EU commissioner demands Volkswagen provide a US-style solution for European customers June 26, 2016 Volkswagen faced fresh calls from the EU Industry Commissioner to financially compensate European customers impacted in the fuel-emissions scandal after reports that a settlement will soon be finalised in the US. Elzbieta Bienkowska upped the pressure on the German car giant. "Volkswagen should voluntarily pay European car owners compensation that is comparable with that which [...]
China warns of “global shadow” caused by Brexit June 26, 2016 China's finance minister has warned that Brexit could “cast a shadow over the global economy”, creating financial uncertainty for the world’s second-largest economy and largest exporter. Speaking at the first annual meeting of the Asian Infrastructure Bank in Beijing this weekend, Lou Jiwei pointed to a prolonged period of uncertainty in the global economy but added [...]
Tsipras claims Brexit vote was due to EU austerity demands June 26, 2016 Greek Prime Minister Alexis Tsipras has pointed the finger squarely at EU leaders for the outcome of the EU referendum last Thursday. Tsipras referenced the “chronic deficiencies” of the EU leadership, and claimed that its insistence on austerity policies were the driving force behind the UK’s vote to leave. Speaking at the Syriza party central [...]
Petition signatures quickly removed after fraud investigation June 26, 2016 Tens of thousands of signatures of a petition for a second EU referendum were removed within hours of a fraud investigation being launched by MPs this morning. The petition, which has now been backed by over three million signatories was investigated by the cross-party Petitions Committee after it was reported that signatures were being traced [...]
Global banking sector prepared to deal with Brexit fall out June 26, 2016 Central and private banks are implementing “extensive contingency plans” to contain market disturbance caused by the Brexit vote, said the Bank of International Settlements this weekend. Speaking at the annual general meeting in Basel today, general manager Jaime Caruana hailed the implementation of such initiatives. Caruana pointed to them as an example of how the global banking [...]
HMRC claim it is winning the battle to crackdown on corporation tax June 6, 2016 HMRC believe that that they have turned a corner in catching companies trying to avoid paying corporation tax after subjecting large businesses “to an exceptional level of scrutiny”. Data released following a Freedom of Information Act request by UHY Hacker Young showed 15 per cent decrease in the number of high value cross border investigations [...]
Over half of City workers think they will have changed jobs by this time next year June 6, 2016 Cuts to bonuses and stagnant salaries are causing many workers in the Square Mile to consider jumping ship. As a result, more than half of City workers do not believe that they will be doing the same job in a year’s time, research released today indicates. The poll, conducted by recruitment firm Astbury Marsden, suggests that [...]
Public encouraged to take more risk to compensate for smaller pension pots June 5, 2016 “Work longer, save more and look to take more risk” was the gloomy advice from the pensions sector following the reports over the weekend that those entering retirement now can only expect to receive half the income of their counterparts at the turn of the century. The Organisation for Economic Co-operation and Development (OECD) will lay [...]
EDF to raise funds for Hinkley Point from sale of stake in prized European asset June 5, 2016 The French owner of the Hinkley Point C project is selling off prime assets in order to fund development of the controversial UK nuclear reactor. According to reports in Le Figaro over the weekend, EDF, is looking for a buyer of a 50 per cent stake in RTE, Europe's biggest high-voltage electricity transmission grid. The debt-laden [...]
Easyjet traffic hit by air traffic controller strikes and terrorism April 6, 2016 Easyjet is expected to return to the red for the first half of the year after French air traffic controller strikes and the terrorist attacks in Belgium hurt traffic volumes in March. The Luton-based budget airline said 611 flights were cancelled last month, blaming the majority on strike action in France. Load factors (the proportion [...]
