Boris Johnson addresses global investment summit - live updates

Asia's Tech News Daily

  • Johnson seeks upper hand over Macron with flurry of green deals
  • Soaring inflation deals £1,000 blow to household finances
  • FTSE 100 falters
  • Matthew Lynn: Three reasons to scrap the online sales tax and liberate retail growth
  • Sign up here for our daily business briefing newsletter

Boris Johnson will unveil almost £10bn in foreign investment deals as he addresses a major global investment summit.

The Prime Minister is set to announce the creation of at least 30,000 new jobs thanks to a package of deals worth £9.7bn.

The deals are designed to support growth in sectors such as wind and hydrogen energy, sustainable homes and carbon capture and storage. The Prime Minister will also focus on areas such as technology and life sciences.

A number of high-profile figures are attending the summit, including Microsoft co-founder Bill Gates.

Sign up to the Front Page newsletter for free: Your essential guide to the day’s agenda from The Telegraph – direct to your inbox seven days a week.

08:27 AM

Rio Tinto strategy boss quits day before investor summit

Rio Tinto’s head of strategy has stepped down a day before the company is due to update investors on its strategy.

The miner said Peter Toth, group executive of strategy and development, had accepted a new position outside the company and was stepping down as an executive with immediate effect. He will remain at Rio Tinto in an advisory role until the end of the year and leave in April.

Jakob Stausholm, Rio Tinto chief executive, said: “During Peter’s seven years with Rio Tinto, he has played a key role in shaping our corporate strategy, executing our portfolio restructure, and guiding our approach to climate change. We thank him for his contribution and wish him every success for the future.”

Rio Tinto is due to update investors at a meeting tomorrow.

08:13 AM

Delivery Hero leads $1bn funding round for Gorillas 

© Tobias Schwarz / AFP Gorillas startup grocery Delivery Hero funding – Tobias Schwarz / AFP

Delivery Hero has led the charge in a fresh funding round that raised almost $1bn (£725m) for rapid grocery delivery startup Gorillas.

The deal sees Delivery Hero invest $235m in the Berlin-based app in exchange for an 8pc stake. Tencent, Coatue and DST were among the other investors that took part in the funding round.

The cash injection values Gorillas at around $3bn, Bloomberg reports, though this less than half the $6bn valuation it had been seeking earlier in the year.

Gorillas, which operates in cities including London, Manchester, Cambridge and Nottingham, is one of a number of startups offering grocery deliveries in as little as 10 minutes.

08:03 AM

888 to take $10m profit hit from Dutch rule changes

Gambling group 888 said it expects to lose $10m (£7.25m) in profits next year due to an overhaul of regulations in the Netherlands that will force it to apply for a licence.

The FTSE 250 firm halted operations in the country on Oct 1 after the Dutch government rolled out a licensing system for online gambling. It does not expect to be up and running again until the second half of 2022.

888 said it “continues to believe the Netherlands represents an attractive medium-term opportunity and intends to apply for a local licence in the coming months”.

It came as 888 said third-quarter trading was in line with expectations, with sales growing 7pc year on year.

But the company’s main focus will be its £2.2bn takeover of William Hill’s non-US operations.

07:53 AM

Moneysupermarket inks £101m deal for cashback site Quidco

Moneysupermarket is the biggest mover this morning during an otherwise uninspiring start for markets.

The price comparison site said it’s agreed to acquire Maple Syrup Media, which trades as Quidco, for an initial sum of £87m, with a further £14m deferred.

Quidco is the second largest cashback business in the UK with around 1m transacting users. It offers cashback at around 4,500 merchants including retail, travel and switching services.

In a third-quarter trading update, Moneysupermarket said it expects full-year profit in line with current expectations.

But it warned energy market conditions were unlikely to improve this year, meaning it expects switching to be negligible in the fourth quarter.

07:48 AM

British Airways owner blasts ‘disproportionate’ Heathrow charge hike 

British Airways’ parent company IAG has hit out at the decision on Heathrow’s increased charges, saying the hike will undermine the airport’s competitiveness.

