IRSG sets out financial services priorities for UK’s G7 presidency to aid post-pandemic recovery June 3, 2021 G7 leaders are being urged to ensure the economic recovery from COVID is green, sustainable and equitable in a new report by the International Regulatory Strategy Group (IRSG), which is co-sponsored by the City of London Corporation and TheCityUK. Financial Services Priorities for the UK’s G7 Presidency calls on G7 finance ministers meetings in London from [...]
Backlash over Russian oligarch’s £1bn UK broadband bet June 3, 2021 Campaigners have called for greater scrutiny over foreign investment in the UK telecoms market after a Russian oligarch backed a £1bn plan to upgrade the country’s broadband network. Letter One, an investment company founded by billionaire Mikhail Fridman, is a key investor in a project by new broadband firm Upp to deploy full-fibre connections in [...]
What does a €50 carbon price mean for European companies? June 3, 2021 Earlier this month, the EU carbon price moved above €50 per tonne for the first time ever. The price is now more than double its level prior to the pandemic, with a sharp rise in recent months. What is the EU carbon price? The EU Emissions Trading Scheme (ETS) is designed to put a price [...]
Door to door, but digital: Avon CEO on how a historic firm gets with the times June 3, 2021 Think of Avon and the image that emerges is probably a pretty wholesome one – an Avon lady, or perhaps an Avon man, presenting their make-up wares in a pleasantly spruced-up living room. In your mind, it’s probably set in black and white too. But times are changing. The cosmetics firm made its mark across [...]
US slaps tariffs on UK goods in push for global tax deal June 3, 2021 The US has slapped new trade tariffs on six nations including the UK as President Joe Biden seeks to corral fellow economies into backing his proposals for a global tax deal. After announcing tariffs worth 25 per cent against $2bn worth of goods from the UK, Italy, Spain, Turkey, India and Austria, the White House [...]
Darktrace: What we learned from building a £2.5bn UK success story June 3, 2021 There were just a handful of us clustered around a Bloomberg screen waiting for the moment that Darktrace would finally be launched onto the London Stock Exchange. In the end, that’s what a float comes down to – the final few seconds before the clock ticks round to 8am and the numbers start moving. If [...]
Corporate Britain needs to wage war on jargon and speak like the people they are trying to serve June 3, 2021 Gilbert and Sullivan are not primarily known as great gurus of business. But their 1893 operetta Utopia, Limited is an unlikely but rather acute insight into the idea of the modern corporation. Improbably based on the Joint Stock Companies Act 1862, William Gilbert’s script and lyrics tell the story of corporate purpose, in words that [...]
Chartered Accountants will bring about lasting change by embracing sustainability June 3, 2021 Anne Adrain says now is the time for Chartered Accountants to spread their ESG skills throughout the business sector. Environmental, social and governance (ESG) concerns are mainstream and critical to business success. Yet, despite the speed with which customer and investor thinking has evolved, many firms haven’t adapted accordingly. That’s where Chartered Accountants (CAs) come [...]
Prosus snaps up Stack Overflow in $1.8bn edtech deal June 2, 2021 Prosus has bought Stack Overflow, an online community for software developers, in a $1.8bn deal as it seeks to capitalise on the demand for online learning. Prosus is one of Europe’s most valuable tech companies and investors and is the largest shareholder in Chinese tech giant Tencent. It is its first acquisition in the edtech [...]
City Moves: Who’s switching jobs in the Square Mile this week? June 2, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Brown Advisory expands London office with senior hires Investment management firm Brown Advisory has bolstered its London office this week with two senior hires as its collection of assets hits $15bn. [...]