Bank of England tells banks to take climate action now or face profit hit
Banks and insurers that fail to manage climate risks as a “first-order” issue could face a 10% to 15% hit to annual profits and higher capital requirements, the Bank of England (BoE) said on Tuesday.
Norwegian software venture targets rising cyber attack risks
Norwegian firms Telenor, Aker ASA and Cognite say a new software security company they plan to launch this year will help companies protect their industrial assets from an increased cyber attack risk since Russia’s invasion of Ukraine.
EXCLUSIVE Two senior Grab executives quit as company rejigs unit to stem losses – sources
Two top executives at Grab Holdings’ fintech business have quit, adding to other senior departures in recent months, as the Southeast Asian ride-hailing and delivery firm rejigs the key unit at the loss-making group, two sources said.
China’s Didi faces rocky path to growth after winning U.S. delisting nod
Didi Global may have ensured its survival after winning shareholders’ nod for a U.S. stock delisting but a quick return to growth won’t be easy for the Chinese ride-hailer as it still faces regulatory scrutiny and as COVID-19 has hurt the business.
Amazon.com faces record challenges at shareholder meeting
Amazon.com Inc (AMZN.O) faces 14 investor resolutions challenging its policies at its annual shareholder meeting on Wednesday, a record for the retail and cloud computing giant, as socially minded investors scrutinize its treatment of workers.
EXCLUSIVE Neumann-backed climate tech venture Flowcarbon raises $70 mln
Flowcarbon, a blockchain-enabled carbon credit trading platform backed by WeWork founder Adam Neumann, has raised $70 million in its first major funding round, its chief executive told Reuters.
Uber seals taxi deal to expand its business in Italy
Uber Technologies Inc (UBER.N) has clinched a deal to integrate its ride-hailing app with Italy’s largest taxi dispatcher as it seeks to boost its presence in the eurozone’s third-largest economy, the company said on Tuesday.
Stocks slump as Snap cracks rally, Lagarde lifts euro
Shares slid worldwide on Tuesday as fears about weak earnings and slowing growth punctured the recent mini-rally, while hawkish remarks from European Central Bank Chief Christine Lagarde reminded edgy markets that rate hikes loom.
Explainer: Indonesia’s stop-start controls on palm oil exports
Indonesian President Joko Widodo has agreed to allow palm oil exports to resume after a three-week ban, though it is unclear how rapidly shipments will resume given accompanying rules aimed at securing domestic supply.
OECD chief ‘quietly optimistic’ about EU global minimum tax deal approval
The head of the Organisation for Economic Cooperation and Development (OECD) on Tuesday said he was “quietly optimistic” a landmark deal to establish a global minimum tax will be approved by European Union members but implementation may not occur until 2024.
