London’s summer heatwave sparked plunge in footfall as Mayor warns against climate crisis October 3, 2022 The summer heatwave saw London visitors plunge as commuters swap the City for the shade, says London Mayor Sadiq Khan. Speaking at the Reuters IMPACT Conference later today, the Mayor will reveal that on 18 July, when temperatures in London exceeded 35 degrees, there were 385,640 daytime workers in central London, when 518,000 workers would usually be [...]
Ex Bank of England governor Mark Carney: Government ‘undermining’ financial institutions September 29, 2022 Sir Mark Carney, the former Bank of England Governor, has said the government’s mini-budget tax cuts are “working at some cross-purposes” with monetary policy. The economic accused Liz Truss and Kwasi Kwarteng of “undercutting” financial institutions, after last week’s mini-budget sent markets into turmoil, and the pound plummeting. Speaking to the BBC, his comments came [...]
Block Russian oligarch from spending frozen funds, High Court told September 27, 2022 The UK’s National Crime Agency (NCA) is seeking to block sanctioned Russian billionaire Petr Aven from using £1.5m in frozen funds stored in bank accounts linked to two companies responsible for managing his central London properties and Surrey estate. The £1.5m funds were frozen by the NCA in May after HSBC and Monzo Bank raised [...]
Russians flee en masse to escape Putin’s mobilisation with few flights out of Moscow costing £10,000 September 27, 2022 Tens of thousands of Russians are fleeing their country to escape the mass military mobilisation that is currently underway. As a result, international flights out of Moscow now cost more than £10,000 per seat for a single ticket. The Kremlin ordered last week that up to 300,000 reservists across Russia should report for duty in [...]
Frasers set for further MySale bid after former chairman offloads stake September 26, 2022 Frasers is set to table another cash offer for Aussie fashion marketplace MySale after a top shareholder made an “irrevocable commitment” to offload his stake to the retail group, handing it 48 per cent control.
Sadiq Khan: Income tax cuts to ‘disproportionately benefit’ wealthiest September 22, 2022 The Chancellor’s proposed cuts to income tax will “disproportionately benefit” society’s wealthiest, according to an analysis by the Greater London Authority (GLA). Figures showed that, by introducing a 1p cut, those on a £150,000 per year salary would have a tax relief of £1,950 while those earning the least would not see any benefit. “Tomorrow’s [...]
Ex Bank of England governor Mark Carney set to join Cultivo board September 22, 2022 Mark Carney, former governor of the Bank of England, is set to join the board of directors at Cultivo, the climate-focused fintech announced today. Carney will sit on Cultivo’s board as an independent board member whilst he continues in his current job as the Vice Chair and Head of Transition Investing at Brookfield Asset Management. [...]
Link faces £50m fine over Woodford fund’s collapse September 21, 2022 The UK firm that managed Neil Woodford’s flagship investment fund is facing a £50m fine over its running of the fund before its collapse in 2019. The UK’s Financial Conduct Authority (FCA) has issued a draft warning notice against Link Fund Solutions Ltd (LFS) indicating it could be forced to pay £306m in costs and [...]
Sadiq Khan sets up £500m funding facility to cover TfL finance gap September 21, 2022 London mayor Sadiq Khan has set up a £500m funding facility to cover the £230m gap left by the government’s long-term funding of Transport for London (TfL). Khan said that City Hall’s funding facility – which could not be introduced earlier because TfL’s financial gap was too big – will be available to the transport [...]
Russia holds its breath as Putin mobilises hundreds of thousands amid risk Ukraine war may turn nuclear September 21, 2022 The Russian president announced earlier this morning a partial military mobilisation, with 300,000 reservists set to be called up as the Kremlin attempts to regain ground in the face of a counter-attack by Ukraine’s forces. Vladimir Putin warned Russia would use “all the means at our disposal” to protect itself as the conflict in Ukraine [...]