Ministers mull ‘taking stake in Sizewell power plant’ amid China clampdown July 27, 2021 Ministers are reportedly considering taking a stake in a proposed new power plant at Sizewell in Suffolk after it was revealed that the government was seeking to kick China’s state owned nuclear firm out of the project. The Times reported that the government is mulling options for funding the £20bn Sizewell C project, the UK’s [...]
First Group boss to step down amid growing shareholder pressure July 27, 2021 First Group’s chief executive Matthew Gregory has this morning announced he will leave the company after the firm’s AGM, a day after the company’s biggest shareholder demanded his resignation. The announcement came as the FTSE 250 transport operator announced that its profit had shrunk about a fifth over the last financial year. Gregory’s resignation comes [...]
5G revolution could boost UK manufacturing by over £6bn July 27, 2021 The economy could be over £6bn better off in 2030 as a result of the rollout of 5G across the manufacturing sector, with the biggest benefits being felt in the places the Government wants to “level up”. According to a new report by Vodafone, faster and more reliable 5G mobile technology has the potential to [...]
Exclusive: London businesses call on Williamson to tackle capital’s skills crisis July 26, 2021 A group of London businesses have called on Gavin Williamson to tackle London’s growing skills shortage, warning that the capital’s recovery from the pandemic was on the line. In a letter to the education secretary, coordinated by London First and seen by City A.M., the businesses call for a swathe of new policies to be [...]
TfL still facing £500m funding gap as network unveils slimmer budget July 26, 2021 Transport for London (TfL) today revealed that it is facing a £500m funding gap for this financial year as it continues to try to broker a long-term financial package with the government. In its revised budget, published this afternoon, the transport network revealed that it would need £1.9bn of funding for 2021/22, down from the [...]
Shell greenlights major new oil field in Gulf of Mexico July 26, 2021 Shell this afternoon gave the green light to a major new oil field in the Gulf of Mexico, its first such project to be approved since a Dutch court ordered the oil giant to cut emissions quicker. At peak production, the field, which is called “Whale”, will provide an estimated 100,000 barrels of oil per [...]
Water companies given green light to raise prices to offset Covid debt July 26, 2021 Water companies will be allowed to bump up their prices on a temporary basis from next year in order to offset extra bad debt acquired as a result of Covid-19. In a statement released today, sector regulator Ofwat said that from April water companies will bear 25 per cent of bad debt costs where these [...]
Heathrow warns UK falling behind Europe as losses hit £2.9bn July 26, 2021 Heathrow Airport this morning warned that it was falling behind European rivals because of the continuing restrictions on international travel. The UK’s largest airport said it had racked up losses of £2.9bn over the past six months, as vaccination travel rules and pricey tests continue to hamper the airline industry’s recovery. Passenger numbers remain a [...]
Coast Capital launches bid to oust First Group boss July 26, 2021 Coast Capital has this morning reignited its ongoing battle with First Group by calling for the resignation of the FTSE 250 firm’s chief executive Matthew Gregory, along with two other board members. The New York-based firm, which owns about 14 per cent of First Group, has been locked in a series of skirmishes with the [...]
FTSE 100 in the red ahead of key week of corporate results July 26, 2021 The FTSE 100 started the week in the red this morning as energy and banking stocks dragged down the index. London’s premier market was down 0.4 per cent after two hours of trading, with the FTSE 250 faring little better at 0.2 per cent down. The slide comes ahead of a week stuffed with corporate [...]