Luis Gallego, chief executive of IAG, said: 

Heathrow is already the world’s most expensive hub airport. The disproportionate increase compared to other European hubs will undermine its competitiveness even further and UK consumers will be losing out. 

A cost-efficient Heathrow would benefit travellers, businesses and the UK economy as a whole. Airport charges must be competitive if Global Britain is to become a reality. 

We will engage in the regulator´s consultation to ensure aviation can play its part to deliver this, and to advocate for UK consumers over the interests of Heathrow’s shareholders.

07:28 AM

FTSE risers and fallers

The FTSE 100 has pulled back from its initial rise of 0.1pc, and is now trading flat.

It’s a sluggish start, with miners Polymetal International and Fresnillo leading the gains. Education group Pearson is also up 1.6pc after an upgrade by Berenberg.

British Airways owner IAG is the biggest laggard once again, falling 2.7pc after the aviation regulator said Heathrow can increase its charges for airlines.

The domestically-focused FTSE 250 is up 0.4pc, led by Moneysupermarket, which annoucned plans to buy cashback site Quidco.

07:19 AM

Heathrow charge hike 

Heathrow is keen to point out that the CAA’s announcement mentions its 2020 charge of £22, not the current 2021 charge of £19.60.

A spokesman says:

This is important as it puts the range of increase that the CAA is considering at between 25 – 75pc based off the latest passenger charge.

It also means that the interim charge for 2022 of “around £30” represents a c. 53pc increase on 2021 charges.

07:14 AM

Bellway doubles profit but warns on supply chain troubles

© Provided by The Telegraph Bellway housbuilder supply chain materials

Bellway has more than doubled its profit for the full year, but warned shortages of materials and staff were hampering construction activity.

The housebuilder posted pre-tax profit of £479m in the year to the end of July – up from £237m the year before. Revenue jumped 40pc to £3.1bn thanks to a booming property market.

Bellway flagged the impact of ongoing supply chain disruption, which is pushing up the price of material such as steel, timber and MDF, though it said there were some signs that soaring prices were “beginning to subside”.

It added that lorry driver shortages were piling further pressure on the availability of materials, while it was also battling wider labour shortages.

Bellway said these challenges meant construction output in the first half of its 2022 financial year would be similar to the first half of 2021. Shares rose 2.9pc following the update.

07:03 AM

FTSE 100 ticks up

The FTSE 100 has ticked up at the open, marking a modest bounce back from yesterday’s losses.

The blue-chip index opened 0.1pc higher at 7,213 points.

It had fallen 0.4pc on Monday as disappointing GDP data from China cooled investor sentiment.

06:55 AM

Competition watchdog opens probe into music streaming

© Marc Piasecki/Getty Images Music streaming CMA Spotify Apple Music Ed Sheeran – Marc Piasecki/Getty Images

The competition watchdog is launching an investigation into the music streaming market amid concerns artists and songwriters are not getting their fair share of royalties.

The Competition and Markets Authority (CMA) said it was finalising the scope of its market study, which it will launch as soon as possible.

Andrea Coscelli, chief executive of the CMA, said streaming now accounts for more than 80pc of all music listening to in this country.

He added: “A market study will help us to understand these radical changes and build a view as to whether competition in this sector is working well or whether further action needs to be taken.”

It comes after MPs on the culture select committee called for a “complete reset” of music streaming – a move that could threaten the business models of platforms such as Spotify and Apple Music, as well as major record labels.

Read more on this story: MPs demand ‘complete reset’ on music streaming

06:47 AM

Heathrow: Charges not designed to support airlines

Heathrow has defended the increase to passenger charges, arguing they’re not designed to shield airline from cost increases of the impact of the pandemic.

A spokesman said:

Our aim is to reach a settlement that enables us to give passengers a great service while operating a safe, resilient and competitive hub airport for Britain. That Heathrow is ranked by passengers as one of the best airports in the world is testament to the power of private investment over the past decade, and to enable this to continue, we believe the settlement should safeguard a fair return for investors.  

