Category: Europe
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Credit Suisse boss Tidjane Thiam quits after spying scandal
Credit Suisse chief executive Tidjane Thiam has resigned amid a power struggle which followed a spying scandal at the bank. He is stepping down after five years at the Swiss bank just months after it emerged that two former employees had been placed under surveillance. Mr Thiam said he did not know the spying was…
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Andrew Bailey appointed as new Bank of England governor
Andrew Bailey has been appointed as the next governor of the Bank of England. Mr. Bailey, aged 60, is currently chief executive of the Financial Conduct Authority (FCA), the City watchdog. He will become the 121st governor of the Bank of England on 16 March, taking over from Mark Carney, and will serve a full…
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Airbnb is not an estate agent, EU court rules
The accommodation-booking service Airbnb does not need an estate agent’s licence to operate in France, Europe’s top court has ruled. The French tourism association had complained that Airbnb did not comply with French property laws. It means the app’s users avoid a threat of disruption to its service in the country. Had the court ruled…
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Uber loses licence to operate in London
Uber will not be granted a new licence to operate in London after repeated safety failures, Transport for London (TfL) has said. The regulator said the taxi app was not “fit and proper” as a licence holder, despite having made a number of positive changes to its operations. Uber initially lost its licence in 2017…
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Renault ousts chief executive Thierry Bolloré in ‘coup’
French car manufacturer Renault has dismissed its chief executive, Thierry Bolloré, with immediate effect. The current finance director, Clotilde Delbos, has been appointed to run the business on an interim basis. Renault’s move comes close on the heels of the decision by its industrial partner Nissan to appoint a new chief executive earlier this week.…
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British Airways pilots call off next week’s strike
British Airways pilots have called off the next strike in their dispute, which had been scheduled for 27 September. Last week, a two-day stoppage called by the pilots’ union, Balpa, forced BA to cancel almost all its flights. The strike followed failed negotiations between the union and the airline over a pay offer of 11.5%…
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Bank of England cuts UK growth forecast
The Bank of England has cut its forecasts for UK growth over the next two years. It also warned that a no-deal Brexit would hit the economy and trigger a further drop in the value of the pound. The Bank left interest rates unchanged at 0.75% against a backdrop of weaker global growth and ongoing…
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Boris Johnson elected as UK’s Prime Minister
Boris Johnson has been elected new Conservative leader in a ballot of party members and will become the next UK prime minister. He beat Jeremy Hunt comfortably, winning 92,153 votes to his rival’s 46,656. The former London mayor takes over from Theresa May on Wednesday. In his victory speech, Mr. Johnson promised he would “deliver…