Category Archives: Business

Investors force HSBC shareholder vote on structural overhaul

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Minority shareholder Ken Lui leads campaign seeking to split bank’s Asian and western businesses

Hong Kong investors have forced HSBC into a shareholder vote on its structure and strategy, including a potential spin-off of its Asian arm.

An investor group, led by the minority shareholder Ken Lui, said the bank’s Asian activities were “effectively subsidising the western businesses, to the detriment of HSBC’s global shareholders” in a way that undermines efforts to increase the bank’s value and growth.

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NSW election 2023 live results: polls have closed and votes are now being counted after Dominic Perrottet and Chris Minns made final pitches – latest news

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Premier casts vote in seat of Epping and Labor leader says he is ‘feeling optimistic’ as party hopes to return to power after 12 years in opposition

Dominic Perrottet has given some more expansive comments after voting a short time ago in his seat of Epping. He and Labor leader Chris Minns spoke last night, exchanging text messages and wishing each other good luck.

Here’s some more from the premier:

It’s a real honour to serve the people of New South Wales. There’s a lot at stake in this election. I will be working hard all day.

It’s not about the Liberal or National party. Ultimately, elections are about our people. My team has the plan to deal with the challenges of today, but we’re all wanting to set up the state for the children.

Our party has been here for 12 years, it’s transformed New South Wales. We were the worst performing economy, the state had stalled. We’ve turned that around. We’ve built schools and hospitals, the motorways have transformed people’s lives. But it’s all about the future and where we go from here. I believe my team has the plan, the experience, energy and ideas to take the state forward.

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Strawberries instead of bin liners: poll reveals strange supermarket delivery substitutions

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Shoppers reported replacement items in 47% of UK deliveries, including 62% from Asda, in Which? survey

Dog chews instead of chicken breasts? Strawberries in place of bin liners? These are just some of the strangest supermarket substitutions, according to a poll.

Almost half of supermarket deliveries (47%) included a substitute item over the past 12 months, the survey for the consumer group Which? found.

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Head of Credit Suisse talks of his profound sadness over UBS takeover

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Ulrich Körner acknowledges an ‘emotional and challenging week’ after deal was forced through by Swiss authorities

The chief executive of stricken Credit Suisse has said that he shares its employees’ “profound sadness and disappointment” after its emergency takeover by rival UBS earlier this week.

UBS took over Credit Suisse on Sunday in a £2.65bn deal forced through by Swiss authorities amid fears that a failure to protect depositors would kickstart a global banking crisis.

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Network Rail warns of Easter disruption due to engineering works

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Train passengers advised to plan ahead over holiday weekend with west coast main line services hit

Rail passengers have been advised to plan ahead for Easter, with engineering works expected to close the west coast main line between some of Britain’s biggest cities.

No trains will run between London Euston and Milton Keynes throughout the four-day holiday weekend from Good Friday on 7 April, until Easter Monday, on 10 April, meaning replacement buses or alternative routes will be needed to travel between the capital and towns and cities including Birmingham, Manchester and Liverpool.

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Wetherspoon’s boss: hospitality holding off price rises could be ‘catastrophic’

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Tim Martin says Bank of England is right to ask firms to be mindful but advice should not be taken too literally

The boss of JD Wetherspoon has warned it could be “catastrophic” for pubs and restaurants to hold off raising prices as costs continue to soar, as the pub chain revealed that the “ferocious” impact of inflation has fuelled a dramatic increase in its bills.

Tim Martin said that Andrew Bailey, the governor of the Bank of England, was right to warn companies to be mindful of how much they put up prices to avoid continuing to fuel an inflationary cycle, after the headline annual rate unexpectedly rose to 10.4% last month.

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‘Tours are no longer fun’: Neil Young lambasts Ticketmaster for ripping off fans

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Singer-songwriter says ‘the old days are gone’ amid wider consternation at ticketing company’s pricing policies

Neil Young has lambasted Ticketmaster over its concert ticketing policies, saying “concert tours are no longer fun” due to what he sees as exploitative pricing.

Young wrote on his website:

It’s over. The old days are gone. I get letters blaming me for $3,000 tickets for a benefit I am doing. That money does not go to me or the benefit. Artists have to worry about ripped off fans blaming them for Ticketmaster add-ons and scalpers. Concert tours are no longer fun. Concert tours not what they were.

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Man suspected of being crypto fugitive Do Kwon arrested in Montenegro

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South Korean CEO of Terraform Labs is accused of multi-billion-dollar fraud involving TerraUSD and Luna currencies

A man suspected of being the fugitive South Korean cryptocurrency entrepreneur Do Kwon, accused of orchestrating a multi-billion-dollar fraud that shook global crypto markets last year, has been arrested in Montenegro.

“Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen, co-founder and CEO of Singapore-based Terraform Labs,” the interior minister, Filip Adžić, tweeted late on Thursday.

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Ikea UK makes agreement with EHRC to improve policies on sexual harassment

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Company will review processes after reports allegations not properly handled by management at store

Ikea UK has made an agreement with the Equality and Human Rights Commission to improve its sexual harassment policies and practices after a complaint by a former employee.

The agreement comes after the EHRC was made aware of an allegation of sexual assault and harassment at Ikea UK and reports that these allegations were not appropriately handled by management at one of the company’s UK stores.

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Britain’s biggest banks under pressure to pass on higher interest rates to savers

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Unite says their analysis shows banks have made £7bn in extra profit from the rise in borrowing costs

Britain’s biggest banks are under pressure to pass on higher interest rates to savers after figures showing they have made an extra £7bn by refusing to do so, and as they stand to benefit from a tax cut announced by Jeremy Hunt.

On the day the Bank of England is expected to announce a further rise in interest rates, the Unite trade union said banks had already made billions of pounds in extra profit from the dramatic rise in borrowing costs.

