Arriva-run Northern Rail franchise could be nationalised October 16, 2019 One of Britain’s biggest rail franchises could be renationalised amid concerns about its financial situation and late-running trains, the transport secretary has said. Grant Shapps said he is considering whether Northern Rail, which is run by German operator Arriva, should be brought under state control. Read more: Arriva seeks £200m from government over East Midlands [...]
National Express wins €1bn Casablanca bus contract October 16, 2019 National Express has secured a €1bn (£869m) contract to run a bus service in Casablanca, nearly doubling its business in Morocco. The bus operator’s Spanish and Moroccan division Alsa has been awarded the 15-year contract, which will start next month with the deployment of 400 buses, increasing to 700 in 2020. Read more: National Express [...]
Ofgem says it will cut National Grid’s Hinkley Point C funding by £80m October 15, 2019 Energy regulator Ofgem said today it would give National Grid £636m to build the transmission line for the Hinkley Point C nuclear plant, lower than the £717m requested by the company. Ofgem said it rejected £40m in risk funding that National Grid has requested. The regulator said National Grid may be able to seek extra [...]
Blame game: Thomas Cook bosses point finger at government as MPs slam high pay October 15, 2019 Former Thomas Cook bosses have pointed the finger at the government for failing to stump up emergency cash to keep the firm trading last month, in a heated evidence session with MPs. Members of the collapsed holiday giant’s board, including chairman Frank Meysman and chief executive Peter Fankhauser, were today hauled in front of MPs [...]
Financial Conduct Authority clamps down on motor financing commissions October 15, 2019 The UK’s financial regulator is set to crackdown on motor financing commissions in an attempt to save drivers £165m a year. The Financial Conduct Authority (FCA) announced today it would ban how some auto dealers and brokers structure their sales commissions. Read more: Financial Conduct Authority sawn raids nearly doubled in 2018 The FCA said [...]
Garden Bridge Trust awarded £21m in contracts ‘prematurely’ and ‘recklessly’ October 15, 2019 Backers of the abandoned Garden Bridge awarded £21m in construction contracts before getting key land and building permits, according to a new report. The report, from the London Assembly’s Garden Bridge Working Group, details the “reckless” spending of the Garden Bridge Trust (GBT) and Transport for London (TfL) on the failed £53m project. Read more: [...]
Business committee chair Rachel Reeves attacks defiant Thomas Cook leadership October 15, 2019 Business select committee chair Rachel Reeves launched a stinging attack on Thomas Cook executives today in a heated evidence session into the firm’s collapse last month. After hearing evidence on how the company was allowed to fall into liquidation, putting 9,000 people out of a job and 150,000 more stranded abroad, she told chief executive [...]
Thomas Cook CEO Peter Fankhauser: I worked ‘extremely hard’ for pay October 15, 2019 Thomas Cook chief executive Peter Fankhauser defended his pay at a heated showdown with MPs today. Fankhauser said he was “deeply sorry” for the holiday operator’s collapse, but added that he “worked extremely hard” for his pay. Read more: Jet 2 owner sees bookings rise after collapse of Thomas Cook “In relation to [a] normal [...]
Finance watchdog to crack down on interest-linked car commission October 15, 2019 Britain’s financial watchdog has said it plans to ban auto dealers from taking commission linked to the interest rates on loans used to pay for cars, which it says would save consumers £165m. Dealers and brokers that receive interest-linked commission can currently set the rate, causing a strong incentive for them to act against customers’ [...]
Former Thomas Cook executives to face grilling from MPs after collapse October 14, 2019 Thomas Cook bosses will be hauled in front of MPs tomorrow morning and forced to explain the firm’s catastrophic collapse, which left 150,000 Brits stranded abroad and forced the biggest peacetime repatriation in history by the British government. Chief executive Peter Fankhauser will answer questions from the Commons’ business select committee, in the first evidence [...]
