Financial Conduct Authority may intervene to prevent excessive motor finance costs March 4, 2019 Britain’s markets watchdog is considering banning certain methods lenders use to reward car retailers that cost consumers £300m a year. The Financial Conduct Authority (FCA) said it found widespread use of commission models which allow brokers discretion to set the customer interest rate and thus earn higher commission, which can lead to customers paying “significantly [...]
South Korea announces $3bn support package for embattled car part companies December 18, 2018 The South Korean energy ministry has unveiled a raft of measures designed to support the country's strained car parts industry, including a liquidity injection and improved subsidies for electric cars. The announcement follows the closure of a General Motors’ South Korean subsidiary factory earlier this year and a downturn in profits at Seoul-based car manufacturer Hyundai [...]
Blockchain and the unchanging face of motorsport November 27, 2018 SINCE its first competitive race in the early 19th century, motorsport has become one of the most popular sports in the world; attracting millions of fans from more than 194 countries all looking to benefit from the exhilarating, emotional experience of the track. However, despite its popularity and the advancement of different technologies impacting various [...]
Mitsubishi sacks Carlos Ghosn from chairman role after arrest November 26, 2018 Mitsubishi Motors has sacked Carlos Ghosn following his arrest in Japan, with an expert predicting a wider fallout from financial misconduct allegations against the industry luminary. Mitsubishi is the third member of an alliance with Renault and Nissan, the latter of which ousted Ghosn as chairman after he was arrested over allegations of financial misconduct. Mitsubishi's [...]
City Moves for 31 October – who’s switching jobs at Mayer Brown, Meggitt and IOE&IT? October 30, 2018 Who’s switching jobs today? Mayer Brown Global law firm Mayer Brown announced that Ashley McDermott has joined the firm’s banking and finance practice in London as a partner. He will advise on a range of lending transactions, particularly those involving emerging markets. Ashley’s practice is focused on export, trade and multilateral financing, especially in the [...]
City Moves for 24 September 2018 – who’s switching jobs at RHI Magnesita, Saga and Wiggin? September 24, 2018 Today's City Moves covers industries, insurance and legal eagles. Take a look at these movers and shakers: RHI Magnesita RHI Magnesita has nominated Ian Botha, currently CFO of Anglo American Platinum, has been nominated, as new CFO and finance director for appointment in the 2019 annual meeting. Ian will join the company on 1 [...]
Toyota invests $500m in Uber to propel self-driving cars into reality August 28, 2018 Japanese motoring giant Toyota has renewed its dedication to creating a self-driving car network on our streets, to the tune of a $500m (£387.6m) investment in ride-hailing firm Uber. The company said late last night it will expand its partnership with Uber in an effort to bring to market "autonomous ride-sharing as a mobility service at scale", at a time [...]
Billionaire Tory donor Crispin Odey demands the resignation of two top Tungsten bosses June 13, 2018 Hedge fund manager and Conservative party donor Crispin Odey has opened fire on the chief executive and chairman of Tungsten Corporation, demanding that they be kicked off the board. As one of the largest shareholders in Tungsten, Odey Asset Management is said to have been canvassing votes from its fellow members to force the hands [...]
Richard Branson says ban on diesel and petrol-fuelled cars should be brought forward to 2025 June 7, 2018 Richard Branson, a new pioneer of electric cars, has said the ban on petrol and diesel vehicles should be brought forward from 2040 to 2025. Speaking at a Formula E event, the tycoon said the UK should follow in the paths of environmentally friendly countries Norway and the Netherlands, who have a 2025 ban in [...]
Direct Line share price falls after Beast from the East costs insurer its entire annual weather budget May 2, 2018 Direct Line today counted the cost of Britain’s icy winter and warned its top line had shrunk by five per cent in the first three months of 2018. Quarterly gross written premiums slumped from £810.3m to £769.9m. Direct Line operates its own and a host of other well-known brands, including Churchill, Privilege and Green Flag. [...]