HELLO and welcome to the AM Business Briefing, as financial institutions and listed companies are to be forced to publish their plans on how they will transition to net zero, in sweeping reforms the Chancellor hopes will halt so-called greenwashing.
Rishi Sunak has revealed plans to make the UK a net-zero financial centre.
Speaking at the Cop26 summit in Glasgow, Mr Sunak was outlining how new rules will be drawn up by a task force with members from universities, civil society groups, industry and regulators.
The plans will need to include high-level targets to reduce greenhouse emissions, the steps companies plan to take to get there and milestones ahead of 2050.
However, although the plans will need to be published, the aim is simply to increase transparency.
Elsewhere, the Bank of England is set to reveal whether it will hike interest rates or shrug off calls for an increase for at least one more month.
The central bank has come under mounting pressure to cool rising prices amid continued inflationary pressure and some analysts have therefore suggested it could finally be time for a rate rise at its meeting on November 4.
Also today, islanders oppose a new ferry timetable they say will bring tourism to a standstill, a venture capital firm has hailed a potential billion-dollar deal, and Gillian MacLellan, a partner at international law firm CMS, outlines the legal position behind strike action in her Business Voices column.
Islanders' fury over new timetable plan
ISLANDS business and community leaders have reacted angrily to changes to the CalMac ferry timetable which they say will bring the tourism industry to a standstill.
The Harris Forum has called on CalMac to “urgently re-consider their proposed timetable and restore the vital services that have been removed” amid claims the “backbone” of islands tourism will be severely hit if the timetable is not changed.
The forum has written to CalMac: “The Harris Forum wishes to state our total and unanimous objection to the proposed timetable for the summer ferry service between Tarbert, Harris and Uig, Skye.
“Having fought for many years to have this service expanded to meet the growing needs of our community it is extremely disheartening and unacceptable to see a proposed 50% reduction in sailings out of Tarbert on a Saturday.
“The ferries have struggled to cope with the huge demand for sailings at the weekend up till now with both sailings out of Tarbert fully booked before the end of April.
“The proposed timetable, which also does away with a further inbound sailing on a Monday morning, would, if enacted cause huge negative economic and logistical problems for Harris during what is the busiest time of the year.
“Saturday is major changeover day for the hospitality industry and it relies heavily on guests being able to travel to and from the island on that day. By removing 50% of the ferry spaces this will hugely impact on how many will actually be able to come and visit the island.”
Forum members include North Harris Community Council, Scalpay Community Council, South Harris Community Council, Harris Development Ltd, North Harris Trust, West Harris Trust, Leverburgh Community Hub, Harris Voluntary Services, Western isles Community Care Forum and Community Learning and Development.
Rob McKinnon, of Outer Hebrides Tourism, said: “We currently have two return services on a Saturday which is the backbone of the local tourism community.
“CalMac are proposing kicking the second return to the mainland until the Sunday morning. This simply will bring tourism on Harris to a standstill.
“We can’t really believe that the agencies have endorsed proposals for the removal of key tourism services at a time when we are trying to recover from the pandemic, particularly since this is one of the busiest summer services and has been badly affected by the delays to the replacement vessels.”
A CalMac spokesperson said: “The summer timetable is a proposal which is out for consultation and no decisions on it have been taken. We welcome and encourage feedback from local communities about the ferry service and are keen to hear their ideas. All feedback will be given to Transport Scotland before they finalise the timetable.”
Venture capital firm welcomes potential billion-dollar deal
A UK drug development company backed by Scottish-based funds from Epidarex Capital has signed a collaboration and licensing agreement with pharmaceutical giant Novartis that could be worth up to $1.3 billion (£955 million).
Gillian MacLellan: Build-up to COP26 brought the rules around strike action into sharp focus
As Scotland prepared for COP26, the threat of strikes gained a great deal of attention.
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