• Greenpeace defeated in Norway Arctic oil exploration lawsuit Link https://t.co/mYEvDU7OC2
    City A.M. Thu 23 Jan 2020 12:00

    Greenpeace has lost its attempt to disrupt Norway’s plans to expand oil exploration operations in the Arctic after an Oslo appeals court ruled against the climate group.

    Along with the Nature and Youth group, the environmental organisation had tried to argue that the activities violated people’s right to a healthy enivironment.

    Read more: Putin and Erdogan launch Turkstream oil pipeline

    Article 112 of Norway’s constitution guarantees the right of current and future generations to a healthy and sustainable environment.

  • Microsoft chief executive calls for 'data dignity' at Davos Link https://t.co/GYrFsZwc8K
    City A.M. Thu 23 Jan 2020 12:00

    “We need global norms to ensure trust in technology,” Nadella said.

    It echoes calls by the President of the European Commission, Ursula von der Leyen, who yesterday said there should be a framework to regulate artificial intelligence (AI).

    She said: “The protection of a person’s digital dignity is an overriding principle.”

    Microsoft president Brad Smith has also called on a regulation framework for technology.

    Speaking at Davos on Tuesday he said: “We should not wait for the technology to mature before we start to put principles, and ethics, and even rules in place to govern AI”.

    Technology has underpinned much of the discussion at the Davos summit this week. The UK and US have been locked in a war of words over a digital services tax.

    Read more: OECD tells UK to ‘hold fire’ on new tech giants tax

  • European car sales set to drop for first time in seven years Link https://t.co/LhWijvb3rF
    City A.M. Thu 23 Jan 2020 11:45

    Companies are haemorrhaging cash on switching to low-carbon vehicles, just as car sales in key markets such as China begin to cool.

    Meanwhile, they are gearing up for tough new EU emissions regulations set to take effect this year and next.

    “One of the biggest drivers of change for our sector is the need to address environmental concerns,” stated Michael Manley, ACEA President and chief executive of Fiat Chrysler.

    “The good news is that carbon-neutral road transport is possible and together – with a holistic approach – we can reach it by 2050. 

    “But that also means a lot needs to change in the next few decades.”

    “At the very time when our industry is massively stepping up investments in zero-emission vehicles, the market is set to contract – not only in the EU but also globally – so the transition to carbon neutrality needs to be very well managed by policy makers.”

    Manley said a dense network of electric car charging points needs to be...

  • Ikea recalls travel mug over leaking chemicals risk Link
    City A.M. Thu 23 Jan 2020 11:45

    Ikea has warned customers to stop using a travel mug bought from the store over concerns it could leak dangerous chemicals. 

    The Swedish retailer issued a recall notice for its “Troligtvis” travel mug, after tests found it could leak levels of toxic Dibutyl phthalate (DBP) exceeding the safe limits. 

    Read more: Ikea shrugs off retail gloom to post sales rise

    Owners of the travel cup  – which was on sale between October 2019 and January this year – were urged to stop using it immediately and return it to any Ikea store for a full refund. 

  • British officials recommend ‘limited’ 5G role for Huawei Link https://t.co/fTxyG3EzEL
    City A.M. Thu 23 Jan 2020 11:30

    British officials have reportedly recommended granting Huawei a limited role in the UK’s 5G network, despite US calls for a complete ban over security fears.

    The recommendation was made at a meeting of senior government officials and security chiefs this morning, Reuters reported, citing people with knowledge of the matter.

    This is a breaking story. More to follow

  • Chancellor launches search for next head of budget watchdog Link https://t.co/tFBHjpO0aL
    City A.M. Thu 23 Jan 2020 10:55

    Chancellor Sajid Javid has launched the search for the next head of the UK’s budget watchdog, the Office for Budget Responsibility (OBR), as the term of the current chair Robert Chote draws to an end.

    The OBR was formed in 2010 by newly-elected chancellor George Osborne to ensure the government stuck to its spending and borrowing rules.

    Read more: UK borrowing falls ahead of spring Budget

    Chote became the first chair, moving from his role as director of the Institute for Fiscal Studies (IFS) think tank. His ten year term comes to an end in October.

  • Watchdog tells financial firms to be ready in case of no-deal Brexit Link https://t.co/JHixaCaLbR
    City A.M. Thu 23 Jan 2020 10:55

    British banks, trading platforms and insurers are hoping to be granted access to EU markets after the transition period ends under the EU equivalence system, which the bloc uses to grant EU market access to countries deemed to have comparable regulatory regimes to its own. 

    In a speech in London this morning, Delfas said that because the UK has already enshrined all EU financial rules into its law, it would have “the most equivalent framework to the EU of any country in the world”.

    “As both the UK and EU are committed to open markets, there is also a strong rationale for both sides to discuss broadening their respective equivalence frameworks,” Delfas said.

