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UK's Schroders makes four senior hires to sharpen focus on clients

UK's Schroders makes four senior hires to sharpen focus on clients

Reuters5 hours ago

LONDON, June 16 (Reuters) - British money manager Schroders (SDR.L), opens new tab has made four appointments to sharpen its focus on clients, as CEO Richard Oldfield continues to shake up the senior team in an effort to reboot its performance.
Schroders has hired Matt Oomen from BNY Investments to be its global head of client group, while the role's incumbent Karine Szenberg will become executive vice chair, the company said. Both will sit on the group executive committee.
The company has also promoted Gopi Mirchandani to head the client group in Asia, and Jason Yu to country head for Hong Kong, subject to regulatory approval.
"Now is the optimal time to be strengthening our client relationship teams with Karine, Matt, Gopi and Jason all moving into new roles," Oldfield said in a statement.

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Labour cutting farming budget in England by £100m a year, figures shows
Labour cutting farming budget in England by £100m a year, figures shows

The Guardian

time21 minutes ago

  • The Guardian

Labour cutting farming budget in England by £100m a year, figures shows

Labour is cutting the farming budget in England by £100m a year, spending review figures show. Despite the decrease, the budget has been cautiously welcomed by nature and farming groups, as there were fears the Treasury had wanted to reduce the funding further. Farmers have felt squeezed by the Labour government's policies over recent months, with mass protests over the introduction of inheritance tax on farms worth more than £1m. Extreme weather and rising input prices have increased financial pressures on the sector, which has meant that a cut to the budget could have serious impacts. Ministers have also indicated that larger farms could be ineligible for the nature-friendly farming fund in future. The Department for Environment, Food & Rural Affairs was recently forced to U-turn on a freeze to new applicants for the fund after the National Farmers' Union (NFU) threatened legal action. Previous research by the RSPB has found that a £100m a year cut would lead to 239,000 fewer hectares (590,580 acres) of nature-friendly farmland. Defra said the funding paid to farmers under of environment land management schemes (Elms) would 'skyrocket' from £800m in 2023-24 to £2bn in 2028-29. However, the NFU has called this 'misleading' because after Brexit, farmers were promised that their subsidies would be the same as they were under the EU and were promised a figure of £2.4bn a year. The Elms programme was devised by the conservatives after Brexit: the goal was that rather than being paid per acre, farmers should be paid for improving nature. While the programme was being put in place,the acreage payments known as basic payments schemes (BPS) were kept, and cut each year as Elms increased. BPS is due to be phased out entirely by 2028. Farmers currently get the £2.4bn a year in the two streams as well as a smaller amount of money in grants for things such as robotics trials. Going forward, the government has promised an average of £2.3bn a year up to 2028-29 for the farming budget. By the end of the spending period the budget will shrink to £2.25bn, with £2bn allocated for Elms and the rest paid in productivity grants. Sanjay Dhanda, the NFU's senior economist, has said Defra has been 'misleading' in its claims. He said: 'A key pillar of Defra's budget is the continued investment in Elms, with funding set to rise to £2bn by 2028-29, compared with the £1.8bn earmarked in the Autumn 2024 budget. While the government has framed this as a significant uplift from the £800m spent in 2023-24, this comparison is misleading as Elms was not fully operational at that point, and delinked payments [BPS] absorbed a large share of funding.' However, Defra sources pointed out that although the previous government allocated £2.4bn a year for Elms, the Tories in fact underspent it by about £100m a year. That government had, however, promised that by the end of the spending period, which was cut short by the general election, the full fund was ringfenced and would be allocated to farmers. Tom Bradshaw, the NFU president, said: 'While the Defra secretary of state has listened and managed to maintain the overall funding for farming and nature recovery, from what we can see so far, the £100 million cut to farming means farmers and growers will need to do more with less.' Mark Spencer, a former farming minister who was in charge of issuing the farming budget, said the amount spent on Elms would have been higher than £2bn at the end of the spending period, under the Tories. 'The 2.4bn was meant for Elms. It was always our intention and emphasis to reduce BPS and pour the money into Elms and for the vast majority of it to go to Elms,' he said. Reacting to the cut, Spencer added: 'A part of me is angry, a part of me is just so sad. We made such huge progress and now it is in jeopardy.' Nature groups have credited Steve Reed, the environment secretary, for protecting the majority of the budget. Hilary McGrady, the director general of the National Trust, said the chancellor Rachel Reeves had maintained the budget for nature-friendly farming, adding: 'Steve Reed deserves credit for securing this budget in challenging financial circumstances.' A Defra spokesperson said: 'Contrary to media reports that the farming budget would be slashed by £1.2bn over the next three years, the government is investing a record £5.9bn into nature friendly farming schemes.'

