AstraZeneca is putting its money where its mouth is when it comes to fighting climate change and biodiversity loss. The pharmaceutical giant announced plans to spend $400 million in reforestation projects around the world, with a commitment to plant 200 million trees by 2030 while reducing its own carbon footprint along the way. Yet, that may still be a drop in the ocean as the UK’s chances of achieving its climate goals are getting slimmer, according to an independent advisory panel set up by the government.
Here’s the key business news from London this morning:
In The City
AIB Group Plc: The Irish government has sold about 5% of its stake in the Dublin-based bank in a share sale priced at €3.64 apiece, raising gross proceeds of €480.5 million, according to a statement.
- That disposal will reduce the Irish State’s shareholding to about 46.9% from 51.9%
AstraZeneca Plc: The pharmaceutical behemoth plans to invest $400 million in new or expanded reforestation projects in Brazil, India, Vietnam, Ghana and Rwanda.
- The investment includes planting 200 million trees by 2030 and is part of Astra’s efforts to reduce greenhouse emissions from its operations and fleet by 98% by 2026
NewRiver REIT Plc: The real estate investment trust has completed the disposal of Kittybrewster Retail Park in Aberdeen and Glendoe and Telford Retail Parks in Inverness for £62.6 million to RI UK 1 Limited.
- These were the final properties in the Napier Joint Venture, bringing the total sale receipts from Napier to £76.0 million
In Westminster
Chancellor of the Exchequer Jeremy Hunt is set to meet regulators of key UK industries on Wednesday as the government steps up efforts to ensure companies are passing on cost cuts to consumers and banks are relaying interest rate rises to savers. Also in attendance will be water, energy and telecommunications watchdogs Ofwat, Ofgem and Ofcom. The Competition and Markets Authority and the Financial Conduct Authority will also take part.
Politicians of all stripes have turned their attention in recent weeks to the price pressures on households. The bosses of NatWest Group Plc, Lloyds Banking Group Plc and the UK arms of Barclays Plc and HSBC Holdings Plc have faced questions in parliament over how the Bank of England’s string of recent rate rises are leading to little reward for savers and a squeeze for mortgage borrowers.
Meanwhile, UK officials are moving too slowly to cut greenhouse gas emissions by the end of the decade, making it increasingly unlikely those aims will be achieved. That’s the conclusion of the Climate Change Committee, an independent advisory panel set up by the government.
In Case You Missed It
Bankers, traders and support staff at Credit Suisse Group AG investment bank in London, New York, and in some parts of Asia are bracing for a jobs cull by UBS Group AG, which is planning to cut more than half of Credit Suisse’s 45,000-strong workforce, starting next month. Almost all activities are at risk, people familiar with the matter said.
Meanwhile, Odey Asset Management is in advanced talks to transfer four European equity funds along with their fund manager Oliver Kelton to SW Mitchell Capital. The move follows investors’ exodus from Odey after the Financial Times investigation into Crispin Odey’s alleged treatment of women, including multiple claims of sexual assault. Odey denies the allegations.
Looking Ahead
Online gifting firm Moonpig Group Plc is among the few companies slated to update investors on Thursday. Its full-year revenue is forecast at £320 million, according to a consensus estimate compiled by Bloomberg. That compares with the £304 million it reported for fiscal 2022.
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