LONDON’S BUSINESS NEWSPAPER
DISCREDITED OUR FULL REPORT ON AN EXTRAORDINARY DAY AT CREDIT SUISSE’S (LAST) AGM P7 WEDNESDAY 5 APRIL 2023
ISSUE 3,962
CBI IN CRISIS
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Wealth tie-up for Rathbones and Investec CHARLIE CONCHIE
TRADE BODY CANCELS EVENTS AS SPONSORS RAISE CONCERNS OVER ‘DEEPLY CONCERNING’ SEXUAL MISCONDUCT ALLEGATIONS
ABBY WALLACE THE CONFEDERATION of British Industry (CBI) has cancelled all upcoming external events in the wake of an ongoing investigation into sexual misconduct allegations at the organisation. The business lobby group said yesterday that upcoming events — including an annual dinner set to be attended by Bank of England governor Andrew Bailey — would be paused pending initial findings of the
investigation. “In light of the very serious allegations that are currently subject to independent investigation, the CBI has decided to temporarily pause its external programme of events, including the annual dinner on 11 May,” the CBI said in a statement. The lobby group — which has over 700 members — has hired independent lawyers to investigate sexual misconduct at the organisation after complaints were raised about its director general, Tony
Danker, first reported by The Guardian newspaper. Danker has since stepped aside whilst the inquiry is ongoing. The investigation has been expanded after more than a dozen women raised concerns of a “toxic culture,” first reported by The Guardian, including one victim who claimed she was raped at a staff party. The fresh claims are unrelated to Danker who has since apologised. The CBI said it hoped to have preliminary findings after Easter and
would then review the pause in hosting events. ISS, a partner of the body’s net zero conference, supposed to take place in June, said: “The allegations made about some aspects of the culture at the CBI are deeply concerning. We are taking this matter extremely seriously and have made contact with the CBI to discuss our concerns.” The CBI has said it “has treated and continues to treat all matters of workplace conduct with the utmost seriousness”.
RATHBONES has partnered up with Investec’s wealth arm in a move which will create one of the UK’s top money managers with £100bn assets under management. In a statement yesterday, bosses at the two firms said they had struck an £839m deal for an all-share combination of Rathbones with Investec Wealth & Investment Limited (W&I) to create a new “enlarged Rathbones Group”. The complex terms of the deal will see Rathbones shares issued in exchange for 100 per cent of Investec W&I UK’s share capital. Investec Group will become a minority shareholder in the newly enlarged Rathbones Group, owning around 40 per cent of the company which will remain as an independent listed firm operating under the same brand. The combined business will be run out of Investec’s UK headquarters on the corner of Gresham Street and King Street in the City. In a statement, chair of Rathbones Clive Bannister said the deal will create the “UK’s leading discretionary wealth manager with approximately £100bn of funds under management and administration”. £ CONTINUED ON PAGE 2
Laptop in the bag, please: City Airport security becomes a little more civilised JAMES SILVER NO LONGER will Zurich-bound early-morning flyers need to dig out their laptop at airport security at London City – with scanners allowing passengers to keep their electronics and liquids safely tucked away in their hand luggage. The London airport has
introduced C3 scanners which take high-res, 3D images of what’s inside a bag. The airport’s chief operating officer Alison FitzGerald said it would speed up the “door to gate” process across the airport, which is already the fastest of any UK offering. The changes will mean that
liquids over 100ml can also be taken on flights. The government has set a deadline of summer 2024 for other airports to introduce the system, including Heathrow. Gatwick is currently trialling a system, too. “The level of processing now through the X-ray is even more
secure than it was previously and the machine has the ability to differentiate between a nondangerous and a dangerous liquid,” FitzGerald said. City Airport is currently involved in a lengthy planning process which, if approved, would allow it to expand flight numbers and continue to expand.
INSIDE BLACK GOLD ON THE UP AGAIN P4 GOING MICRO ON NUCLEAR P11 MARKETS P13 WHY WE’RE ALL SO TIRED P14 THE BEST WINES FOR THE EASTER WEEKEND P20 SPORT P22