Sainsbury’s investors revolt over executive pay amid £261m loss July 9, 2021 Almost a fifth of Sainsbury’s shareholders rejected the supermarket’s renumeration report on Friday in the latest investor revolt against executive pay. It comes a month after it was revealed that CEO Simon Roberts took home a £583,000 bonus in his first nine months at the helm of the British supermarket, despite the company posting a [...]
Murdoch shuts down aggregation site Knewz after 18 months July 9, 2021 Rupert Murdoch’s media empire has shut down its news aggregation site Knewz after just 18 months, saying it had failed to pull in a profit. News Corp set up Knewz in January 2020 in a bid to claw back advertising revenue from Google. The site, which had a garish yellow backdrop, aggregated news articles from [...]
Patriot Pact: Ministers urged not to say ‘It’s Coming Home’ ahead of England final July 9, 2021 Ministers have reportedly been urged not to say ‘It’s Coming Home’ ahead of England’s Euro 2020 final on Sunday night amid fears of offending other countries. In a briefing note sent by the Department for Digital, Culture, Media and Sport (DCMS) mandarins warned the phrase “does not go down well overseas” and might damage a [...]
Top Tesco executive Tony Hoggett to step down after 30 years July 9, 2021 One of Tesco’s most senior executives is stepping down after more than three decades at the supermarket. Tony Hoggett joined Tesco in 1990 and has served in a number of top roles in the UK and Asia. He became group chief operating officer in 2018 before being appointed to the newly-created role of chief strategy [...]
Branson and Bezos space race outruns insurers July 9, 2021 Billionaires Sir Richard Branson and Jeff Bezos are reportedly launching into space without insurance for injury or death. Brokers told the NYT’s Dealbook newsletter neither Branson or Bezos, or their respective companies Virgin Galactic and Blue Origin, have purchased liability insurance. This is most likely because there isn’t a fully functioning insurance system for casual [...]
Leading scientists warn 19 July easing is a ‘dangerous and unethical experiment’ July 9, 2021 More than 100 scientists and doctors have signed an open letter accusing the UK government of conducting a “dangerous and unethical experiment” with its plan to ditch restrictions on 19 July. Boris Johnson’s plan to scrap social distancing and most other Covid-19 restrictions on 19 July is “unethical and illogical”, according to the authors, who [...]
US stocks open higher to reverse yesterday’s losses July 9, 2021 US stocks opened up on Friday, helping to pare back sharp losses on Thursday. The blue-chip S&P 500 added 0.84 per cent in morning trading to reach 4,357. The tech-heavy Nasdaq gained 0.67 per cent, while the Dow Jones was up sharply by 1.11 per cent during the open. American benchmarks’ rebound was driven by [...]
Euros 2020: Bank holiday, sick day or in mourning? Businesses urged to be flexible day after final July 9, 2021 There are increasing calls from business groups, unions, and the public, for employers to offer flexibility to staff for the day after the Euros 2020 final, as the Prime Minister is under pressure to announce a bank holiday if England win. “Businesses across England will recognise the momentous nature for many of the prospect of [...]
Credit Suisse takes measures to reduce counterparty risk following Greensill Archegos scandals July 9, 2021 Credit Suisse has created a new role to manage risk from lending to counterparties sensitive to market moves, such as investment banking clients. The bank appointed Amélie Perrier to the newly created role of Head of Counterparty Market Risk, according to a Reuters report. Memo In an internal memo released today, the bank said: “In [...]
Five years since Brexit: four charts to show UK shares could be returning to favour July 9, 2021 As Brexit negotiations reached their denouement late last year UK investors sensed the outlook for their home market improving. The Schroders 2020 UK Financial Adviser Survey revealed 40% of respondents were looking to increase allocations to UK shares over the subsequent 12 months, see: Are investors adjusting to the new normal? Six months on, with a “no-deal” outcome [...]
