Latest news with #GeorgeHolmes
Daily Mail
6 days ago
- Business
- Daily Mail
Another 'Taco' trade? Investors shrug off latest Trump tariff blow
Investors largely shrugged off the latest blow to global trade from Donald Trump's White House on Wednesday as brokers upgraded expectations for stock markets this year. The US went ahead with an increase in tariffs on steel and aluminium imports, which doubled to 50 per cent from the 25 per cent level announced in March. US officials told trading partners to make 'best offers' to avoid further punishing levies that come into effect in March. UK exporters avoided the hike though, as both both sides work out duties and quotas in line with the terms of their trade pact announced last month. However, with a full deal with the US not yet in sight, British exporters will continue to face the 25 per cent levy. George Holmes, managing director of Aurora Capital, described the last minute exemption as a 'massive relief to UK manufacturers', but warned the reprieve remains 'precarious'. He said: 'Until the US-UK Economic Prosperity Agreement is finalised and implemented, the very real threat of the policy being reversed remains. Firms in sectors like steel, engineering, and automotive need stability, clarity, and confidence to invest. 'The government must move quickly to lock in the long-term deal, communicate clearly with industry, and help businesses make the most of this window of opportunity.' Nevertheless, the FTSE 100 inched 0.2 per cent higher by late morning, led by miners and defence and aerospace companies. The FTSE 250 added 0.4 per cent, lifted by strong trading updates from DiscoverIE Group and fund manager Ninety One. Matt Britzman, senior equity analyst at Hargreaves Lansdown, said the move is 'perhaps a signal that markets have moved on from reacting to every new development'. London-listed stocks trailed strong gains in Asia, which were propelled by the victory of liberal candidate Lee Jae-myung in the South Korean presidential election, while European stocks were up by around 0.5 per cent. The S&P 500 and the Dow Jones looked set to open 0.2 per cent higher later in the day. It came as Barclays raised its year-end price target for the S&P 500 to 6,050 from 5,900, citing easing trade uncertainty and expectations of normalised earnings growth in 2026. Barclays followed similar moves by Goldman Sachs and UBS Global Wealth Management in May, and RBC Capital Markets and Deutsche Bank earlier this week. The bank's new target is an upside of about 1.32 per cent to the index's last close of 5,970.37 points. Treasury yields continued to inch higher, while pressure eased on the dollar. Francesco Pesole, FX strategist at ING, said: 'Markets may also be adopting a slightly more optimistic stance on US-China trade tensions ahead of the scheduled Trump-Xi call this week. 'Recently, such direct talks have eased trade pressures, and in our view, there is potential for a temporary uptick in the dollar after the event. Still, this may not trigger a sustained rally.' Neil Wilson, UK investor strategist at Saxo Markets, said: 'Markets seem content to see the glass half full for now. The G7 summit in Canada kicks off in 11 days. 'The White House has pushed for countries to submit their best and final offers by we see an announcement from Trump if he doesn't get what he wants? There is scope for another hit-and-TACO move here.'
Telegraph
13-05-2025
- Politics
- Telegraph
University chief suspended after claims of racism and financial misconduct
A university chief and two other senior members of staff have been suspended following 'serious allegations' made against them. The University of Greater Manchester announced on Tuesday that Professor George Holmes, its vice-chancellor, had been suspended alongside the institution's provost and a senior member of academic staff. The university, formerly known as the University of Bolton, said the decision followed the findings of an independent report it had commissioned into allegations at the institution. In February, the university's fraud response team appointed audit firm PwC to investigate allegations of financial misconduct involving senior university personnel. A spokesman for the university said on Tuesday that the suspensions were a 'precautionary measure' and did 'not imply any assumption of guilt'. It comes after Lucy Powell, the leader of the House of Commons, told MPs in March that police and the Office for Students (OfS) were looking into 'serious allegations' of racism, bullying and financial misconduct at the university. She made the comments in Parliament after Phil Brickell, the Labour MP for Bolton West, said a 'significant number of whistleblowers' had contacted him about 'concerning practices' at the university. Suspension ensures 'transparent process' A statement issued by the university said it 'was made aware of PwC's findings following its investigation into serious allegations raised in the media and subsequently in Parliament'. It said: 'The University of Greater Manchester confirms that the vice-chancellor, along with the provost and a senior member of academic staff, has been suspended following serious allegations.' The university added that it had made the suspensions 'to ensure a fair and transparent process' while it assessed the findings of the independent report. It said: 'As the university's internal procedures, involving all relevant parties, have now begun, we are not able to comment further until such matters are concluded. 'In the meantime, the university's day-to-day operations continue as university remains committed to the highest standards of integrity and accountability.' Dr Greg Walker, the university's pro-vice-chancellor, has stepped in as acting vice-chancellor and interim accountable officer during the investigation. Police investigation In a separate statement on Tuesday, a spokesman for Greater Manchester Police said: 'Greater Manchester Police can confirm an investigation has been launched into allegations of financial irregularities at the University of Greater Manchester (formerly University of Bolton). 'This follows a review of allegations published in The Mill, and subsequent PwC report commissioned by the university's fraud response panel.' The University of Greater Manchester, which was founded in 1824 as the Bolton Mechanics Institute, changed its name in December following approval from the universities watchdog. Prof Holmes previously said the name change from the University of Bolton would 'more accurately reflect the geographical area' that the university encompassed and would 'help the economic development of the region'. The academic, who has led the university since 2006, received total remuneration of £359,592 in the 2023-24 academic year, including a basic salary of £292,119.
