Reuters exclusively reported that Japan’s national and Tokyo governments are seeking a 700 billion yen ($4.7 billion) valuation for Tokyo Metro as they prepare to list the subway operator as early as October-end, in what would be the nation’s biggest IPO in roughly six years. The two governments, which own 100% of Tokyo Metro, plan to arrange a meeting of brokerages within a week for a briefing on the IPO and expect to receive approval for the listing from the Tokyo Stock Exchange as soon as mid-September, the sources said.
Business
Selfridges boss denies knowledge of Fayed allegations
Andre Maeder, the chief executive of Selfridges, has denied knowing about Mohamed Al Fayed’s alleged sexual assaults and rapes during the six years he worked at Harrods.
He said he was “horrified” to watch the documentary about Fayed broadcast by the BBC last week, “but never saw or heard anything” about this “abhorrent” behaviour.
The Swiss national joined Harrods in 1995 and was appointed to the board as chief retail and merchandising officer in 1996. He left in 2002.
He is one of a number of former directors of Harrods under Fayed who have senior roles in business today.
The BBC has heard testimony from more than 20 female ex-employees of Harrods who say the billionaire, who died last year aged 94, sexually assaulted or raped them. Dozens more women have been in touch since the programme aired.
Mr Maeder said in a statement: “I was horrified watching the recent BBC documentary, and am truly shocked by the very serious and appalling allegations.
He said he “never saw or heard anything which suggested this abhorrent behaviour was going on. My thoughts are very much with the victims.”
The Selfridges Group, best known for its famous store on London’s Oxford Street, also owns two shops in Manchester, one in Birmingham, and chains of stores in the Netherlands and Ireland.
It is owned by the Bangkok-based Central Group, which acquired it in 2021 in a deal worth £4bn.
Mr Maeder is also president of the world department store trade association, the IDSG. Before joining Selfridges he was chief executive of the German department store chain KaDeWe, which is now also owned by Central Group.
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Business & FinanceEconomy
19 August 2024, 8:25 pm 1 minute
Market Impact
With half the company to be sold, the initial public offering could raise 350 billion yen at that valuation, which would exceed the size of Kokusai Electric’s IPO last year and become the largest since SoftBank Group listed its wireless unit in 2018.
Article Tags
Topics of Interest: Business & FinanceEconomy
Type: Reuters Best
Sectors: Business & FinanceEconomy & Policy
Regions: Asia
Countries: Japan
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
Income Protection Awareness Week (IPAW 2024) kicked off today (23 September) with a seminar for advisers exploring the current income protection (IP) market.
The awareness week is being organised by the Income Protection Task Force (IPTF) to raise the profile and grow sales of IP products.
The week will comprise a series of online keynotes, panel debates, case studies and presentations and will tackle various themes across income protection.
Today’s session looked at the case for income protection and what advisers are seeing in the market and in client conversations.
It also looked at how advisers include IP in their advice process and the impact that consumer duty has had on adviser behaviour.
Jo Miller, co-chair, IPTF, said the IP market has seen a rise in sales, with a record number of sales on advice.
However, she urged the sector to keep up the momentum as more work needed to be done.
The adviser panel – consisiting of Mike Douglas, protection specialist, Woodside Financial Services, Nina Brown, protection specialist at Pam Brown Mortgages, and Hannah Murray, financial adviser, St. James’s Place Protection Planning – expressed similar sentiments.
For his part, Douglas urged advisers to make the IP advice process simple by explaining the benefits and pitfalls of not having IP cover.
Meanwhile, research from protection and employee benefits provider MetLife UK has found that while one in five (20%) consumers see the benefit of financial protection, 12% don’t understand the difference between the various offerings.
The study, published today, found one in ten (9%) customers admitted they only thought about financial protection once it was too late and they needed to claim.
MetLife said IPAW provides the chance for advisers to talk to clients and review what protection they do and don’t have in place.
Business & Finance
23 July 2024, 9:11 am 1 minute
Reuters exclusively reported that Europe’s top asset manager Amundi and other LVMH investors want the $370 billion luxury behemoth to take more aggressive steps to monitor its suppliers’ treatment of workers after Italian prosecutors disclosed alleged sweatshop-like conditions at subcontractors for high-end brand Dior.
