UK Supreme Court to rule on motor finance commissions on August 1
British lender Close Brothers (CBRO.L), opens new tab and South Africa's FirstRand (FSRJ.J), opens new tab are seeking to overturn a landmark Court of Appeal judgment, which said brokers must have customers' fully informed consent to receive a commission from lenders.
Britain's Financial Conduct Authority (FCA) is considering a redress scheme which could leave brokers paying out tens of billions of pounds – and has previously said it will confirm whether to do so within six weeks of the Supreme Court's ruling.
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BBC News
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Trump administration set to scrap landmark finding that regulates carbon emission
The Trump administration is set to announce a plan to scrap a landmark finding that greenhouse gases are harmful to the environment, severely curbing the federal government's ability to combat climate change. Known as the "Endangerment Finding", the 2009 order from then-President Barack Obama allowed the US Environmental Protection Agency (EPA) to create rules to limit pollution by setting emissions standards. The US is a major contributor to global climate change, and ranks second only to China which emits more planet-warming gases like carbon dioxide – and the US still emits more per have warned that the move could have a devastating impact on the environment. EPA administrator Lee Zeldin is expected to formally make the announcement at an event in Indiana alongside Governor Mike Braun on Tuesday Donald Trump has long argued that climate regulations stifle US economic growth, and on his first day back in office in January ordered that the EPA submit recommendations "on the legality and continuing applicability" of the Endangerment Endangerment Finding stemmed from a 2007 Supreme Court case in which the court ruled that greenhouse gases are "air pollutants" - meaning that the EPA has the authority and responsibility to regulate them under the US Clean Air Act. In 2009, the EPA made an official decision, the Endangerment Finding, which found that greenhouse gas emissions from sources such as cars, power plants and factories cause climate change and could pose a public health risk. The decision forms the core of the federal government's authority to impose limits on carbon dioxide, methane and other greenhouse in an episode of the conservative "Ruthless" podcast released on Tuesday, EPA administrator Zeldin said the move was "basically driving a dagger into the heart of the climate change religion".Zeldin said that emissions standards were a "distraction" and that the policy change was "an economic issue". "Repealing it will be the largest deregulatory action in the history of America," he said. In a previous statement on reconsidering the findings in March, Zeldin said that "the Trump Administration will not sacrifice national prosperity, energy security, and the freedom of our people for an agenda that throttles our industries, our mobility, and our consumer choice while benefiting adversaries overseas."The new draft rule from the EPA will now go undergo a public comment period before being subject to an interagency review. If it is successful, the rule will immediately revoke rules governing tailpipe emissions from vehicles. What is climate change? A really simple guideThe EPA's move is likely to face legal challenges, and some experts have questioned whether the administration's decision will make it through the courts at all. But Richard Revesz, the former administrator of the Office of Information and Regulatory Affairs in the Biden administration and a law professor at New York University, told the Washington Post that the announcement will still have an impact on US climate change policies until a final decision is made in the court system. "If the endangerment finding fell, it would call into question essentially all or almost all of EPA's regulation of greenhouse gases," he said. (With additional reporting from Mark Poynting)
Reuters
2 hours ago
- Reuters
Oil tycoon Shvidler loses appeal over UK's Russian sanctions
LONDON, July 29 (Reuters) - Billionaire oil tycoon Eugene Shvidler on Tuesday lost his appeal against British sanctions imposed on him over Moscow's invasion of Ukraine at the UK's Supreme Court, a ruling lawyers said makes it difficult for similar challenges to succeed. Russian-born Shvidler, who is a British and U.S. citizen, was sanctioned over his association with former Chelsea Football Club owner Roman Abramovich, plus his former position as a director of London-listed Russian steel producer Evraz (EVRE.L), opens new tab. Shvidler – whose net worth is estimated by Forbes magazine at $1.6 billion – appealed to the Supreme Court, with his lawyers arguing that others with greater involvement in business of importance to Russia were not sanctioned, citing BP's (BP.L), opens new tab previous joint venture with Rosneft ( opens new tab. The Supreme Court rejected Shvidler's appeal by a four-to-one majority in a ruling that Shvidler said "brings me back to the USSR". The ruling also maintains Britain's 100% record of defending its Russian sanctions in court. Shvidler said in a statement that no British companies or business people with ties to Russian state-owned companies have been sanctioned, adding that Britain's sanctions were "more about cheap virtue-signalling for purely political purposes". "There may be little public sympathy for me, as a wealthy US/UK businessman, but this judgment applies to all who face state power," he added. Britain's Foreign Office, which has overseen the sanctioning of more than 1,700 individuals or entities since Russia's invasion, welcomed the ruling "and the message it sends about the strength of the UK sanctions regime". Shvidler had said British sanctions have destroyed his business and disrupted his and his family's lives. His lawyers previously said he has no involvement in or influence over Russian politics and had not even been to Russia since attending the late Russian President Boris Yeltsin's funeral in 2007. But the majority of the Supreme Court ruled that the sanctions struck a fair balance between Shvidler's rights and the aims of the sanctions regime. In the majority's judgment, Judges Philip Sales and Vivien Rose said sanctioning Shvidler "sends a clear signal to people in Mr Shvidler's position that they would be wise to distance themselves from Russian business now". But Judge George Leggatt, in a strident dissenting ruling, said Britain's "flimsy reasons" for sanctioning Shvidler did not justify the "serious invasion of liberty" sanctions entailed. He noted BP's profitable joint venture with Rosneft, having two members on its board, and said it was irrational to only sanction Shvidler if "sanctioning an individual for working as a director of a company which had invested in the Russian extractives sector was thought likely to contribute to achieving the purposes" of British sanctions. BP declined to comment. Maia Cohen-Lask, a partner at Corker Binning, said the Supreme Court's ruling was "a huge blow not just for Mr Shvidler but for any person who has been sanctioned despite their lack of any links to the Putin regime". The Supreme Court also dismissed a separate appeal brought by Russian businessman Sergei Naumenko, whose 44 million euro ($51 million) superyacht was detained in London.
BBC News
2 hours ago
- BBC News
Consortium 'ready' to buy ailing Morecambe
London-based sports investment company Panjab Warriors have released a statement to say they are "ready, willing and able" to buy Shrimps were suspended by the National League until 20 August on Monday over failing to comply with the league's Warriors have been in talks with the club's owner Jason Whittingham for over a year and a deal had looked set to be concluded earlier this have now said in a joint-statement with minority shareholders, the Shrimps Trust and Lizzi Collinge MP that the National League is ready to sanction the deal and "immediately lift the suspension and embargo should it be agreed". As it stands, Morecambe's fixture away to Boston United on 9 August, their first home game against Brackley Town on 16 August, and the trip to Scunthorpe United on 19 August, will no longer take place as who has been looking to sell the club since 2022, announced a new buyer, named as a consortium led by Jonny Cato, had been found earlier in July, but it remains unclear where that bid also said on Sunday he had "not heard from" Panjab Warriors in the past week and talks with Cato were Lancashire side, who were promoted to League One in 2021, were relegated from League Two last season - their second relegation in the past three seasons.