Times
13-05-2025
- Politics
- Times
University suspends vice-chancellor over ‘serious allegations'
The vice-chancellor of the University of Greater Manchester has been suspended over 'serious allegations'. Professor George Holmes, who has led the university for 20 years, has been suspended alongside the provost and a senior member of academic staff at the institution, formerly known as the University of Bolton. The university has commissioned an independent investigation by PwC into recent allegations against it. Lucy Powell, leader of the House of Commons, told MPs in March that the police and the Office for Students (OfS) were investigating 'serious allegations' of racism, bullying and financial misconduct at the university. Phil Brickell, the Labour MP for Bolton West, said that he had been contacted by whistleblowers with further allegations. Brickell asked Powell to give MPs time to debate these
The Guardian
13-05-2025
- Politics
- The Guardian
University of Greater Manchester suspends vice-chancellor amid investigation
The vice-chancellor of the University of Greater Manchester and two other members of staff have been suspended as police confirmed an investigation is under way into 'allegations of financial irregularities'. The university, which was known until recently as the University of Bolton, confirmed that Prof George Holmes, who has been its vice-chancellor for 20 years, the provost and a third senior member of academic staff have been suspended. 'These suspensions are a precautionary measure and do not imply any assumption of guilt,' a statement from the university said. 'The university has taken this step to ensure a fair and transparent process.' The university, which has nearly 11,000 students, gave no further details. A police spokesperson said: 'Greater Manchester police can confirm an investigation has been launched into allegations of financial irregularities at the University of Greater Manchester. 'This follows a review of allegations published in The Mill [an independent news site] and subsequent PricewaterhouseCoopers(PwC) report commissioned by the university's fraud response panel.' An interim leadership team has been put in place, led by Dr Greg Walker, pro vice chancellor (academic) who assumes the role of acting vice-chancellor and interim accountable officer while the investigation is under way. In an email to staff, the chair of the university board, Prof William Morris, said: 'These suspensions are a neutral step, taken to protect the integrity of the process and to allow a full and fair process to take place. 'As this is a live investigation, we are limited in what we can share at this stage, but we are committed to keeping you informed appropriately and transparently. 'We understand this news may be concerning. Please be assured that the university's core functions and academic activities will continue without disruption.' In March, Lucy Powell, the leader of the House of Commons, told MPs that police and the higher education regulator for England, the Office for Students, were looking into allegations at the university. Phil Brickell, the Labour MP for Bolton West, asked Powell to give MPs time to debate allegations that had emerged from whistleblowers and detailed reporting by The Mill, claiming racism, financial misconduct and bullying at the university. Brickell said on Tuesday: 'We need to let the investigation run its course. I will continue to monitor developments closely and engage with the university and relevant authorities in order to ensure the university best serves its students, staff, the people of Bolton and it's surrounding communities.'
BBC News
13-05-2025
- Politics
- BBC News
University of Greater Manchester suspends vice chancellor
The University of Greater Manchester has suspended its vice chancellor following "serious allegations".Professor George Holmes, who has led the university for 20 years, has been suspended alongside two senior members of academic staff at the institution, formerly known as the University of comes after the university commissioned an independent investigation into recent allegations made about the institution in BoltonIn a statement a university spokesman said the suspensions are a "precautionary measure and do not imply any assumption of guilt". Lucy Powell, leader of the House of Commons, told MPs in March that the police and the Office for Students (OfS) were investigating "serious allegations" of racism, bullying and financial misconduct at the comments came after Phil Brickell, the Labour MP for Bolton West, said he had been contacted by whistleblowers with further allegations about "concerning practices" at the university.A statement by the university on Tuesday said: "The university was made aware of PwC's findings following its investigation into serious allegations raised in the media and subsequently in Parliament.""The university has taken this step to ensure a fair and transparent process."As the university's internal procedures, involving all relevant parties, have now begun, we are not able to comment further until such matters are concluded."Dr Greg Walker has assumed the role of acting vice-chancellor and interim accountable officer during the December, the University of Bolton changed its name to the University of Greater Manchester following approval from the OfS. Listen to the best of BBC Radio Manchester on Sounds and follow BBC Manchester on Facebook, X, and Instagram. You can also send story ideas via Whatsapp to 0808 100 2230.
