London First: Give more powers to City Hall to fund TfL May 28, 2020 Business group London First has this morning called on the government to devolve further powers to the Greater London Assembly in order to secure the long-term finances of Transport for London (TfL). In a new report produced in partnership with KPMG, the group argues that unless City Hall is given access to tax revenues via [...]
Huawei finance chief struck blow in US extradition trial May 27, 2020 Huawei’s finance chief Meng Wanzhou was tonight dealt a blow in her bid to avoid extradition to the US after a Canadian court ruled against her. A judge found that the case against Wanzhou, who has been accused of bank fraud by US authorities, meets the threshold of double criminality – meaning the charges are [...]
Oil giant Chevron to cut up to 7,000 jobs due to coronavirus May 27, 2020 US oil giant Chevron is set to cut up to 7,000 jobs as it seeks to restructure after the coronavirus pandemic hammered global oil prices and squeezed demand around the world. The firm, which is the US’ second largest producer of oil, had already said that it would reduce its budget for the year by [...]
Mike Pompeo declares Hong Kong no longer autonomous from China May 27, 2020 US secretary of state Mike Pompeo today told Congress that Hong Kong is no longer autonomous from China, bringing into doubt the region’s unique trading status. In a statement, Pompeo said that due to China’s plan to impose new national security legislation on the city, “no reasonable person can assert today that Hong Kong maintains [...]
Boeing to cut nearly 7,000 jobs as coronavirus batters aircraft demand May 27, 2020 Aerospace giant Boeing will lay off 6,770 workers this week, with several thousand more set to be cut over the coming months. In an email to staff today, chief executive Dave Calhoun shared the news, saying: “I wish there was another way”. In April, the planemaker said that it would cut 10 per cent of [...]
Lufthansa board stalls bailout decision over landing slot conditions May 27, 2020 Lufthansa’s supervisory board has this afternoon postponed approval of the German flag carrier’s €9bn bailout package due to conditions imposed by the European Union. As part of the deal, the body’s executive the European Commission had asked Lufthansa to waive the rights to six out of 300 landing slots at Frankfurt and Munich airports. At [...]
FCA warns banks and brokers over risks of home working May 27, 2020 The financial services watchdog today warned that banks and brokerages are facing increased risks around the handling of sensitive information due to the rise of home working as a result of the coronavirus pandemic. In its weekly bulletin, the Financial Conduct Authority (FCA) said that “working from home arrangements may raise new, additional risks around [...]
Transport for London taps former New York transit chief as new boss May 27, 2020 Transport for London (TfL) has this afternoon named Andy Byford as its new transport commissioner. The former chief executive of the New York City Transit Authority will take over from his predecessor Mike Brown in July. Brown, who has held the role for five years, will take on a new position overseeing the renovation of [...]
Treasury: Furlough scheme now covers 8.4m workers May 27, 2020 The number of people covered by the government’s job retention furlough scheme has risen to 8.4m, the Treasury revealed today. The new figure marks an increase of 400,000 people on last week’s update, with over 1m companies using the scheme. In addition, the value of such claims has now risen to a total of £15bn, [...]
EDF submits planning application for Sizewell C nuclear power station May 27, 2020 EDF has this morning submitted an application to build the new Sizewell C nuclear power plant on the Suffolk coast to the Planning Inspectorate. The plant, which the French firm is developing in partnership with China’s state-owned nuclear company CGN, will be a near replica of Hinkley Point C in Somerset. Upon completion, the power [...]
