Yorkshire cricket chairman resigns over handling of Rafiq racism report November 5, 2021 Yorkshire chairman Roger Hutton has resigned over the club’s handling of the Azeem Rafiq case, calling on the executive board to follow suit and taking a swipe at the England and Wales Cricket Board on the way out. In a week that has seen Headingley stripped of its right to host international cricket, a mass [...]
Oil price recovers after OPEC rejects Biden’s push for more supplies – CityAM : CityAM November 5, 2021 Oil prices showed signs of recovery on Friday, with Brent Crude rising to $81.25 after sharply falling two per cent from $84 a barrel on Thursday. WTI Crude also increased by over nearly $1 from Thursday, having declined 2.5 per cent in the previous session. The returns to growth follow OPEC+ producers rebuffing calls from [...]
Brexit trade slump: Gov should cut burden on traders before full border arrives November 5, 2021 The government needs to cut the burden on traders at the UK-EU border to ease a post-Brexit trade slump, a report from the National Audit Office (NAO) has said today. While the Government’s handling of the new border with the EU was “largely successful”, it has relied on temporary measures that are “not sustainable”, the [...]
British Airways shares in descent as it predicts 2021 Covid loss of €3bn November 5, 2021 The owner of British Airways and Iberia, IAG, reported a shrinking €2.6bn (£2.3bn) loss for the first nine months of 2021. However investors dumped IAG shares this morning after it indicated full year losses would still hit €3bn as passenger capacity has been slow to recover. Its lucrative UK-US travel corridor is due to finally [...]
Letters: SMEs need cash for climate November 5, 2021 [Re: Small businesses look to Cop26 for fiscal support, 2nd November] The Federation of Small Business (FSB) report stated SMEs want more financial support and policy to help them become more sustainable. We agree, but financial products that marry both commercial competitiveness and ESG-related benefits have not been forthcoming. Not addressing this could derail the [...]
City law pay war intensifies: Ropes & Gray raises new lawyer salaries to eye-watering £147k November 5, 2021 Ropes & Gray has hiked the salaries of newly qualified lawyers in London by 13 per cent, as the bidding war for legal talent intensifies. Freshly qualified lawyers at the London offices of the US law firm will now take home £147,000 – with their bonus added on top – marking a neat step up [...]
Bank of England boss Bailey rebuffs claims he ‘bottled it’ on interest rate call November 5, 2021 The Governor of the Bank of England Andrew Bailey has pushed back on criticism that he talked up a interest rate rise, then failed to follow through. Bailey denied the Bank of England “bottled it” yesterday, adding: “We expect interest rates to rise and we are very clear”. The pound sank against the dollar yesterday [...]
Energy trust IPO raises £186.5m for Tesla powered battery plan November 5, 2021 Harmony Energy Income Trust has raised £186.5m through an initial public offering (IPO) to develop large-scale battery energy storage systems across the UK. The systems will be powered by Tesla technology. It has issued 210 million ordinary shares at a price of £1 each, alongside 23.5 million ordinary shares for the acquisition of its seed [...]
Markets: BT helps FTSE power ahead as pound sterling slips November 5, 2021 The FTSE 100 was sitting in the afterglow of the Bank of England’s rate call and was also boosted by BT group this morning, pushing it up 0.4 per cent to 7,304. The FTSE 250 meanwhile was also up 0.4 per cent to 23,564. Pound sterling fell further against the US dollar, down to $1.346 [...]
Criminal gangs stole £350m from Covid support schemes November 5, 2021 Fraudsters taking from Covid support schemes have cost the taxpayer almost £5bn, new analysis has revealed. Organised crime gangs took £350m from schemes including the furlough Coronavirus Job Retention Scheme, the Self-Employment Income Support Scheme, and the subsidised meals initiative Eat Out to Help Out. A remaining £4.6bn was taken opportunistic fraudsters, according to figures [...]
