City AM
type: channel
description: London's Business Newspaper
date: 2026-05-31T14:57:25Z
update period: hourly
update frequency: 1
update base: 2000-01-01T12:00+00:00
generator agent: https://wordpress.org/
items: BCG, Bain and Alvarez to ramp up entry level hiring despite AI fears
items: NATO military chief presses UK to accelerate defence pledges
items: Ministers back SNP probe as Sturgeon refuses to apologise for Murrell
items: Key Mandelson file withheld by Cabinet
items: Streeting suggests North Sea drilling and NI cuts in latest pitch
items: Manchester City and Spygate prove lawyer gulf is opening in football
items: ‘Defining moment’: UK’s largest train operator enters public ownership
items: Trump yet to make ‘final determination’ on Iran war despite discussions
items: Chaos at Heathrow as burst water pipe causes train cancellations
items: Neil Woodford criticises BP board for ousting ‘shouty’ chairman
items: Easyjet attracts takeover interest from US private credit firm
items: Burnham would end asylum hotel contracts if he was PM, allies say
items: Universal Music rejects Bill Ackman’s $65bn takeover bid
items: How do professional footballers keep their divorces private?
items: Fortegra Completes Acquisition by DB Insurance
items: Training Maestro Size set for profitable Sunday at Sha Tin
items: Trust in Patch to deliver the goods at Sha Tin
items: Iran and Russia to target Fifa World Cup, threat experts say
items: I’m 50 – but I feel young dining at Simpson’s in the Strand
items: Burberry delays climate pledge by a decade to 2050
items: London was once a destination for the young, now it’s a compromise
items: Business services staff face redundancies at City law firm
items: Can Newcastle go posh? Our honest review of city’s first five-star hotel
items: IFF Enters Into Agreement to Sell Its Food Ingredients Business to CVC
items: Bank of England’s Bailey: Interest rates hike may not be needed
items: Reeves’ savings package to have minimal impact on inflation rise
items: Natwest and Barclays sweeten mortgage costs as Iran peace hopes ease interest rate fears
items: Arsenal Champions League final tickets on resale sites for £200,000
items: KPMG Australia boss resigns amid whistleblower scandal
items: KBRA Releases Research – Spanish RPL RMBS: Resilient Performance and an Established Asset Class

BCG, Bain and Alvarez to ramp up entry level hiring despite AI fears
type: item
creator: Rosie Harris-Davison
date: 2026-05-31T13:59:40Z
subject: Accountancy
subject: Advisory
subject: AI
subject: Big Four
subject: Business
subject: Prof Services
description: Three of the UK’s largest management consultancies are boosting the amount of young people and graduates they recruit this year amid sector-wide concern that AI will disrupt junior hiring. Both Bain & Co and Alvarez & Marsal’s UK bosses said they will be stepping up the amount of junior hires over the next few years [...]
encoded: Three of the UK’s largest management consultancies are boosting the amount of young people and graduates they recruit this year amid sector-wide concern that AI will disrupt junior hiring. Both Bain & Co and Alvarez & Marsal’s UK bosses said they will be stepping up the amount of junior hires over the next few years and believe AI will not impact junior consultants in spite of widespread fears it will. Managing partner of Big Three firm Bain & Co, Clare Gordon, told the Times that the company, which guides chief executives and boards on strategic planning and major deals, has increased its targets for recruitment twice this year already. Gordon said that graduate hiring would be 25 per cent higher than last year at the firm as Bain & Co “needs juniors working alongside more senior experts, so they can develop the judgment, the expertise, the pattern knowledge of how you drive change through organisations”. She added that this would see graduate hiring “well above pre-pandemic levels” and it would amount to “triple-digit numbers of graduates and junior hires up to consultant grade”. Alvarez & Marsal’s European Practice lead, Antonio Alvarez III, also said the firm plans to ramp up their graduate hiring over the years to come, and has set up talks with educational institutions in the US and Europe to set up graduate schemes. “We’re in the process of making some alliances with leading institutions. We’ve recruited on campuses before, more in the US, less so in Europe. But I think that’s where we’re going to need to go. I’m hiring more junior people — I actually need grads,” Alvarez said. Alongside Alvarez and Bain & Co, Big Three consulting giant Boston Consulting Group (BCG) also said the firm “plans to hire consistent if not slightly increased numbers this year”. Sector facing a reckoning with AI The consultancy sector for years has relied on a traditional model and profitable formula to stay afloat, but it is facing major disruption as many firms cut headcount becau…

