In a disagreement over the company’s future, the chairman of an investment fund founded by Brooklyn Beckham’s father-in-law has been ousted by rebel shareholders.

A small majority of investors voted for a motion to remove Chris Sherwell from his position on the Trian Investors 1 board.

“At a requisitioned EGM (extraordinary general meeting) of the company, the resolution to remove Chris Sherwell as a director was passed,” the investment fund said.

“The company thanks Sherwell for his contributions and wishes him well for the future.”

Investors with a large portion of the shares had already said they disagreed with parts of the company’s future planning.

Veolia said this afternoon it plans to sell Suez’s UK waste business to Macquarie for £2bn after regulators raised competition concerns.

The French utilities giant agreed to buy smaller French competitor Suez in a £10.9bn deal last year.

However, it has had to sell parts of Suez’s waste operations in numerous regions amid concerns over how the merger deal could impact on competition within the sector.

The UK’s Competition and Markets Authority (CMA) said in June that the proposed tie-up between two of the biggest waste and water companies in the UK could lead to higher council tax bills.

The CMA said it was worried that if the two companies were not competing, councils and businesses could face higher bills, and called on the firm to address these fears.

Veolia has said the sale of Suez’s UK operations is designed to remedy this criticism by the watchdog.

Bosses at Veolia said they are confident the merger deal will now...

Nigeria is, according to a new research study, head-and-shoulders the most cryptocurrency curious country in the world.

The West African state is even out-shadowing current crypto hotspot United Arab Emirates as the place where its population is the most hungry for information about digital assets.

The research, carried out by crypto price tracker CoinGecko, examined Google Trends data of search terms frequently used by people interested in cryptocurrency. These terms were then combined to give each English-speaking country a ‘total search score’ to discover which countries have been the most interested in cryptocurrency since the the recent market decline which began in April.

With a total search score of 371, Nigeria topped the list for its population having the highest search levels for the phrases ‘cryptocurrency’, ‘invest in crypto’ and ‘buy crypto’ worldwide. Additionally, the third-highest number of searches for ‘Solana’ were also made from...

Australian beverage giant Lion has sold its UK operations, including craft beer brands Fourpure and Magic Rock to Odyssey Inns. 

Alongside the beer brands, Odyssey has also snapped up breweries and taprooms in London, Huddersfield and Holmfirth and the Little Creatures craft beer hospitality venue in Kings Cross. 

Lion, a subsidiary of Japanese drinks conglomerate Kirin, launched a strategic review of the beer brands earlier this year.

:“Odyssey brings together a great team with a clear passion for brewing and hospitality and is ideally placed to take Magic Rock and Fourpure forward,” Lion’s UK managing director, Gordon Treanor, said.

“I’d like to thank our brilliant team for their commitment and dedication, especially over the past two years. With some great sales and brand momentum, the business is well placed for the future ahead, under new ownership,” he added.

More to follow…

WH Smith on Monday said it had taken out a bulk annuity insurance policy with Standard Life, through which the Phoenix Group subsidiary will cover the costs of the retailer’s £1bn pension scheme.  

The high-street bookseller’s insurance policy will see Standard Life pay the pensions of the almost 13,000 members of WH Smith’s defined benefit pension scheme.

The insurance policy removes any long-term risks WH Smith might face in paying out pensions, including around the lifespans of its members, underperformance of its investments, and inflation and interest rate changes.  

Bulk annuity insurance policies let pension trusts de-risk their pensions schemes by passing liability for any payments to a third-party insurer.

WH Smith purchased the insurance policy for an undisclosed sum, using the pension trust’s own assets, Standard Life said.

The deal comes after Standard Life in January struck a similar deal to pay the pensions of...

UK electric aviation firm Vertical Aerospace has posted a half-year loss of £39m, up from last year’s £22m. 

Vertical Aerospace – which debuted on the New York Stock Exchange in December after six months of planning – reported cash and cash equivalent worth £158m.

This will help fund its operating expenses and expenditure requirements over the next year. 

Following a surge in demand for aerial taxis, the start-up maintained its forecast for the year, with net cash outflows expected to be between £40m and £50m. 

In the second quarter of the year, Vertical expanded its pre-order book with more than 1,400 requests. 