    In the coming months, Britain must also decide whether to grant EU-based financial firms can access UK investors under the same equivalence framework it has inherited by adopting EU law.

    Delfas said this “provides a strong basis for the EU and UK to find each other equivalent across the full...

  • Volkswagen hit with largest environmental fine in Canadian history Link https://t.co/ZjBkMFXu9s
    City A.M. Thu 23 Jan 2020 10:40

    In a statement, prosecutor Tom Lemon said: “This is an unprecedented fine in Canada. It is 26 times greater than the highest federal environmental fine ever imposed.”

    Volkswagen also issued a statement, saying that the fine would be used to support environmental projects on both a regional and national scale.

    It added: “The resolution acknowledges the extensive measures by Volkswagen to make things right in Canada and strengthen its global compliance policies.”

    Prosecutors had proposed a fine in order to draw a line under the violations.

    Volkswagen had previously said it would buy back 125,000 of the vehicles in question for CA$2.4bn as compensation for duped owners.

    In 2015 the German company was plunged into disarray after it admitted to using illegal software to deceive US pollution tests.

    Read more: British drivers launch Volkswagen ‘Dieselgate’ action in High Court

  • US says UK trade deal to be wrapped up this year Link https://t.co/jFTn5xJ8Ej
    City A.M. Thu 23 Jan 2020 10:40

    US Treasury secretary Steve Mnuchin has said he expects to wrap up a trade deal with the UK within the year, a day after he slammed a proposed British digital services tax as “discriminatory”.

    The US’s commerce secretary Wilbur Ross, who was speaking at the same event at the World Economic Forum in Davos, Switzerland, said there were “far fewer issues between UK and US than between either of us and EU”, the BBC reported.

    Read more: Donald Trump threatens high EU car tariffs if deal is not reached

    The remarks were a change from the combative tone struck yesterday, when Mnuchin told UK chancellor Sajid Javid at a Davos event that he was “disappointed” that the US was not above the EU on Britain’s list of trade deals.

  • Sweet Christmas for Hotel Chocolat as revenue grows Link https://t.co/6AouS4ncmU
    City A.M. Thu 23 Jan 2020 10:40

    Hotel Chocolat has reported double digit revenue growth in the second half of last year.

    In a trading update this morning Hotel Chocolat said revenue grew 11 per cent in the 13-week period to 29 December, while in the 26 weeks to the same date it was up 14 per cent.

    Read more: Hotel Chocolat hungry for global expansion as profit rises

    The chocolatier said trading in the run-up to Christmas continued to be in line with expectations but flagged “inefficiencies in the supply chain” which increased costs “moderately”. The company said it would address this in 2020.

  • John Bercow faces bullying complaint from top aide Link https://t.co/w1s5Y4lepk
    City A.M. Thu 23 Jan 2020 09:40

    The former Speaker last night denied the allegations and described the timing of the intervention as “curious”.

    Bercow has been nominated for a peerage by outgoing Labour leader Jeremy Corbyn after missing out on a government recommendation.

    Supporters of the outspoken former Tory MP have claimed the snub was revenge for Bercow’s apparent attempts to block Brexit in the last parliament.

    Bercow has previously been accused of bullying colleagues, but has always denied the allegations.

    “During the five years that we worked together, Lord Lisvane had ample opportunity to raise any accusations of bullying with me,” he said in a statement. “At no stage did he do so… the timing of this intervention is curious.”

    Read more: Effigy of speaker John Bercow to go up in flames to celebrate bonfire night

    All nominees for peerages are vetted by the House of Lords Appointments Commission, which has been made aware of the complaint.

  • Coronavirus fear grips China as Wuhan goes into lockdown Link https://t.co/bnlIN4kB9a
    City A.M. Thu 23 Jan 2020 09:35

    The virus has caused 17 deaths in the Hubei province, of which Wuhan is the capital.

    Globally, only 500 cases have been confirmed but experts at Imperial Colleague estimate there could be 4,000 people infected in the city.

    A growing sense of panic has left supermarket shelves empty as residents stockpile supplies and isolate themselves.

    Some regional airlines – including Malaysia’s AirAsia and Singapore’s Scoot – have announced a temporary halt to flights to and from the city.

    After a day of discussions yesterday, the World Health Organisation (WHO) said it would not yet declare a global emergency.

    Director General Dr Tedros Ghebreyesus said more information was needed about how the infection is spreading.

    Hong Kong officials reported the first two coronavirus cases on Wednesday, and said it would turn two holiday camps into quarantine zones.

  • CMC Markets strikes upbeat note as income beats expectations Link https://t.co/bxNKgInHIL
    City A.M. Thu 23 Jan 2020 09:35

    Online trading platform CMC Markets has lifted its full-year income expectations once again after its third quarter income beat predictions, as an increased focus on partnerships and professional traders pays off.