NATO military chief presses UK to accelerate defence pledges
type: item
creator: Rosie Harris-Davison
date: 2026-05-31T12:24:17Z
subject: Business
subject: Politics
description: Nato’s military chief has urged Britain and other allies to speed up the delivery of their defence pledges. Admiral Giuseppe Cavo Dragone, Nato’s military committee chair, said he is “frustrated” by the UK and its allies’ commitments to spend on defence which he said do not stand if there is no equipment to show for [...]
encoded: Nato’s military chief has urged Britain and other allies to speed up the delivery of their defence pledges. Admiral Giuseppe Cavo Dragone, Nato’s military committee chair, said he is “frustrated” by the UK and its allies’ commitments to spend on defence which he said do not stand if there is no equipment to show for it. Dragone added that he is “unsatisfied” with the empty defence promises. Prime minister Keir Starmer is believed to be weighing tax hikes to fund the long-delayed Defence Investment Plan (DIP), which is estimated to be providing between £15bn and £18bn of funding. Starmer’s proposals will be outlined in the DIP to meet his pledge to spend 3.5 per cent of GDP on core defence by 2035, a promise made at the Hague last year after pressure from President Trump to increase contributions to Nato’s collective defence. The DIP will outline how Starmer plans to meet his 3.5 per cent GDP defence spending target he pledged to hit by 2035. He promised the boost at the Hague last year after President Trump pressured allies to increase their Nato defence contributions. Defence secretary John Healey last month said defence investment is Starmer’s “highest priority” as officials await the DIP. Speaking at the Shangri-La defence summit in Singapore where international officials and military chiefs met to discuss issues, Dragone told The Sunday Times that the UK and other members of the alliance need to “speed up” defence mechanisms. “With percentages, with numbers, or even with dollars or euros, you don’t deter anybody. You deter someone with capabilities, which is the real delivery of hardware,” Dragone said. He added that nato needs “to get capabilities faster and faster, because time is against us”, and that in procurement, “we are late.” Margus Tsahkna, the Estonian foreign minister, also speaking to the Sunday Times, agreed with Dragone’s concerns. “The UK needs to, of course, increase defence spending. I think that unfortunately it won’t be the last drone we will…

Ministers back SNP probe as Sturgeon refuses to apologise for Murrell
type: item
creator: Rosie Harris-Davison
date: 2026-05-31T10:54:49Z
subject: Business
subject: Politics
description: Two top government ministers have backed an inquiry into the SNP after its former chief executive Peter Murrell admitted to embezzling over £400,000 from the party. Shadow home secretary Chris Philp told the BBC’s Sunday With Laura Kuenssberg that there “should definitely be an inquiry because trust in politics has been fundamentally undermined by the [...]
encoded: Two top government ministers have backed an inquiry into the SNP after its former chief executive Peter Murrell admitted to embezzling over £400,000 from the party. Shadow home secretary Chris Philp told the BBC’s Sunday With Laura Kuenssberg that there “should definitely be an inquiry because trust in politics has been fundamentally undermined by the Scottish Nationalist chief executive stealing money from his own supporters.” “It’s right this is properly investigated because trust in politics has been undermined, and we need to get to the bottom of it,” Philp said. Philp added that Murrell’s ex-wife and former SNP party leader Nicola Sturgeon “has more questions to answer as well”. Work and pensions secretary Pat McFadden also told Kuenssberg this morning when asked if there should be an inquiry into the party over Murrell’s embezzlement that he supports the idea. “The SNP have been the dominant force in Scottish politics for 20 years, and that dominance has extended not just to politics but to society and culture, and it has been protected by a claim to virtue, which is often denied to those elsewhere in the UK, particularly to England,” McFadden said. The nationalist party’s current leader, John Swinney, has rejected calls for an investigation, but McFadden said Westminster should lead the probe for it to move ahead. McFadden told Times Radio this morning the SNP has “surrounded itself by this culture of secrecy and control.” “Scandal is something that touches all political parties. It’s touched my party, it will touch other parties. The only response to it is to publish everything, get it out of the door,” McFadden said. Murrell pled guilty at Edinburgh’s High Court on Monday last week where he admitted using “false or inaccurate accounting codes and descriptions for the purchase of said items” to “disguise the true nature of said purchases.” Sturgeon refuses to apologise ‘for somebody else’s crimes’ Sturgeon, also speaking to Laura Kuenssberg this morning, ref…

