Heathrow passenger numbers fall nearly 75 per cent in 2020 January 11, 2021 Just 22.1m passengers passed through Heathrow Airport in 2020, it was revealed today, a 73 per cent fall year-on-year. The UK’s biggest airport said that the coronavirus had seen 58m fewer travellers pass through its gates than in 2019. Cargo volumes through Britain’s biggest port also fell 28.2 per cent because of restrictions on international [...]
The Bribery Act: Ten years on January 11, 2021 This year marks ten years since the Bribery Act came into force. It was enacted in 2010 but was not active until the following year. In May 2019 a House of Lords Select Committee of which I was a member scrutinised the Bribery Act and concluded that overall it was working well. The immediate reaction from businessmen at the outset when the Bribery Bill was [...]
City watchdog issues crypto warning as price of Bitcoin soars January 11, 2021 City watchdog the Financial Conduct Authority (FCA) has warned consumers that investing in cryptoassets is “very high risk”, after some firms promised high returns for the investment. The FCA said customers “should be prepared to lose all their money” if they invest in cryptoassets, which is considered a high risk and volatile investment strategy. The [...]
Revolut applies for UK banking license January 11, 2021 Revolut has applied for a UK banking licence, which would allow it to provide customers full service current accounts and products like overdrafts, loans and deposit accounts. A UK license would also mean customers had the security of protection of up to £85,000 under the Financial Services Compensation Scheme (FSCS), the UK’s lifeboat fund. Revolut [...]
Easyjet secures $2bn loan as coronavirus pain goes on January 11, 2021 Easyjet has today secured a new $1.9bn (£1.4bn) five year loan as it takes further steps to bolster its finances amid the coronavirus pandemic. In a statement, the carrier said that the loan would “significantly extend and improve easyJet’s debt maturity profile and strengthen easyJet’s balance sheet by increasing the level of available liquidity”. The [...]
FCA approves world’s first air travel revenue hedging system January 11, 2021 The UK’s financial regulators has approved Airbus subsidiary Skytra’s Air Travel Price Indices, a key step in allowing airlines to manage revenue volatility. Through building the world’s largest air ticketing database, the firm has developed a set of regulated benchmarks based on US$ per Revenue Passenger Kilometre ($/RPK). This represents the price of air travel [...]
Dr. Martens gearing up for stock market float January 11, 2021 Dr. Martens is readying itself for an IPO, and hoping to trade on the main market of the London Stock Exchange after more than 60 years in business. The iconic footwear brand has engaged Goldman Sachs and Morgan Stanley as join global co-ordinators, and Barclays, HSBC, Merrill Lynch and RBC Europe as joint bookrunners in [...]
Royal Mail appoints former Apple exec as new boss January 11, 2021 Royal Mail has this morning announced that director Simon Thompson will become its new chief executive. The former Apple executive will move into the top seat today, with interim chief Stuart Simpson to leave at the end of January. Simpson has been managing the firm on a temporary basis since May, when Rico Black quit. [...]
Seven mass vaccine centres to open across England January 11, 2021 Seven new mass vaccine centres will open across England as part of the government’s new vaccine delivery plan, the details of which will be released later today. More than 1,000 vaccination sites have already been established across the UK, targeting first those most at risk from Covid-19. Speaking on Sky News this morning minister for [...]
Chancellor Rishi Sunak: The City could be set for a post-Brexit Big Bang 2.0 January 11, 2021 Rishi Sunak believes the Square Mile is set for a post-Brexit “Big Bang 2.0” and that the City’s “culture and creativity” will see it to greater, global heights. In a candid interview with City A.M., the Chancellor also pushed back against criticism of the UK’s trade deal with the European Union, saying that it should [...]
