‘Extreme caution’ urged over census data collected in pandemic despite ONS saying it has ‘full confidence’ in its figures June 28, 2022 Census figures collected during the national lockdown should be treated with “extreme caution” according to a council leader, after appearing to leave off three per cent of the capital’s population. It has been claimed that the Office for National Statistics’ latest data failed to include 300,000 Londoners compared to the previous projection, despite the organisation [...]
UAE fund turns on top City lawyer in bid to exit Iranian-American airline tycoon’s hacked emails case June 23, 2022 Embattled City lawyer Neil Gerrard suffered another blow this week, after his former client, an Emirati sovereign fund, turned on the ex-Dechert partner, after offering to pay $1m to settle a case brought against it by a powerful Iranian-American business tycoon. The fund’s efforts to distance itself from Dechert’s former head of white-collar crime comes [...]
‘Boring’ breakthrough: Tunnel-making machine completes 6.7km journey under south London June 23, 2022 The first of five drives by four tunnel boring machines in London was completed yesterday, travelling 6.7km underneath the capital. A team of ‘boring’ National Grid workers marked the completion of its journey across south London, with the breakthrough in Eltham. The London Power Tunnels project started in July last year reaching depths of 50m [...]
Chinese firm that owns Lloyd’s building brings in architects to draw up plans if insurer leaves June 23, 2022 The Chinese insurance giant that owns Lloyd’s of London’s City headquarters has brought architects into the Grade I listed building to come up with ideas for what to do with it if Lloyds decides to leave. China’s biggest insurer Ping An – which bought the Lloyd’s building for £260m in 2013 – has brought in [...]
London tops global finance hiring league in sign City retains attractiveness after Brexit June 23, 2022 The City’s jobs market has raced ahead of its competitors to top the global hiring league, reveals fresh research published today. London’s banks, brokers, insurers and money managers are looking to more than double their staffing levels, according to a report by recruiter Robert Walters. The hiring drive has been spurred by firms scrambling to [...]
Credit Suisse and Citco face £430m lawsuit over Chelsea property deal that lost Vatican £100m June 22, 2022 The filing of a €500m (£430m) lawsuit against Credit Suisse and Citco over the loss of millions in charitable funds through a Chelsea property deal has led to calls for greater transparency around the “origins of money used to purchase high-value property” in Britain. The calls come after Anglo-Italian financier Raffaele Mincione’s WRM Group filed [...]
UK watchdog fines London insurer JLT Speciality Ltd £7.9m for involvement in bribery scandal June 22, 2022 The UK’s financial watchdog has fined London insurance broker JLT Specialty Ltd (JLTSL) £7.9m over its involvement in a multi-million-dollar bribery scandal. The Financial Conduct Authority (FCA) hit the London broker with a £7.9m fine for failing to prevent financial crime, after an “introducer” working for the firm in Panama paid $3m in bribes to [...]
Record £11.9bn invested in London’s smaller businesses in 2021 June 22, 2022 Equity investment in London’s smaller businesses hit a record £11.9bn in 2021, according to data released today by the British Business Bank. This was an 89 per cent increase year over year, with the number of deals announced in the capital increasing by 23 per cent to 1,286, the Bank’s annual Small Business Equity Tracker showed. The upward trend continued in [...]
In the shadow of Grenfell: 60 London firefighters rush to blaze at high-rise block in Shepherd’s Bush, area evacuated June 21, 2022 London Fire Brigade said eight fire engines and around 60 firefighters have rushed to Queensdale Crescent in West London. Firefighters are at the scene, not far from the sight of the Grenfell Tower fire, to fight the blaze at a high-rise block in Shepherd’s Bush. The brigade said half of a flat on the 12th [...]
London boroughs sound the alarm bells as skyrocketing inflation is eating £400m hole into budget June 20, 2022 Skyrocketing inflation is driving £400m of additional budget pressures on boroughs in the capital, London Councils warned this morning. Although the government increased local authority funding this year, fast-rising inflation has effectively cut £100m from the financial uplift boroughs received for 2022-23. London Councils, a cross-party group representing all 32 boroughs and the City of [...]