Charities seek to distance themselves from Michelle Mone after PPE claims

Charities linked to Baroness Mone and her husband are distancing themselves from the couple after they were accused of secretly receiving £29 million by lobbying for a PPE company.

ActionAid has said it will no longer accept any donations from the Barrowman Foundation which was founded by Mone’s husband, the financier Doug Barrowman, and lists her as a trustee. ActionAid is an international agency that aims to tackle poverty and injustice around the world.

The Prince’s Trust and the Royal Marsden Cancer Charity also said they had no plans to receive any future support from Barrowman or Mone. Other charities have said the affiliations on the couple’s websites are out of date.

The Charity Commission had already opened a compliance case into the Barrowman Foundation over alleged unsecured loans before the latest accusations.

The foundation lists ActionAid as a partner on their website. However, the charity said: “The last donation … Read more

TSX Finishes with Respectable Gains

Equities in Canada’s largest centre hit highs dating back over five months on Thursday, supported by technology, materials and financial stocks as well as optimism that the U.S. Federal Reserve would flatten its monetary tightening trajectory.

The TSX Composite gained 61.81 points to conclude Thursday at 20,344.07.

The Canadian dollar nosed up 0.08 cents to 74.97 cents U.S.

Materials proved the biggest gainers, with Lithium Americas jumping 63 cents, or 1.8%, to $35.93.

Real-estate fared well, as units of Allied Properties REIT soared 77 cents, or 3%, to $26.91, while Northwest Health-Care Properties REIT advanced 23 cents, or 2.3%, to $10.42.

In techs, Sylogist took on 39 cents, or 8.1%, to $5.20, while Quarterhill picked up five cents, or 3.2%, to $1.63.

Consumer staples stepped back, however, as Metro lost 65 cents to $77.10, while George Weston dipped 73 cents to $165.17.

In utilities, Fortis retreated 46 cents to $53.37, … Read more

Openreach scales back UK ultrafast fibre broadband

Openreach is to limit its investment in the rollout of ultrafast fibre broadband as BT pushes forward with an intense cost-cutting scheme.

The telecom giant’s networking division has contacted suppliers to say it would build the network “narrower and deeper” and tighten timeframes, according to a letter seen by the Financial Times.

“This will by necessity include an element of cancellation or suspension of a job you have received and/or validated”, the letter said. “It is clear that there will be a financial impact to you as we implement these plans.”

It comes after the FTSE 100 firm announced a fresh cost-cutting target from £2.5bn to £3bn by the end of 2025 as a result of inflationary pressure.

Chief executive Philip Jansen said that whilst he backed the current push for efficiency, the firm needed to take “additional action on our costs to maintain the cash flow needed to support … Read more

Fed Minutes Show Rate Hikes Slowing Down, Indexes Climb

U.S. stocks rose Wednesday as meeting minutes from the Federal Reserve showed that the central bank is looking to hand out smaller rate hikes in the coming months as inflation cools off.

The Dow Jones Industrials jumped 95.96 points to end Wednesday at 34,194.06

The S&P 500 added 23.68 points to 4,027.26.

The NASDAQ roared ahead 110.91 points, or 1%, to 11,285.32.

Shares of Nordstrom fell 4.2% after the department store chain reaffirmed its forecast. However, Nordstrom beat profit and sales expectations in its latest results, according to consensus expectations on Refinitiv. Tesla rose 7.8% after Citi upgraded shares to neutral from sell. Deere surged more than 5% on an earnings beat.

Minutes from the Fed’s November meeting signaled that the central bank is seeing progress in its fight against high inflation and is looking to slow the pace of rate hikes, meaning smaller ones through the end of this … Read more