Glencore: FTSE 100 mining giant opts against coal spin-off after investor feedback August 7, 2024 Glencore no longer plans to demerge its coal business after an “overwhelming majority” of shareholders told the mining giant to retain the division. The FTSE 100 constituent had planned to spin off its coal business after it completed the $7bn (£5.51bn) acquisition of Teck Resources’ steelmaking coal business in November last year. However, on Wednesday, [...]
FCA joins Bank of England in relocating jobs from London to Leeds August 7, 2024 The Financial Conduct Authority (FCA) has revealed plans to relocate 100 jobs from London to Leeds, just months after the Bank of England announced a similar move. The watchdog, which established its first office in Leeds two years ago, is growing its team at the digital delivery centre on Queen Street, where around 100 employees [...]
Businesses urge Starmer and Reeves to put NHS and absenteeism top of ‘policy wishlist’ August 7, 2024 Business leaders have stressed their top priority for the Labour government is to focus on strengthening the NHS, a survey of bosses has found.
Flight to quality gets underway as half of London offices set to be ‘unlettable’ by 2027 August 7, 2024 Changes to energy efficiency requirements mean that a majority of office spaces in the capital won’t meet the minimum standard for leasing within the next four years, making it a race to re-fit before 2027. Minimum energy efficiency standards (MEES) currently require that rented commercial properties in England and Wales have a minimum EPC rating [...]
Harland & Wolff: Departing chief of Titanic shipbuilder issues parting shot as collapse averted August 7, 2024 The former chief executive of Titanic shipbuilder Harland & Wolff has issued a parting shot in his first comments after being ousted from his role. John Wood took to social media today after officially stepping down from his position on August 1. He had not been involved in the day-to-day running of the company since [...]
H2O Asset Management to pay investors £215m to avoid ‘substantial’ FCA fine August 7, 2024 H2O Asset Management will pay €250m (£215m) to clients who have been unable since 2020 to access investments then worth around €1.6bn (£1.4bn) to avoid a “substantial” fine from UK regulators. Following talks with the Financial Conduct Authority (FCA), the watchdog has agreed H2O will make the sum available to all those whose investments remain trapped. The French firm will apply to cancel its [...]
EY UK sanctioned for breaching fee cap with Abramovich-owned Russian miner Evraz August 7, 2024 EY has been issued a financial sanction by the accountancy regulator for failing to comply with fee cap with Russian mining group Evraz.
Ibstock profit slashed as ‘exceptionally wet weather’ hits construction industry August 7, 2024 Sales and profit at building supplies company Ibstock has continued to fall as “exceptionally wet weather” badly affected the construction industry. The London-listed firm, which is headquartered in Leicestershire, saw its revenue drop 20 per cent to £178m in the first six months of 2024, down from £223m last year. Ibstock said this decrease was [...]
UK house prices surge to highest point since January to end months of stagnation after rate cut August 7, 2024 Renewed momentum in the property market has seen UK house prices rise at the highest rate since January, ending a three-month spell of stagnation. House prices increased by 0.8 per cent in July, with the average property now costing £291,268, up from £289,042 in June, according to the Halifax house price index. This surge sets [...]
WPP sells majority stake in FGS Global to KKR as group growth flounders August 7, 2024 WPP also reported its interim results in a separate announcement. Despite flat revenue at £7.2bn, there was a 2.6 per cent drop on a like-for-like basis.