CITY WHISPERS: Short but sweet meeting for Abramovich-backed Evraz
CITY WHISPERS: Sanctions hit Evraz, the steel company backed by Roman Abramovich, will hold an unusual annual meeting at Berkeley Square
Evraz, the steel company backed by Russian oligarch Roman Abramovich, is holding an unusual annual meeting in Berkeley Square this Friday.
The company has been under sanctions for more than a year following the Russian invasion of Ukraine and several of its directors, including Abramovich, have been targeted.
The sanctions didn’t kill last year’s annual shareholder meeting, but this time it can feel like bait is blowing outside.
In pictures: The company has been subject to sanctions for more than a year following the Russian invasion of Ukraine
There are only three resolutions. Two are votes to nominate new independent directors and one allows the company to convene a meeting with no less than 14 days’ notice.
The sanctions mean that no city auditor has been able to collect its accounts. Evraz claims to have repeatedly asked the government to appoint bean counters, but to no avail.
THG boss Matt Molding said last week that annual meetings “can be as boring as drying paint.”
In any case, given the brevity of the Evraz agenda, voting should be quick.
Boohoo brand Warehouse rapped by ASA
Fast fashion giant Boohoo is no stranger to controversy.
While the company’s feud with Revolution Beauty made headlines, its clothing brand Warehouse was last week slammed by the Advertising Standards Authority for using a model for appearing “unhealthily skinny.”
The ad was banned after the watchdog deemed it “irresponsible.”
Warehouse said the model was a size eight, but the watchdog said her pose made her look even slimmer.
Can Moonpig get back into orbit?
After a heady debut when it went public in February 2021, online greeting card and gift retailer Moonpig, whose logo depicts a cute pig wearing an astronaut helmet, has had a few crash landings.
The share is down nearly two-thirds from its £3.50 listing price and it recently fell out of the FTSE 250.
It’s poised for more pain this week as analysts expect it to reveal a slump in annual earnings.
Postal strikes and reopening of physical card shops after Covid failed to help last year, and concerns over the cost of living crisis cast a shadow over the immediate outlook.
But look further and the city is much more cheerful. Perhaps Moonpig is preparing to go back into orbit after all.
El Nino would be pub gossip
Even the most ardent followers of climate change news could be forgiven for not knowing every detail.
This includes the significance of El Nino — the phenomenon where sea temperatures in the Pacific Ocean rise 0.5 percent above their long-term average.
This often happens in December and the name – Spanish for little boy – is said to have been a reference to the newborn baby Jesus by Peruvian fishermen.
If you’re a bar-goer, you’ll soon be hearing it discussed more often.
Barclays analysts have warned that the weather pattern could drive up the price of wheat and barley for beer production.
Food and drink inflation has already skyrocketed, so many people may soon be crying into their pint.