Latest news with #10-YearInfrastructureStrategy
Korea Herald
6 days ago
- Business
- Korea Herald
Shinhan Bank eyes W3.7tr investment in UK by 2030
Korean financial provider Shinhan Bank held high-level talks in London on Tuesday with the UK Foreign, Commonwealth & Development Office to explore ways to strengthen investment cooperation between the public and private sectors. Shinhan Bank CEO Jung Sang-hyuk met with Catherine West, parliamentary under-secretary of state for the FCDO's Asia-Pacific region, to discuss future investment strategies aligned with the UK's Modern Industrial Strategy and 10-Year Infrastructure Strategy. The meeting builds on a memorandum of understanding signed with the UK Department for Business and Trade in November 2023. Since then, Shinhan Bank has invested 860 billion won ($627.5 million) in the UK. The bank now plans to expand its total investment to 3.7 trillion won by 2030, further cementing its role as a leading example of public-private financial collaboration. During a relocation ceremony for Shinhan Bank's London branch on Monday, the bank signed an additional MOU with UK Minister of State for Investment Poppy Gustafson to facilitate the expanded investment plan. The bank aims to deepen industrial and policy ties between the two nations through strategic financial engagement. 'We aim to support a diverse range of industries in the UK while accelerating Shinhan's global competitiveness,' a Shinhan Bank official stated. 'Our London branch will serve as a key financial hub across Europe, the Middle East and Africa, fulfilling a crucial bridging role in the EMEA region.'
Yahoo
20-03-2025
- Business
- Yahoo
Urgent calls for action on Bakerloo Line extension for 'excluded' south east London
Councils, businesses, and partners have made an urgent call for the government to commit to the Bakerloo Line Upgrade and Extension project. The Back the Bakerloo campaign, led by London councils, Central London Forward, and BusinessLDN, is pushing for this infrastructure project to be included in the upcoming 10-Year Infrastructure Strategy and for funding to be secured in the Comprehensive Spending Review. The Bakerloo Line is a crucial part of London's transport and economic infrastructure, but with the current train fleet being 16 years past its estimated lifespan, the service is at risk of full withdrawal. Transport for London (TfL) is seeking to upgrade the line with new rolling stock, which would enable the line to run 27 trains per hour rather than the current 20, as well as making the service more comfortable and reliable for passengers. The first phase of the proposed extension is via the Old Kent Road, with new tube stations at New Cross Gate and Lewisham. The second phase would take the Bakerloo Line beyond Lewisham to Hayes and Beckenham Junction, making use of the existing National Rail line by converting it to a London Underground operation. This would see Ladywell, Catford Bridge, and Lower Sydenham stations integrated into the tube network, helping support development in the south east of London and enabling capacity on the wider rail network. A recent impact assessment highlights the significant benefits the project will bring nationwide, including injecting at least an extra £1.5 billion into the UK economy per annum, unlocking the delivery of 107,000 new homes in London, and supporting 150,000 good jobs. Councillor Kieron Williams, leader of Southwark Council (Image: Lewisham Council) Councillor Kieron Williams, leader of Southwark Council, said: "The time has come for the Bakerloo Line Upgrade and Extension – a shovel-ready project that would unlock thousands of new homes along the line and bring a national economic growth boost of £1.5 billion, creating thousands of jobs across the UK supply chain." Mayor of Lewisham, Brenda Dacres (Image: Lewisham Council) Mayor of Lewisham, Brenda Dacres, said: "For too long south east London has been excluded from the world-class London Underground Network and the benefits of being a well-connected inner London borough. "With Lewisham wages nearly 40 per cent lower on average than neighbouring boroughs, the Bakerloo line extension would be a game-changer for unlocking inclusive growth and opportunities not just in the south east but across the UK." Councillor Muhammed Butt, leader of Brent Council, said: "The Bakerloo Line is an iconic part of London's underground, its history, and its culture. "It connects our great landmarks, from Wembley to the West End, and is a vital part of economic infrastructure - with one in six jobs in London within a 12-minute walk of a station. "But the significant challenges facing the ageing line – and its 10 stations that fall in the borough of Brent – put it at risk of total failure." Councillor Adam Hug, leader of Westminster City Council and chair of Central London Forward, said: "The Bakerloo Line Upgrade and Extension is vital to London and the UK's drive for inclusive growth and to tackle the housing crisis. "We urgently need to build more homes in every part of the country and in London, that means finding new areas for development. "The project would unlock the delivery of 107,000 new homes in London, playing a major role in meeting the Government's housebuilding targets. "It would also mean improving air quality by taking 20,000 car journeys off the road each day, supporting inclusive growth across London." The project has overwhelming support, backed by the Mayor of London, TfL, and London Councils. As per TfL's most recent public consultation, of the nearly 9,000 respondents, an overwhelming 89 per cent expressed their support of the Bakerloo Line Extension proposals.
