Investors refused to back resolutions demanding stricter fossil fuel financing policies at three major US banks on Tuesday, dealing a blow to environmentalists hoping to apply more pressure to lenders over climate issues. Proposals filed at Wells Fargo, Bank of America and Citi called on the banks to align their fossil fuel financing policies with
admin
Cabinet tensions have broken out over a plan for Britain to unilaterally cut tariffs on food imports, after the price of groceries in the UK rose 5.9 per cent in the past year. Boris Johnson, prime minister, is backing a proposal to cut tariffs on foodstuffs such as rice and oranges, which are not produced
European equities opened higher on Tuesday as global markets recovered from sharp falls in the previous session, driven by fears about Chinese lockdowns, inflation and central banks raising interest rates. Ahead of quarterly results from tech titans Microsoft and Google parent Alphabet, which investors hope will confirm the logic of investing in businesses with the
Tesla shares slid more than 10 per cent on Tuesday, wiping about $99bn off the electric carmaker’s valuation, a day after the company’s chief executive and largest shareholder Elon Musk clinched a deal to buy Twitter. Musk is funding the $44bn takeover with $13bn of debt from Wall Street’s largest lenders, as well as a
Russia is to halt the flow of gas to Poland and Bulgaria from Wednesday, according to authorities in both EU nations, as Moscow steps up its efforts to weaponise energy supplies over the invasion of Ukraine. PGNiG, the Polish state-controlled gas group, stated on Tuesday that Russian supplier Gazprom had informed it of a “complete
Boris Johnson has threatened to privatise public bodies including the Passport Office and the Driver and Vehicle Licensing Agency unless they sort out their major backlogs, he told a cabinet meeting on Tuesday. The British prime minister said some public bodies had fallen victim to a “post-Covid mañana culture” with slower services than the public
Francesca McDonagh has announced her surprise decision to step down as chief executive of Bank of Ireland, the country’s biggest lender, in what industry sources say is the latest high-profile casualty of a cap on top executives’ pay. The bank, which was rescued along with Ireland’s other lenders in the eurozone’s biggest banking bailout after
Britain’s City minister has agreed with estimates that about 7,000 jobs moved from the Square Mile to the EU after Brexit, but added that the financial services sector “has not experienced the haemorrhaging” of roles that many had anticipated. John Glen, economic secretary to the Treasury and City minister, said on Tuesday that he broadly
One of the Bank of England’s senior officials on Tuesday proposed that the global regulatory system for banks’ capital requirements be overhauled to make it simpler and allow companies more flexibility to lend during a crisis. Sam Woods, head of the UK Prudential Regulation Authority, used a speech to outline a streamlined system that would
The Royal Ballet dusted off the family silver last weekend for a sublime triple bill of work by Frederick Ashton that reasserts the genius of their founder-choreographer. Ashton first heard Scènes de Ballet while soaking in his bath to the Third Programme and was obliged to telephone the BBC to identify it. His choreography embodies
When Priti Patel was chosen as Boris Johnson’s home secretary, liberal opinion was affronted. What possible logic could there be, so it went, in putting one of the Conservative party’s tub-thumpers, and one with a patchy ministerial record, at the helm of Whitehall’s most dysfunctional department? Simple, one of the prime minister’s aides told me
Such is their devotion to the suburb of Wandsworth, in south-west London, that when James and Victoria Robbins sold their 1,400 sq ft three-bedroom railway workers’ cottage last October in search of more space, they moved just 157 metres away to a 2,200 sq ft, four-bedroom semi with a larger garden. Both old and new
The lockdowns stemming from China’s zero-Covid strategy have worsened General Electric’s supply chain challenges, prompting the US industrial conglomerate to caution on Tuesday that its full-year results would come in at the low end of its previous expectations. Shares in GE fell 10 per cent to $80.71 in morning trading in New York after chief
The container shipping industry is riding a wave that has not yet peaked. Denmark’s AP Moller-Maersk has just announced a more than doubling of first-quarter ebitda. Record results come at a cost. High freight rates have infuriated customers. The White House says they are likely to push up US consumer prices by 1 per cent
Government plans to enable more adults in England to do training courses throughout their lifetimes will have an important role in tackling the national skills shortage and boosting productivity, according to the minister for higher and further education. Michelle Donelan said the policy to introduce a “life-long loan entitlement” would address the UK’s low productivity
Schroders plans to scrap an “anachronistic” ownership structure that has deprived some shareholders of voting rights, as one of the UK’s largest asset managers tries to burnish its governance credentials. Under a plan laid out on Tuesday, Schroders said that each of the company’s non-voting shares, which account for a quarter of the total in
What price a vote? Long before Google and its ilk brought dual-class shares to public markets, Britain plc routinely disenfranchised swaths of the investor base. Most — think Whitbread in hospitality or WHSmith in retail — merged their voting and non-voting shares in the early 90s. Straggler PZ Cussons, home of Imperial Leather soap, did
In the movie Toy Story, attempts at flying by astronaut Buzz Lightyear are described as “falling with style” by a rival. Detractors of UBS may have the same complaint after underlying pre-tax profits — to adjust for the losses from Archegos — slipped 8 per cent to $2.7bn. The Swiss bank still soared clear of
British Airways is to cut flights until the end of June — a month longer than expected — to help it through the wave of disruption hitting the travel industry. Airlines have been forced to cancel flights over the past month as they have struggled to rehire sufficient staff to cope with increased demand as
They say money can’t buy you love, but disagreements with a partner about how to manage your joint finances can give couples plenty to argue about. On this week’s Money Clinic podcast, presenter Claer Barrett meets newly-weds Sahil and Priya, who have very different financial priorities. Although the couple have been together for several years,