Plans for giant video ads on Elizabeth line spark backlash over ‘bombardment' fears
Chris Forrester, Global's managing director of commercial outdoor, said: 'Since the launch of the world's very first underground railway in 1863, Londoners have always looked to the Tube to tell them what's going on, what's new, and where they need to be.
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Metro
3 hours ago
- Metro
Piccadilly line's new air conditioned trains delayed while London faces heatwave
The launch of the new, air-conditioned Piccadilly line Tube trains has been pushed back by a year. Londoners have been at the grips of a heatwave, with many facing an unbearably hot commute on the London Underground as temperatures reached 33°C. Only a handful of Tube lines currently have a cooling system, and new Piccadilly line carriages will be the sixth route with air conditioning once they launch. The new Piccadilly line trains were due to be up and running by the end of 2025, but now this has been pushed back into next year, TfL revealed. Transport for London had initially said the fleet of 94 new deep-level trains with 10% more capacity and walk-through carriages would be ready this year. The 'pioneering' train is the first deep level Tube train with air conditioning in London, with the system placed under the train to save space. However, after the novel trains were delivered and assessed by engineers, they found testing to get them ready for integration and passenger service will be 'more complex than expected,' TfL warned. Stuart Harvey, TfL's chief capital officer, said: 'We're proud and excited that these innovative new trains on the Piccadilly line will have a transformative effect for London. 'This hugely complex project will boost capacity and make journeys more accessible and more comfortable for millions of people. Here are some of the features found on the new carriages. Walk-through carriages Air-conditioning Wider all-double doorways Enhanced customer information digital display screens Improved step-free access from/onto the platform On-train CCTV 'This is an ambitious project with new 21st century trains providing engineering challenges in both building and introduction into service on a 20th century railway and it is critical that we ensure that safety comes first and that the trains are in top condition when they begin to service London. 'It will obviously be disappointing for customers that they will have to wait a bit longer for the new trains, and I regret that. 'But I would like to assure Londoners and visitors to our city that we are working extremely closely with Siemens to ensure that the new trains can be introduced as soon as possible in the second half of next year.' More Trending Sambit Banerjee, the joint CEO of Siemens Mobility, said: 'We're sorry we can't have our innovative trains running for passengers even sooner but, once they're in service, the technology on these new trains will bring smoother, greener and more comfortable journeys for Londoners for the next 30 or more years.' The Piccadilly line fleet has been serving Londoners since 1973, but they are in need of a revamp as passenger numbers and needs have grown. Once the 86 trains are phased out, the line will have 27 trains every hour instead of the previous, meaning one train every 135 seconds at peak times. Some of the new carriages were vandalised after they were delivered to the depot last year, months before they could even enter service. Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: One of London Underground's top lines is running vintage 1930s trains this summer MORE: Former ITV presenter Selina Scott viciously attacked by gang in broad daylight MORE: Windrush activists rally government to save Notting Hill carnival
Telegraph
12 hours ago
- Telegraph
The Iranian threat to oil supplies is overblown
Oil and gas still matter. For all the talk of net zero and the growing share of renewables in electricity generation, hydrocarbons remain crucial to the global economy. Back in 2005, oil accounted for 37pc of the world's primary energy consumption, with gas generating 23pc. The same numbers are now 31pc and 24pc respectively – still hugely significant, with the world's reliance on natural gas as an energy source actually up over the last 20 years. Oil remains vital across numerous sectors, not least transportation – think trucks, aviation and shipping – and the manufacturing of industrial chemicals, plastics and asphalt among vital materials. Gas still generates around a quarter of the world's electricity and is used to make fertiliser – sorely needed to grow enough to feed a fast-expanding global population. We're often told – usually with an eye on geopolitical realities, because hydrocarbons are predominantly found in 'awkward countries' – that the world