TfL workers to vote for strike action amid pension feud April 21, 2022 Transport for London (TfL) and London Underground workers are expected to vote whether to go on strike over pension cuts. Members of the union Unite accused TfL of cutting their pensions and putting an end to the final salary scheme – which bases the amount workers receive as pension on the salary they earned when [...]
Brexit: Rees-Mogg wants UK to look at easing capital requirements for banks April 21, 2022 Jacob Rees-Mogg has said the UK must consider easing requirements on how much capital that banks need to hold in reserve in order to survive economic shocks. The Brexit opportunities minister told MPs today that the government “ought to look” at easing the capital requirements for the banking sector, which were brought in after the [...]
Newport Wafer Fab: Congressmen write to Biden with concerns about Welsh microchip plant bought by Chinese firm April 21, 2022 The Chinese takeover of a microchip plant in Wales has become subject to major protest by American Congressmen, who have written to President Biden. Nine politicians urged the president to demand security vetting on British investments, writing a letter calling for “urgent action” to overturn the sale of Newport Wafer Fab. The letter, signed by [...]
London VC firm unveils $20m fund to back student ‘deeptech’ innovation April 21, 2022 A London-based venture capital firm has unveiled a new $20m fund today to pump into so-called ‘deeptech’ projects emerging from universities across the UK and Europe.
Tesla posts record profits as Elon Musk stands to gain $23bn windfall April 21, 2022 Tesla has seemingly won the hearts of drivers looking to go green, as rising prices has stopped short of putting off consumers from making the leap. Elon Musk’s electric vehicle (EV) company enjoyed record profits of $3.3bn (£2.5bn) in the first thee months of the year, despite inflationary headwinds. In its first quarter update published [...]
Bill Ackman dumps Netflix stake following share price plunge April 21, 2022 Top Netflix shareholder Bill Ackman has sold his stake in the world’s largest streaming service, sending further shockwaves for the fallen pandemic darling. It comes as the company lost $50bn in value over the past few days after shares were sent into a frenzy following the trading update which reported heavy losses of 200k subscribers [...]
XPS Pensions announces chairman exit and steady client growth amid regulatory changes April 21, 2022 London-listed firm XPS Pensions reported steady organic growth this morning, as well as announcing that its chairman, Tom Cross Brown, will be retiring in September. The firm reported growth across the board, with revenues growing eight per cent organically year on year. Advisory work has continued to see high client activity levels driven by continued [...]
Growth slows for pest-control firm Rentokil following acquisition boom April 21, 2022 Pest-control firm Rentokil posted nearly two per cent of revenue growth this morning to £722m. Pest Control delivered organic growth of 5.5 per cent in the first quarter with all regions in positive growth. Ongoing Revenue in the Growth and Emerging markets grew by 10.9 per cent and 13.6 per cent respectively. Customer retention was [...]
Antofagasta swallows $2.2bn in spiralling Chilean project costs as inflation bites April 21, 2022 Antofagasta is betting on copper, gold and steel-essential metal molybdenum this year, as the mining giant swallows spiralling costs of its latest Chilean project. A review of the Los Pelambres expansion project, which is now more than 70 per cent complete, has spiralled from $1.7bn (£1.3bn) to $2.2bn (£1.6bn), as the miner shoulders Covid-19 costs [...]
Nestlé warns of further price rises over the year amid rampant inflation April 21, 2022 Nestlé has cautioned more price rises could be on the horizon for consumers as cost inflation leaps. In a three month trading update, the Kit Kat owner said it had already “stepped up pricing in a responsible manner” and seen “sustained consumer demand.” Nestlé CEO Mark Schneider added: “Cost inflation continues to increase sharply, which [...]
