BP shareholders advised to vote against chair over climate resolution exclusion

BP shareholders should vote against its new chair over his decision to exclude a climate resolution from the company’s next annual meeting, a major proxy adviser has recommended.Glass Lewis has advised investors to vote against Albert Manifold, who has been in his post for just six months.The institution, which advises some of the world’s biggest investors, said its recommendation was based on BP’s decision to exclude a proposal to share its longer-term strategy under scenarios of declining oil and gas demand.The resolution was tabled by the climate activist shareholder group Follow This and would have prompted the company and its shareholders to discuss the issue at BP’s annual general meeting on 23 April.BP, one of the biggest oil companies in the world, is in the process of pivoting its focus back to oil and gas after an ill-received foray into renewables

Hedge fund borrowing exposes emerging markets to greater Iran war risk, says IMF

Emerging economies are at greater risk of higher interest rates and currency shocks resulting from the Iran war because of increased reliance on market investors such as hedge funds, the International Monetary Fund has warned.The IMF’s analysis shows that a cumulative $4tn flowed into emerging markets last year from outside the formal banking sector – including from hedge funds and investment funds.In a blogpost, IMF economists argue that this can bring benefits, but also risks, as these funds are more likely than traditional bank financing to be withdrawn suddenly in times of financial stress.“Market-based finance can help firms integrate into global value chains, a key driver of exports, by easing access to funding for trade, working capital, and other needs that increase their productive capacity,” it says.But it warns that these investments “tend to be more volatile than bank flows and are increasingly sensitive to global risk conditions”

JP Morgan reaches agreement with City airport for Canary Wharf’s tallest tower

JP Morgan Chase has reached agreement with London City airport to build one of Europe’s tallest office towers in the east of the capital.The £3bn tower is poised to be the tallest in the Canary Wharf financial district after JP Morgan, one of Wall Street’s biggest banks, secured approval from the airport.JP Morgan revealed plans last November to build the Canary Wharf tower, which will serve as its new UK headquarters. The lender has since been in talks with airport officials over building height restrictions, given Canary Wharf’s location four miles west of City airport.Any new developments and planning applications within 10km (6 miles) of the airport are considered to be within its “area of interest”, meaning its safeguarding officials need to be consulted to ensure new buildings in Docklands do not interfere with aircraft movements

Iceland chain offers job to man sacked by Waitrose after confronting shoplifter

Keir Starmer’s cost of living tsar, who is the chair of Iceland, has offered a job to a worker who was sacked from Waitrose after trying to stop a shoplifter.Waitrose has faced a public outcry over its treatment of Walker Smith after the Guardian reported he was fired two days after he stopped the shoplifter taking items from an Easter egg display, including Lindt chocolate bunnies.Richard Walker responded by offering Smith a job at an Iceland store. In a LinkedIn post, he wrote: “You’re welcome to a job with us. We even share the same name … ”An Iceland spokesperson confirmed that the supermarket chain had been in touch with Smith and offered him a job

UK City firms report fastest turnaround in fortunes in 30 years

Britain’s financial services companies have reported a strong recovery in activity at the start of the year, in a surprise boost to the government after a gloomy end to 2025.Banks, insurers and investment managers said their businesses were growing, with a positive balance of nearly two-thirds noting an expansion, according to a long-running survey by the Confederation of British Industry (CBI), a lobby group. That contrasted with the negative balance of 38% in December, despite the start of the US-Israel war on Iran.It was the fastest turnaround in the sector’s fortunes in 30 years, since December 1996, the group said.Financial services companies such as banks, insurers and investors have been performing well in recent quarters

UK manufacturers ‘will pay £940m a year more in business rates due to Reeves changes’

British manufacturers have said they will have to pay an extra £940m a year in business rates because of changes by Rachel Reeves that come into effect this month.Manufacturers face a disproportionate business rates bill because they often have large factory floors, according to analysis by MakeUK, an industry lobby group. It said that factories accounted for a fifth of England and Wales’s property by rateable value, despite manufacturers only accounting for a 10th of economic output.The chancellor increased business rates at the budget in November. That included companies paying an additional surcharge on buildings of a rateable value of more than £500,000