In addition to securing 50 new pre-orders from business aviation operator Flyinggroup, the company was given a commitment from legacy carrier American Airlines to pre-pay for 50 flying taxis. 

Under the deal, secured in mid-July, the US airline agreed to pre-order up to 250 aircraft. 

BioNtech, the company which worked with Pfizer to develop its famed Covid-19 vaccine, has reported €9.6bn (£8bn) worth of revenue so far this year.  

The Germany pharmaceutical giant snagged €3.2bn (£2.6bn) in revenue in the second quarter of this year, the company reported today.

In a call today, CEO U?ur ?ahin said the results were “in line with our expectations”, following a “better than anticipated” first quarter result.

The company said it expects deliveries for its Omicron-adapted vaccine to begin as soon as October.

BioNTech today outlined plans to launch next generation and more variant specific Covid-19 vaccines in the next three to five years.

More to follow.

Number 10 has confirmed that Boris Johnson will not be announcing an emergency package of measures to help Brits being squeezed by the worsening cost of living crisis.

Johnson’s official spokesman today said “it will be for a future Prime Minister to decide whether … measures are required”.

It comes after former Prime Minister Gordon Brown yesterday called for Johnson and chancellor Nadhim Zahawi to immediately recall parliament to outline an emergency Budget in order to disarm a “financial timebomb” coming in October.

The Bank of England warned on Thursday that inflation will hit 13 per cent and that the country will likely fall into recession.

There are also fresh warnings that the UK’s energy price cap will be increased to more than £4,000 by January, after it was £1,277 last October.

Brown said that inaction by the government would be akin to “condemning millions of vulnerable and blameless children and pensioners to a winter of...

A pparently there’s been a raft of Londoners arriving in Salcombe absolutely fuming. Their Chelsea Tractors have been getting stuck down Devon’s tiny roads, and even the most expensive sat-navs are flummoxed by the windy-windy routes.

What’s caused the spike in first-time visitors that seem to be getting lost, and were they aware before they set off that the single-lane roads leading to Devon famously threaten to eat up half your holiday if the traffic gets bad?

The new Harbour Beach Club & Hotel is to blame for all the lost Sloane Rangers. It’s an expensive-looking grand new hotel in a part of the world that’s famous for charmingly small guesthouses. It’s the Devon equivalent of Las Vegas landing in Loughton. With 50 rooms, some offering spectacular balconies featuring full-length sofas for two, a spa with pool, and a private lake out the front, the Harbour Beach Club is the cool new kid in town.

Stationery chain The Works has slashed its guidance for the 2023 financial year and warned about consumer spending amid the Christmas spending period.

The London-listed company, which sells discount books, toys and art supplies,  said the general market outlook had “deteriorated” since the start of the calendar year, pointing to “low consumer confidence and rising inflation.”

It was not clear how long such torrid conditions would continue, with “a heightened degree of uncertainty about how consumers will behave,” especially this Christmas, the firm’s “most important trading period.”

Shares in the firm had tumbled by more than 21 per cent on Monday afternoon, following a trading update.

While The Works anticipated it would be able to grow sales in the remainder of the year, it said it was uncertain whether the level of growth would “be in line with original expectations.”

It acknowledged headwinds, including “historically high...

Pfizer has bought Global Blood Therapeutics for $5.4bn (£4.4bn), as the US pharmaceutical giant continues its Covid-19 cash spending spree.

The deal will strengthen Pfizer’s sickle cell disease expertise, with bosses eyeing combined worldwide sales of more than $3bn (£2.4bn).

CEO and chairman Albert Bourla said: “Sickle cell disease is the most common inherited blood disorder, and it disproportionately affects people of African descent.

“We are excited to welcome GBT colleagues into Pfizer and to work together to transform the lives of patients, as we have long sought to address the needs of this underserved community.”

The famed Covid-19 vaccine maker expects to finance the transaction with “existing cash on hand”, it said in a statement today, having secured $27.7bn (£22.8bn) in revenue in the second quarter, driven primarily by its Covid-19 vaccine and pill, known respectively as Comirnaty and Paxlovid.

Pfizer has been flush with...

Fears of a worldwide recession and weakened demand for oil continues to weigh down prices on both major benchmarks – which are now trading well below the $100 milestone.

