Congo cobalt mine takes chunk out of mining giant Glencore’s full-year earnings February 20, 2019 Mining giant Glencore’s shares were on the up this morning as it announced rising adjusted profits, despite missing analyst estimates and taking a huge 41 per cent hit net income hit from costs relating to its copper and cobalt mine in the Democratic Republic of Congo (DRC). The firm also announced a $2bn (£1.53bn) share [...]
Shopping centre landlord Intu swings to a loss after swallowing £1.4bn hit to property values February 20, 2019 Embattled shopping centre landlord Intu moved into the red last year, as more than £1.4bn was wiped off the value of its property following a swathe of retail challenges. Shares in the group dived almost 10 per cent in early morning trading. The figures Losses at the FTSE 250 firm, which suffered two failed takeover bids [...]
DEBATE: Should we charge clothing brands for the cost of recycling to combat the environmental impact of fast fashion? February 20, 2019 Should we charge clothing brands for the cost of recycling to combat the environmental impact of fast fashion? Mary Creagh, MP and chair of the Environmental Audit Committee, says YES. Fashion shouldn’t cost the earth. But our desire for fast fashion means that carbon emissions, water use, and chemical and plastic pollution are destroying our [...]
The Eurozone’s push for unified fiscal discipline is doomed to fail February 20, 2019 It is widely acknowledged that, under a monetary union, fiscal and monetary discipline have to go hand in hand in order to maintain financial and macroeconomic stability, and thus ensure that the currency remains sound. For a monetary area with such diverse economies as the Eurozone, establishing the right legal architecture and operational rules to [...]
Why we should allow second-rate universities to go bankrupt February 20, 2019 The political spotlight remains focused on Brexit, but an important dogfight is developing in the area of higher education. The specific issue is whether universities in the UK should be allowed to go bankrupt. It is not merely a theoretical question. In the past year, a number of universities have announced deficits running well into [...]
Netflix is first choice for almost half of Brits wanting new movie releases February 20, 2019 Almost half of UK film lovers prefer watching new release movies on Netflix over going to the cinemas, according to data released today. The survey from consumer profiling firm GlobalWebIndex reveals that 46 per cent of Brits would rather watch a film from the comfort of their own home on than head out to the cinema. [...]
Lloyds Banking Group boosts profits 24 per cent and reveals £1.75bn share buyback scheme February 20, 2019 Lloyds Banking Group’s profits surged 24 per cent in 2018, it revealed today, as it announced a £1.75bn share buyback scheme. The bank said it was "confident in the future" of the UK economy, citing record employment, surging wages and low interest rates. Read more: HSBC boss John Flint needs short term rigour as well [...]
City Moves for 20 February – who’s switching jobs at Reed Smith, Aprirose and Real Asset Partners? February 20, 2019 Who’s switching jobs today? Reed Smith International law firm Reed Smith has announced that tech, media and data specialist Elle Todd will be joining their entertainment & media industry group in London as partner. She was previously partner and head of digital and data at CMS Cameron McKenna Nabarro Olswang and has worked for clients [...]
‘No-fly zones’ around airport runways extended following Gatwick and Heathrow drone chaos February 20, 2019 Drones and similar model aircraft will be banned from flying within a five kilometre radius from airport runways following the havoc they wreaked at the Gatwick and Heathrow runways last year. The extended "no-fly zone" for drones and similar aircraft has been extended from one kilometre to five kilometres following recent episodes of disruption. Over [...]
EU-wide digital services tax could make system worse, warns pan-European think-tanks February 19, 2019 An EU-wide digital services levy would distort the bloc’s tax system and introduce extra bureaucracy, a pan-European group of think-tanks has warned. A report by the European Policy Information Center [CORR] – made up of organisations from nine European countries including the UK’s Institute of Economic Affairs – raised concerns that in the drive to [...]