Ofgem to tighten rules for new energy suppliers to protect consumers from bankruptcies November 21, 2018 Ofgem will make it more difficult for new suppliers to enter the energy market after a string of bankruptcies and complaints over poor customer service. The energy regulator has proposed rules which would force new players to show they have enough resources to operate for at least a year. Fresh suppliers will also be asked to [...]
Sadiq Khan raises ‘serious concerns’ over Crossrail’s transparency and governance in letter to spending watchdog November 21, 2018 London mayor Sadiq Khan has said he has "serious concerns" about the "transparency and effectiveness of Crossrail's governance" following the fallout from the delay to the £15.4bn project. In a letter to the National Audit Office (NAO), seen by City PM, Khan said that while joint sponsors Transport for London (TfL) and the Department for Transport (DfT) [...]
Christmas chaos expected as union announces two-day Central Line strike on 21 and 22 December November 21, 2018 Drivers on the Central Line will strike for two days just before Christmas as a dispute between unions and Transport for London (TfL) rumbles on. Members of the Rail, Maritime and Transport Union (RMT) will walk-out from 8pm on 21 December to 2am on 22 December. Strike action will resume at 4am on the 22 December before [...]
Thyssenkrupp predicts higher profits as it attempts to rebuild reputation November 21, 2018 Thyssenkrupp forecast higher profits next year as it reported a fall in income and sales during a gruelling 2018 fiscal year for the company. The figures Profit after tax and costs were down to €60m (£53.4m) from €270m the previous year. Earnings before interest, tax, depreciation and amortization fell to €1.55bn from €1.72bn the year [...]
Ofgem opens investigation into £59m shortfall in green energy fund November 21, 2018 Ofgem has opened an investigation into two energy providers which it suspects are partly to blame for a £59m hole in a green energy fund. The regulator said it will look into Economy Energy and Spark Energy over the shortfall in the government’s renewables obligation schemes. Electricity providers who do not get enough of their energy [...]
Life under Network Rail offers a glimpse of the future if Corbyn were left in charge November 21, 2018 The shambles that is Network Rail continues to blight our lives. City PM readers may have experienced the cancellation of many services into Waterloo on Monday, due to engineering works overrunning. Even the best-laid plans can go astray. But this week was not just a one-off event. It seems to be a permanent feature of [...]
TfL gets green light to sign £1.5bn contract with Siemens for Piccadilly Line upgrade November 20, 2018 Transport for London (TfL) has signed a £1.5bn contract with Siemens to design and build a new fleet of Piccadilly Line trains after the High Court lifted a temporary restriction that had put it on hold. TfL first announced it was awarding Siemens with the contract in June, but its ability to sign the contract was put [...]
No swearing! Elon Musk renames BFR rocket Starship November 20, 2018 Space X boss Elon Musk tweeted today that the BFR rocket that is costing the company roughly $5bn (£3.9bn) to develop has been renamed. Officially called the Big Falcon Rocket, it is also widely known as the Big F*****g Rocket. Musk has said the BFR name was inspired by a weapon in computer game Doom called the [...]
Ghosn is not fit to lead Renault after arrest, says French finance minister November 20, 2018 Renault chairman and chief executive Carlos Ghosn should not remain in charge of the company following his arrest in Japan, the French finance minister said today. “Carlos Ghosn is no longer in a position where he is capable of leading Renault,” Bruno Le Maire told local media, according to Reuters. “Nevertheless, we have not demanded [...]
Easyjet flies in the face of Brexit worries as profits and bookings soar November 20, 2018 Low-cost airline Easyjet remains positive about its 2019 outlook as rising profits and revenues for the year to the end of September defied Brexit concerns and rising costs. The figures Pre-tax profit rose 41.4 per cent to £578m and revenues were up 16.8 per cent to £5.9bn. The airline raised its dividend to 58.6p subject to [...]
