Government urged to launch public inquiry into P&O scandal April 1, 2022 The government has been urged to launch a public inquiry into the P&O scandal, during which almost 800 workers were made redundant. The Liberal Democrats have written to the cabinet secretary Simon Case calling for immediate action so “families can get the answers they deserve”, after hundreds of people lost their jobs and were plunged [...]
Members of troubled British Steel Pension Scheme win back over £71m in redress March 31, 2022 The UK’s financial watchdog has agreed that former members of the troubled British Steel Pension Scheme (BSPS) will be able to receive £71.2m worth of compensation, as part of long-awaited redress for workers. The Financial Conduct Authority (FCA), which launched a probe for a redress scheme in late December, has found that almost half (46%) [...]
London arm of Russia’s VTB on brink of collapse as sanctions bite March 30, 2022 The London arm of Russia’s VTB Bank is on the brink of insolvency proceedings after sanctions have curbed its ongoing operations. As reported by Mark Kleinman for Sky News, British banking regulators have called in advisers to help address Russia’s second-largest lender’s presence in the capital. Sources told Sky that the bank could fall into [...]
The City View: Chris Jackson, CEO of green hydrogen firm Protium, talks easing sustainable energy transition March 30, 2022 Today Andy Silvester chats to Chris Jackson, CEO of UK-based green hydrogen energy firm Protium. They go back to Protium’s roots; discuss what green hydrogen acutally is and how the company aims to simplify the decarbonisation process for the companies it works with; and go through why hydrogen, rather than solar and wind energy, might [...]
Grant Shapps says new measures will make P&O “fundamentally rethink” layoffs March 30, 2022 Grant Shapps unveiled today a new set of measures which are expected to make P&O Ferries “fundamentally rethink” the sacking of almost 800 seafarers. “P&O Ferries’ failure to see reason, to recognise the public anger, and to do the right thing by their staff has left the government with no choice,” he told the House [...]
P&O accuses Coastguard of ‘unprecedented rigour’ after two ships detained March 30, 2022 P&O Ferries accused today the Maritime and Coastguard Agency (MCA) of displaying “an unprecedented level of rigour” after it detained two of the firm’s ships. The European Causeway and Pride of Kent vessels were detained in the last few days over safety concerns, as government scrutiny around P&O increased following the layoff of around 800 [...]
Downing Street calls on public sector bodies to review contracts with Russian energy suppliers March 28, 2022 The government has instructed public sector bodies to review energy deals and other contracts they have with Russian firms.
Bosses at UK arm of Russian energy giant Gazprom seek to buy it out as insolvency looms March 22, 2022 Bosses at the UK arm of Russian energy giant Gazprom have made a bid to buy it out, as sanctions against its parent company threaten to make it insolvent. Manchester-based Gazprom Energy, which supplies more than a fifth of gas used by UK companies, has been left just days from needing a government bailout through [...]
Property boss launches £1.5bn legal claim against Lloyds over Libor hit March 19, 2022 The former Centre Point owner has tabled a £1.5bn legal claim against Lloyds Banking Group, pointing to the Libor scandal as reason for his property firm’s woes. Founder of property investment firm Targetfollow, Ardeshir Naghshineh, said he would have never taken out certain loans if he had knowledge of the Libor benchmark being manipulated fraudulently. [...]
TM Lewin on verge of administration for second time in two years March 17, 2022 Shirt maker TM Lewin has reportedly lined up advisors and is on the verge of collapsing into administration for the second time in two years.