Brent Crude is down 1.05 per cent today, wallowing at $93.92 per barrel, while WTI Crude has slumped a further 1.09 per cent to $88.04 per barrel.

This follows front month prices hitting their lowest levels since February, posting their largest weekly drops since April with Brent Crude tumbling 13.7 per cent and WTI Crude 9.7 per cent.

Prices have now settled below levels prior to Russia’s invasion of Ukraine.

The two benchmarks recovered some losses on Friday after reports of positive jobs growth in the US, the world’s top oil consumer, which unexpectedly accelerated in July.

Meanwhile, China, the world’s top crude importer, brought in 8.8m barrels per day of crude in July, up from a four-year low in June.

However, this was still 9.5 per cent less than a...

Thousands of people across the UK may be waiting until after 5pm to get their post under the Royal Mail’s new proposals.

Hundreds of areas in the country could be affected, with London, Cornwall, Wales, and Scotland having post delivered by 6pm or later as the postal service looks to push back deliveries until later in the day to speed up delivery of parcels, the Telegraph reported.

For people shopping online late in the evening, later start times for postmen and postwomen for their rounds are aimed to give time for next day deliveries to arrive at the the Royal Mail’s sorting offices.

Certain parts of London like Southwark, Rotherhithe, Abbey Wood, and New Cross would be most affected. 

The Royal Mail said the figures were based on “high level” assumptions and no final decisions had been taken, according to the Telegraph. Letters would be delivered by 5pm at most instead of 4pm currently.

Moving to later delivery times would...

Rishi Sunak has launched a fresh attack on leadership rival Liz Truss, saying today that her plan to make tax cuts next month won’t “touch the sides” for families facing a worsening cost of living crisis.

Sunak said “bolder action” was required to “protect people from the worst of the winter” amid fresh predictions energy bills could double by January.

The ex-chancellor said yesterday that he would offer more emergency payments for Brits struggling to pay energy bills throughout autumn and winter.

It would come after the government gave every Brit between £600 and £1,200, partly funded by a windfall tax on energy suppliers, earlier this year to combat spiralling energy bills.

Truss said over the weekend that she favoured tax cuts over “giveaways” to help people with the cost of living crisis, however her ally Penny Mordaunt yesterday suggested she had not ruled out emergency payments.

Writing in The Sun, Sunak said: “Families are...

The Victoria Line was crowned the noisiest on the Transport for London (TfL) network after it received the highest number of complaints from passengers, drivers and people that live nearby. 

Running from Brixton to Walthamstow, the line received 306 complaints since 2016, 108 of which for the section between King’s Cross and Highbury and Islington. 

The Northern Line trait from West Finchley to Hendon Central came in second, with 75 complaints while the Victoria –Pimlico and the Vauxhall–Stockwell segments on the Victoria Line both received 54 complaints. 

London Assembly member Caroline Pidgeon, who obtained the data through the Mayor’s Question Time, told the BBC: “People on the Tube increasingly are covering their ears when they’re on certain parts.

“The bit of the Jubilee Line I now use going out to City Hall near Canning Town is terrible, absolutely terrible.You cannot talk above it as you can’t hear a thing.”

TfL...

Shipping services provider Clarkson has posted a profit boost for the first six months of the year, with underlying profit before tax sitting at £42.2m.

The London-listed firm saw underlying profit before tax rise some 53.5 per cent in the period.

The shipping firm posted £266.7m in revenue for the six months to 30 June, with Clarksons benefiting from a supply shortage in shipping fleets across the world.

Underlying earnings per share increased by 54.5 per cent to 98.9p, compared to 64.0p in 2021.

“I am pleased to report that Clarksons has had a strong first six months of 2022, with a positive performance across all divisions,” Andi Case, chief executive officer, said on Monday morning.

The company’s outlook “remains strong due to the structural supply shortage in the global shipping fleet,” he added.

“We continue to benefit from our international footprint, leading market position, diverse offering and a deep understanding of...

The Bitcoin price has again seen a strong start to the week, climbing to more than $24k today. The largest cryptocurrency by market capitalisation is changing hands for $24,096 this morning, up almost five per cent over the past 24 hours. 

