Lord Geidt resignation: Ethics adviser quit after being asked for advice on steel tariffs June 16, 2022 The Prime Minister’s ethics adviser resigned after being asked to approve tariffs on steel which the government itself acknowledges would break part of a World Trade Organisation treaty. Lord Geidt resigned last night, and in his letter to the Prime Minister said he was “tasked to offer a view about the Government’s intention to consider [...]
Soonicorn to unicorn: Euan Blair’s apprenticeship outfit Multiverse hits $1bn valuation after new funding round June 8, 2022 Multiverse, the professional apprenticeship start-up founded by Euan Blair, has hit a valuation of $1.7bn (£1.3bn) after completing a $220m (£175m) series D funding round. The round – co-led by StepStone Group and returning investors Lightspeed and General Catalyst – doubles the London-based firm’s valuation from just eight months ago, and will be used in [...]
Unite lose bid to become recognised as official union at City watchdog the FCA May 10, 2022 An official arbitration committee has rejected Unite the Union’s bid to become recognised as the official trade union at the Financial Conduct Authority. Unite had applied to become recognised as the official union for the sake of collective bargaining, but this morning the Central Arbitration Committee (CAC) ruled the bid was not “admissible.” The decision [...]
Transport for London debt downgraded by ratings agency due to “uncertain” financial future May 9, 2022 A MAJOR ratings agency has downgraded Transport for London’s (TfL) debt due to the “uncertainty” of its long-term funding, in a further sign of the financial difficulty the operator finds itself in. Moody’s announced it had downgraded TfL’s long-term debt as a result of weaker economic growth and higher inflation delaying the service’s return to [...]
Northern Line Bank branch to reopen next Monday after seventeen-week closure May 9, 2022 THE CITY’S REBOUND from Covid-19 will receive a significant boost next week when the Northern Line’s Bank branch reopens. Stations from Moorgate to Kennington will welcome commuters again after a seventeen-week closure on Monday May 16. The work to upgrade Bank station has been completed on time and the new station is set to offer [...]
Crossrail is (almost) complete but the battle for TfL funding is far from over May 4, 2022 The ‘Lizzie Line’ is good news for London – but it might be the last for a while without a funding settlement for the transport network It says something that the relationship between London’s mayoral leadership and Westminster is now so toxic that both sides are attempting to claim credit for a project three years [...]
Jefferies offers stipends to allow staff to adopt or go through surrogacy May 3, 2022 Investment bank Jefferies has upped the stakes in the war for talent by offering a stipend of around £20,000 to staff looking to adopt or to go through the surrogacy process. The firm said in an internal memo that it was “enhancing our wellness benefits” with the stipends, which would be available to all staff. [...]
The City A.M. Awards: What a delight to see the City alive once more April 28, 2022 What a joy it was last night to see the City’s leading lights once again gathered in one room again at the City A.M. awards, held in the ancient surroundings of The Guildhall. For all the ingenuity and innovation that came out of the pandemic, with video calls and screen sharing replacing working lunches and [...]
Channel 4 set to be privatised to remove ‘straitjacket’ of public ownership April 4, 2022 The government will push ahead with plans to privatise Channel 4 in a move it believes will allow it to compete against the streaming giants, City A.M. understands. A government source said that after a lengthy consultations ministers have decided the broadcaster is held back by the “straitjacket” of public ownership A sale, the source [...]
Mining giant Vale accused of knowing ‘something wrong’ in Guinea iron ore deal February 18, 2022 BRAZILIAN mining giant Vale withdrew a $1.85bn High Court claim against billionaire Beny Steinmetz over an iron ore venture in Guinea just days before Steinmetz’s lawyers were due to present evidence which alleges that the Vale board knew there was “something dodgy” in a deal to procure mining licences in the country, City A.M. understands. [...]