We provide great value for money which is why airlines generate premium profit margins on their services from our world-class facilities. While it is right the CAA protect consumers against excessive profits and waste, the settlement is not designed to shield airlines from legitimate cost increases or the impacts of fewer people travelling. We look forward to discussing the CAA’s proposals in detail with the regulator and our airline partners as we work towards a new settlement.

06:42 AM

Tesco unveils first checkout-free store

© Tesco/ParsMedia Tesco checkout-free store Holborn London Amazon – Ben Stevens / Parsons Media

Meanwhile, it’s a big day for Tesco, which has opened its first checkout-free store in central London as it looks to take on Amazon’s technology.

My colleague Ben Woods has the details:

Britain’s biggest supermarket chain has expanded a tech trial to the Tesco Express store on High Holborn, where customers can shop and pay without scanning products or using a checkout. 

The move follows in the footsteps of Amazon’s push to corner a slice of the UK grocery market by opening five checkout-free shops in the capital this year. 

Kevin Tindall, managing director of Tesco Convenience, the chain was “constantly looking for ways to improve the shopping experience” and the innovation would help customers “save a bit more time”. 

“This is currently just a one-store trial but we’re looking forward to seeing how our customers respond,” he added.

Customers must register for Tesco’s smartphone app and check in at the store’s entrance before picking up the products they want to buy in the Holborn store.

06:37 AM

Heathrow charge cap ‘seeks to protect consumers’

The aviation regulator said it’s put consumers at the forefront of its proposals over the new Heathrow charges.

It’s proposing a five-year control period that will allow the airport to smooth charges for consumers and provide investors with certainty in the medium-term. This control period will come into force in summer 2022.

The CAA said it will consult with Heathrow, airlines and other stakeholders to narrow its proposed price range, while it will also introduce an interim price cap for 2022 to protect consumers from any undue increase in airport charges while the full proposals are finalised.

Richard Moriarty, chief executive of the CAA, said:

While international air travel is still recovering, setting a price control for Heathrow Airport against the backdrop of so much uncertainty means we have had to adapt our approach.

Our principal objective is to further the interests of consumers while recognising the challenges the industry has faced throughout the Covid-19 pandemic.

These initial proposals seek to protect consumers against unfair charges, and will allow Heathrow to continue to appropriately invest in keeping the airport resilient, efficient and one that provides a good experience for passengers.

06:28 AM

CAA caps Heathrow price hike

Good morning. 

The Civil Aviation Authority (CAA) has allowed Heathrow to increase its charges for airlines – but has capped the maximum price below what the airport had wanted.

Heathrow will now be able to charge between £24.50 and £34.40 per passenger, up from £22 last year. But this is below the range of £32 to £43 it had requested.

The CAA has been forced to walk a tightrope between the clashing needs of the airport and its airline customers, both of which have struggled during the pandemic.

The regulator said: “The CAA recognises that there is still significant uncertainty in the shape of the aviation industry’s recovery from the Covid-19 pandemic.

“These proposals will deliver affordable charges for consumers and allow the airport to continue to invest in service quality, while also supporting consumer demand as the industry recovers.”

5 things to start your day 

1) Soaring inflation deals £1,000 blow to household finances: Rocketing prices will deal a £1,000 blow to household finances next year as higher inflation also slashes an expected Budget windfall for the Chancellor.

The surge in inflation will hit real incomes by 2pc by the end of 2022 compared to previous official forecasts, the Resolution Foundation revealed, as Rishi Sunak battles a cost of living crunch.  

2) Martin Lewis hits out at tech giants over ‘epidemic of scams’: Big Tech companies have been accused of failing to stop an “epidemic of scams” that has caused some victims to consider taking their own lives.

Martin Lewis, the founder of consumer advice website MoneySavingExpert, told MPs the proliferation of scam adverts on social media had resulted in some people being defrauded of tens of thousands of pounds.

3) Tesco ditches checkouts to take on Amazon: Tesco has opened its first checkout-free store in central London as Britain’s biggest supermarket counters Amazon’s “just-walk-out” technology.

Britain’s biggest supermarket chain has expanded a tech trial to the Tesco Express store on High Holborn, where customers can shop and pay without scanning products or using a checkout. 

