City chaos as strikes go ahead June 9, 2009 LONDON was thrown into chaos last night as London Underground (LU) staff staged a 48-hour walk-out. Last-ditch talks between RMT union officials and LU bosses fell apart just before the 7pm strike start-time, as the union accused transport chiefs of “pulling the rug from under a workable agreement” by bringing in lawyers. Transport for London [...]
Never again must banks ask for handouts June 9, 2009 IT is great news that 10 US banks have been given the green light to reprivatise themselves by paying back $68bn in Tarp bailout money. This is a milestone in the financial crisis; not only are banks raising their own equity privately again but they are also issuing long-term debt that isn’t guaranteed by the [...]
Govia wins rail franchise contract June 9, 2009 Govia has won a six year extension of its South Central rail franchise, which provides services going out of London, by promising longer commuter trains and more frequent services. The Department for Transport said the new franchise agreement, which runs from September until July 2015, could be extended by a further two years at its [...]
Crossrail causes Oxford St closure June 9, 2009 Retailers are up in arms after Transport for London (TfL) confirmed yesterday that a large stretch of Oxford Street is to be closed for work on the £16bn Crossrail project. The street will be closed to east-bound traffic between Newham Street and Tottenham Court Road, while construction workers replace and repair the ancient water and [...]
Fans offered refunds over Tube strike June 9, 2009 ENGLAND face the prospect of playing in front of a half-empty Wembley tonight after fans were offered refunds because of the Tube strike. Industrial action on the London Underground will severely restrict supporters’ travel options, while road and rail networks are expected to be swollen by extra passengers. The Football Association said no additional transport [...]
Boris gets ready for Tube strike June 8, 2009 BORIS Johnson yesterday revealed plans to keep London rolling, even if tonight’s proposed 48-hour tube strike goes ahead. The industrial action on London Underground (LU), which comes after a pay dispute between union RMT and LU, is due to begin at 7pm this evening. Both parties were last night locked in talks. If the strike [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 7, 2009 THE SUNDAYSThe Sunday Telegraph WIGLEY TO ADVISE ADVENTThe former chairman of Merrill Lynch’s European operations and a respected City figure, is joining the private equity firm Advent International to identify investment opportunities across the financial services industry. Wigley will become a part-time operating partner at Advent, which is sitting on a large cash-pile after raising [...]
Tube strike still on despite new pay proposal June 7, 2009 LONDON Underground (LU) this weekend renewed its calls for the union RMT to call off a planned strike that will bring chaos to the capital’s transport network from tomorrow evening. Tube workers are set to walk out on strike for 48 hours. LU made a revised four–year pay offer of 1.5 per cent this year [...]
Spending boost for West End’s stores May 25, 2009 HALF a million shoppers were drawn to London’s West End this bank holiday by a day of free parking and in-store entertainment. The event, which saw shoppers spend around £50m on Saturday alone, took the New West End Company six months to organise with co-operation from West End retailers, Westminster City Council and Transport for [...]
Crossrail gets City backing May 17, 2009 INFRASTRUCTURE investments such as the long-awaited Crossrail project, for which construction began last Friday, have a positive impact on the City, a survey out today will show. The data from City law firm Pinsent Masons shows that 77 per cent of the City think such investments will enhance London’s competitiveness and attractiveness as a business [...]