Jump start: Volvo Cars shares rise on £13bn market debut October 29, 2021 Volvo Cars shares have jumped on its £13bn market debut, which the Swedish carmaker said was “substantially oversubscribed”. It’s share price rose from 53 Swedish krona (£4.50) to around 59.99 krona (£5.10). The initial public offering (IPO), one of Europe’s largest this year, was delayed amid faltering investor confidence, according to reports. The carmaker, owned [...]
Post-Brexit: Trading with countries further afield could ramp up UK emissions 88 per cent October 29, 2021 Replacing the trade lost between the UK and the EU since 2018 with deal with countries further afield could increase emissions by 88 per cent, new analysis has suggested. The added distance of travel amounts to around 6.5m tonnes of CO2, according to cross-party advocacy group Best for Britain and UK Trade Business – the [...]
Khan urges government to make mask wearing mandatory on public transport October 29, 2021 London mayor Sadiq Khan has urged the government to make mask wearing mandatory on public transport, as daily Covid-19 cases average at around 40,000. “The situation with Covid-19 in the capital is so finely balanced that it needs all of us to act together to protect ourselves, our loved ones, the things we enjoy and [...]
Eustice ‘happy to live with consequences’ of Brexit despite forecast GDP hit October 29, 2021 Environment secretary George Eustice has said he is “quite happy to live with the consequences” of Brexit after the Office for Budget Responsibility (OBR) forecast that the economic impacts would be double that of the pandemic. Speaking to BBC 4 Today’s Nick Robinson, and proposed with the government appointed OBR’s estimate, the minister said: “Well [...]
Glencore’s marketing business FY earnings to surpass $3.2bn, says mining giant boss October 29, 2021 Glencore’s marketing business has lifted its full year adjusted earnings forecast to exceed $3.2bn, the mining giant’s CEO Gary Nagle said in the firm’s third quarter production update. Shares dipped 0.8 per cent to 356.4p per share during early trading. It follows Glencore’s recovery from reduced production as global energy markets have begun to rebalance [...]
Hilton Food Group buys meat supplier for £28.8m in bid for UK growth October 29, 2021 Hilton Food Group, which supplies Tesco with fresh food, has bought UK meat supplier Fairfax Meadows for some £28.8m. “This transaction is all about growth,” CEO Philip Heffer explained. “Fairfax Meadow represents a great opportunity for Hilton to expand into an adjacent and growing foodservice sector in the UK.” “We look forward to leveraging Hilton’s [...]
City Moves: Who’s switching jobs in the Square Mile today? October 29, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. GCA Altium Global investment bank GCA Altium has bolstered its London team with the appointment of a consumer mergers and acquisitions (M&A) expert as its new director. Joining the helm, Tom Barnard is set to work directly with managing director and [...]
UK tables draft agreement to set global aviation emissions target at COP26 October 28, 2021 The UK has reportedly tabled a draft agreement to slash aviation emissions to levels aligned with the Paris Agreement ahead of COP26. The Paris Agreement, though it does not specifically address international aviation emissions, commits countries to limit global temperature increases to 2C this century and aim for 1.5C. The government received a raft of [...]
Shell earnings slide and shareholders miss out following £3.4bn pay day October 28, 2021 Shell adjusted earnings slipped 25 per cent to $4.1bn in its third quarter unaudited results, while its shareholders missed out following their hefty pay day. Shareholders lost $477m in the period, after raking in $3.4bn in the previous quarter. Shares dipped 2.89 per cent to 1,714.6p per share by mid-afternoon. Shell put the quarter’s earnings [...]
Climate jargon debunked: Just one in 10 Brits know what COP26 is October 28, 2021 Just one in 10 Brits know what COP26 is, according to a new study by E.ON, as the UN’s flagship climate conference looms at the tail-end of this weekend. More than 80 per cent of the population would do more for the environment if they were given simpler information about what action to take, the [...]