4) Kwarteng intervenes in £6.3bn Meggitt takeover: Kwasi Kwarteng has intervened in a planned £6.3bn US takeover of Meggitt amid concerns it could harm national security.

The Government issued a public interest intervention notice into Parker Hannifin’s deal on Monday night in a move it said came after ministers received official advice. 

5) Johnson seeks upper hand over Macron with flurry of green deals: Boris Johnson has sought to gain the upper hand over Emmanuel Macron as he combats French attempts to lure ­foreign investment with a slew of UK deals backed by overseas capital.

The Prime Minister will today lead the UK Global Investment Summit, attended by some of the world’s most influential business leaders.

What happened overnight 

After the S&P 500 and Nasdaq ended in positive territory, Asia followed suit. Hong Kong and Taipei put on more than 1pc each, while Shanghai, Tokyo, Sydney, Seoul, Singapore, Wellington, Manila and Jakarta also saw healthy gains. Bitcoin was hovering around $62,000, less than $3,000 short of its April record, with a new security to trade the cryptocurrency due to begin trading Tuesday on the NYSE.

Coming up today

Corporate: Bellway (full-year results); BHP, Centamin, Moneysupermarket, IntegraFin, 888 Holdings, RHI Magnesita (trading updates)

Economics: Construction output (EU), housing starts (US)

Internet Explorer Channel Network
Asia's Tech News Daily
News Related


Omicron latest: At least 17 countries, territories record cases of new variant

A police officer gets a booster vaccination against COVID-19 in Germany, as cases of the Omicron variant continue to rise. © Moritz Frankenberg/dpa via ZUMA Press At least 17 countries ... Read more »

'I think they are being hampered' - Finance expert drops FFP claim about Fosun & Wolves

Football finance expert Kieran Maguire has been discussing Wolves and the current financial situation at Molineux. © Provided by This is Futbol Molineux Wolves certainly made an impact during their ... Read more »

Key dates in 2022: Super League, Challenge Cup, Championship, League 1, World Cup

The 2022 season has the potential to be one of the best in recent memory with plenty for fans to get their teeth into. Stretching from January to November, there ... Read more »

Omicron variant: Don't socialise unless necessary, urges Dr Jenny Harries - but govt disagrees

Government advice on limiting social contact and working from home has not changed, Downing St says, despite Dr Jenny Harries warning the public that people should not socialise “when we ... Read more »

Voices: If we are serious about tackling the migrant crisis, we must follow Germany's example

Compassion for desperate refugees. Panic over porous borders. These conflicting emotions have both been on display in the last week. Most reasonable people will admit to feeling an element of ... Read more »

Vieira must unleash Palace's £79k-p/w “special talent” vs Leeds, he's a game-changer - opinion

© Provided by Football FanCast Crystal Palace striker Odsonne Edouard Crystal Palace will be aiming to bounce back from just their third Premier League defeat of the season when they ... Read more »

Dow futures drop 300 points amid Omicron COVID concerns

Futures tied to the Dow Jones Industrial Average fell as much as 500 points at one point. Brendan McDermid/REUTERS Global stock markets were reeling once again Tuesday morning due to ... Read more »

Man, 40, in court charged with murder after mum-of-two Alexandra Morgan, 34, vanished without trace over 2 weeks ago

A MAN has appeared in the dock charged with the murder of a mum-of-two who vanished without trace more than a fortnight ago. Alexandra Morgan, 34, was last seen at ... Read more »

S Club 7's Paul Cattermole launches new career as tarot card reader

S CLUB 7'S Paul Cattermole has launched a new career as a tarot card reader – 18 years after the group disbanded. The 44-year-old star has had a rocky road ... Read more »

Tipping Point viewers seriously distracted by ‘stunning' contestant – but the praise doesn't last long

TIPPING Point viewers were left seriously distracted by a 'stunning' contestant – but the praise didn't last long. Monday's edition of the ITV quiz show saw four new players take ... Read more »

I'm A Celeb's Ant McPartlin hints the show could be forced off air AGAIN as he says ‘more bad weather' will blast castle