Market Impact
The investigation into suppliers for LVMH’s second-largest fashion label, which Reuters revealed on June 11, has shone a spotlight on potential worker exploitation in the $1.6 trillion global luxury goods industry.
Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & Finance
Regions: Europe
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
California has filed a lawsuit against ExxonMobil alleging it falsely promoted the recyclability of plastic, becoming the first US state seeking to hold an oil major accountable for plastic pollution.
The lawsuit alleges Exxon, one of the world’s largest producers of plastic, deceived the public for half a century about the sustainability of its plastic products. The lawsuit seeks damages from the oil group for harms inflicted from plastic production.
“For decades, ExxonMobil has been deceiving the public to convince us that plastic recycling could solve the plastic waste and pollution crisis when they clearly knew this wasn’t possible,” said California attorney-general Rob Bonta in a statement. “ExxonMobil lied to further its record-breaking profits at the expense of our planet and possibly jeopardising our health.”
Exxon did not immediately respond to a request for comment.
The allegations arrive as plastics play a growing role in supporting oil demand and as the UN prepares to broker in late November the world’s first binding agreement to cut plastics pollution in South Korea, a deal that has been likened to the 2015 Paris climate agreement.
Global consumption of plastic, a primary driver of petrochemicals demand, is expected to triple by 2060, according to the OECD, reaching 1.3bn tonnes. China was the largest producer of plastics last year, surpassing North America by a slim margin, according to S&P Global Commodity Insights.
The International Energy Agency cites the petrochemicals sector as the “single largest contributor” to oil demand growth for the next four years as the electrification of power and transport sectors curb the global thirst for crude. The plastics industry is expected to make up 10 per cent of global emissions by mid-century, up from 5 per cent in 2019, according to a report from the Lawrence Berkeley National Laboratory.
California’s lawsuit against Exxon follows the investigation it launched into the fossil fuel and petrochemicals sectors and their role in plastic pollution in 2022. A group of non-profit organisations including Sierra Club and Surfrider Foundation filed a similar lawsuit on Monday targeting Exxon for misleading claims about its plastics business.
State and local governments are increasing efforts to hold companies accountable for plastic waste. Earlier this year, New York attorney-general Letitia James sued PepsiCo, demanding the food and drinks company reduce its plastic pollution and pay for damages.
Developing countries, environmentalists and businesses have called for a limit on plastic production to be included in the final UN plastics treaty expected by the end of the year, arguing that relying on waste management solutions such as recycling were inadequate.
Karen McKee, head of Exxon’s product solutions business, told the Financial Times earlier this year that a limit on production would not solve the pollution problem and that UN negotiators needed to be “open-minded” about solutions.
Exxon produced 11.2mn metric tonnes of polyethylene last year and operates a chemical recycling plant for plastic in Baytown, Texas.
About 10 per cent of all plastic is recycled, according to the OECD, which estimates investment in recycling must reach $1tn by 2040, up from less than $20bn today.
CNBC’s Robert Frank reports on news from luxury shoppers.
Business & FinanceEnergyEnvironment
20 November 2023, 3:09 pm 1 minute
Reuters exclusively reported that Canada’s First Quantum Minerals was considering putting its key Panama copper miner on care and maintenance from Nov. 23, effectively shutting production at a mine that accounts for about 1% of global output. Citing sources familiar with the matter, Reuters reported that the move follows protests that blocked coal from reaching First Quantum’s plant. Supply concerns at First Quantum’s Panama contributed to copper prices jumping to two-month highs traders said while First Quantum shares extended fall to drop as much as 5.7% on the news.
Market Impact
Supply concerns at First Quantum’s Panama contributed to copper prices jumping to two-month highs traders said while First Quantum shares extended fall to drop as much as 5.7% on the news.
Article Tags
Topics of Interest: Business & FinanceEnergyEnvironment
Type: Reuters Best
Sectors: Business & FinanceCommodities & Energy
Regions: North America
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
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