Airbus exits Russia as aviation industry cut off March 2, 2022 Airbus has become the latest company to cut off Russia by halting its support for the country's aviation industry.
Kazakhstani mining company’s libel lawsuit against British author dismissed by High Court judge March 2, 2022 A libel lawsuit, put forward by a Kazakhstani mining company against Financial Times journalist Tom Burgis over his new book, has been thrown out of court. A High Court judge dismissed a case brought forward by Eurasian Natural Resources Corporation (ENRC), after the firm sued Burgis for libel, over comments made in the first two [...]
Insurers and analysts temper enthusiasm on Solvency II reforms March 2, 2022 Insurers and analysts have warned that the UK government’s plans to reform Solvency II, with a view to lowering the sums that insurance firms must hold in their coffers, may not live up to expectations. After City minister John Glen set out plans to reform the EU’s Solvency II rules, and “unleash” the “benefits of [...]
Trafigura freezes Russian investments and reviews options for Vostok oil stake March 2, 2022 Trafigura has revealed it has frozen its Russian investments, and is reviewing its 10 per cent stake in Kremlin-backed project Vostok Oil.
Hotel Chocolat’s profits surge following brand appeal increase in key markets March 2, 2022 Chocolate brand Hotel Chocolat has registered a surge in profits following a brand appeal increase in key markets like the UK, Japan and the US. In the 26 weeks ended 26 December, the group’s profit before tax was up 56 per cent to £24.1m, while the underlying EBITDA grew 35 per cent, from £24.9m to [...]
No more iPhones for Muscovites: Apple pulls all of its products from Russia over Ukraine invasion March 2, 2022 Phone giant Apple said early this morning it has stopped selling iPhones and other popular products in Russia in response to the ongoing conflict in Ukraine. The company is one of the latest major corporations to boycott the country following the invasion ordered by Russian president Vladimir Putin last week. Fellow tech giants Google and [...]
The City View Podcast: Businesses react to war in Ukraine and preparing your pension March 1, 2022 In this episode of The City View, Andy Silvester goes through today’s corporate headlines and chats to Nicholas Earl, City A.M’s Energy Reporter, about how businesses have reacted to Russia’s invasion of Ukraine; their role in such a crisis; and how increasing energy prices will significantly impact companies. Andy also talks to Becky O’Connor, Head [...]
Shell announces new CFO following London HQ move March 1, 2022 Shell has appointed Sinead Gorman as its new chief financial officer with Jessica Uhl stepping down following the firm's HQ move to London.
MSC halts Russian bookings as Switzerland breaks neutral position March 1, 2022 Shipping giant MSC has halted Russian bookings for cargo, as the corporate world attempts to stave off Russia’s wider operations. “MSC will continue to accept and screen bookings for delivery of essential goods such as food, medical equipment and humanitarian goods,” the world’s largest shipping firm said today. The temporary move will be implemented from [...]
Spotlight on SPACs: more risk than opportunity? March 1, 2022 It is never a good idea to invest in a SPAC just because someone famous sponsors or invests in it or says it is a good investment. While special purpose acquisition companies (SPACs) have been around for decades, they have attracted unprecedented interest and investment since the first wave of Covid-19. Amid this recent boom, entrepreneur Richard [...]