Consumers could save over £100m a year from unarranged overdraft shakeup, says watchdog chief May 20, 2019 Some of the most vulnerable consumers in society could save up to £100m a year under the watchdog's plans to change the pricing structures of unarranged overdrafts, its boss has said. Andrew Bailey, the boss of the Financial Conduct Authority (FCA), told MPs that the watchdog wants to bring the pricing of unarranged overdrafts more [...]
Lord’s last One-Day Cup final? MCC head of cricket John Stephenson on Hampshire v Somerset, the domestic 50-over competition’s future and The Hundred May 20, 2019 John Stephenson knows a thing or two about one-day cricket. As a fan, player and now head of cricket at Marylebone Cricket Club, he has watched, participated in and enjoyed the format as it has evolved. As a child his interest was piqued by Gloucestershire’s Mike Procter, who scored 94 in a win over Sussex [...]
Chinese giant takes £14m stake in London lithium miner Bacanora as batteries energise sector May 20, 2019 One of China’s largest lithium producers has today announced it will invest more than £14m in a London-listed miner in a bid to sure up supply of the in-demand metal. Ganfeng Lithium this morning announced the £14.4m deal to buy just under a third of Bacanora Lithium’s stock in new shares. Read more: Bacanora Minerals' [...]
Ford announces 7,000 job cuts as US car maker moves up a gear in restructuring plan May 20, 2019 Ford is to cut around one-tenth of its global salaried workforce by the end of August as part of a major global restructuring plan. Read more: Ford gears up to announce up to 550 white collar job losses in UK The move to shed 7,000 workers this summer is expected to save the firm $600m [...]
Millennials increasingly pessimistic about the economy, finds Deloitte May 20, 2019 Pessimism among younger people about the economy is growing in the UK and worldwide, according to a comprehensive new survey of millennials and generation z workers. Read more: Insolvencies among millenials soar as housing costs shred ‘cash cushions’ Only 26 per cent of respondents said they expected the economies in their countries to improve in [...]
Chipmaker Infineon suspends shipments to Huawei May 20, 2019 German chipmaker Infineon has reportedly suspended shipments to Huawei, becoming the latest firm to cut ties with the Chinese telecoms giant. Infineon’s decision to stop deliveries comes after the Trump administration blacklisted Huawei, which is the world’s second largest smartphone maker after Samsung, and Google restricted the company from some updates to the Android operating [...]
Jaguar Land Rover suffers £3.6bn annual loss as key Chinese market splutters to a halt May 20, 2019 The Indian-owned British automotive giant Jaguar-Land Rover (JLR) has posted a £3.6bn annual loss as the faltering Chinese car market weakened significantly. The annual figures were heavily-impacted by a £3.1bn write down in the third quarter, to cover falling demand for newer models, as well as for diesel-powered cars. The figures The car manufacturer, which [...]
Formula One taking cues from the Premier League on increasing competition and wants to add African race to calendar May 20, 2019 Since Liberty Media took over Formula One in 2017, the company has been insistent on the sport’s potential for commercial growth. How to achieve that has posed challenges, though, highlighting a need to improve the product on the track as well as expanding its reach. The first of those hurdles has proved difficult to jump, with [...]
Time you’ll never get back: Passengers lost record 4m hours to train delays last year May 20, 2019 Rail passengers lost a record of four million hours to train delays last year, the worst since records began, a consumer watchdog has found. Over 8m passenger journeys were delayed last year, equating to around 80 train delays per day. Cancellations, meanwhile, averaged 660 per day in 2018, the highest number since records began in [...]
Loopholes in anti-money laundering law could be exploited by criminals, MPs and Lords say May 20, 2019 A joint parliamentary Committee today raised concerns that criminals could exploit loopholes in a new bill aimed at clamping down on laundering money through UK property. The joint Committee on the draft Registration of Overseas Entities Bill welcomed the legislation, but said in its current state it could be circumvented by criminals. Read more: EU [...]