
Uber agrees to 'co-brand' Channel Tunnel trains through Ebbsfleet
Transport app Uber will "co-brand" trains running through Kent and the Channel Tunnel, it has announced.The company said it had formed a partnership with Gemini Trains, which is developing plans to launch international rail services from London St Pancras which would stop in Ebbsfleet.Trains stopping in Ebbsfleet would see a return of international train travel to Kent for the first time since the beginning of the coronavirus pandemic.The deal, similar to that between Uber and the London Thames Clipper boats, would see tickets offered through the app but operations remaining the responsibility of Gemini.
Andrew Brem, Uber's UK general manager, said: "We've seen amazing momentum since we began launching new modes of transport in the UK, and this collaboration with Gemini Trains is our latest step in how we're helping people get where they want to go."Gemini is planning to buy 10 new trains for its services, one of several planned competitors to Eurostar.The company announced in March that it had been developing its plans for two years and had submitted an application to regulator the Office of Rail and Road for access to Eurostar's Temple Mills maintenance depot in north-east London.Other organisations developing proposals to launch rival services include billionaire entrepreneur Sir Richard Branson's Virgin Group and Italy's state-owned railway company FS Italiane Group.Eurostar stopped calling at Ebbsfleet and Ashford in March 2020 during the coronavirus pandemic.Despite local pressure for services to resume, the company has said it is focusing on its core routes.Gemini Trains chief executive Adrian Quine said it was "really exciting" to be teaming up with Uber.
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Reuters
an hour ago
- Reuters
HSBC to inject $4 billion into its private credit funds
LONDON, June 2 (Reuters) - Europe's biggest bank HSBC (HSBA.L), opens new tab will inject $4 billion into its private credit funds, amid a wider push by banks into the booming market as profits from traditional lending have come under pressure. HSBC said it will invest the cash into HSBC Asset Management's (HSBC AM) alternative credit funds, with the aim of attracting additional capital from external investors to build a $50 billion credit fund within five years. The fast-growing $2 trillion global private credit market provides lending to companies outside the more highly-regulated banking system, and is dominated by private equity giants like Blackstone (BX.N), opens new tab and Ares Management . Banks have been trying to muscle in, with some such as Citi (C.N), opens new tab and UBS (UBSG.S), opens new tab partnering with existing players Apollo (APO.N), opens new tab and General Atlantic. Others like Deutsche Bank ( opens new tab and HSBC have moved to build their own ventures. "It's an arms race," Nicolas Moreau, CEO of HSBC AM, told Reuters, adding that having greater HSBC group backing for its private credit funds would help the firm attract external money. While small in the context of HSBC's $3 trillion balance sheet, the move is part of CEO Georges Elhedery's strategy to drive up revenue in higher-returning areas like private credit rather than relying on low-returning bank loans. Reuters first reported in April that HSBC was exploring options to accelerate growth in private credit. HSBC AM's private credit unit is playing catch up against more-established players. It has deployed $7 billion across 150 transactions since launching in 2018. The new funds will be invested globally, with an initial focus on areas including direct lending in the UK and Asia, Moreau added.