is less dependent on oil than at the time of, say, the 1973 oil price shock. Back then, the crude price spiked four-fold in under a year after the Arab world embargoed energy exports from the Gulf during the Israel-Egypt Yom Kippur war. The world used 55m barrels a day in the early 1970s but over 100m now, with demand set to rise significantly into the 2030s and beyond. Oil – and gas – remain absolute necessities to any form of modern life, across a fast-industrialising world. Yes, the UK used 2.2m barrels daily half a century ago, and that's fallen to 1.4m now – in part due to efficiencies and renewable energy, but mainly because our manufacturing sector has shrunk from over a fifth to less than a tenth of our economy. Moreover, North Sea operations are now much diminished, not least because of punitive taxation and endless net zero regulation – so Britain is a net oil and gas importer. With both these vital hydrocarbons trading on global markets, we're particularly vulnerable to price spikes, losing out twice – paying more for our supplies without gaining the profits and extra taxation reaped by energy exporters when prices are high. I mention all this, of course, because the escalation of military hostilities between Israel and Iran, while causing yet more death, displacement and destruction across the Middle East, poses economic dangers too. Amidst the terrible human fallout, a spiking oil price threatens to reverse a fragile global recovery. From mid-January to early May, Brent crude fell from $81 (£60) a barrel to $61 – a 25pc drop – as a sluggish global economic outlook slowed projected energy demand. That combined with concerns that Donald Trump's tariff onslaught from early April would further stymie global trade. Over recent weeks, though, as this Israeli-Iranian conflict has intensified, Brent crude has spiked back up to $75, largely due to fears of turmoil engulfing the Middle East Tehran, specifically, has threatened to close the Strait of Hormuz, at the mouth of the Persian Gulf, a critical route for 25pc of global oil and liquefied natural gas (LNG) flows daily. Were that to happen, oil would soar above $100 a barrel and way beyond – doing serious damage to oil importing nations, not least the UK. Even if that doesn't happen, the International Monetary Fund reckons a 10pc rise in oil prices raises inflation in advanced economies by about 0.4 percentage points – and we've seen a 20pc-plus rise over the last month. UK inflation, 3.4pc in May, could easily soar above 4pc and beyond – twice the Bank of England's target. Stand by for higher UK petrol and diesel prices, along with domestic gas price rises too, especially if the conflict disrupts LNG exports from Qatar and elsewhere in the Gulf. That will push up household and industrial bills, with knock-on effects on food prices too – with food price inflation already jumping from 3.4pc in April to 4.4pc in May. Such inflationary pressures would rule out any more cuts in the Bank of England's policy rates for the foreseeable future. Bond yields would also rise – not least on UK sovereign debt – compounding the difficulties of this big-spending Labour government to stabilise the public finances. Renewed cost of living crisis headlines would also increase risks of a damaging wage-price spiral, with the UK's public sector unions already squaring up for more conflict this autumn. And these trends would intensify, of course, if Hormuz closes – which Iran could do by using its submarine fleet to lay deep sea mines between its southern coast and Oman, a distance of 25 miles at the Strait's narrowest point. Other oil producers (not least US frackers) can offset the disruption of Iranian supplies – the country pumps 4pc of global production – but not supplies from the Gulf as a whole. The reality is, though, that Iran relies heavily on oil exports – and closing the Strait would starve an unpopular government of the revenues needed to keep a lid on domestic discontent. And with 85pc of the energy leaving Hormuz consumed on Asian markets, thwarting those flows would alienate neutral powers such as China and India. Iran would think hard before alienating these two in particular, which would rally international support against Tehran, strengthening regional rival Saudi Arabia. Attempting to close the Strait would also risk devastating military and potentially civilian losses for Iran, including its naval and coastal assets, if the US and powerful Gulf states engaged in sustained retaliation. But the main reason I don't think Iran will disrupt Hormuz is that Tehran gains more by threatening to close the Strait than by actually doing so. The mere threat of action can drive up oil prices, benefiting Iran's economy and strengthening Tehran's negotiating position, without risking the consequences of action.