Key Mandelson file withheld by Cabinet
type: item
creator: Rosie Harris-Davison
date: 2026-05-31T09:36:38Z
subject: Business
subject: Politics
description: The Cabinet Office will not release a key document linking to Peter Mandelson’s vetting following police warnings that it could derail the ongoing investigation into the disgraced peer. Government officials will not release the summary document, complied by the UK Security Vetting Agency (UKSV), following advice from Scotland Yard that it could jeopordise prosecuting Mandelson [...]
encoded: The Cabinet Office will not release a key document linking to Peter Mandelson’s vetting following police warnings that it could derail the ongoing investigation into the disgraced peer. Government officials will not release the summary document, complied by the UK Security Vetting Agency (UKSV), following advice from Scotland Yard that it could jeopordise prosecuting Mandelson in future. The nine-page summary, which was pulled together before Mandelson’s appointment as british ambassador to the US, was due to be included in the second batch of files relating to the disgraced former politician which was scheduled to be released next week. However, a spokesperson for the Metropolitan Police said some documents should not be made public, according to the Times. “An investigation into alleged misconduct in public office is under way and it is vital due process is followed so that our criminal investigation and any potential prosecution is not compromised,” they said. The spokesperson added that the police force “are working with the Cabinet Office to review relevant documents provided to us by them.” “While complying with the Humble Address is a matter for government and parliament, we have asked the Cabinet Office not to make some documents public as they would have a detrimental impact on our investigation or any subsequent prosecution,” they said. Mandelson saga continues Arrested in February, Mandelson is still under active investigation after leaked emails suggested he shared sensitive government secrets with Jeffrey Epstein while serving under Gordon Brown’s government. At the beginning of the month, the Cabinet Office said the intelligence and security committee (ISC) had mutually agreed to redact parts of the summary so it could be published as part of the Mandelson files. In April, top civil servant in the foreign office, Sir Olly Robbins, was ousted after it had emerged the disgraced peer was denied clearance in a confidential security vetting process. This fo…

Streeting suggests North Sea drilling and NI cuts in latest pitch
type: item
creator: Rosie Harris-Davison
date: 2026-05-31T08:56:50Z
subject: Business
subject: Politics
description: Former health secretary Wes Streeting has suggested cutting national insurance and issuing new North Sea oil drilling licenses as he continues to make his leadership pitch. In an interview with the Sunday Times, Streeting set out a series of policies ahead of a potential leadership contest expected within the coming months in Westminster, including drilling [...]
encoded: Former health secretary Wes Streeting has suggested cutting national insurance and issuing new North Sea oil drilling licenses as he continues to make his leadership pitch. In an interview with the Sunday Times, Streeting set out a series of policies ahead of a potential leadership contest expected within the coming months in Westminster, including drilling for oil and gas as he claims it would raise tax revenue. “We do have to take climate change globally much more seriously and go aggressively towards more renewable energy,” he said. He also backed his potential opponent Andy Burnham’s support for more devolution and a more regulated market as “a good pro-fairness thing to do”. ‘Targeted’ NI cuts Since leaving the cabinet just over two weeks ago and claiming he will challenge Kier Starmer in any leadership contest, Streeting has been steering away from the Labour parties policies. The former health secretary has already said the UK’s future relies on “one day” rejoining the European Union, and called for what he referred to as “wealth tax”. However, Streeting is now eyeing “targeted” cuts to National Insurance contributions to tackle unemployment amongst young people, reversing the move previously introduced by Rachel Reeves. “We have to make it easier for business to employ young people and for businesses to take that risk on someone,” Streeting said. “I think we should be thinking actively about how to incentivise, whether that’s through targeted reduction in employers’ National Insurance or other kinds of recruitment and retention incentives,” he said. This follows former health secretary Alan Milburn earlier this week publishing a review into the rising number of young people not in employment, education, or training – referred to as NEETS. Streeting’s suggestions echo those from former prime minister Sir Tony Blair in an essay published last week criticising some of Labour’s policies and accusing the Government of lacking a “coherent plan”. He told the Times …