I'M A Celebrity host Ant McPartlin has warned more bad weather is threatening the series. The 46-year-old star, who has been off screens for days after the series crashed off ... Read more »

How to get the BMW 3.0 CSL Race Car in Hot Wheels Unleashed

© Provided by GamePur The BMW 3.0 CSL Race Car is an easily recognizable Hot Wheels car, though you may only know it for the brand that’s plastered along the ... Read more »

Cebu Pacific releases flexible options for passengers until Dec. 7

Cebu Pacific Amid the threat of the Omicron coronavirus variant, budget carrier Cebu Pacific said the Inter-Agency Task Force released guidelines for arriving passengers effective November 29, 2021. In a ... Read more »

How to fix Error 2002 in Final Fantasy XIV?

© Provided by Dot Esports Final Fantasy XIV is entering its busiest days with the release of the upcoming expansion Endwalker, and it’s going to bring a massive amount of ... Read more »

Ghislaine Maxwell: trial to enter second day with Epstein's pilot testifying

Photograph: Carlo Allegri/Reuters Ghislaine Maxwell’s child sex-trafficking trial enters its second day of testimony on Tuesday, with the longtime pilot of her alleged accomplice, the late financier Jeffrey Epstein, returning ... Read more »

Chad pardons members of armed groups ahead of national dialogue

By Mahamat Ramadane N'DJAMENA (Reuters) – Chad's ruling military council has granted a general amnesty to members of armed groups as one of its steps towards a proposed national dialogue, ... Read more »

Staff at magazine publisher Future to share in £10m bonus pot

Photograph: Patti McConville/Alamy Shares in owner of Marie Claire, Techradar and GoCompare rose by 15% after forecast of higher profits Staff at Future, the owner of magazines from Marie Claire ... Read more »

Teen boy facing charges after Erie police said he led officer on pursuit, crashed stolen auto

A 14-year-old boy is facing criminal charges after Erie police said he led officers on a pursuit on Monday that ended when he crashed a stolen vehicle into the porch ... Read more »

Nov auto sales: Tata Motors likely to emerge winner; CVs in spotlight

NEW DELHI: Tata Motors , along with other commercial vehicle (CV) players, are likely to steal the limelight as the monthly sales data for November starts pouring in from Wednesday ... Read more »

Thrilling trailer for '83' introduces Ranveer Singh as cricketer Kapil Dev

© Provided by The National Ranveer Singh as former Indian cricket captain Kapil Dev in the Bollywood film ’83’. Photo: Reliance Entertainment Nothing whips up a frenzy in India quite ... Read more »

Munster rugby players and staff allowed to fly home from South Africa

Munster coach Johann van Graan (Niall Carson/PA) (PA Archive) Plans are under way to bring the majority of the Munster rugby team back to Ireland the Sports Minister has said. ... Read more »

Die alten Helden reiben sich die Augen: FCZ träumt von Meister-Zeiten

Der FCZ thront auf Rang 1. Ob das auch am Saisonende noch so sein wird? Das sagen fünf Klub-Legenden zu den Zürcher Meister-Chancen. © Valeriano Di Domenico 23.05.2016; Zuerich; Fussball ... Read more »

West Side Story star Rita Moreno pays tribute to Stephen Sondheim

© Bang Showbiz Rita Moreno pays tribute to Stephen Sondheim Rita Moreno has paid tribute to ‘West Side Story’ composer Stephen Sondheim, who died on Friday (26.11.2021) at the age ... Read more »

Mathew Horne to star in new comedy series Newark, Newark

© Bang Showbiz Mathew Horne is to star in a new comedy series, Newark, Newark Mathew Horne and Morgana Robinson are to star in new Gold comedy ‘Newark, Newark’. The ... Read more »

Eco-age founder Livia Firth: 'We need to destroy fast fashion'

© Provided by The National Livia Firth is the co-founder and creative director of Eco-Age, a consulting and creative agency specialising in sustainable business strategies. Photo: Will Whipple Livia Firth ... Read more »

