Sustainability rank ripped from Korean palm oil company Korindo July 15, 2021 Korean palm oil giant Korindo has been booted from the global Forest Stewardship Council (FSC) following a breach of regulations. The FSC and Korindo had agreed to address allegations made against the palm oil company in 2017 by Mighty Earth, an environmental campaigning organisation, that the firm was deliberately setting fire to 30,000 hectares of [...]
Gresham House assets grow steadily as ESG appetite endures July 15, 2021 Gresham House reported steady growth in the first half of the year in a trading update this morning, as interest in ESG investment continued to push its assets under management higher. The asset manager reported a 19 per cent rise in AUM to £4.7bn, with organic growth of £457m driven by its real estate division, [...]
Bitcoin market spots a green light at the end of a long and dark tunnel July 15, 2021 There’s a splash of green across the boards this morning, as most major cryptocurrencies recover from recent losses.
CMA slaps pharma firms with £260m in fines for hiking prices for NHS July 15, 2021 The UK’s competition watchdog has slapped drug companies with fines totalling more than £260m for hiking prices for the NHS. The Competition and Markets Authority (CMA) said prices of “life-saving” hydrocortisone tablets had risen by over 10,000 per cent. The price hike equated to the NHS being charged £80 for a single pack of tablets [...]
Revolut becomes UK’s most valuable fintech after bumper funding round July 15, 2021 Challenger bank Revolut has become the UK’s most valuable fintech company after seeing its valuation surge to $33bn (£24bn) following a fresh funding round. The British fintech favourite has secured $800m in new funding in a round led by Softbank’s Vision Fund and Tiger Global Management. It makes Revolut one of the most valuable fintechs [...]
Blackstone locks eyes on property market with $5.1bn AIG housing assets deal July 15, 2021 Private equity firm Blackstone is set to splash $5.1bn on housing assets from the American International Group (AIG), as it locks eyes on the affordable property market. AIG is also set to sell a 9.9 per cent stake in its life and retirement business to Blackstone for a further $2.2bn. Blackstone agreed to a “long-term strategic [...]
Airline shares fall as Balearics moved to amber, MPs call for furlough extension July 15, 2021 Airline shares took another fall this morning as the industry reacted with dismay to the announcement that the Balearic Islands would be added back onto the “amber list” from Monday. The decision to reimpose additional restrictions on the popular holiday destination comes just weeks after Majorca, Menorca and Ibiza were added to the “green list”. [...]
Business groups blast government’s back-to-work guidance for lack of clarity July 15, 2021 Business leaders in the UK have slammed yesterday’s renewed government back-to-work guidance for its mixed messages that have “done little to dispel confusion” over returning to the office. BEIS officials published new guidance yesterday – a day later than expected – that called for a “gradual return” to the office from 19 July, as the [...]
Iceland boss warns of “pingdemic” chaos July 15, 2021 The managing director of the supermarket warns the government of urgent staff shortage challenges for businesses caused by a “broken” test and trace system, as “Freedom Day” approaches. Richard Walker said that despite fewer covid deaths and hospitalisations, he was facing the greatest pandemic challenges to running the frozen foods grocer yet, in a Daily [...]
Sydney Airport rejects $17bn buyout offer July 15, 2021 Sydney Airport has this morning rejected a $16.6bn buyout offer from a group of infrastructure fund, foiling what would have been one of Australia’s biggest takeovers. The firm behind the airport said that its board had unanimously rejected the bid as undervaluing the firm and not being in the best interest of shareholders. The offer [...]
