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☆ XPO Logistics Names CFO Ahead of Planned Spinoff of Freight Brokerage Business
  + stars: | 2022-10-10 | by ( Kristin Broughton | Jennifer Williams-Alvarez | ) www.wsj.com   time to read: +4 min
XPO Logistics Inc. named a new finance chief ahead of the planned spinoff of its freight brokerage business later this year, part of an ongoing effort to split the sprawling transportation company into smaller pieces. Carl Anderson will take over as chief financial officer on Nov. 8, Greenwich, Conn.-based XPO Logistics said Monday. XPO Logistics in 2021 spun off its supply-chain business GXO Logistics Inc., which provides services such as warehousing and e-commerce. XPO Logistics reported a total profit of $141 million during the quarter, down 10% from a year earlier. During his tenure as finance chief, Mr. Tulsyan played a key role in the spinoff of the GXO supply-chain business.
☆ UK needs 62 billion pounds of cuts or tax rises to tame debt - IFS
  + stars: | 2022-10-10 | by ( David Milliken | ) www.reuters.com   time to read: +4 min
Interest rates for new long-term government borrowing leapt to a 20-year high last month, after Kwarteng announced 45 billion pounds of unfunded tax cuts, on top of even greater short-term support for households' and businesses' energy bills. "The Chancellor should not rely on over-optimistic growth forecasts or promises of unspecified spending cuts. British government borrowing looks on course to hit 194 billion pounds this financial year and to still be 103 billion pounds in 2026/27 - 71 billion more than government forecasters predicted in March, the IFS said. COSTLY DEBTDebt interest would cost 106 billion pounds this year and 103 billion pounds in 2023/24, the IFS predicted, due to the large amount of finance raised in years gone by through issuing bonds that pay interest that rises as inflation goes up. "Such spending cuts could be done, but would be far from easy," the IFS said.
☆ UK needs 62 billion pounds of cuts or tax rises to tame debt -IFS
  + stars: | 2022-10-10 | by ( David Milliken | ) www.reuters.com   time to read: +4 min
Interest rates for new long-term government borrowing leapt to a 20-year high last month, after Kwarteng announced 45 billion pounds of unfunded tax cuts, on top of even greater short-term support for households' and businesses' energy bills. "The Chancellor should not rely on over-optimistic growth forecasts or promises of unspecified spending cuts. British government borrowing looks on course to hit 194 billion pounds this financial year and to still be 103 billion pounds in 2026/27 - 71 billion more than government forecasters predicted in March, the IFS said. COSTLY DEBTDebt interest would cost 106 billion pounds this year and 103 billion pounds in 2023/24, the IFS predicted, due to the large amount of finance raised in years gone by through issuing bonds that pay interest that rises as inflation goes up. "Such spending cuts could be done, but would be far from easy," the IFS said.
☆ Bank of England to buy 65 billion pounds of UK bonds to stem rout
  + stars: | 2022-09-28 | by ( David Milliken | ) www.reuters.com   time to read: +4 min
Citing potential risks to UK financial stability, the BoE also said it would delay the start of a programme to sell down its 838 billion pounds ($891 billion) of government bond holdings, which had been due to begin next week. "Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability," the BoE said. "This would lead to an unwarranted tightening of financing conditions and a reduction of the flow of credit to the real economy." "There are schemes running out of cash at the moment," one pensions consultant said before the BoE intervention. The BoE's intervention reduced long-dated bond yields back to their level at the end of Friday - after the initial negative reaction to Kwarteng's statement - but shorter-dated yields were still higher.
☆ London transport gets 500 mln stg funding facility
  + stars: | 2022-09-21 | by ( ) www.reuters.com   time to read: +1 min
Register now for FREE unlimited access to Reuters.com RegisterMayor of London Sadiq Khan (centre) travelling with passengers on a northbound Victoria line tube train during the launch of London's Night Tube August 20, 2016. REUTERS/Yui Mok/PA Wire/Pool/LONDON, Sept 21 (Reuters) - London city authorities will make 500 million pounds ($567 million) available for the British capital's transport network to cover gaps left by a government support package, Mayor Sadiq Khan's office said on Wednesday. The 500-million-pound facility will be financed by the taxpayer-funded Greater London Authority, with TfL having the option to tap funds until March 2024. Britain's government has stepped in with a number of funding packages for TfL since the start of the pandemic, when lockdowns caused a fall in passenger numbers, pressuring the transport network's finances. ($1 = 0.8821 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Muvija M; editing by Sachin Ravikumar and Catherine EvansOur Standards: The Thomson Reuters Trust Principles.
☆ UK's Sainsbury's in talks to sell stores worth 500 mln stg
  + stars: | 2022-09-21 | by ( ) www.reuters.com   time to read: +1 min
Trolleys stacked together inside a Sainsbury’s supermarket in Richmond, west London, Britain, June 27, 2022. LXi REIT said it would seek to fund the deal through a mix of new equity and debt. If the LXi REIT transaction goes ahead, the cash from that would part-fund the Highbury and Dragon deal, Sainsbury's said. Shares in Sainsbury's were up 1.8% at 0922 GMT, while shares in LXi REIT were up 2.6%. ($1 = 0.8807 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by James Davey; editing by William James and Mark PotterOur Standards: The Thomson Reuters Trust Principles.
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