• Oil giant quits North Sea in $2.7bn deal Link
    City A.M. Thu 18 Apr 2019 14:03

    It adds major assets to the company’s North Sea portfolio which it acquired from Shell for $3bn in late 2017.

    The deal marks another milestone as traditional oil majors slowly abandon their unloved North Sea assets where supplies are dwindling.

    However, in the face of this North Sea oil production has still risen, as smaller firms step in to squeeze the last life out of the continental shelf.

    Since Chrysaor took over Shell’s assets it has invested around $600m, and it is expected to open its wallet to revitalise its new sites.

    Read more: Why is Chrysaor buying Shell's North Sea assets?

    Chrysaor chair Linda Cook said: “We are excited to play a role in the natural evolution of the North Sea and to enable the safe transfer of assets from major oil companies such as Conoco Phillips to new, well-funded, privately-owned operators.

    “This process results in a good deal for both the seller and the buyer, with new asset owners such as...

  • Facebook issues perma-ban for UK far-right groups Link
    City A.M. Thu 18 Apr 2019 13:33

    In a statement, the social network said: “Individuals and organisations who spread hate, or attack or call for the exclusion of others on the basis of who they are, have no place on Facebook.”

    The ban will not only prevent those listed from having a presence on Facebook and Instagram but also stop other users from being able to praise or support them.

    Britain First has already been banned but any content or posts praising or supporting the organisation will now also be prohibited.

    Read more: The tech giants are welcoming regulation – that may be a signal to panic

    The banned list also includes Knights Templar International and its promoter Jim Dowson and neo-Nazi Jack Renshaw, who admitted plotting to murder Labour MP Rosie Cooper.

    Earlier this year Tommy Robinson was banned from the social media site after repeatedly breaking hate speech policies.

  • Climate change protesters plot Heathrow shutdown Link
    City A.M. Thu 18 Apr 2019 13:28

    “There is a deep remorse for those whose holiday and family plans will be disrupted tomorrow.

    “It is not our intention to cause further separation. However, the aviation industry needs to be targeted and we are all aware of the deep, structural change that needs to come.”

    The continued disruption is likely to ramp up pressure on London mayor Sadiq Khan to bring the demonstrations, which are expected to last at least two weeks, to a close.

    Read more: Climate change protesters block Vauxhall Bridge

    The planned action at the airport comes at the end of a week of demonstrations that has seen major London roads closed to traffic and more than 400 people arrested across the capital.

    Earlier today, three protesters were remanded in custody until 16 May after pleading not guilty to charges of obstructing the railway following a demonstration at Canary Wharf station yesterday.

  • Amazon admits defeat in China Link
    City A.M. Thu 18 Apr 2019 12:58

    A spokeswoman said: "We are working closely with our sellers to ensure a smooth transition and to continue to deliver the best customer experience possible.

    "Sellers interested in continuing to sell on Amazon outside of China are able to do so through Amazon Global Selling."

    Read more: Amazon hit with 'thousands of fake five-star reviews'

    Consumers in China will still be able to make purchases through Amazon's stores in other countries, but if it is something they can get from Alibaba or another seller, there was little point due to slower delivery times.

    The US company will continue to invest in the China market with its Global Store, Global Sellinger, Kindle e-readers and other online content, while its Web Services will also remain.

  • Pinterest prepares for $13bn IPO - this is what it should do next Link
    City A.M. Thu 18 Apr 2019 12:33

    The unicorn’s share price, which had more than 250m active users and 2bn searches last year, is above the target range and a valuation that the website received in 2017.

    Read more: Get ready for the Pinterest and Zoom IPOs

    The initial public offering (IPO) follows the disappointing float of ride-hailing app Lyft, which saw shares tumble 30 per cent from its opening price, and will test investor sentiment ahead of Uber’s eagerly awaited listing next month.

    Analysts said the tech giant must focus on monetising its vast user base after going public.

  • #HS2 pays £600m to demolish 900 homes Link
    City A.M. Thu 18 Apr 2019 12:03

    The details were released by HS2 after campaign group Stop HS2 filed a freedom of information request, which revealed that 902 residential properties, farms or other pieces of land had been acquired by the company for a nearly £600m between 2011 and 2018.

