Government hands out £350m loan to keep delayed Crossrail project going October 26, 2018 The Government has rushed to the aid of the delayed Crossrail project with a £350m short-term loan to keep work on track. Transport for London (TfL) announced the loan on Friday, which it said was needed to continue construction work on the delayed Elizabeth line. In July the rail minister Jo Johnson announced that the [...]
Drivers at Paddington station could be balloted for strike action affecting the entire Great Western Railway network October 26, 2018 Drivers at Paddington station will be balloted for strike action unless a suspended guard is reinstated later today. The RMT union said it would ballot all guards and drivers at the Paddington depot for strike action – which could cover the entire GWR network – unless the rail operator withdrew the suspension at a disciplinary hearing [...]
Total profits soar on record production and higher oil prices October 26, 2018 French oil giant Total saw profits soar in the third quarter on higher oil prices and raised its production growth target for the year. The company reported its net income rose by 48 per cent to $4bn (£3.1bn) in the third quarter compared with the previous year. Chief executive Patrick Pouyanne said oil prices increased [...]
City watchdog chief takes swipe at Brussels over euro clearing October 26, 2018 City watchdog chief Andrew Bailey has taken an apparent swipe at EU “mercantilists” seeking a euro clearing land grab after Brexit. Speaking at the Mansion House City Banquet last night, the FCA chief executive said he was an “unashamed free trader” as he criticised those he said were “prepared to sacrifice the principles of open markets.” Some [...]
Vivo Energy profits fall on higher oil prices and supply problems October 25, 2018 Shell's African fuel retailer Vivo Energy reported a fall in profits due to supply problems and market conditions in Morocco but said it was looking to expand across the continent. The company's third quarter gross cash profit was down 2 per cent to $167m (£130m) compared with 2017. A surge in oil prices hit margins [...]
SCS to stop selling through House of Fraser after orders slump October 25, 2018 Furniture company ScS will close all of its concessions at embattled department store House of Fraser by the end of January after it was taken over by Sports Direct founder Mike Ashley. The company said its orders through House of Fraser had more than halved in the twelve weeks ending 20 October. Ashley bought the [...]
European Central Bank leaves interest rates unchanged amid Italy standoff October 25, 2018 The European Central Bank has decided to leave interest rates unchanged at a monetary policy meeting in Frankfurt as expected. The ECB's Governing Council said it expected interest rates to remain the same “at least through to the summer of 2019”. It comes after the European Commission took the unprecedented step of rejecting Italy's draft [...]
Journalist’s killing ‘premeditated’, says Saudi prosecutor, as government sign deals worth $56bn at summit October 25, 2018 Saudi Arabia's public prosecutor today said journalist Jamal Khashoggi's murder was premeditated. "The public prosecution received information from the Turkish side through the Joint Working Group between the Kingdom of Saudi Arabia and the Turkish Republic, indicating that the suspects in Khashoggi's case premeditated their crime," attorney general Shaikh Suood bin Abdullah Al Mo'jab said, according [...]
LG boosts profits and narrows losses on struggling mobile phone business October 25, 2018 LG reported an income increase of 45 per cent but its struggling mobile phone business continued to lose money in the third quarter. LG Electronics reported sales of $13.7bn (£10.6bn) and operating profit of £668m – its operating income jumped 45 per cent from the same period in 2017. The South Korean company's mobile phone [...]
Daimler profits fall in “very challenging environment” for automotive industry October 25, 2018 German car maker Daimler reported that profits and revenue dropped sharply in the third quarter due to the “challenging environment” facing the automotive industry. The Mercedes-Benz owner reported a net profit of €1.8bn (€1.59bn) in the third quarter of the year, down from €2.2bn in the same period in 2017. Its earnings before interest and [...]
