E.on abandons planned UK Isles Wind Farm project due to objections January 21, 2016 Energy giant E.on has shelved plans for a huge wind farm project in north east England, blaming environmental and technical issues. "These include the longstanding objection from the Ministry of Defence, the high bird activity on the site, investor uncertainty and changes to planning law," it said in a statement released today. "The combination of these [...]
Memo to Barclays staff from Tom King confirms job cuts at its investment bank as it closes its Moscow and Brazil offices January 21, 2016 Barclays has confirmed hundreds of job cuts as it unveiled plans to pull out of some emerging markets. In a memo to staff today, Tom King, the new chief of Barclays' investment bank, said the bank will re-focus on its businesses in the UK and US, as well as maintaining a presence in key markets including China, Hong [...]
O2 arena plans for a new designer outlet win £185m backing from Lloyds Banking Group January 21, 2016 Lloyds Banking Group is backing the owners of the O2 arena in Greenwich with a £185m loan to finance the building of a new designer shopping outlet to rival Bicester Village and Wembley. The loan by Lloyds’ commercial banking arm will allow the O2’s owners AEG and Crosstree Real Estate, to push ahead with the [...]
Best and worst ski currencies: Head to Canada or Norway’s slopes to get the best value for your pounds, but avoid Sweden and the US dollar January 21, 2016 Planning a ski holiday? Choosing the right slopes can make a difference to the tune of hundreds of pounds. If you want your holiday pounds to go furthest, avoid the US and Sweden – but those heading to Canada and Norway will be far better off. Sterling is up against six of the most popular [...]
Chemring share price tumbles on rights issue as losses widen January 21, 2016 The figures British defence group Chemring plans to tap shareholders for £80.8m to tame the high debt levels and repayment costs which are hampering its restructuring efforts. The British-based company's full-year pre-tax loss for the year ending October 31 widened to £9.1m, from £5.2m a year earlier. Underlying operating profit slipped 26.34 per cent to £34.4m, while [...]
Challenger Shawbrook poaches Evelyn Hamilton from Lloyds Banking Group January 21, 2016 Shawbrook has hired a new managing director of consumer finance, announcing in a statement this morning that Evelyn Hamilton has joined the challenger from Lloyds Banking Group. Hamilton becomes just the latest high-profile hire for the challenger, which floated on the London Stock Exchange last April. The bank announced last autumn that it had poached Santander's then-head [...]
Financial Reporting Council confirms plans to investigate KPMG over Hbos handling January 21, 2016 The Financial Reporting Council (FRC) has confirmed plans to launch an investigation into KPMG and its handling of Hbos’ accounts today. In a statement this morning, the regulator said it had asked its executive counsel to undertake preliminary enquiries under the accountancy scheme, the disciplinary scheme for members of the accounting profession. The FRC will examine [...]
BT boss Gavin Patterson warns cyberattacks have soared 1,000 per cent in 18 months January 21, 2016 BT’s networks are having to deal with “hundreds of thousands” of cyber-attacks every single day, chief exec Gavin Patterson told delegates at the World Economic Forum in Davos. Attacks have skyrocketed by 1,000 per cent in the past 18 months alone, according to Patterson – and they aren’t just becoming more frequent, but also more [...]
Pearson share price jumps as it unveils plans to cut 4,000 jobs and reduce headcount by 10 per cent. January 21, 2016 Another day, another massive set of job cuts. Publisher Pearson, which last year sold off its stakes in the Financial Times and The Economist, has announced plans to cut 10 per cent of its workforce – about 4,000 jobs – in an effort to "simplify" its business. In interim results today, the company said it [...]
UK car manufacturing hits its highest in a decade as UK exports autos to more than 100 countries January 21, 2016 The markets may be in turmoil and growth may be teetering on the brink – but British car manufacturers are having a ball. Figures by the Society of Motor Manufacturers and Traders (SMMT) said manufacturers in the UK made 1,595,697 vehicles in 2015 – more than any year since 2005. Manufacturers also exported a record [...]