    Read more: Crossrail 'could be delayed until spring 2021'

    The £56bn high-speed rail will reduce journey times between London and the midlands and north of England, travelling through Birmingham on its way to Leeds and Manchester among other stops.

    It is expected to boost the UK's economy with the first passenger services expected to be delivered by 2026, although its entire completion could take until 2034.

  • Euro falls as Eurozone economy worries markets Link
    City A.M. Thu 18 Apr 2019 11:28

    Chris Williamson, chief business economist at IHS Markit, said the figures “add to worries that the economy has failed to rebound with any conviction” after a poor end to 2018.

    It “continues to show only very modest growth in the face of headwinds from slower global demand growth and subdued economic sentiment”, he added.

    The euro fell almost half a per cent from 1.130 against the dollar to just 1.125 after the data came out.

    Williamson aired fears that the Eurozone will fail to beat a very frail growth rate this year.

    “The persistence of the business survey weakness raises questions over the economy’s ability to grow by more than 1% in 2019,” he said.

    “Manufacturing remained the key area of concern, with output continuing to contract at one of the fastest rates seen over the past six years.”

    David Cheetham, chief market analyst at online trader XTB, said: “Despite a couple of bright spots, the overall picture from the latest...

  • Facebook uploads 1.5m users' email contacts Link #databreach
    City A.M. Thu 18 Apr 2019 11:03
  • Climate change activists charged over DLR glue protest Link
    City A.M. Thu 18 Apr 2019 10:48

    Cathy Eastburn, 51, of Gerards Close, Lambeth, Mark Ovland, 35, of Keinton Mandeville, Somerset and Luke Watson, 29, of Manuden, Essex have been charged with obstructing trains or carriages on the railway.

    Read more: Climate change protesters block Vauxhall Bridge

    The trio will appear at Highbury Corner Magistrates Court today, as climate change group Extinction Rebellion stages its fourth day of action across London.

  • Euro falls on weak Eurozone data Link
    City A.M. Thu 18 Apr 2019 10:33

    Chris Williamson, chief business economist at IHS Markit, said the figures “add to worries that the economy has failed to rebound with any conviction” after a poor end to 2018.

    It “continues to show only very modest growth in the face of headwinds from slower global demand growth and subdued economic sentiment”, he added.

    The euro fell almost half a per cent from 1.130 against the dollar to just 1.125 after the data came out.

    Williamson aired fears that the Eurozone will fail to beat a very frail growth rate this year.

    “The persistence of the business survey weakness raises questions over the economy’s ability to grow by more than 1% in 2019,” he said.

    “Manufacturing remained the key area of concern, with output continuing to contract at one of the fastest rates seen over the past six years.”

    David Cheetham, chief market analyst at online trader XTB, said: “Despite a couple of bright spots, the overall picture from the latest...

  • HS2 buys £600m worth of properties Link
    City A.M. Thu 18 Apr 2019 10:03

    The details were released by HS2 after campaign group Stop HS2 filed a freedom of information request, which revealed that 902 residential properties, farms or other pieces of land had been acquired by the company for a nearly £600m between 2011 and 2018.

    Read more: Crossrail 'could be delayed until spring 2021'

    The £56bn high-speed rail will reduce journey times between London and the midlands and north of England, travelling through Birmingham on its way to Leeds and Manchester among other stops.

    It is expected to boost the UK's economy with the first passenger services expected to be delivered by 2026, although its entire completion could take until 2034.

  • Retail sales jump higher than expected in March Link https://t.co/OA9uEaEBud
    City A.M. Thu 18 Apr 2019 09:58

    Sales rose 1.1 per cent month-on-month, above expectations of a 0.3 per cent drop as food store sales and non-store retailing drove the increase, according to the Office for National Statistics (ONS).

    Year-on-year sales jumped 6.7 per cent - the largest rise since October 2016 - from last March, which was heavily affected by the Beast from the East.

    In the first three months of the year sales grew 1.6 per cent compared with the final quarter of 2018 - all types of shop boosted sales apart from department stores.

    Head of retail sales at ONS Rhian Murphy said: "Retail sales increased in the three months to March, following sustained growth throughout the first three months of the year.

