HSBC to set aside $1 trillion in green financing, targets net zero emissions by 2050 October 9, 2020 HSBC will target net zero carbon emissions across its entire customer base by 2050 at the latest, and provide between $750 billion and $1 trillion in financing to help clients make the transition, its Chief Executive Noel Quinn has said. In the strongest statement by Europe’s biggest bank on climate change to date, its CEO [...]
Landlord New River converts retail property into residential amid high street turmoil October 8, 2020 Landlord New River REIT is pushing ahead with its plans to convert some of its retail and pub destinations into housing, it announced today, amid a challenging period for the sector. The real estate investment trust announced today that it has progressed its residential conversion opportunities during the coronavirus pandemic. In a trading update this [...]
British Airways’ last ever Boeing 747 flight touches down October 8, 2020 The last British Airways Boeing 747 flight from Heathrow has touched down at Kemble Airport in the Cotswolds. The iconic jet has had its retirement brought forward due to the slump in air travel caused by the Covid-19 pandemic. Two flights took off from Heathrow this morning, with the first touching down at St. Athan [...]
Easyjet on track for first ever full year loss October 8, 2020 Easyjet announced this morning it is in line for a pre-tax loss of up to £845m for the full year, the first time the budget carrier will have reported an annual loss. In a trading update, the carrier said passenger numbers for the full year had halved, falling to 48m as a result of the [...]
Welcome to the Age of Boycotts, where controversy can be a brand’s best friend October 8, 2020 This summer’s hectic news agenda made corporate boycotts the latest hot fashion accessory — and it’s not a trend that looks likely to die any time soon. But rather than panicking and getting ready to fold to the demands of the online (and offline) mob, companies should reframe the risk of being subject to a [...]
Government to crack down on pre-pack administration conflicts October 8, 2020 Pre-pack administrations involving people connected to the insolvent company are set to come under greater scrutiny in a bid to make the process more transparent. Pre-pack sales where connected parties, such as the insolvent company’s shareholders or directors, are involved in the process will be required by law to undergo independent scrutiny, the government announced [...]
This week’s legal roundup October 7, 2020 Charles Kerrigan, Partner at CMS Law writes today’s legal briefing which is a sports roundup up of progress towards institutional acceptance of digital assets. These stories are unrelated except that they show the range of important constituents working on these questions at the same time. Andrew Bailey, the Governor of the Bank of England, gave [...]
Prepare for Libor’s demise, City regulator tells markets October 7, 2020 Financial markets need to prepare themselves for regulatory announcements about the Libor benchmark interest rate ceasing at the end of next year, the City watchdog said. “Market participants need to be ready for announcements later this year setting out what will happen at the end of 2021,” the FCA’s director of markets, Edwin Schooling Latter, [...]
Mike Ashley’s Frasers Group urges investors to back employee bonus scheme October 7, 2020 Mike Ashley’s Frasers Group has urged shareholders to back an employee bonus scheme, which would require the retailer’s share price to triple before workers receive a payout. Ahead of this morning’s annual general meeting, the firm, which has come under fire recently over reports that staff were asked to work while on furlough, called on [...]
Exclusive: New £90m fund chases proptech startups across UK and Europe October 6, 2020 A new investment vehicle that will invest in real estate-technology companies in Britain and across Europe has been launched. BNP Paribas Real Estate, the property arm of BNP Paribas, has joined venture capital firm Fifth Wall, which launched the European Proptech Fund. The vehicle aims to invest in fast-growing European property technology-focused startups, or proptech. [...]