Risks of artificial intelligence on financial markets must be monitored, warns Financial Stability Board November 1, 2017 The world’s top central bankers have warned that the spread of artificial intelligence could pose a threat to financial stability. The Financial Stability Board (FSB) said yesterday it was crucial for regulators to monitor the growing adoption of AI and machine learning technology across the financial industry, from hedge funds to brokers to banks. Read [...]
Restaurant sector faces risk of thousands of insolvencies as Brexit bites October 30, 2017 A fifth of Britain’s restaurants are showing signs they could go bust, according to research released today. Almost 15,000 eateries are facing a real insolvency threat as rising staff costs and the fall out of Brexit put a strain on the sector. Over half of all food is imported, with three-quarters coming from the EU. [...]
Treasury select committee chair Nicky Morgan: Insurance sector needs to be given “priority” status in Brexit talks October 27, 2017 Treasury select committee chair Nicky Morgan has called on the government to treat Britain’s insurers as a “priority sector” during Brexit negotiations. The influential group of MPs today publishes a report on the impact of a key European directive that shook up how much capital insurers must hold to cover any losses. Morgan called on [...]
A successful industrial strategy requires letting zombie firms die October 20, 2017 As the government considers its industrial strategy white paper, due later this year, it must first break free from blinkered thinking. While doubtless well intentioned, the familiar policies under discussion so far – additional public infrastructure investment, more state-funded research, and skills enhancement, with a particular focus on management training – are not sufficient to [...]
Thomas Cook has just launched a new airline in Majorca called Thomas Cook Airlines Balearics with flights planned for 2018 October 18, 2017 Thomas Cook has launched a new airline in Majorca and plans to start its first flights early next year as it looks to combat turbulence in the European short-haul aviation sector. The travel firm, which operates airlines in Germany, the UK and Scandinavia, said the new carrier will supplement its existing operations, starting with at [...]
Monarch Airlines collapses prompting “biggest ever peacetime repatriation” of 110,000 stranded passengers October 2, 2017 Monarch has ceased operations with immediate effect having collapsed into administration this morning. Around 110,000 passengers have been left stranded overseas. Authorities are promising to ensure they are flown back home in what transport secretary Chris Grayling called “the country’s biggest ever peacetime repatriation”. All flights have been cancelled and authorities are urging passengers with [...]
EasyJet teams up with US start-up Wright Electric to get electric plane plans underway September 27, 2017 EasyJet is looking to charge up its electric credentials in a tie-up with US company Wright Electric to develop passenger aircraft powered by electric batteries. The low-cost carrier wants the planes to fly passengers on its short-haul routes. The airline’s interest in the US start-up, which was founded last year, emerged in March, with Wright [...]
EasyJet’s electric plane plans are taking off with start-up Wright Electric: Here’s how the aircraft will look September 27, 2017 EasyJet is looking to charge up its electric credentials in a tie-up with US company Wright Electric to develop passenger aircraft powered by electric batteries. The low-cost carrier wants the planes to fly passengers on its short-haul routes. The airline's interest in the US start-up, which was founded last year, emerged in March, with Wright [...]
EasyJet submits offer to acquire part of insolvent Air Berlin September 15, 2017 Budget airline EasyJet has this afternoon announced a proposal to take over parts of Air Berlin’s short haul business. EasyJet submitted the suggestions to the firm overseeing Air Berlin’s insolvency, saying they were “consistent with EasyJet’s focused, city-based strategy in Germany”. Read more: Air Berlin plans to agree asset sale deals with at least two [...]
Ukraine’s central bank pulls plug on PwC bank audit rights over PrivatBank’s balance sheet hole July 20, 2017 The National Bank of Ukraine (NBU) announced today that it had pulled the plug on PwC’s domestic bank auditing rights, after it had failed to identify a $5bn (£3.9bn) balance-sheet hole at the country’s largest lender in previous audits. It comes after last December’s state takeover of PrivatBank by the NBU, in a move aimed [...]