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Note the shortage of truck drivers or fruit pickers, now things are getting really serious: there is a shortage of professional service workers. Some city businesses have started refusing the job due to a lack of staff, our correspondents report. Meanwhile, companies ‘attempts to strip competitors’ workers are causing a wage spiral among some white-collar workers. Do read Lex and their opinion on the bunfight for Magic Circle lawyers.
Chancellor Rishi Sunak is doing his best to overcome the labor shortage. He sets aside £ 500 million to help people find work – although his support package will (meaningfully) be aimed at those leaving the leave scheme and older workers. Our correspondents bring you the full details before his speech at the Conservative Party Conference.
Online Trading Website Plus 500 issued a profit upgrade, saying it expects annual revenue and earnings to be current analysts’ forecasts – but not by how much.
Segro and Schroders completed an exchange for the assets of a warehouse. Segro bought warehouses in West London for £ 140 million from Schroders, and Schroders bought a portfolio of large box and urban sites from Segro for £ 205 million. Schroders paid Segro £ 65 million.
Britain will soon be thanked by the presence of the bosses of Goldman Sachs, JPMorgan, BlackRock and Blackstone, who is due to a green summit that the government hopes to generate billions in investments. They join Jes Staley of Barclays and Charlie Nunn, the new CEO of Lloyds Banking Group. One official said the summit is being held to make deals happen. But another with knowledge of the event said that a promise about carbon targets – which has already been adopted by many of the groups – ‘is more about show than content’.
The Wm Morrisons Matters over the takeover of private shares were decided on Saturday, with an auction of a cent on an auction to Clayton, Dubilier and Rice. The bid of 287p per share, which shareholders will vote on later this month, is appreciated by the grocer £ 9.97 billion including debt. Now the former Tesco boss Sir Terry Leahy is rope chair the group.
And the accounting watchdog, the Financial Reporting Board, has launched an investigation into the audit of Akazoo, a Spac agreement that gone bad.
Compass the chief financial officer, Karen Witts, must resign by mutual agreement at the end of this month. She will be replaced by Palmer Brown, the group’s commercial director and former interim chief financial officer between 2018 and 2019.
And Flutter appointed Amy Howe as CEO of FanDuel.
Across the Square Mile
A whistleblower accused Facebook to post ‘profit over safety’ in an interview with the news program 60 minutes. Frances Haugen, a former Facebook product manager, leaked documents to the Wall Street Journal and also complained to US security regulators that the social media company was misleading investors. She suggested that Facebook lied to the public and exaggerated the progress it had made in tackling hate, violence and misinformation on its platform, and provided ‘tens of thousands’ of pages of documents as evidence. Facebook says the accusations are “misleading” and “ridiculous”. Hannah Murphy has full details.
The CEO of the biotechnology group behind the first Covid-19 vaccine said a new formulation would be needed by the middle of next year to protect against the virus while mutating, reports Erika Solomon and Nikou Asgari. “This virus will stay, and the virus will adapt further,” BioNTech chief executive officer Ugur Sahin told the FT.
And finally, China Evergrande latest: the group’s property management unit has halted trading in its shares, citing a possible takeover bid. The unit’s parent also announced a halt to stock trading pending a ‘major transaction’. Get the latest updates on the country’s most guilty developer as this story unfolds on our site news news stream.
Important comments before you go
Category Writer Pilita Clark find millennial employers and Gen-Z troubled by unresolved workers shortages throw money at the problem. Some readers doubt: many claim that the extra amounts offered by employers are simply not enough because home ownership is so expensive and job security is so elusive.