On May 15th, various British newspapers published business headlines that are unverified by Reuters. While the accuracy of these articles cannot be confirmed, they offer a glimpse into current events. The Times reports that BP has rejected an appeal from the Pensions Commission that requested increased benefits for retired workers struggling with a series of problems stemming from the energy crisis. Meanwhile, The Guardian notes that a think tank called the Carbon Tracker Initiative has pledged support for efforts to limit global temperature rises to 1.5 degrees. However, asset managers have promised $376 billion to oil and gas companies – suggesting a disconnect between their words and actions.
Further business news appears on Sky News, where it is reported that an investment firm with interests in England has signaled plans to water down post-crisis rulebook changes. Financiers had warned that raising buffers at banks would negatively impact small businesses and hurt the economy. Smart, a retirement savings platform, also announced a $95 million investment led by Aquiline Capital Partners. This news was covered by Sky News as well.
There are also updates from Ireland. Reports have emerged questioning the Irish government about a secret agreement with Britain made decades ago. The agreement outlined plans to deploy Royal Air Force aircraft in emergency situations to protect Irish airspace. The Irish government has been asked to reveal the details of this agreement. This news comes on the heels of the reported drone activity near Gatwick Airport, which halted flights and led investigators to divert 12 incoming planes.