Bitcoin largely held above $23,000 throughout the weekend, after a dip on Friday that analysts linked to a surprisingly strong jobs report from the US which saw 528,000 jobs added in July – more than double what many experts were predicting..

Elsewhere, other major cryptocurrencies have also seen a good start to the week. The price of Ether, the second largest crypto by market cap, is $1,769, also up roughly five per cent since this time yesterday and the highest it has been since early June.

Can it continue to climb this week?

A rally among financial stocks boosted London markets today as the City leans into the quieter summer period.

The capital’s premier FTSE 100 index edged 0.26 per cent higher to 7,459.30 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, jumped 0.04 per cent to 20,059.48 points.

August is typically an extremely quiet period for markets, with most earnings announcements done and traders heading on holiday.

“The summer is supposed to be a quiet time for markets as many people are sitting on the beach, rather than glued to a screen trading stocks and shares,” Danni Hewson, financial analyst at AJ Bell, said.

“So far, this summer is proving to be a decent session, and one that will provide a nice surprise when people get back to their desks after a bit of sun, sand and sea,” she added.

Fund manager Hargreaves Lansdown shot up nearly eight per cent and to the top of the...

Only half of all councils in England have started making payments to Covid-hit firms from a £1.5bn support package, almost 18 months after it was first launched.

Real estate experts have said it is “too little too late” and could mean thousands of companies miss out on almost £700m of available funding.

In March 2021, the Government said that businesses affected by Covid-19 outside the retail, hospitality and leisure sectors, and therefore ineligible for the pandemic business rates holiday, would not be able to appeal their payments for the property tax.

However, it announced a £1.5bn business rates relief fund for these companies, which include office operators and property firms.

Rishi Sunak, the chancellor at the time, gave councils the responsibility to hand out the cash to businesses which applied to the Covid-19 Additional Relief Fund (Carf).

Nevertheless, the results of Freedom of Information requests by property consultancy...

Joules has confirmed weekend speculation that Next is set to acquire a minority stake in the lifestyle retailer for around £15m.

Sky News reported at the weekend that the high street staple had been in talks with Joules for several weeks over a deal.

Now, Joules has confirmed these discussions are taking place, with talks over a “potential equity investment” raising proceeds of c.£15m.

This would be “at no less than Joules’ current market price,” and mean the fashion giant  would become a strategic minority shareholder in the group. 

The struggling retailer and Next were also discussing Next adopting its Total Platform services “to support the group’s long term growth plans.”

The equity investment would be subject to approval by Joules’ shareholders, the statement added.

“There can be no certainty these discussions will lead to any agreement. A further announcement will be made if and when appropriate,” it...

Only the UK’s highest earners have been given inflation-busting pay rises so far this year, as the country’s lowest earners see pay growth ‘flatline’, according to the latest research.

The highest earners, typically concentrated in the City of London among finance, professional and technical sectors, have seen annual pay growth of 10 per cent, while lowest earners have seen just a one per cent rise, analysis from the Centre for Economics and Business Research (Cebr), a consultancy, bankers, financial professionals, has revealed today.

Cebr has urged that more support be focused on the UK’s lowest-income households, for those in and out of work, “if they are to avoid worsening hardship”, it said.  

The biggest salaries has performed particularly well this year, with finance and insurance pay packet growth peaking at 19.8 per cent, leaving current inflation levels of 9.4 per cent in the dust.

Cebr found that recent wage spikes have...

Just under £300bn has been wiped off the value of UK corporate bonds since the start of this year following a major sell-off in the bond market in what is considered the biggest collapse in two decades.

In the first six months of this year, the total outstanding value of UK corporate bonds has fallen by 13.3% from £2.237 trillion to £1.940 trillion, a fall of £297.5 billion.

This compares to a fall of 3% for the FTSE100 over the same period, digital asset manager Collidr told City A.M. this morning.

Bond prices have been hit by rising interest rates and rising inflation since the start of the year, in response to central banks tightening monetary policy to control inflation.

Collidr’s research shows that £283.8bn has also been wiped off the value of Gilts (UK government bonds) since the start of the year.

Gilts have fallen by 14.8%, the biggest drop since the 1980s.

The collapse in bond prices has been a major challenge for...