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Can you copyright a rhythm? Inside the reggaeton lawsuit that could shake the pop world

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Two dembow progenitors are suing superstars including Luis Fonsi and Daddy Yankee – in a case that also names Justin Bieber – claiming that they deserve credit for birthing the genre

With the release of their song Fish Market in 1989, the Jamaican duo Cleveland “Clevie” Browne and Wycliffe “Steely” Johnson inadvertently changed the course of pop music. The track featured the first known example of what would come to be known as a “dembow” rhythm – the percussive, slightly syncopated four-to-the-floor beat that travelled from reggae to become the signature beat of reggaeton, today the world-conquering sound of Latin American pop.

Now, more than 30 years after Fish Market was released, Steely & Clevie Productions is suing three of reggaeton’s most celebrated hitmakers – El Chombo, Luis Fonsi and Daddy Yankee – for what they characterise as unlawful interpolation of Fish Market’s rhythm (or “riddim”), and are seeking the credit – and royalties – they say they deserved from the start.

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Novartis scraps cholesterol drug trial in blow to UK life sciences ambitions

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Swiss firm’s withdrawal from Leqvio trial with NHS dents government plans to attract post-Brexit research and investment

The Swiss pharmaceutical firm Novartis has ditched plans for a large clinical trial in the UK, in a further blow to the government’s efforts to make Britain an attractive place for research and investment after Brexit.

The company decided to scrap the Orion-17 trial of its cholesterol-lowering drug Leqvio, involving 40,000 patients in partnership with NHS England.

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Amazon UK staff plan more strikes as they reject pay rise as an ‘insult’

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Online retailer has increased minimum hourly pay for warehouse workers by 50p an hour to £11

Amazon workers in the UK are planning further strike action as they dismissed as “an insult” a 50p an hour increase to its minimum hourly pay for warehouse workers to £11.

The company said the pay rise announced on Wednesday, which will be implemented this weekend, meant minimum pay had risen by 10% in the past seven months, putting it ahead of the legal minimum wage for those aged 23 or over, which will be £10.42 an hour from April.

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Rail strikes: RMT votes to accept Network Rail pay offer

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Members voted overwhelmingly in favour of the offer, worth 9% over two years, in deal that should bring worst of disruption to end

Members of the RMT union have voted to accept a pay offer from Network Rail.

Thousands of rail workers including signalling staff voted by three to one in favour to accept the offer, a 9% pay increase over two years, in a referendum that closed on Monday.

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Watchdog to block shareholder payouts if UK water companies miss targets

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Ofwat says new powers will be used if firms fail to reach performance and environmental goals

The UK water regulator is to use new powers to block companies from shareholder payouts if they fail to hit performance and environmental targets.

Ofwat, which in December heavily criticised some of the country’s biggest suppliers over the size of dividend payments relative to their financial performance, said the new rules would also mean water companies would “maintain a higher level of overall financial health”.

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North Sea oil and gas workers vote to strike amid bumper profits

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Series of actions planned this spring as union members call for more pay since firms are ‘raking it’

Oil and gas workers have voted in favour of a series of large-scale North Sea strikes amid bumper profits for fossil fuel firms.

About 1,400 workers across five rig-servicing companies plan to strike between late March and early June as part of a dispute over jobs, pay and conditions – potentially shutting down platforms in the region.

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UK and US shares climb as banks and ministers aim to calm Credit Suisse fears

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FTSE 100 rises and European banking shares are up after early jitters over what UBS takeover deal means for bondholders

Stocks climbed on Monday in London and New York after central bankers and politicians sought to soothe jitters triggered by the emergency rescue of Credit Suisse during the weekend.

Central banks in the UK and eurozone issued statements aimed at reassuring investors that – unlike the controversial approach taken by the Swiss authorities in the Credit Suisse deal – their jurisdictions would follow a hierarchy in which equity holders would lose out before bond holders.

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UBS agrees takeover of stricken Credit Suisse for $3.25bn

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Swiss government forces through takeover at well below market value amid fears of global banking crisis

The Swiss government has forced through the takeover of stricken bank Credit Suisse by rival UBS for almost $3.25bn (£2.65bn) – well below its market value – amid fears that a failure to protect depositors would trigger a new global banking crisis.

After a weekend of frantic talks, the Swiss government and the banking regulator brokered a deal once it became clear a $54bn loan to Credit Suisse from the Swiss central bank had failed to halt the precipitous slide in its share price.

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Doubts grow over number of NHS doctors helped by pension giveaway

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New figures reveal only 100 hospital doctors left NHS in 2022 due to voluntary early retirement, despite claims by Jeremy Hunt

The number of hospital doctors that could be helped by Jeremy Hunt’s pensions giveaway has been cast into doubt, after new figures revealed that only 100 of them left the NHS last year due to voluntary early retirement.

Criticism has mounted about the measure announced in the budget, which would scrap the up to 55% tax levied on lifetime pension pots worth just over £1m and raise the annual allowance threshold from £40,000 to £60,000.

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Elizabeth Warren says Fed chair ‘failed’ and calls for inquiry into bank collapse

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Progressive Democrat launches offensive on politicians on the left and the right who supported Trump-era deregulation of US banks

Political fall-out in the US from the collapse of Silicon Valley Bank continued on Sunday when leftwing Senator Elizabeth Warren hit the morning talk shows and repeatedly called for an independent investigation into US bank failures and strongly criticised Federal Reserve finance officials.

The progressive Democrat from Massachusetts, who has positioned herself as a consumer protection advocate and trenchant critic of the US banking system, told CBS’s Face the Nation that she did not have faith in San Francisco Federal Reserve president Mary Daly or Fed chairman Jerome Powell.

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