Manchester City and Spygate prove lawyer gulf is opening in football
type: item
creator: Matthew Kain
date: 2026-05-31T05:00:00Z
subject: Business
subject: Football
subject: Legal
subject: Sport
subject: Sport Business
subject: Sport Opinion
description: In February 2023, Manchester City fans unfurled a banner at the Etihad Stadium bearing the words “Pannick on the streets of London”. This play on The Smiths’ 1986 song referred to Lord David Pannick KC, the barrister hired to spearhead the club’s defence against 115 charges for alleged breaches of the Premier League’s financial rules. [...]
encoded: In February 2023, Manchester City fans unfurled a banner at the Etihad Stadium bearing the words “Pannick on the streets of London”. This play on The Smiths’ 1986 song referred to Lord David Pannick KC, the barrister hired to spearhead the club’s defence against 115 charges for alleged breaches of the Premier League’s financial rules. Three years later, a verdict from an independent commission appointed under the Premier League’s Judicial Panel framework is now hotly anticipated. As one of a growing number of top-flight lawyers whose earnings could almost invite comparison with the Premier League stars themselves, Lord Pannick arguably exemplifies just how expensive football-related litigation has become. His instruction by Manchester City shows that the biggest battles in football are no longer fought solely on the pitch, and that the quality of legal firepower can matter as much as sporting performance. In the recent Spygate appeal, Southampton FC again turned to Lord Pannick and another silk from Blackstone Chambers, Kate Gallafent KC, to argue their case in front of the Disciplinary Commission of the English Football League. At issue was the Commission’s decision to expel the club from the Sky Bet Championship play-offs and impose a four-point deduction for spying on their opponents’ training. Pannick on the streets The quality of lawyers instructed in cases such as these highlights a growing divide: the richest clubs can afford to fight longer, spend harder and challenge every decision. Meanwhile, smaller clubs whose pockets are far less deep risk being left behind. It is well-documented that since the establishment of the Premier League in 1992, UK football clubs have been completely transformed from relatively modest domestic teams into multi-billion-pound global entertainment corporations. As broadcast revenues exploded, clubs diversified through huge commercial sponsorships, stadium makeovers and digital merchandising. But elite clubs are no longer just buy…

‘Defining moment’: UK’s largest train operator enters public ownership
type: item
creator: Maisie Grice
date: 2026-05-30T23:01:00Z
subject: Business
subject: Politics
description: Ministers have hailed the nationalisation of the of the largest train franchise as a ‘defining moment’ as the government pushes forward with nationalising the railway. Transport secretary Heidi Alexander hailed the nationalisation of Govia Thameslink Railway (GTR), with its services accounting for one in six train journeys in the UK. Its four brands, Southern, Thameslink, [...]
encoded: Ministers have hailed the nationalisation of the of the largest train franchise as a ‘defining moment’ as the government pushes forward with nationalising the railway. Transport secretary Heidi Alexander hailed the nationalisation of Govia Thameslink Railway (GTR), with its services accounting for one in six train journeys in the UK. Its four brands, Southern, Thameslink, Great Northern and Gatwick Express, cover large areas of south-east England and beyond. Transport secretary, Heidi Alexander, said: “From this Sunday, millions of passengers across the South East and East of England will be travelling on rail services back in public hand, run for the public good, not private profit. “Bringing Britain’s largest train operator into public ownership is a defining moment in our reform of the railway.” Doubling down The Department for Transport has also doubled down on its commitment to double the frequency of Gatwick Express services between London Victoria and Gatwick Airport from December. This includes introducing more early morning services on Saturdays and Mondays from this summer. It also pledged to crackdown on graffiti in Thameslink train toilets, upgrade signalling between Farringdon and Blackfriars to cut delays. The department will also deploy 110 new travel safe officers to tackle anti-social behaviour across the network. Alexander added: “It gives us an opportunity to tackle the bread and butter issues people want, like driving down cancellations and improving the frequency of services to Gatwick Airport. “As we set up Great British Railways (GBR), we’re putting passengers first, fixing what’s broken, and delivering a railway people can rely on.” Creating GBR GBR will be a new public sector body bringing responsibility for tracks and trains under a single organisation for the first time since privatisation in the mid-1990s. Legislation to create GBR was included in the recent King’s Speech, with the first train displaying GBR branding was a Southern train …

