that he held [...]
Sadiq Khan wants Volkswagen to cough up £2.5m owed to London in congestion charges November 20, 2016 As if Volkswagen didn't have enough on its plate, now it's facing a £2.5m compensation demand from mayor of London, Sadiq Khan. Khan has written to the car giant after Transport for London (TfL) found that an estimated 80,000 of the 500,000 VW cars registered to addresses in the capital, were fitted with illegal defeat devices. So [...]
UK government borrowing could overshoot forecasts by £7.5bn this year owing to Brexit and reduced tax revenues November 20, 2016 UK government borrowing could overshoot forecasts by as much as £7.5bn this year, as reduced tax revenues and the vote to quit the European Union threaten to leave chancellor Philip Hammond with less room for manoeuvre in his first Autumn Statement on Wednesday. The Office for Budget Responsibility could be in line to slash its [...]
Consensus of economic forecasts shows inflation is back, says chancellor Philip Hammond November 20, 2016 Chancellor Philip Hammond has declared: "It's clear that inflation is back." Speaking on ITV's Peston on Sunday, Hammond said: "We have to wait and see what inflation figures look like when we get the OBR's report on Wednesday, but I think looking at the consensus of forecasts, it's clear that inflation is back." "That is hopefully a [...]