  • Climate change protesters block Vauxhall Bridge Link https://t.co/QEr947kgLU
    City A.M. Thu 18 Apr 2019 09:58

    Marble Arch, Oxford Circus, Parliament Square and Waterloo Bridge also remain closed to traffic today, as activists vowed not to move until politicians meet their demands for a zero-carbon economy by 2025.

  • Lloyd's of London partners with the Met in special constable scheme Link https://t.co/tjIDxNAmRj
    City A.M. Thu 18 Apr 2019 09:58

    A Bloomberg report claimed 18 women had described an atmosphere of “near-persistent harassment” at the insurance market - one former employee said the exchange was “basically a meat market.”

    The market has since revealed a package of measures focusing on making it easier for staff to lodge complaints and including an independent survey on its culture and a review or practices.

    Lloyd’s said today it had signed up to the Met’s Employer Supported Policing (ESP) scheme, which grants staff paid leave to volunteer with the police for up to ten days a year.

    Neal said: “It offers Lloyd’s employees the opportunity to gain new and valuable skills used both in the workplace and everyday life - such as resilience, leadership and managing difficult situations – and, at the same time, play a part in keeping London’s streets safe.”

    The Met said that 17 companies had so far committed to the scheme, with 153 joining the force as a result.

    Read more:...

  • London shutdown goes on in fourth day of climate change protests Link https://t.co/B5qVGaVSmh
    City A.M. Thu 18 Apr 2019 09:58
  • Crossrail 'could be delayed until spring 2021' Link https://t.co/p7REqTCKcO
    City A.M. Thu 18 Apr 2019 09:58

    The best case scenario will see the Elizabeth Line open in spring next year, with the worst case scenario a year later, in spring 2021, according to the report.

    Initial news of the delay only become public in the summer of 2018, months ahead of its proposed opening date.

    As well as delays to trains and signalling, the stations are also behind schedule, with Paddington and Bond Street the furthest from completion.

    Construction began in 2009 with an estimated cost of £14.8bn, although that was revised to £17.6bn after the delays were announced last year. Further delays could see the cost rise further.

    In a statement, Crossrail said the line would be "completed as quickly as possible and brought into service for passengers".

    Read more: Businesses get £5m in funding to boost case for Crossrail extension to Kent

    "We are working very hard to finalise our new plan to deliver the opening at the earliest...

  • Campaigning against climate change doesn’t make you above the law Link https://t.co/bAA478hnO5
    City A.M. Thu 18 Apr 2019 09:58

    Its various activities, like pouring fake blood onto Downing Street and stripping semi-naked during a session of the House of Commons, had been received with the sort of good humour that the British people always reserve for righteous causes pursued by very obsessive people.

    But a more sinister turn than bared buttocks has revealed itself this week. Extinction Rebellion has spent several days blockading key London locations such as Marble Arch, Waterloo Bridge, Oxford Circus and Parliament Square, preventing traffic – including public transport – from passing through.

    Commerce, industry, and commuters have all suffered as a consequence. Estimates from just the first two days of protest have suggested that up to 500,000 people were affected by the diversion of 55 bus routes.

    The New West End Company, a partnership which represents vast swathes of some of the most iconic retail and hospitality space in the world, has suggested that these two days...

  • Antisemitism just doesn’t matter that much to Labour – what a surprise Link https://t.co/hxU3FladQ7
    City A.M. Thu 18 Apr 2019 09:58

    The shadow justice secretary’s woes began when he was pressed in a 2018 BBC interview on his alleged quote that “zionism is the enemy of peace”.

    Burgon repeatedly claimed “I didn’t say that” and “it’s not my view”.

    Then on Tuesday, investigative journalist Iggy Ostanina found a video of him using those exact words. Indeed, he was shouting them.

    Burgon’s excuse? That he’d forgotten. “When it was put to me... that I had made these remarks I did not recall doing so,” read his statement.

  • DEBATE: Is it right for Shamima Begum to receive legal aid? Link https://t.co/K3KxDWg2Ll
    City A.M. Thu 18 Apr 2019 09:58

    When William Joyce was captured after six years of aiding the Nazis, he was hanged for treason. He was, however, first provided with lawyers and allowed to exhaust all avenues of appeal.

    At Nuremberg, the architects of the Holocaust faced trial – represented by their lawyers.

