Telecoms firms to face hefty fines under new Huawei laws November 24, 2020 UK telecoms companies will face hefty fines if they fail to comply with the ban on Huawei under a new law submitted in parliament today. In July the government announced a total ban on Huawei, ordering network providers to remove all equipment made by the controversial Chinese tech giant by 2027. Under the new legislation [...]
UK economy to contract in November amid second Covid-19 lockdown November 24, 2020 The UK economy is set to suffer a significant contraction this month after Prime Minister Boris Johnson imposed a second national coronavirus lockdown. After six consecutive months of growth, the economy is expected to shrink 5.7 per cent in November, before recovering a marginal 0.3 per cent in December, according to analysis by PwC. The [...]
City of London to spearhead taskforce to tackle lack of class diversity in finance November 24, 2020 The City of London and the government are today launching a joint taskforce to tackle the lack of class diversity in the UK’s financial services sector. The announcement comes as new research found that nine in ten senior roles in financial services are held by people from richer backgrounds. The report, by social equality advocates [...]
Oil prices hit highest levels since March on more vaccine hopes November 23, 2020 Global oil prices rose again today as a third straight Monday brought with it positive news concerning a vaccine for the coronavirus disease. Prices climbed a further two per cent after Astrazeneca and Oxford University said that their vaccine was up to 90 per cent effective. The announcement followed similar statements in recent weeks from [...]
Former IAG boss Willie Walsh to become IATA chief exec November 23, 2020 Willie Walsh, the outspoken former boss of British Airways-owner IAG, is set to become the head of global aviation body IATA. The Irishman stepped down from his role as chief executive of the European carrier group in September. He had been meant to leave in the spring, but agreed to carry out to shepherd IAG [...]
Sterling hits 10-week high on vaccine and Brexit deal optimism November 23, 2020 Sterling rallied to a two and a half month high today, as more positive news about a potential Covid-19 vaccine propelled investors to buy riskier currencies and offset concerns about whether Britain and the EU can clinch a Brexit trade deal. Tonight the pound is up 0.3 per cent to $1.332, while against the euro [...]
Bank of England investigating leak of QE extension decision November 23, 2020 The Bank of England believes there was a leak of its decision to increase its bond-buying program by £150bn ($200bn) earlier this month. Bank of England governor Andrew Bailey told Westminster’s Treasury Select Committee that the central bank was now investigating how the decision was leaked to The Sun. “What we have to assume is [...]
BoE governor Andrew Bailey: No-deal Brexit worse for UK economy than Covid November 23, 2020 A no-deal Brexit would leave worse long-term economic scarring than the coronavirus, according to Bank of England governor Andrew Bailey.
Curfew to be pushed back to 11pm but pubs warn restrictions will ‘destroy’ sector November 23, 2020 The Prime Minister has confirmed that the curfew for pubs and restaurants will be pushed back to 11pm when the coronavirus lockdown ends next month, but the hospitality industry has slammed new restrictions as “disastrous” for the sector. In a statement to Parliament this afternoon, Boris Johnson announced that the lockdown will be lifted on [...]
Healthy fast food chain Leon explores restructuring options November 23, 2020 Healthy fast food chain Leon is reportedly drawing up plans for an insolvency arrangement to allow it to secure rent cuts from its landlords. The firm is working on proposals for a company voluntary arrangement, and has hired advisors to help with the plans, Sky News reported. The proposals, which are likely to involve seeking [...]
