Lloyd’s pledges to end investment in coal in first climate change policy push December 17, 2020 Lloyd’s of London will end investment in thermal coal-fired power plants, thermal coal mines, oil sands and new Arctic energy exploration activities as part of the market’s first ESG strategy. Lloyd’s typically has a more hands-off approach when it comes to climate change strategy. The market acts as regulator for around 100 syndicate members, and [...]
British Airways to stop flights to Sydney and Abu Dhabi amid Covid downturn December 17, 2020 British Airways is axing its direct flights to more than a dozen destinations, including Sydney and Abu Dhabi, as it trims its schedules due to the coronavirus pandemic. The UK flag carrier will cut non-stop flights to 13 destinations from the summer, with others to be suspended for six months. From the beginning of March, [...]
Planning for operational risk as a small business expanding internationally December 17, 2020 If there is one thing that 2020 has shown business, it is the importance of planning for operational risk. The extent of the COVID-19 pandemic has shocked the world, and many businesses had to rely on operational risk management plans to enable employees to work from home in a matter of days. What is operational [...]
London’s IPO market proves resilient despite choppy conditions December 17, 2020 Despite rocky conditions caused by Covid-19 and Brexit-related uncertainties, the London Stock Exchange (LSE) retained its title as Europe’s most active market this year. LSE proceeds have accounted for almost a third of total European proceeds in 2020. So far there have been 26 London IPOs this year, which is in line with 2019’s 27. [...]
Serco set for profit bump on back of Covid contracts December 17, 2020 Outsourcing giant Serco today said that it was on course for a 35 per cent jump in profit this year thanks to its role in supplying key government coronavirus programmes. The FTSE 250 group said that profit would come in at £160m-£165m for the year, while revenue is also set to increase 19 per cent [...]
US airlines near new $17bn payroll aid package December 17, 2020 US airlines are nearing a new $17bn (£12.5bn) package to keep workers on the books as part of a $900bn stimulus scheme for the world’s largest economy. A prior programme worth $25bn ran out at the end of September, forcing carriers to put tens of thousands of employees on unpaid leave. The new deal would [...]
Rio Tinto appoints new chief exec after sacred cave destruction scandal December 17, 2020 Rio Tinto has announced that Jakob Stausholm will become the mining giant’s new chief executive after his predecessor stood down following the destruction of a sacred cave system in Australia. Stausholm, the FTSE 100 firm’s finance chief, will take the top job after Jean-Sebastien Jacques fell on his sword amid intense pressure. The destruction of [...]
UK awaits Covid tier changes after Christmas confusion December 17, 2020 Towns and cities around the UK are waiting with bated breath this morning to see if they will be moved into a different tier of coronavirus restrictions. Government officials met to review the three tier system yesterday, with health secretary Matt Hancock due to announce any changes later today. The official update comes with London [...]
EY chair: ‘Nobody wants to go back to full time in the office’ December 17, 2020 Almost nobody will want to go back to working five days a week in the office post-pandemic, according to EY UK chair Hywel Ball, after employees have enjoyed the convenience of home working for most of 2020. Speaking to City A.M. Ball said offices were likely to look very different post-pandemic, and that staff would [...]
Shock as government policy works! Why we need to keep the stamp duty holiday December 17, 2020 The stamp duty holiday is working — actually really, really well. So, of course, the government plans to reverse it shortly. Governments tax things either to raise money to spend, or to discourage you from doing them. Income tax and national insurance raise more than 40 per cent of all the annual £825bn tax revenue. [...]