Stormont MLA Remuneration Board Bill passes despite opposition
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Renault boss quits after warning of threat from Chinese rivals
Renault boss quits after warning of threat from Chinese rivals

Telegraph

time26 minutes ago

  • Telegraph

Renault boss quits after warning of threat from Chinese rivals

The boss of French state-backed car giant Renault has quit unexpectedly after warning that European manufacturers were struggling to compete with cut-price Chinese rivals. Renault announced on Sunday night that Luca de Meo would step down after five years at the helm of the French car company. He will reportedly join Kering, the luxury goods conglomerate behind brands including Yves Saint Laurent and Gucci. Mr De Meo said: 'There comes a time in one's life when one knows the job is done.' The shock resignation, which will come into effect in mid-July, came just days after Mr De Meo gave an update to Renault's board on his latest five-year plan. The new strategy, dubbed 'Futurama', covers plans for future models as well as potential diversification into new areas including defence. Blindsided Mr De Meo's departure is thought to have blindsided members of Renault's board. Shares in Renault, whose biggest shareholder is the French state with a 15pc stake, dropped 8pc on Monday. Mr De Meo, an Italian car executive who previously held senior roles at Volkswagen, joined Renault in 2020. He was tasked with steering the carmaker through a pandemic-induced sales slump, which prompted a record €8bn (£6.2bn) loss. During his tenure, Mr De Meo carried out major job cuts and reduced the company's production capacity worldwide. But alongside its domestic rivals, Renault is now battling a slowdown in sales amid growing competition in the electric vehicle (EV) market from cheap Chinese rivals. Mr De Meo has repeatedly called for the EU to relax regulations to help the bloc compete, while saying the industry should 'find a deal' with China. The comments risked putting the executive at loggerheads with Emmanuel Macron, whose presidential car is made by Renault. Mr Macron split with his German counterpart last year when he backed EU tariffs on Chinese EVs. Despite the threat from China, Renault has remained relatively insulated from Donald Trump's car tariffs thanks to the company's heavy focus on European markets. Mr De Meo's resignation is the second high-profile departure from Europe's car industry in recent months. Carlos Tavares, chief executive of Citroen and Vauxhall owner Stellantis, stood down at the end of last year. Leadership vacuum The looming leadership vacuum will pose a challenge to Jean-Dominique Senard, Renault chairman, a seasoned industrialist who joined the carmaker in the wake of the high-profile arrest of Carlos Ghosn, the former chief executive. Renault said it had already started the process of appointing a new chief executive 'based on the already defined succession plan'. Mr Senard said: 'For five years, Luca de Meo has worked to restore Renault Group to its rightful place. Under his leadership, our company has returned to a healthy foundation, boasts an impressive range of products and has resumed growth. 'Besides being an exceptional captain of industry, Luca de Meo is also a creative, committed, passionate and inspiring individual.' Mr De Meo is now poised to join Kering at a torrid time for the luxury goods giant as waning demand among Chinese shoppers has hit sales. Gucci, the group's largest brand by revenues and profits, has been a particular laggard as wealthy shoppers have shunned its loud designs in favour of more minimalist luxury styles. Shares in Kering jumped 9pc on reports the company is planning to name Mr De Meo as its new boss. However, they remain down by more than two thirds in the last two years.

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