Trump yet to make ‘final determination’ on Iran war despite discussions
type: item
creator: Maisie Grice
date: 2026-05-30T12:13:59Z
subject: Business
subject: Politics
description: US president Donald Trump is yet to make his ‘final determination’ on the war in Iran, despite holding a meeting with advisers on Friday to reach a decision on extending the ceasefire. Trump is yet to decide whether to move forward with a deal to extend the Iran ceasefire and reopen the Strait of Hormuz, [...]
encoded: US president Donald Trump is yet to make his ‘final determination’ on the war in Iran, despite holding a meeting with advisers on Friday to reach a decision on extending the ceasefire. Trump is yet to decide whether to move forward with a deal to extend the Iran ceasefire and reopen the Strait of Hormuz, with Iran also noting that an agreement has not been finalised. A senior US administration official said the roughly two-hour meeting in the White House situation room with national security aides had concluded without a decision. The official, who was not authorised to comment publicly and spoke on condition of anonymity, said Trump would only sign a deal that “satisfies his redlines” and curbs Iran’s nuclear ambitions. Iran has 440.9kg of uranium that is enriched up to 60 per cent purity. This is only a short, technical step from weapons-grade levels of 90 per cent according to the International Atomic Energy Agency. The US wants Iran to give up the uranium, but Iran is still refusing to do so, with Trump repeatedly saying he does not want Tehran to have a nuclear weapon. Trump wrote on social media that “Iran must agree that they will never have a Nuclear Weapon or Bomb”. He also argued that the strait must be reopened for international navigation and all sea mines destroyed. Hegseth “quite confident” Despite the troubles to reach an agreement on certain topics, US defence secretary Pete Hegseth said he’s “quite confident” that Trump will secure a deal with Iran. Speaking in Singapore, Hegseth said: “Any deal that the president is willing to make, he’s only going to make what he believes is a great deal, for our country and the world… You saw it in how he’s been talking about it publicly.” He added that the “goalposts haven’t shifted at all”, claiming the closer Iran get to meeting US “expectations” the likelihood of a deal is clearer. Hegseth also said talks so far “have been productive”, but that the US military is prepared to resume operations in the Gulf regi…

Chaos at Heathrow as burst water pipe causes train cancellations
type: item
creator: Maisie Grice
date: 2026-05-30T11:38:34Z
subject: Business
subject: Travel
description: Passengers are facing major travel disruption travelling to and from Heathrow airport after a burst pipe ground train services to a halt earlier today. Transport for London said there were no services on the Elizabeth Line between Hayes and Harlington and Heathrow due to a signal failure caused by flooding at Heathrow Terminals 2 and 3. The Heathrow Express was also affected [...]
encoded: Passengers are facing major travel disruption travelling to and from Heathrow airport after a burst pipe ground train services to a halt earlier today. Transport for London said there were no services on the Elizabeth Line between Hayes and Harlington and Heathrow due to a signal failure caused by flooding at Heathrow Terminals 2 and 3. The Heathrow Express was also affected by the pipe troubles. There is also no Piccadilly line service to the airport due to planned engineering works. Heathrow Express posted on X: “Due to a significant incident outside of our control, there are currently no Heathrow Express services running. We are actively working to resolve the issue as quickly as possible.” Services are now beginning to resume on the Elizabeth line and Heathrow Express but the airport warned passengers to allow for extra time “due to the incident”. Half term chaos Families looking to travel for the half-term weekend found themeselves caught up in the disruption, with many passengers taking to social media to air their frustrations. One user on X said they were forced to take “two buses and a train” after finding the Elizabeth line flooded, while another was forced to go from Paddington via Reading on a bus. Another urged passengers to get taxis, claiming the replacements buses from TfL were failing to get passengers to the terminals. The user wrote: “Get a taxi. If you take a replacement bus as directed by Tfl you end up stranded at Heathrow Central bus station with NO internal transfer options. “It’s full meltdown here.” Heathrow airport is the busiest in the UK and Europe, and only last year it recorded its busiest-ever day, with more than a quarter of a million passengers passing through its four terminals on 1 August.

