Arm China lays off dozens of staff as restrictions hit demand February 11, 2023 SoftBank Group Corp’s chip technology firm Arm Ltd’s China joint venture laid off 90-95 employees last week to cope with a challenging business outlook this year, according to three sources familiar with the situation. The layoffs come as SoftBank tries to set up a public listing for Arm this year. The China market has been a major source [...]
Trafigura suffers $577m charge after alleged nickel fraud February 11, 2023 Trafigura was hit with a $577m charge in the first half of 2023, after discovering some nickel cargoes it received did not contain the metal.
Union rejects ‘dreadful’ pay deal as Lynch promises to prolong strike misery February 11, 2023 The biggest rail workers’ union has rejected what the Transport Secretary has described as the “best and final offers” aimed at resolving the long-running disputes over pay, jobs and conditions. Mark Harper described the move by the Rail, Maritime and Transport union (RMT) to reject the proposals from Network Rail and the train operating companies [...]
FTSE close: Index closes the week on a muted note, as traders eye 8,000 barrier February 10, 2023 London’s blue chip index closed at 7,882.45, down 28.70 points, or 0.36 per cent as investors paused for breath at the end of a trading week which saw the FTSE 100 hit an all-time high. Optimism over the British economy, which narrowly avoided recession, appeared to be tempered with a warning from Jeremy Hunt, Chancellor [...]
Brexit: UK makes final EU payment in £2.3bn China import fraud dispute February 10, 2023 The Government has paid £2.3bn to the EU as part of a long-standing dispute over textiles and footwear imported into the UK from China. The final payment of £1.1bn made this week, brings the case to a close. Chief Secretary to the Treasury John Glen confirmed the payment in a written statement to the Commons. [...]
Turkey and Syria Earthquake appeal: Royal donations including from King Charles lifts total to £33m in just 24 hours February 10, 2023 An appeal to help the victims of the earthquake in Turkey and Syria has raised more than £30 million in just 24 hours. Donations from the King and Queen Consort, as well as the Prince and Princess of Wales, helped the Disasters Emergency Committee’s (DEC) fund soar to £32.9 million, including £5 million from the [...]
Just three per cent of people have missed work as a result of train and teacher strikes, government survey suggests February 10, 2023 Strikes have had little impact on people being able to work, figures have suggested. A wave of industrial action has been taking place in various sectors as disputes with the Government over pay and conditions rumble on. Almost half (43 per cent) of adults surveyed by the Office for National Statistics (ONS) stated that such [...]
City A.M.’s Top Five: This week’s best read stories – 10 February February 10, 2023 The concept of the UK’s first official digital currency was something that interested City A.M. readers, while the idea of BA’s pedestal as the world’s favourite airline being kicked over also struck a chord. Just in case you missed them, here are the best read stories on City A.M. this week One: Could the UK [...]
UK lost out on £320m AstraZeneca factory: Hunt ‘disappointed’ after drug giant choses low-tax Ireland instead February 10, 2023 Chancellor Jeremy Hunt said he was disappointed the UK “lost out this time” on a £320 million new AstraZeneca factory after the drugs giant chose the low-tax Republic of Ireland instead. The group had wanted to build a plant near its existing sites close to Macclesfield, Cheshire, but the “discouraging” tax rate had prompted a [...]
Square Mile honours WEF president and Davos head Brende with freedom of the City February 10, 2023 The president of the World Economic Forum (WEF) was honoured by the Square MIle’s Corporation this week, giving him the Freedom of the City of London. Børge Brende was honoured at a ceremony this week following the WEF’s landmark conference in Davos, Switzerland, last month. The Norwegian economist, who heads the non-profit promoting cooperation between [...]