BBC News
an hour ago
- BBC News
Residents bid to unseat 'terrible' Springhead Parkway managers
Residents are looking to remove their estate's management company as they claim they are charged "more and more for less".Homeowners at the Springhead Parkway estate in Gravesend are collecting petition signatures opposing FirstPort, the firm responsible for the area's public 50% of fellow residents sign the petition they can take over management of the area themselves under the 'right to manage', according to the Local Democracy Reporting said it does everything it can to keep costs low "whilst not compromising on the service we provide". Construction on the estate of nearly 800 homes, part of the Ebbsfleet Garden City development area, started in Vistry Group currently contracts FirstPort to maintain the area's public Johnson said "everything was ok" when he moved to the estate three years ago, but now "the maintenance of our public areas is terrible".FirstPort "always paint a sunny picture", he added, but "there's litter and dog mess that's not being collected in the parks" and broken playground equipment "that have not been fixed for over a year now".His partner, Ashley Wilson, said that the couple now avoid taking their young son to the park. The couple claim they have had to pay £2,500 of unjustified FirstPort charges since moving in, including a surprise £600 "maintenance adjustment" fee in November."When we called there was no explanation as to why these charges were being put forward; they were giving no evidence, and they were being quite threatening as well," Mr Johnson are "paying more and more money for what seems to be less work", he added. A FirstPort spokesperson said: "The service charge is not a source of revenue for property managers. It is allocated to cover actual expenses incurred to ensure the smooth running of the property." The MP for Gravesham, Dr Lauren Sullivan, told the Local Democracy Reporting Service she supporting residents' calls to replace FirstPort, but the matter is complicated by some parts of the estate having different management said: "FirstPort has been plaguing communities and new housing communities across the country, and I've joined together with fellow MPs to write a letter summoning them to Parliament to explain what they're doing." Vistry Group declined to comment.


Times
6 hours ago
- Times
AI could free 30,000 civil servants from routine admin, study finds
Nearly 30,000 civil servants could be freed from carrying out routine admin every year if AI is rolled out across Whitehall, a government study has suggested. More than 20,000 civil servants across Whitehall took part in a three-month trial to use generative AI for help with tasks such as drafting documents, summarising meetings, and handling emails. The Department for Science, Innovation and Technology said this saved the equivalent of giving 1,130 full-time workers out of the 20,000 a full year back every year. Extrapolated across the whole civil service workforce of 514,395 people, the trial suggests 29,063 could be freed up for other work using AI. It comes as a study from the Alan Turing Institute found AI could support up to 41 per cent of tasks across the public sector. The artificial intelligence institute found that teachers spend nearly 100 minutes a day on lesson planning but up to 75 per cent of this could be supported by AI, while civil servants spend about 30 minutes daily on emails, where it is believed AI could cut this effort by more than 70 per cent. Civil servants in the government trial used AI to cut through jargon and streamline consultations, while work coaches utilised it to speed up support for jobseekers. They used tools such as Microsoft 365 Copilot to assist with drafting documents, summarising lengthy emails, updating records, and preparing reports. Peter Kyle, the technology secretary, will highlight the results alongside Sir Tony Blair at the SXSW London festival on Monday. The two will discuss reimagining government and public service delivery in the age of AI. Last month, a separate government trial found AI is more impartial than civil servants in analysing responses to new policies and consultations. A new AI tool to sort responses to public consultations found that about 75,000 days of work could be saved, while civil servants themselves said it removed opportunities for them to 'project their own preconceived ideas' into processes and 'takes away the bias and makes it more consistent'. • Consult, the new tool that will be used across government, is part of Humphrey — a bundle of AI tools being used across Whitehall and named after Sir Humphrey Appleby, the fictional permanent secretary in Yes Minister. The tool categorises responses under broad headings and assigns them based on whether they agree or disagree with proposals or if they are unclear. At present this is done manually by civil servants who comb through about 500 consultations a year, with responses in the thousands. The tool will also help with the increasing number of template responses to consultations organised by campaign groups. However officials also said there was a rise in the number of campaigning organisations that encouraged people to use AI to write consultation responses, which could lead to a situation where AI is analysing responses written using trial of Consult was used to analyse responses to a Scottish government consultation on cosmetic procedures. Testers found that the majority of the time the AI agreed with what a human reviewer would have said. Officials who worked with Consult on the test said they were 'pleasantly surprised' that AI analysis provided a 'useful starting point' in its initial analysis, with others noting that it ultimately 'saved [them] a heck of a lot of time' and allowed them to 'get to the analysis and draw out what's needed next'. Kyle said: 'These findings show that AI isn't just a future promise — it's a present reality. Whether it's helping draft documents, preparing lesson plans or cutting down on routine admin, AI tools are saving civil servants time every day. That means we can focus more on delivering faster, more personalised support where it really counts.'