Neil Woodford criticises BP board for ousting ‘shouty’ chairman
type: item
creator: Maisie Grice
date: 2026-05-30T11:26:47Z
subject: Business
subject: Energy
description: Once-renowned investment manager Neil Woodford has criticised the BP board for ousting its ‘shouty’ chairman after less than a year in post. Woodford called out the oil giant’s board for removing Albert Manifold after just eight months in the job, noting that he is the third chairman the company has been through in three years, [...]
encoded: Once-renowned investment manager Neil Woodford has criticised the BP board for ousting its ‘shouty’ chairman after less than a year in post. Woodford called out the oil giant’s board for removing Albert Manifold after just eight months in the job, noting that he is the third chairman the company has been through in three years, claiming this makes BP look “ungovernable”. In a Linkedin post on Friday, Woodford said shareholders should look away from the churn at the top and instead at “who is doing the churning”, arguing people should focus on the decisions made by non-executive directors rather than the chairman himself. He said: “Most of the non-executive directors who pushed Manifold out have sat on that board throughout the entire period. “The same people who have hired and fired chairmen and chief executives in quick succession remain comfortably in place. “And the man they have just removed was the architect of BP’s turnaround strategy and the person who recruited the new chief executive in the first place. The board kept itself and discarded the one figure actually trying to change the business.” Contesting standards Woodford also contested the reasons for Manifold’s exit, claiming he was removed due to being a “bit dictatorial, a bit forceful, a bit too willing to drive change without waiting for the room to agree”. Woodford argued this is only a “sackable offence in a British boardroom”, with many American chief executives having these characteristics and staying in post. He added that the UK companies’ habit of not combining the role of chairman and chief executive also holds back growth, as “our governance regime frowns on it so heavily that no board would survive the shareholder resistance”. Woodford also argued that boards now spend “at least half their time” on governance and other matters that add “nothing to the value of the business”. He said: “The people charged with running genuinely complex, internationally significant companies are giving half th…

Easyjet attracts takeover interest from US private credit firm
type: item
creator: Maisie Grice
date: 2026-05-30T09:33:26Z
subject: Business
description: Budget airline carrier Easyjet has drawn takeover interest from private credit firm Castlelake, which could make the airline the latest UK-listed company to be snatched off the stock market. Castlelake said it was in the “early stages of considering a possible offer” for Easyjet on Friday, but was yet to approach the company’s board. The [...]
encoded: Budget airline carrier Easyjet has drawn takeover interest from private credit firm Castlelake, which could make the airline the latest UK-listed company to be snatched off the stock market. Castlelake said it was in the “early stages of considering a possible offer” for Easyjet on Friday, but was yet to approach the company’s board. The firm, which is majority owned by Brookfield Asset Management. also cautioned that there was no certainty it would make a bid for the group. Under UK takeover regulations, Castlelake faces a June 26 deadline to make a firm bid or walk away. Castlelake and aviation US based Castlekale has roughly $36bn in assets under management, and has become a significant lender to the aviation industry over the past two decades. it has leased planes too carriers including Delta and Qatar Airways. The firm also took a significant stake in Scandavian airline group SAS after its Chapter 11 bankruptcy in 2023, alongside Air France-KLM, but has since sold the holding. It also held talks with Spirit Airlines earlier this year, as the US budget carrier scrambled to secure a buyer before it went into bankruptcy, but it ultimately declined to move forward with a deal. Easyjet blues The Luton-based airline has seen it’s share price languish in recent years, as customers shifted towards other budget carriers including Ryanair and Wizzair. Shares have fallen by more than a third over the past year, and lost more than half their value over the last five years. Its shares closed on Friday at 398p, giving it a market value of roughly £3bn. The airline is also bracing for a continuing difficult year, with jet fuel prices doubling after US strikes on crucial oil fields in the Gulf. Oil prices were also sent surging after Iranian forces closed the Strait of Hormuz, clogging a fifth of the world’s oil supply. In April Easyjet said it would lose £540m to £560m for the six months to the end of March, compared with a £394m loss for the same period a year earlier.