A single soccer team is responsible for every case of the Omicron COVID variant in Portugal

© Gualter Fatia/Getty Images The club said 44 players and staff were now self-isolating. Gualter Fatia/Getty Images 13 people in Portugal have tested positive for the Omicron variant of COVID-19. ... Read more »

Anne Hegerty reflects on 'pathetic' I'm A Celebrity stint

© Bang Showbiz Anne Hegerty reflected on her time in I’m A Celebrity in 2018 Anne Hegerty thought she was “pathetic” during her time on ‘I’m A Celebrity… Get Me ... Read more »

Strictly's John Whaite eager to win Glitterball Trophy after mum smashed Bake Off prize

© Bang Showbiz John Whaite is eager to win Strictly’s Glitterball Trophy with Johannes Radebe Strictly Come Dancing’s John Whaite is keen to win the Glitterball Trophy after his mum ... Read more »

Heathrow and Gatwick: The 10 countries on the red list and those most at risk of being added to it

As the new variant of coronavirus Omicron appears to be spreading fast, the UK government has reimposed certain Covid restrictions – particularly on travelling abroad. B.1.1.529, the new strain, could ... Read more »

8 lakes and mountain holidays to feel at one with nature

The UK and Europe are packed with towering peaks and sparkling lakes that allow you to get closer to nature on a lakes and mountain holiday. © Slovenia. Jeremy Woodhouse ... Read more »

Whopping £14million EuroMillions jackpot could be yours TONIGHT… and there's more to win this week

A LUCKY Brit could be could richer to the tune of £14million tonight in the latest EuroMillions jackpot. If players don’t scoop the massive EuroMillions haul tonight there are also ... Read more »

Video: 'I'm on the right medication thanks to no doctor or conservatorship people!' Britney Spears gives a health update after legal battle and reveals she 'gets high' from fasting for up to FOUR DAYS

Read more »

Video: 'They've been sleeping on the floor!': I'm A Celeb's Ant and Dec discuss how stars coped with being removed from the castle due to Storm Arwen - as line-up RETURNS to camp before show airs on Tuesday

Read more »

The dark world of Female Dating Strategy: Online community teaches women to avoid 'worthless scrotes' and categorises men into 'low and high value' based on finances, mental health and penis size

Female Dating Strategy was founded in 2019 in reaction to Red Pill Rights Female-only forum to help women enter 'relationships that truly benefit them'Puts men into 'low value' and 'high value' categories based on characteristics  Claims men who are mentally ill or not financially secure should be avoided Read more »

Could social contact be limited ahead of Christmas? Jenny Harries warning

Britons have been urged to do their bit by limiting the number of social contacts they have ahead of the Christmas season “as the Omicron variant continues to spread”. There ... Read more »

India vs South Africa 2021: BCCI official gives BIG update on SA tour amid new Covid variant, check out

© Provided by Zee News The Board of Control for Cricket in India (BCCI) treasurer Arun Dhumal on Tuesday (November 30) said India’s tour of South Africa remains on a ... Read more »

Car tax evasion hits a record high seven years after paper discs were axed: One in 50 vehicles have no VED - costing the UK £119m a year

Some 1.9% of all vehicles on UK roads are untaxed - around 750,000 motorsThat's up from 1.6% in 2019, the last time evasion levels were analysedVehicle tax dodging is more than three times higher than under paper discsEvasion levels in 2013 - the final full year or paper discs - was 0.6%, stats show Northern Ireland has the highest regional VED evasion figures ahead of Scotland  Read more »

Video: Lorraine Kelly is left red-faced as she gets PEED ON by her daughter Rosie's excitable puppy while celebrating her 62nd birthday live on air

Read more »

GP manager who won £294,000 after pregnancy sack awarded another £20k

© Provided by Daily Mail MailOnline logo A GP practice manager who won £294,000 in a discrimination claim after they sacked her for falling pregnant has got an extra £20,000 ... Read more »

Video: Hollyoaks' Jessamy Stoddart MARRIES Ryan O'Gorman! Actress weds her longtime love in romantic winter wonderland style ceremony

Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic