Another drama unfolds
British bank Barclays is still navigating choppy waters as we learn that a falling out at the top table has led to the ousting of boss Antony Jenkins, just three years after he was promoted to the job in the wake of the Libor scandal. Barclays shares rose 3% to 260p after the news.
Jenkins is being replaced for now by chairman John McFarlane, who has himself only been in post since April, having moved from First Group. Board members are believed to have wanted bigger cost cuts and more focus on the investment bank’s performance and Jenkins’s departure will effectively clear the way for new leadership to accelerate changes at the business.
‘What we need is profit improvement. Barclays is not efficient. We are cumbersome.’ commented McFarland, who further indicated that branch closures and job losses were inevitable, and that Barclays’ Premier League sponsorship would also end next year.
The dream of transport powered by clean energy may just be that little bit closer – thanks to a historic round-the-world trip currently being attempted by the Solar Impulse team.
Boasting a record-breaking 118 hours of non-stop flight over more than 5,000 miles of Pacific Ocean, Solar Impulse 2 finally touched down on Hawaii’s Oahu Island last week to end the eighth leg of a 13-stage trip around the world. Just five days after he left Japan on the longest and most perilous part of his globe-encircling adventure, pilot Andre Borschberg safely landed his craft, having completed the journey without any fuel – a record for a plane run only on solar power. Continue reading
Downward spiral continues
Panic selling has wiped more than $3tn off the value of Chinese-listed companies as the Shanghai composite index plummeted by almost 6%, taking the total drop in share values to just under 30% from its June peak.
This, despite China’s efforts to staunch the flow by cutting fees and relaxing borrowing rules to try to encourage investors back, and a promise by stock market regulator, The China Securities Regulatory Commission, to address the accusations of short-selling.