(Bloomberg) -- The week has kicked off with a bang as Vodafone’s CEO announced his sudden exit from the company. Meanwhile, spare a thought for England fans in Qatar who will have had to dig deep to celebrate yesterday’s victory over Senegal last night due to the resilience of the Gulf nation’s currency.
Here’s the key business news from London this morning:
In The City
Vodafone Group Plc: The firm’s Chief Executive Officer Nick Read will step down at the end of 2022 following a year when the telecommunications company’s share price sank.
- Chief Financial Officer Margherita Della Valle will become interim CEO, in addition to her current role, while a replacement is found
- Vodafone's market value dropped 42% to €24.9 billion during the four years Read has been in the role
Glencore Plc: The commodities trading giant will pay $180 million to the Democratic Republic of Congo, after reaching an agreement on claims alleging acts of corruption between 2007 and 2018.
- The firm was last month hit with a £276 million penalty by a London judge after pleading guilty to coordinating a sprawling effort to bribe government officials for access to oil cargoes across Africa
National Grid Plc: The company said all conditions for Macquarie Group Ltd.’s £9.6 billion purchase of a 60% stake in the firm’s gas transmission business have been fully met.
Keir Starmer will today promise the “biggest ever transfer of power” from the UK Parliament to the British people, as his Labour Party begins to flesh out its priorities if it wins the next general election in about two years.
Meanwhile, the RMT union rejected an offer from the Rail Delivery Group aimed at ending a strike action planned before Christmas. The news comes as Conservative Party Chairman Nadhim Zahawi said Sunday the government could use the military to help ease any disruption caused by public sector strikes.
In Case You Missed It
The UK economy faces a decade of lost growth unless the government takes action on investment tax reliefs, the Northern Ireland protocol and the shrinking workforce, the Confederation of British Industry has warned.
Britain may be more ethnically and racially diverse than ever, but minorities working in the financial services industry continue to face discrimination, according to a new study.
Elsewhere, football fans who traveled to Qatar knew the World Cup experience wouldn’t be cheap, but the resilience of the Gulf nation’s currency is making the trip particularly painful for travelers from South Korea, Japan and England.
Heating and ventilation firm Ferguson Plc and industrial equipment rental company Ashtead Group Plc are among the companies expected to publish results tomorrow.
A strong rental market buoyed by tight equipment availability and skilled-labour shortages is seen driving revenue growth for Ashtead, while strong pricing power is key for Ferguson to resist cost inflation, according to Bloomberg Intelligence.
For a news fix when the day is done, sign up to The Readout with Allegra Stratton, to make sense of the day’s events.
--With assistance from Kwaku Gyasi.
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