Elon Musk, via PA (AP Photo:Firdia Lisnawati)Elon Musk, via PA (AP Photo:Firdia Lisnawati)

News Round-Up

May 22: Musk pay backlash; Blood scandal payouts revealed; Inflation set to fall to 2.1%

  • Here are the headlines for Wednesday, May 22

Time 6:37 am, May 22, 2024

Tesla shareholders ask investors to vote against Musk’s compensation package

A group of Tesla shareholders are asking investors to vote against a compensation package worth more than $40bn (circa £31.5bn) for CEO Elon Musk, saying that it isn’t in the electric vehicle maker’s best interest.

Tesla is struggling with falling global sales, slowing electric vehicle demand, an ageing model line-up and a stock price that has tumbled by 30% this year.

The shareholder group, which includes New York City comptroller Brad Lander, SOC Investment Group and Amalgamated Bank, said in a letter to shareholders that ratification of Musk’s pay package next month would do nothing to promote Tesla’s long-term growth and stability.

Atkins working to get payments to eligible blood victims ‘as soon as possible’

The ‘mistakes’ of the infected blood scandal ‘can never be repeated’, health secretary Victoria Atkins has said, as she works to get compensation payments out to eligible victims ‘as soon as possible’.

According to government documents, people living with an HIV infection as a result of the scandal could receive between £2.2m and £2.6m.

Payments for people living with hepatitis vary from £35,500 for an acute infection up to £1,557,000 for the most severe illnesses caused by the virus, according to the figures. People infected with both viruses could be paid up to £2.7m.

Inflation set to fall close to Bank of England’s 2% target, experts predict

UK inflation is predicted to fall close to the Bank of England’s 2% target for the first time in nearly three years, raising hopes that interest rate cuts are around the corner.

The latest Consumer Prices Index inflation data for April will be published by the Office for National Statistics today, and is expected to fall to 2.1% in April from 3.2% in March, according to a consensus compiled by Pantheon Macroeconomics.

This would mark the lowest level since July 2021 when inflation was recorded at 2% – the Bank of England’s target level.

Vennells braced for questions on whether she misled MPs during Horizon scandal

Former Post Office boss Paula Vennells is set to be quizzed on her role in the Horizon scandal – including likely questions on whether she deliberately misled MPs.

The disgraced ex-chief executive is due to begin her three days of evidence to the Horizon IT inquiry today amid claims she covered up the Post Office’s knowledge of bugs in the faulty accounting software.

Hundreds of subpostmasters were prosecuted by the business between 1999 and 2015 after Horizon, owned by Japanese company Fujitsu, made it appear as though money was missing at their branches. Vennells, a 65-year-old ordained priest, was Post Office boss from 2012 to 2019.

Fifth of Shell investors revolt against its climate strategy

More than a fifth of shareholder votes were cast against Shell’s climate strategy at a tense annual meeting yesterday.

The board faced heated exchanges with investors and protesters throughout the three-hour event at the InterContinental O2 in London.

A resolution to approve the current strategy saw 21.8% of shareholder votes going against management, Shell said. The AGM was the first since Shell scaled back several short-term and medium-term climate targets last year.

Wylfa chosen as government’s top site for major nuclear plant

Wylfa is the preferred site for a major new nuclear power development, the government has announced.

Ministers are starting talks with international energy firms to explore building the UK’s third mega-nuclear power station at the north Wales site, according to the Department for Energy Security and Net Zero.

The department said the gigawatt nuclear power plant could provide enough clean power for six million homes for 60 years, bringing the UK closer to its target of generating a quarter of all electricity – around 24GW – from homegrown nuclear power by 2050.

Tricked consumers lose record amount to purchase scams in 2023 – UK Finance

Purchase scams and romance frauds pushed up the number of cases where people were tricked into losing money to fraudsters last year, according to a trade association.

A record amount was lost to purchase scams last year, where people were tricked into paying for goods that never materialised, UK Finance said.

Some 156,000 purchase scam cases were recorded, with a total loss of £85.9m, marking the highest loss and case total recorded by the organisation, which represents the banking and finance industry.

Massive fall in water firm customer satisfaction amid pollution failings

Consumer trust in water companies risks being ‘irreversibly damaged’ unless they see a sustained improvement in the sector’s care of the environment, an annual survey has found.

Household satisfaction with water companies across all measures has seen an unprecedented decline, the Consumer Council for Water found.

The survey of almost 5,000 households recorded the starkest decline in customer satisfaction with how companies clean and manage wastewater before its release back into the environment – just 35% were satisfied, versus 88% a decade ago. Trust in water firms hit its lowest level – a score of 6.37 out of 10 – since the survey began 13 years ago.

Police and drugs agency investigate death of Matthew Perry

A police investigation into actor Matthew Perry’s death will continue after it was ruled an accident.

The Friends star, who died in October at the age of 54, was open about his battle with substance abuse and addiction and had set up a sober living facility for men with similar issues.

Los Angeles Police Department told the PA news agency that it is working with the Drug Enforcement Administration on the ‘open investigation’ into the circumstances of Perry’s death, which a medical examiner concluded was from the effects of ketamine.

Yesterday’s headlines on Car Dealer you might have missed

Market movements

The FTSE 100 closed 7.75 points down yesterday to end the day on 8,416.45. The Cac 40 was down 54.51 points at 8,141.46, the Dax was down 42.20 points at 18,726.76, but the Dow Jones was up 66.22 points at 39,872.99.

Weather outlook

Today will start overcast for many, says BBC Weather. Much of England will have wet conditions with an area of heavy and persistent rain continuing to move northwards. It’ll be drier for parts of the west, especially Northern Ireland.

Thursday will start cloudy and damp for many, with further periods of rain in the north and west, becoming lighter and patchier as the day progresses. It’ll be drier further to the south with some brighter spells.

John Bowman's avatar

John has been with Car Dealer since 2013 after spending 25 years in the newspaper industry as a reporter then a sub-editor/assistant chief sub-editor on regional and national titles. John is chief sub-editor in the editorial department, working on Car Dealer, as well as handling social media.

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