Labour tells Jeremy Hunt to ‘get a move on’ with Solvency II reforms March 7, 2023 Labour has hit out at the government over delays to overhauling EU-era Solvency II rules demanding that it needs to “get a move on”. Shadow city minister Tulip Siddiq called on Chancellor Jeremy Hunt to reform the rules – which govern the sums of money insurers must hold on their balance sheets to protect themselves [...]
Co-op welcomes former N Brown finance chief as new group CFO March 7, 2023 The Co-operative group has welcomed Rachel Izzard as chief financial officer and a member of the Co-op group board. The supermarket and funeral care provider said that Izzard will take up the position in June following the end of current interim Mike Hazell’s contract. The financial veteran has held a number of CFO positions, including [...]
Oil industry pivots to low carbon projects to rake in US green subsidies March 7, 2023 The oil industry is positioning itself to take advantage of billions of dollars of US tax credits established through the US Inflation Reduction Act.
FTSE 100 close: Powell interest rate warning drags London index into the red March 7, 2023 London’s FTSE 100 was muted today as investors sweat over whether Fed chair Jerome Powell’s warning that US interest rates will stay higher for longer means other central banks will follow suit. The capital’s premier index closed 0.13 per cent lower at 7,919.49 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned [...]
Rebuilding the world as Lego uses sales growth to roll out 145 more stores in China March 7, 2023 Toymaker Lego said store openings in China and strong demand in Western Europe and the Americas had delivered 17 per cent sales growth in 2022. The family-owned company known for its colourful plastic bricks said sales rose to kr64.6bn (Danish krone) (£7.74bn) last year, when it opened 155 new stores, bringing the total number of [...]
Black cabs: London’s electric taxis overtake diesel for first time with 6,000 now on capital’s roads March 7, 2023 London now has more electric black cabs than diesel powered ones for the first time, following widespread uptake of taxis in line with London’s net zero push. There are now more than 6,000 fully-electric black cabs in London’s taxi fleet, meaning electric taxis are now the most common type of Hackney carriage on the capital’s [...]
‘Pervasive’ plastic use must be tackled across industry, warns chemicals boss March 7, 2023 The industry has to do more to lower the use of plastic in products, argued the boss of a FTSE 250 specialty chemicals firm.
High rents are driving young people out of London and depriving businesses of talent, industry warns March 7, 2023 Fears that young talent could be driven out of London due to soaring rents and a lack of affordable accommodation is “bad news” for London’s businesses and the economy, industry bodies warn. Paul Swinney, director of policy and research at Centre for Cities’, told City A.M the capital has already seen a “squeeze” on the [...]
Sir Graham Brady: 1922 Committee chair to step down as MP at next election March 7, 2023 Sir Graham Brady is stepping down as an MP at the next general election, he has said. The MP for Altrincham and Sale West has sat in the House of Commons (HoC) since 1997. He has been chairman of the Conservative Party’S 1922 Committee of backbench MPs since 2010, apart from a spell in 2019. [...]
Federal Reserve chair Powell warns of ‘higher than expected’ rate peak and steep hikes to stun inflation March 7, 2023 The US Federal Reserve is prepared to heap more pressure on the world’s largest economy by returning to steep interest rate hikes to contain inflation, its chief warned today. Jerome Powell, chair of the Fed, said the world’s most influential central bank is “prepared to accelerate rate hikes” if the pace of price increases in [...]
