South Western rail strike set to run to end of December as peace process stalls December 16, 2019 Strikes across one of London’s busiest railway networks are increasingly likely to run for the whole of December, after the process of arranging peace talks between union bosses and South Western Railway has stalled. The 27-day rail strike called by the Rail, Maritime and Transport Workers (RMT) Union has caused chaos for the first 16 [...]
Boeing mulls whether to cut 737 Max production as delays drag on December 16, 2019 Boeing is considering whether to cut production of the grounded 737 Max jet, after the US aviation regulator said it would not approve the plane’s return to service before 2020. The company’s board is midway through a two-day meeting in Chicago, and the company could make an announcement on production plans as soon as late [...]
Revealed: Thomas Cook went bust with liabilities of £9bn December 16, 2019 Thomas Cook collapsed with total liabilities of £9bn, it has emerged this morning, making the immediate financial toll of the company going bust even greater than that of Carillion in early 2018. In a report on the failure released this morning, it has emerged the travel operator owed £585m to customers and £45m to employees [...]
British Steel deal could fall through as Chinese buyer Jingye ‘falters’ December 15, 2019 The takeover of British Steel by Chinese giant Jingye is said to be in jeopardy, as the government lines up alternative buyers. If the talks between the Official Receiver and Jingye collapse, it will be the second time the government’s chosen buyer for the stricken firm falls through. Read more: Jingye Group promises to save thousands [...]
Accounting watchdog ‘plots sweeping rule changes’ for company executives December 15, 2019 The Financial Reporting Council (FRC) is lining up significant changes to corporate governance rules after a string of scandals at Patisserie Valerie, M&C Saatchi and Ted Baker. It is understood the accounting regulator is writing a British version of an American law passed in 2002 after Worldcom and Enron collapsed. Read more: FRC watchdog probes [...]
Fiat Chrysler-Peugeot merger: French shareholders look for board control December 15, 2019 French shareholders are looking for confirmation that they will keep a numerical advantage on the combined board of PSA and Fiat Chrysler if CEO Carlos Tavares leaves after the two companies merge. The two firms are putting the finishing touches to a $50bn merger plan announced in October, that would create the fourth largest car [...]
Water firms prepare to flood watchdog with complaints after final Ofwat ruling December 15, 2019 Britain’s water companies are getting ready to launch a deluge of complaints against Ofwat, after the regulator publishes its final financial demands for the industry over the next five years. The regulator stunned the industry in July, when it rejected all but three leading suppliers’ business plans for 2020-2025, in a bid to clean up [...]
Jeremy Corbyn: Election was ‘taken over by Brexit’ December 13, 2019 Jeremy Corbyn has said he did “everything he could” to get the Labour party into government in the General Election, and that he will not “walk away” until another leader is installed. The Labour leader said the election was “taken over by Brexit,” after the Conservatives stormed to victory in its traditional bases. Read more: [...]
Watchdog probes Viagogo’s $4bn Stubhub buyout on competition grounds December 13, 2019 Regulators will investigate whether secondary ticketing site Viagogo’s buyout of rival Stubhub will lessen competition in the market, it was announced this morning. The Competition and Markets Authority (CMA) is looking into whether to open a phase one inquiry into the $4bn (£3.1bn) transaction. Read more: Ebay to sell Stubhub to Viagogo for $4bn Stubhub, [...]
City reacts: Business ‘eager for clarity’ after Boris Johnson’s election victory December 13, 2019 As Boris Johnson enjoys his General Election victory, business leaders have woken bleary eyed – but largely satisfied – with the news. For many, it was a sigh of relief, after London business groups had strongly opposed Labour’s policies of renationalisation and higher taxation. Sterling surged last night, settling around $1.347, while the FTSE 100 opened 0.8 [...]