    In a trading update on Thursday, CMC said third quarter net operating income came in above expectations, and that net operating income for the year would be ahead of market predictions of between £184.1m and £189.3m.

    Read more: CMC Markets raises targets following profit surge

    CMC Markets said the strong performance was driven by better retention of client income, which led to increased revenue per active client, despite lower client income due to weaker market conditions for much of the quarter.

  • Johnson's reshuffle is about more than just jobs - the party is looking for the PM's philosophy Link https://t.co/dj11SOzGuI
    City A.M. Thu 23 Jan 2020 09:10

    As Labour continues the post-election round of self-flagellation in search of a new leader and direction, most returning Tory MPs have only one thing on their mind: the impending reshuffle.

    Tipped to happen in the first two weeks of February, the only questions are who is likely to get the heave-ho, and whether Dom Cummings’ much-hyped plans to reduce the number of faces around the table will come to anything.  

    Home secretary Priti Patel and chancellor of the Duchy of Lancaster Michael Gove flanked Boris Johnson during yesterday’s PMQs. This was no accident. The pair, who were critical players in the Vote Leave campaign, are expected to stay put.

    Foreign secretary Dominic Raab and justice secretary Robert Buckland will surely also be keeping their places in return for loyal service. So too will chancellor Sajid Javid, the sole minister to be given a permission slip to attend Davos. He may well have been chided by the panel host for trotting out the...

  • FTSE 100 slumps on increased coronavirus fears Link https://t.co/bbkVlT0bX6
    City A.M. Thu 23 Jan 2020 09:00

    The FTSE 100 fell after the open this morning, taking its cue from its Asian peers, which slumped amid growing concerns over the spread of the new flu-like coronavirus from China. 

    Britain’s blue chip index opened down, and was trading 0.49 per cent down by 8.30am, with miners and oil majors weighing on the index. The FTSE 100 has shed over one per cent this week. 

    Read more: Asos chases away blues with record Black Friday performance

    European equities also opened lower, with Germany’s DAX and France’s CAC 40 slipping 0.48 and 0.24 per cent respectively.

  • Britain will make Huawei decision soon, says Leadsom Link https://t.co/sp1DGtB3A8
    City A.M. Thu 23 Jan 2020 08:50

    The US has said it has national security concerns and has threatened to limit intelligence-sharing with the UK if it goes ahead.

    Leadsom added: “I share the concerns of many citizens about protecting national security interests. Those discussions are ongoing.”

    The digital services tax has also been at the centre of trade discussions, as a row erupted at the World Economic Forum at Davos yesterday.

    Earlier this week France shelved plans to impose the tax following discussions with the US, but Chancellor Sajid Javid yesterday made clear that the UK would not U-turn.

    During a panel discussion with the chancellor, US Treasury secretary Steve Mnuchin hinted at retaliatory tariffs claiming the tax would mainly hit US companies.

    He warned: “If people want to just arbitrarily put taxes on our digital companies, we will consider arbitrarily putting taxes on car companies.”

    Former chancellor George Osborne warned his successor against entering into a...

  • Anglo American boosts production despite copper slump Link https://t.co/eYIfR9uzDB
    City A.M. Thu 23 Jan 2020 08:40

    The miner in December received the final operating licence it needs to boost production at its Minas-Rio iron ore mine in Brazil to its full capacity of 26.5m tonnes a year.

    Chief executive Mark Cutifani said: “We have delivered our full year production targets across the business.”

    Impressively, Anglo American seem to have shaken off a number of problems that have afflicted rivals such as BHP.

    Despite extensive protests in Chile in October, the firm’s operations in the country largely maintained production throughout the autumn, despite road blockades and strike action.

    However, ongoing droughts have led to water shortages at the flagship Los Bronces project.

    The firm also managed to limit damage from Australia’s bushfires, which had caused a slump in BHP’s coal production in the final quarter.

    The miner also showed an increase in production of palladium and platinum, two metals that are crucial for cleaning vehicle emissions and “the...

  • Mothercare replaces senior leadership as firm gets to grips with new life Link https://t.co/Fa7a2JfKFV
    City A.M. Thu 23 Jan 2020 07:55

    After closing all 79 of its stores last weekend, collapsed retailer Mothercare has this morning announced wholesale changes to its leadership.

    Following on from November’s transformation plan, when the group announced plans to become an international franchise operation, the firm today said that chief executive Mark Newton-Jones would step down.

    He will remain as an executive director until July whilst former finance chief Glyn Hughes will step up to become interim chief executive.

    Chairman Clive Whiley will become the group’s non-executive chair.