    I care very little whether those who joined the Islamic State spend the rest of their days exiled from this country or confined to a prison cell. Isis was a barbarous operation that committed genocide against the Yazidis and plotted to bring death and chaos to our own streets.

    It is wrong to pretend that anyone who joined was naive to its murderous words, actions, and worldview.

  • From housing to recycling, fuzzy tokenism is no substitute for action Link https://t.co/Ovr64N2m5i
    City A.M. Thu 18 Apr 2019 09:58

    The brakes are temporarily on the Brexit saga for Easter, giving the government an opportunity to address some of the major public policy issues that have been all but sucked up by the EU vacuum.

  • City Moves for 18 April 2019 - Who's switching jobs? Link https://t.co/CqqdlDTYw9
    City A.M. Thu 18 Apr 2019 09:58

    London-based growth capital investor VGC Partners has appointed Andrew Lister as investment and portfolio director as the firm looks to invest from its £50m Fund II in high-growth consumer, media and technology businesses.

    Andrew joins from Marlin Equity Partners, where he spent over three years as a portfolio manager for European assets. Andrew worked alongside companies with revenues between £20m and £100m, mainly in the B2B technology space, and led post-closing initiatives to increase value ahead of eventual exits, acting as interim chief financial officer in some cases. Prior to this, Andrew worked for KPMG for 10 years in the turnaround and restructuring advisory division. In his role as associate director, he led and managed UK and international turnaround projects. As investment director, Andrew will provide investments diligence and seek out potential opportunities for VGC’s £50m Fund II. In addition to this, Andrew’s role will involve...

  • Radical climate protestors are beginning to resemble a cult Link https://t.co/4tE89ONbLK
    City A.M. Thu 18 Apr 2019 09:58

    It is taught in schools and debated extensively in the media. It occupies a central position in policy-making and increasingly commands the attention of businesses and the investment community. The governor of the Bank of England, Mark Carney, has probably made more speeches on the environment than he has on Brexit.

    So it is odd to hear the leaders of the Extinction Rebellion protest movement declare that their civil disobedience is required in order to bring the issue to public attention. There is an arrogance at the heart of this radical movement. Hundreds of thousands of Londoners have had their journeys and their plans upended by what Sky News anchor Adam Boulton described yesterday as “middle-class, self-indulgent people who want to tell the rest of us how to live our lives.”

    The group responsible for causing so much disruption are not simply trying to raise the profile of the climate change challenge; they have very specific demands. These were...

  • Government in email gaffe amid plans for new pornography age checks Link https://t.co/bBMQg1Oats
    City A.M. Thu 18 Apr 2019 09:58

    Culture minister Margot James insisted privacy around porn checks will be secure despite a press release regarding the new laws exposing hundreds of email addresses when it was sent out to journalists this morning.

    Read more: Brewdog temporarily takes down parody porn site after backlash

    "It is a bit embarrassing" James told the BBC after being asked about the data blunder, in which the Department for Digital, Culture, Media and Sport (DCMS) sent an email to more than 300 recipients in a way that allowed every address to be seen.

    A DCMS spokesperson said: "In sending a news release to journalists an administrative, human error meant email addresses could be seen by others. DCMS takes data privacy extremely seriously and we apologise to those affected."

  • Jet Airways shares crash as lenders seek rescue bids Link
    City A.M. Thu 18 Apr 2019 09:33

    Shares in troubled Jet Airways crashed almost 30 per cent this morning as lenders held out hope that the Indian carrier may receive a rescue bid after it was forced to cancel all flights.

  • Investors seek Apple damages for iPhone sales slump Link
    City A.M. Thu 18 Apr 2019 08:58

    Investors that bought Apple stock in the two months before chief executive Tim Cook reduced the company’s quarterly revenue forecast by as much as $9bn in January have filed a lawsuit against the firm.

    Read more: Apple settles landmark $27bn legal battle with Qualcomm

    The company blamed the cut to revenue forecast, which was the first time the firm had reduced its estimates since the iPhone’s launch in 2007, in part on the intensifying US trade war with China.

    Apple’s share price fell 10 per cent the following day, leaving the company’s market value around 40 per cent below its $1.1 trillion peak three months earlier.

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