Closing summary: Rees-Mogg's investment firm to close
The investment fund co-founded by Tory politicians Jacob Rees-Mogg and Dominic Johnson is to close after losing one of its biggest clients.
It is unclear whether Rees-Mogg, who co-founded the fund in 2007 and remains a minority shareholder, will have effectively made a loss on his stake as a result, reports the Guardian’s Kalyeena Makortoff.
The Tory MP is reported to have pocketed at least £7.5m in dividends from Somerset since the EU referendum in 2016, including £500,000 in 2022. He also received about £15,000 a month from the firm on top of his MP’s pay until 2019, when he became a minister under Boris Johnson.
Here are some of the other business news highlights from today:
Spanish economy minister Nadia Calviño is likely to be the next president of the European Investment Bank, one of the most important jobs in the EU, it has emerged.
One of Spotify’s top executives cashed in more than $9m (£7.2m) in shares as the value of the world’s biggest music streaming service surged after it announced it was laying off almost a fifth of its workforce to cut costs.
McDonald’s is launching a new kind of restaurant, CosMc’s, a retro-style store with treats and customisable drinks including “s’mores cold brew”, “churro frappes” and “turmeric latte” that could rival chains such as Starbucks.
The BBC licence fee will rise by £10.50 to £169.50 a year, the culture secretary, Lucy Frazer, has confirmed.
UK house prices rose by 0.5% in November, according to data from lender Halifax.
South East Water, which left thousands of customers without running water this summer, has paid out dividends of £2.25m over six months while overseeing increased losses of £18.1m before tax.
The billionaire British hedge fund manager Sir Chris Hohn paid himself $346m (£276m) this year – more than £1m for every working day.
You can continue to follow our live coverage from around the world:
In the UK, Rishi Sunak defends Rwanda asylum policy as Tory split deepens
In our coverage of the UK coronavirus inquiry, Boris Johnson says no scientists attended meetings about “eat out to help out” scheme before it launched
In our Europe coverage, Greece and Turkey sign 15 deals during ‘groundbreaking’ Erdoğan visit to Athens
In the US, the DNC chair calls Republican debate ‘chaotic, petty and pathetic’
In our coverage of the Israel-Hamas war, 350 Palestinians killed in last 24 hours, Gaza health ministry says
In our coverage of the Russia-Ukraine war, nearly 20,000 children deported to Russia, Ukraine’s human rights commissioner says
Thank you for following our live coverage of business, economics and financial markets. Please do join us tomorrow for more. JJ
Spain's economy minister frontrunner for European Investment Bank say diplomats
Spanish economy minister Nadia Calviño is likely to be the next president of the European Investment Bank, one of the most important jobs in the EU, it has emerged.
Despite a late decision by Italy to back Denmark’s Margrethe Vestager, who left her job as a European commissioner to join the contest, Calviño remains the favourite in the impending selection involving votes by each member state, diplomats say.
The role will be discussed by finance ministers who are meeting in Brussels tomorrow. “It looks quite good for her, she is the frontrunner,” said one diplomat. The person added:
Italy alone will not be able to blow this up.
Either way it will mean that three of the top four international banking jobs will be held by women. The European Central Bank is headed by Christine Lagarde and Kristalina Georgieva is in situ as managing director of the International Monetary Fund.
