Exxon Mobil will continue expansion drive despite oil volatility March 5, 2020 Exxon Mobil will keep pursuing its current strategy of investing in new oil exploration, despite prices of the resource falling. The oil giant will pour money into shale gas, of which the US is the world’s largest producer, and new oil fields. This comes as doubts rise about global demand for oil following the outbreak [...]
Influential Treasury Select Committee slams FCA culture but backs Bailey as next Bank governor March 5, 2020 Parliament’s influential Treasury Select Committee (TSC) today unanimously backed Andrew Bailey in his new role at the Bank of England, but took the opportunity to criticise failings in his post at the City’s watchdog. The TSC pointed to recent conduct issues such as the London Capital & Finance mini-bond and Woodfood investment scandals, which occurred under Bailey’s watch [...]
Mark Carney says Bank of England and Treasury working to tackle coronavirus fallout March 5, 2020 Bank of England governor Mark Carney has said that Threadneedle Street is coordinating with the Treasury to make sure British households and businesses are protected from the economic fallout from coronavirus. Carney, who will be replaced by Andrew Bailey as governor on 16 March, refused to be drawn on whether the Bank would carry out [...]
JP Morgan moves London staff amid coronavirus outbreak March 5, 2020 JP Morgan is sending some employees to backup locations to reduce disruptions if employees are exposed to coronavirus. In a memo sent to staff, head of sales Marc Badrichani and head of trading, Troy Rohrbaugh, said the company has “started to test and implement alternative working arrangements for employees in New York and London”. “Dividing [...]
Covid-19: First coronavirus death in the UK March 5, 2020 A patient with underlying health conditions has died after testing positive for coronavirus, according to the Royal Berkshire NHS Trust. In a statement on its website, the hospital said: “Sadly, we can confirm that an older patient with underlying health conditions has died. The patient has previously been in and out of hospital for non-coronavirus [...]
Airbnb signs data sharing partnership with European Commission March 5, 2020 Airbnb has signed a data sharing partnership with the statistical office of the European Commission. The agreement with Eurostat will give European public authorities access to independently published data on short-term rentals on Airbnb. “The agreement will for the first time permit access to reliable data about holiday and other short-stay accommodation offered via these [...]
Flybe collapse: Virgin Atlantic refused to put more cash into beleaguered airline March 5, 2020 Virgin Atlantic refused to put any more money into collapsed regional airline Flybe due to the effect of the coronavirus outbreak on its own bookings. In a witness statement filed by Mark Anderson, chief executive of Flybe owner Connect Airways, first reported by Sky News, Virgin Atlantic had told the airline on Tuesday evening that [...]
HS2 could have planning problems without Crossrail 2, says HS2 boss March 5, 2020 HS2 could run into planning problems if Crossrail 2 does not get the go-ahead, according to HS2’s chief executive. Speaking to the Public Affairs Committee yesterday, Mark Thurston said HS2 chiefs had expected Crossrail 2 to be approved when drawing up plans for the high speed train line. He added that the new Crossrail 2 [...]
PSSL threatens Pollen Street Capital with legal action to obtain documents March 5, 2020 Pollen Street Secured Lending (PSSL) has hit back at Pollen Street Capital and is threatening legal action to obtain due diligence materials. In a punchy letter to shareholders, PSSL chairman Simon King said that PSC is trying to ensure that Waterfall Asset Management’s bid will not proceed. In January, Waterfall made a possible cash offer [...]
Exclusive: Theatre producers mull plans to stream shows amid coronavirus fears March 5, 2020 Theatre production companies behind some of the West End’s biggest hits are considering streaming performances of their shows as the coronavirus sparks fears of mass cancellations. City A.M. has learnt that Delfont Mackintosh, whose shows include Hamilton, Les Miserables and Mamma Mia, has held discussions with broadcasting firms as they ramp up their contingency plans. [...]
