TfL closes door on Tube Lines takeover June 27, 2010 BORIS JOHNSON, London’s Mayor, and Transport for London (TfL) have completed the takeover of Tube Lines. Under the agreement, TfL has purchased all of Tube Lines’ shares from Bechtel and Ferrovial’s Amey, for £310m and will now manage the ongoing work to the Northern, Jubilee and Piccadilly lines. Johnson said the deal will open a [...]
Two-day Tube strike starts June 23, 2010 LONDON Underground maintenance workers began a 48-hour strike at 7pm last night, after last-ditch legal action by employer Tube Lines failed. A High Court judge denied Tube Lines an injunction to stop the strike, despite arguments that the strike ballot was invalid. “We urge the RMT to pull back from taking this needless action which [...]
Sentance shatters consensus with call for rate rise June 23, 2010 A LONE dissenting voice in the Bank of England’s Monetary Policy Committee (MPC) this month urged for a hike in rates, the first time since August 2008 that such a call has been made. External MPC member Andrew Sentance, who has recently expressed disquiet about stubbornly high inflation in both MPC meetings and in the [...]
TUBE LINES STRIKE TO GO AHEAD June 22, 2010 MAINTENANCE workers on the underground will strike this evening after talks between rail union RMT and Tube Lines fell apart. The strike, which will be staged in two parts, is set to commence at 7pm and will last until Friday evening, with another strike planned between 14 and 16 July. Transport for London (TfL), which [...]
WHAT DOES THE CHANCELLOR’S BUDGET MEAN FOR YOU? June 22, 2010 KATE SOLWAY, 30 FUNDS CONTROLLER AT PRIVATE EQUITY FIRM COGNETAS Kate is single and lives in rented accommodation. She also owns two investment properties – one a London flat with a mortgage which she rents out, and the other a holiday home under construction in west Africa’s Cape Verde, on which she does not have [...]
Rail link and bookie set to be privatised June 22, 2010 THE High Speed 1 rail link, air traffic control, the student loan book and Tote, the national bookmaker, are among assets to be sold off by the coalition government. Chancellor George Osborne yesterday said it was high time to return the businesses to private ownership, a move that will generate billions of pounds to begin [...]
What to look out for in the Budget June 21, 2010 THE ECONOMY/PUBLIC FINANCES • The newly-created interim Office for Budgetary Responsibility (OBR) released forecasts last week for growth and public borrowing. But these were based on the policy decisions of Alistair Darling’s Budget and are likely to change in response to moves made by the new chancellor. • Previously, the OBR said GDP?growth is expected [...]
Managers buy out Searcys June 21, 2010 SEARCYS, the operator of the restaurant at the top of the iconic Gherkin tower, has been bought out by its management team in a deal valuing the business at around £8m. The deal will see the upmarket restaurant group return to private ownership three years after it was bought by Alternative Hotel Group (AHG), the [...]
High Speed 1 rail link is put up for auction June 21, 2010 BRITAIN yesterday put the rights to operate the country’s high-speed railway connec tion from London to the Channel Tunnel up for sale. The sale of the 68-mile High Speed 1 line will be fronted by transport minister Philip Hammond and is aimed at helping to boost public funds. He said the successful bidder would become [...]
Get more bang for your buck in green, spacious Hackney June 17, 2010 THERE aren’t many areas of London where less than a million pounds can get you an original Victorian house with four bedrooms, close access to three parks, independent shops and a commute under 20 minutes. In London Fields, however, the asking price for such a lifestyle is often no more than £800,000. Despite its trendy [...]