Ofcom widens net for Big Tech probe September 22, 2022 Ofcom will be widening the scope of its probe into Big Tech, digging into competition concerns surrounding the cloud services space. The media regulator said this morning that it would launch a market study into the sector to ensure that markets are working well for people and businesses in the UK. Cloud services have exploded [...]
Two BP workers dead after refinery blaze September 22, 2022 Two BP workers have died following a fire at an oil refinery. The unnamed workers were stationed at bp-Husky Toledo Refinery in Ohio, the US. In a statement, BP said: “It is with deep sadness we report that two bp staff injured in a fire at the bp-Husky Toledo Refinery have passed away.” “Our thoughts [...]
London breezes past European rivals to retain finance hub crown September 22, 2022 London has breezed past its Continental rivals to retain the title of Europe’s top financial hub, research shared exclusively with City A.M. today shows. The capital’s deep highly-skilled talent pool helped drive it to the top of the European rankings in the 32nd edition of Z/Yen’s global financial centres index (GFCI). The Square Mile has [...]
Ex Bank of England governor Mark Carney set to join Cultivo board September 22, 2022 Mark Carney, former governor of the Bank of England, is set to join the board of directors at Cultivo, the climate-focused fintech announced today. Carney will sit on Cultivo’s board as an independent board member whilst he continues in his current job as the Vice Chair and Head of Transition Investing at Brookfield Asset Management. [...]
Link faces £50m fine over Woodford fund’s collapse September 21, 2022 The UK firm that managed Neil Woodford’s flagship investment fund is facing a £50m fine over its running of the fund before its collapse in 2019. The UK’s Financial Conduct Authority (FCA) has issued a draft warning notice against Link Fund Solutions Ltd (LFS) indicating it could be forced to pay £306m in costs and [...]
Suez strikes £1.75bn deal to buy back UK waste management from Veolia September 21, 2022 French utility Suez SA has struck a €2bn (£1.75bn) deal with Veolia Environment to buy back the UK waste management business it agreed to sell off to its rival last January. Suez has scuppered Macquarie’s bid to buy the British unit after the Australian asset manager struck a deal to acquire the UK business for [...]
Trussonomics will certainly challenge the dull orthodoxy of declinism September 21, 2022 Is Britain gripped by the orthodoxy of managed decline? It does appear so. Yesterday saw the Institute of Fiscal Studies, the respected economic wonk shop, bemoan Liz Truss’ tax cuts as piling on debt in a time of poor economic growth. Another, the Institute for Public Policy Research, has rubbished the idea that tax cuts [...]
Investindustrial to boost Eataly’s global presence as it takes majority stake September 21, 2022 The private equity powerhouse Investindustrial snapped up a controlling stake in Eataly this morning, paving the way for global expansion. Acquiring 52 per cent of the luxury Italian food brand, Investindustrial said the deal would lead to €200m in investment, as well as share purchases from existing shareholders. “The investment will allow Eataly to retire [...]
French tycoon Xavier Niel snaps up Vodafone stake in merger push September 21, 2022 French billionaire Xavier Niel has snapped up a 2.5 per cent stake in Vodafone, sending the British telecom shares climbing this morning.
Business supplier Yü Group urges Government to protect SMEs September 21, 2022 Yü Group has urged the Government to ensure SMEs are fully included in support packages this winter and not miss out on help.