  • John Laing chief steps down after six years at infrastructure giant Link https://t.co/botNLJRY3A
    City A.M. Thu 23 Jan 2020 07:40

    John Laing chief executive Olivier Brousse has this morning resigned from the long-running infrastructure firm in order to take up a new role at French utility Veolia.

    Brousse, who has been at the firm since 2014 and led the firm’s initial public offering in 2015, will remain at the company while a successor is identified.

    John Laing, which was founded in Carlisle in 1848, invests in private finance initiatives around the world.

    In August last year the firm made its first investment in South America, taking a 30 per cent stake in Colombia’s Ruta del Cacao road project for £62m.

  • Asos chase away blues with record Black Friday performance Link https://t.co/jSjvH2L3LS
    City A.M. Thu 23 Jan 2020 07:35

    Online retailer Asos beat the January blues with this morning’s trading statement as revenue grew 20 per cent across the group for the final four months of 2019.

    The fashion firm said that the growth, which was consistent across all of its divisions, was due to record Black Friday sales.

    Total sales hit £1.1bn, driven by increases in every geography of 20 per cent or higher, up from 895m in the same period in 2018.

    In the UK, sales rose from £347.8m to £408.9m, whilst EU sales rose from £275.9m to £332.5m. The US continued to grow, reaching almost £140m this year.

  • Boris bounce must be given the right boost Link https://t.co/lmAXEGMzpc
    City A.M. Thu 23 Jan 2020 06:45

    The weather may be turning for the worse, but it appears that the economy has some sunlit uplands in its sights.

    Day after day seems to bring a new survey which suggests that business leaders, households and analysts are feeling a little chirpier about 2020.

    Today the CBI and Atheneum join a growing chorus of voices predicting a welcome uptick in confidence.

    Unsurprisingly, Tory strategists would be extremely pleased if this was known as the “Boris bounce,” with a sudden burst of certainty kicking the economy into gear after a period of paralysis thanks to the House of Commons’ prevarication on the method of our departure from the European Union.

  • The world has changed, but Davos has failed to keep up Link https://t.co/TtNdcNu6I5
    City A.M. Thu 23 Jan 2020 06:20

    As the fiftieth World Economic Forum’s annual Davos meet-up continues, “grounded” British ministers are, according to Boris Johnson, focusing on priorities at home — or forging stronger relationships with African states at the UK-Africa Investment Summit.

    It’s a shrewd move, not only because of the way it looks in the press for the Prime Minister’s new “People’s Government”, but also because Davos is losing its significance in a changing global order, and is endemic of the worst excesses of liberal world leaders.

    It seems ridiculous to look at Davos and see government ministers from around the world quaffing champagne alongside chief executives and — according to Bloomberg — over 100 billionaires who have paid upwards of $600,000 for the privilege of seething about Donald Trump’s speech.

    Of course, global summits are pivotal for building diplomatic relationships and bringing together key individuals to devise policy solutions to the challenges facing the...

  • How the office of the future can help save the planet Link https://t.co/ZOyTbHCfPP
    City A.M. Thu 23 Jan 2020 05:45

    Climate change is the headline topic in Davos this week, where business leaders and politicians have gathered for the World Economic Forum.

    Activist Greta Thunberg told the gathered elite that their inaction over the climate was “fuelling the flames by the hour”. 

    While many may dismiss her warnings (President Donald Trump earlier urged leaders to reject the “prophets of doom” such as Thunberg), the issue of how businesses can more efficiently use resources to power our offices — and therefore our economy — is a pertinent one.

    To find out how to achieve this, I spoke to three leading companies working to improve the way we light, heat, and design our workspaces.

  • Don’t underestimate the politics of infrastructure Link https://t.co/SzeglSZtsW
    City A.M. Thu 23 Jan 2020 05:30

    The Conservative election campaign slogan may have been “Get Brexit Done”, but the fate of this government will ultimately hinge on what it does here at home — specifically regarding infrastructure.

    It is widely accepted, including by the Prime Minister himself and his chief aide Dominic Cummings, that the Conservatives need to do more than just take the UK out of the EU to hold on to the constituencies that formed the “red wall” of formerly Labour-held seats in future elections. 

    Many first-time Tory voters have only lent their votes to the party — and they will need to see improvements in their day-to-day lives to continue giving it their support. 

  • A look at a day in the life of the worker of 2040 Link https://t.co/MU3uaNX1O5
    City A.M. Thu 23 Jan 2020 04:55

    Looking back to 2000, it’s hard to imagine that anyone would have truly seen what was about to hit us, not just in our personal lives, but our professional ones too — from the invention of the smartphone and social media, to the humble USB stick. 

    So, as we enter the next 20 years, CWJobs launched our Tech to the Future report to find out what people are expecting, and to consider what the office of 2040 could look like.

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