BlackRock warns US greenwashing rules could confuse investors August 21, 2022 The world’s biggest asset manager BlackRock has warned a US watchdog that planned rules to clampdown on “greenwashing” risk confusing investors and could force firms to disclose company information publicly.
Truss vows to slash taxes for SMEs and to unleash ‘business revolution’ August 21, 2022 Liz Truss has promised to slash taxes for British SMEs and unleash a “business revolution” in the UK if she is crowned Prime Minister next month. Truss said that her government would “back business to deliver” and “stop putting so much red tape, so much tax on business”. The foreign secretary told The Sun On [...]
Threat of recession drives City law firm hiring spree August 19, 2022 City law firms are seeking to capitalise on the looming recession by bolstering their M&A and financial restructuring teams. Vacancies for City lawyers specialising in banking, leveraged and real estate finance, capital markets, and derivatives surged 38.7 per cent over the first seven months of 2022, figures from legal sector recruitment firm Tenhaven show. The [...]
Best ETFs for an environment with rising interest rates August 19, 2022 On 4th August, the Bank of England raised interest rates by an outsize 0.50% – the largest single increase since 1995, taking the Bank Rate to 1.75%. This follows on from the Fed’s second 0.75% rate hike on 27th July, as Central Banks try to rein in inflation. Whether or not interest rate rises will [...]
Unions slam P&O Ferries owner after it announces record £600m profits August 18, 2022 Unions have slammed the “corporate gangster” owners of P&O Ferries, who sacked 786 British workers this year, after the company announced record first half profits today. DP World recorded a first-half profit of $721m (£598m) – a 51.8 per cent year-on-year increase. Frances O’Grady, general secretary at the Trades Union Congress (TUC), told City A.M. [...]
Company behind P&O Ferries sackings announces first-half profit of £600m August 18, 2022 DP World, the global port operator which was slammed for its decision to sack 800 P&O Ferries workers earlier this year, announced record first-half profits. The logistics firm registered first-half profit of $721m (£598m). The Dubai operator came to UK prominence when P&O Ferries, which it owns, dismissed 800 workers in March – with the [...]
Crypto markets slip as investors digest latest interest rate news August 18, 2022 The price of Bitcoin dropped for a fourth straight day yesterday, but continued to trade in the narrow range between $23-25k.
City Moves: Who’s switching jobs in the Square Mile? August 18, 2022 A roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Allen & Overy Law firm Allen and Overy has announced a new partner to lead its India Corporate practice. Harsh Pais joins A&O after an 11-year stint as a partner at Indian firm Trilegal, where he co-headed the [...]
Banks and lenders can step in to push ESG reporting without waiting for new laws August 18, 2022 Environmental and Social Governance – or ESG – has dominated debates in the business world. But it’s difficult to separate the volume of the talk from concrete results. There is now a framework for companies to disclose climate-related risks and opportunities, but these reporting rules are only mandatory for around 1,300 of the biggest businesses [...]
Norway sovereign fund loses more than $150bn thanks to tech rout August 17, 2022 Reuters Norway’s sovereign wealth fund, the world’s largest, made a record loss of 1.68 trillion Norwegian crowns ($174 billion) in the first half of 2022 as stocks and bonds were hit by global recession fears and rampant price inflation. The $1.3 trillion fund’s return on investment was a negative 14.4% for the January-June period, which [...]