RBS boss Ross McEwan ‘withheld information’ from parliament, claims Treasury Committee chair Nicky Morgan September 14, 2018 The chief executive of Royal Bank of Scotland has been accused of "withholding information" when giving evidence to parliament. Ross McEwan told the Treasury Select Committee, including Tory chair Nicky Morgan, back in January that he was not aware of any allegations of criminal activity within the bank's notorious and now-defunct Global Restructuring Group (GRG). [...]
Sadiq Khan and TfL award London businesses £230,000 to reduce congestion in the capital September 14, 2018 Transport for London (TfL) has awarded six businesses more than £230,000 in funding to help them to reduce congestion in the capital by making freight and deliveries more efficient. The businesses, varying from waste collectors to cycle freight, will each receive a slice of the funding, which is a significant increase on the £60,000 that businesses [...]
Editor’s notes: A Cornish hero on 9/11, vegans up the creek with no Padella, and policy is for the many, not the pew September 14, 2018 Everyone remembers where they were when they heard about the 9/11 attacks. For many City workers, the event remains a trauma. Michael Spencer, who had hundreds of staff in the World Trade Center, still turns pale when recalling how he sat in London, watching the news footage, trying to get through on the phones. Remarkably, [...]
Bank of England boss Mark Carney warns house prices could fall by a third in a no-deal Brexit September 13, 2018 The governor of the Bank of England Mark Carney said house prices could crash 35 per cent over three years in the event of a no-deal Brexit in a briefing to cabinet today. Carney said if the UK crashed out of the European Union without a deal, a sharp rise in mortgage rates could torpedo [...]
Round 2… Fight! Trump hits back at JP Morgan boss Dimon September 13, 2018 US President Donald Trump hit back today at JP Morgan boss Jamie Dimon who yesterday said he could beat Trump in a presidential race. Trump tweeted: https://twitter.com/realDonaldTrump/status/1040198906842427392 Dimon, a donor to the Democratic Party, yesterday said he could beat Trump because “I'm as tough as he is, I'm smarter than he is”. Dimon said he [...]
Princesses, stamp duty and the rising tide of indoor swimming pools: The Billionaires’ Row estate agent talks to City A.M. about the changing times on London’s priciest street September 13, 2018 If anywhere is on the front line in the current struggle to sell London’s high-end property, it is The Bishops Avenue, the fabled Billionaires’ Row just north of Hampstead Heath; and if anyone is leading the fight, it is Trevor Abrahmsohn, the area’s legendary estate agent. Through his Glentree agency, Abrahmsohn has over the years [...]
Bank of England holds monetary policy unchanged amid “greater uncertainty”on Brexit September 13, 2018 The Bank of England today left monetary policy unchanged amid “greater uncertainty” in markets on the Brexit process and a worsening global trade outlook. The Bank's monetary policy committee (MPC) raised its main interest rate, bank rate, on 2 August, in only the second increase in the decade since the financial crisis began, but minutes [...]
Government to unveil new set of no deal Brexit papers today September 13, 2018 Brexit secretary Dominic Raab is poised to unveil a further 28 ‘technical notices’ advising the country how to prepare for a no deal scenario. The notices, due to be published this afternoon after a special "no deal" Cabinet meeting which Bank of England governor Mark Carney was seen joining, will offer detail on a number of critical [...]
The EU needs dynamic new thinking, not lectures on unity September 13, 2018 Even a stopped clock is right twice a day. This should be adopted as the personal motto of European Commission president Jean-Claude Juncker, or at least as the tagline for his final State of the Union address yesterday. “There is no applause when EU law dictates that Europeans have to change the clocks twice a [...]
DEBATE: Does the increasingly global reach of the tech giants require a regulatory watchdog? September 13, 2018 Does the increasingly global reach of the tech giants require a regulatory watchdog? Ruth Manielevitch, director of business development EMEA at Taptica, says YES. Even Mark Zuckerberg himself has admitted that some regulation of his industry is necessary. A regulatory watchdog would ensure that the activity of Facebook and other tech titans is scrutinised, to [...]