Finextra
14 hours ago
- Finextra
Deep Dive: How Shift4 Is Building a Global Commerce Platform: By Sam Boboev
In the fast-moving world of fintech and payments, few companies have transformed as dramatically in recent years as Shift4 Payments. Born as a small merchant processor in the late 1990s, Shift4 has rapidly evolved into a global 'commerce technology' player powering payments for over 200,000 businesses today. Its story matters now because Shift4 is at an inflection point: after years of hyper growth, strategic acquisitions, and expanding beyond its U.S. base, the company is positioning itself as a serious challenger to payment incumbents worldwide. In 2024 and 2025 alone, Shift4 has embarked on bold moves – from mega-acquisitions in Europe to launching its all-in-one point-of-sale platform internationally – that could reshape the competitive landscape of integrated payments. Moreover, founder and CEO Jared Isaacman is handing over the reins after 26 years, marking a leadership transition just as Shift4 pursues ambitious global targets. For fintech observers, Shift4 offers a compelling case study of software and payments convergence done right, and its next chapter will signal how far an upstart can go in challenging entrenched rivals. This deep dive provides a comprehensive look at Shift4's background, strategy, financial performance, expansion plans, and competitive context at this pivotal moment. Company Background and Evolution Shift4's journey began in 1999, when 16-year-old Jared Isaacman started a tiny payment processing business (then called United Bank Card) out of his parents' basement. Isaacman's early innovation was streamlining the clunky merchant onboarding process of the time – cutting setup from weeks to one day, and offering free card terminals with simple applications. This merchant-friendly approach fueled growth, and by 2012 the company rebranded as Harbortouch to emphasize its point-of-sale (POS) solutions alongside payment services. Through the mid-2010s, Isaacman's firm acquired several other payment and POS providers, expanding its reach in hospitality and retail payments. A major turning point came in 2017: the company (briefly renamed Lighthouse Network) acquired a Las Vegas-based payment gateway called Shift4 Corporation, a veteran player in hotel and restaurant payments, and adopted the Shift4 name for the combined entity. This merger of a merchant acquirer with a payment software gateway foreshadowed Shift4's future strategy of integrating software and payments. In June 2020, Shift4 Payments went public on the NYSE (ticker: FOUR) – one of the few fintech IPOs in the immediate aftermath of COVID's onset. Despite the pandemic's impact on its core restaurant and hospitality clients, Shift4's business rebounded strongly, even exceeding the aggressive targets set during its 2021 investor day. Over 2021–2023, the company aggressively broadened its offerings and vertical reach, both organically and via acquisition. It launched an e-commerce platform by acquiring 3dcart (rebranded Shift4Shop) in late 2020, and pushed into sports venues with the 2021 acquisition of VenueNext, a provider of stadium POS and mobile ordering tech. Shift4 also set its sights on new industry verticals – notably non-profits, gaming, and even space technology. It struck partnerships with major names like St. Jude Children's Research Hospital (to handle donations) and Allegiant Travel (to extend its hospitality payments into airlines). In a headline-grabbing deal, Shift4 became the payments partner for SpaceX's Starlink satellite internet service, a global opportunity that necessitated international payment capabilities. These initiatives signaled Shift4's intent to go beyond its SMB restaurant roots and serve large, complex merchants across a variety of sectors. By 2022, founder Jared Isaacman proudly noted that Shift4 had moved 'upmarket,' powering the entire POS and payments systems of massive resort properties and stadiums – customers that bring larger payment volumes and more stability than small businesses. Today, Shift4 bills itself as an 'integrated commerce' provider, combining payments with software solutions in a one-stop platform. The company claims to serve roughly one-third of all U.S. restaurants through its various POS brands, and has expanded into hospitality, retail, entertainment, and specialty markets. Headquarters remain in Pennsylvania, but Shift4's footprint is increasingly global – a result of its recent expansion strategy (detailed below). Notably, as of early 2025, Jared Isaacman announced plans to step down as CEO (while remaining a major shareholder and Executive Chairman) after being nominated to lead NASA – handing the CEO role to company president Taylor Lauber. This leadership transition caps a remarkable evolution: from a basement startup to a publicly traded, multi-billion dollar fintech with international ambitions. Disclaimer: Fintech Wrap Up aggregates publicly available information for informational purposes only. Portions of the content may be reproduced verbatim from the original source, and full credit is provided with a "Source: [Name]" attribution. All copyrights and trademarks remain the property of their respective owners. Fintech Wrap Up does not guarantee the accuracy, completeness, or reliability of the aggregated content; these are the responsibility of the original source providers. Links to the original sources may not always be included. For questions or concerns, please contact us at
