UBS agrees to buy Credit Suisse to avoid “unthinkable” consequences March 19, 2023 THE SWISS government last night brokered a discount $3bn (£2.6bn) deal that will see UBS rescue Credit Suisse from bankruptcy and avoid “irreparable” damage to the global financial system. In an extraordinary press conference last night, the Swiss President said deposit outflows on Friday at Credit Suisse on Friday meant it was “no longer possible [...]
SNP boss Peter Murrell – Nicola Sturgeon’s husband – quits amid falling membership row March 19, 2023 SNP boss Peter Murrell has quit the party amid a row over declining membership figures, as the race to succeed first minister Nicola Sturgeon enters its final week. Scottish National Party (SNP) chief executive Peter Murrell resigned this weekend after reports of a threat of a no confidence vote by the National Executive Committee (NEC). [...]
Silicon Valley Bank UK paid out £15m in bonuses to top execs just days after HSBC rescue deal March 18, 2023 Silicon Valley Bank’s UK arm handed out over 15 million pounds ($18 million) in bonuses days after its rescue deal this week by HSBC, Sky News reported on Saturday. Payouts to staff including senior executives were signed off by HSBC earlier in the week, the report said, adding that the bonuses would not have been paid this week if SVB UK had [...]
Five live sporting events to watch on TV this weekend March 17, 2023 The sporting world this week sees the conclusion of the Six Nations, a domestic rugby final and the return of the FA Cup and Formula 1. Here’s what you should put into your diaries ahead of this weekend. Football: Forest vs Newcastle – Friday The Premier League returns this evening with a crunch battle between [...]
Government bans TikTok on official devices over China security fears March 16, 2023 The government has banned the TikTok app on official devices, it has confirmed today. The Chinese-owned social media video app has been at the centre of security and data protection concerns in recent weeks. It follows moves by the European Commission (EC) and the United States to take action over the app’s use on secure [...]
London brought to a standstill as tube strike closes entire network and RMT lock horns with Sadiq Khan March 15, 2023 A strike by London Underground drivers has closed the entire network. Transport for London’s website shows no services are running on any Tube lines. The Docklands Light Railway and Elizabeth line are part-suspended because of the industrial action. Drivers in Aslef and the Rail, Maritime and Transport union (RMT) walked out in a dispute over [...]
Explainer: Swimming in it, Sunak’s funds for public pools March 14, 2023 If you’re dying to know what will be in the budget tomorrow, City A.M. has got you sorted with the most important bit of news: the funding pot for swimming pools. The Chancellor is handing out £63m to leisure centres with pools in a one-year fund. Part of the money is for energy-efficiency measures and [...]
Activist investor Elliott puts its hopes on City grandee to make friends and influence private equity deals March 14, 2023 Feared investment firm Elliott has called in the former chairman of BT and Easyjet to act as a senior adviser as it looks to ramp up its private equity operation and soften its reputation around the City.
Cost of living crisis: Inflation sees Brits take a real-terms pay cut yet again March 14, 2023 British workers’ wages have been eroded by sky high inflation for the 15th month in a row despite them bagging bumper pay rises, official figures out today show. Real regular pay, which measures pay growth in cash terms minus inflation, fell on a monthly basis in January, according to the Office for National Statistics (ONS). [...]
TikTok: Tugendhat launches probe over China security concerns amid calls to follow US and EU by banning it March 14, 2023 Security fears over social media video app TikTok are being investigated by a top cyber watchdog, the government has confirmed. Minister Tom Tugendhat told Sky News he had asked the National Cyber Security Centre (NCSC) to look into concerns over the app, which is owned by Chinese firm ByteDance. He told the broadcaster: “Understanding exactly [...]