Burnham would end asylum hotel contracts if he was PM, allies say
type: item
creator: Maisie Grice
date: 2026-05-30T08:30:24Z
subject: Business
subject: Politics
description: Andy Burnham would end the multibillion-pound asylum accommodation contracts if he became prime minister, according to allies of the Labour leadership hopeful. Since March, the Home Office has had the opportunity to trigger a break clause in the ten-year contracts it signed with three private companies which are responsible for sourcing accommodation. The clause allows [...]
encoded: Andy Burnham would end the multibillion-pound asylum accommodation contracts if he became prime minister, according to allies of the Labour leadership hopeful. Since March, the Home Office has had the opportunity to trigger a break clause in the ten-year contracts it signed with three private companies which are responsible for sourcing accommodation. The clause allows the Whitehall department to negotiate or cancel them altogether at any point between now and 2029, when they expire. According to reports in The Times, allies of Burnham have said he is “very committed” to ending the use of private companies to source asylum accommodation and would activate the break clause if he replaced Starmer and entered No 10. Burnham would instead devolve the responsibility for sourcing accommodation to local authorities with asylum seekers instead housed in dispersal accommodation. This includes bedsits and multi-occupancy homes. But it is unclear if the Makerfield by-election candidate would continue the policy of home secretary Shabana Mahmood, of moving migrants into large sites such as military barracks. Mahmood is not reportedly considering triggering the break clauses, despite being said to have agreed that they are “terrible”, because of the lack of alternative options and the belief the government can end the use of hotels within the current contracts. Ending the use of hotels is a Labour manifesto commitment to be met by 2029. Burnham’s views A spokesperson for Burnham told The Times that he believed “hugely profitable outsourced contracts” was “not the basis for a fair asylum system”. They added that Burnham “stands by his view” and that he has been clear the current situation is “not fair on communities here and need to change”. Last year, Burnham called out the Home Office’s handling of asylum accommodation, arguing the use of hotels was “not acceptable” and “real change” was necessary. He also called the manner in which the Home Office dismissed concerns of members…

Universal Music rejects Bill Ackman’s $65bn takeover bid
type: item
creator: Maisie Grice
date: 2026-05-30T08:01:22Z
subject: Business
subject: Retail
description: Universal Music’s board has rejected billionaire Bill Ackman’s takeover proposal, arguing it “materially undervalues” the company and is ultimately not in the best interest of shareholders or artists. The company’s board unanimously rejected the $65bn (£48.3bn) proposal from Ackman’s Pershing Square Capital on Friday, as it offered to buy the world’s largest record company last [...]
encoded: Universal Music’s board has rejected billionaire Bill Ackman’s takeover proposal, arguing it “materially undervalues” the company and is ultimately not in the best interest of shareholders or artists. The company’s board unanimously rejected the $65bn (£48.3bn) proposal from Ackman’s Pershing Square Capital on Friday, as it offered to buy the world’s largest record company last month. Pershing Square proposed a cash and stock offer through its acquisition vehicle, valuing the company at roughly €30.4 (£26.3) per share. The deal would have merged Universal with a blank-cheque company. In a statement on Friday, Universal said: “The board has rejected the proposal because it fundamentally and materially undervalues UMG and will not deliver superior value creation. “The Board has heard from many of UMG’s shareholders and other stakeholders and believes there is a strong consensus supporting the Board’s decision.” Universal’s largest individual shareholder, Bollore, also urged the board to reject Ackman’s offer. The company, which is linked to artists such as Taylor Swift and Kendrick Lamar, also noted recent plans to expand its share buyback programme and sell half of its stake to streaming giant Spotify, which remain “under continuous review”. Universal struggles But the company has seen its shares struggle in recent years, falling behind the broader market, with the group’s share price down over 20 per cent in the last year. Ackman argued moving its listing from Amsterdam to New York would help boost its value, with Pershing also wanting the group to dispose of its entire Spotify holding, which is valued at about £1.3bn. Despite listing in 2021, Ackman told investors that Universal had “never graduated from being a private company”. He said: “Since UMG’s listing, Sir Lucian Grainge and the company’s management have done an excellent job nurturing and continuing to build a world-class artist roster and generating strong business performance. “However, UMG’s stock price…

How do professional footballers keep their divorces private?
type: item
creator: Oliver Lock
date: 2026-05-30T05:00:00Z
subject: Business
subject: Football
subject: Legal
subject: Sport
subject: Sport Business
subject: Sport Opinion
description: For footballers and other high-profile athletes, relationship breakdown may start as a personal matter, but where there is fame, wealth, public interest and commercial pressure, it can quickly become something much larger. A messy divorce can dominate headlines, distract from performance, and affect relationships with clubs, sponsors, agents and other commercial partners. The risks are [...]
encoded: For footballers and other high-profile athletes, relationship breakdown may start as a personal matter, but where there is fame, wealth, public interest and commercial pressure, it can quickly become something much larger. A messy divorce can dominate headlines, distract from performance, and affect relationships with clubs, sponsors, agents and other commercial partners. The risks are particularly acute in professional sport because an athlete’s public image is often part of their commercial value. Sponsorships, ambassadorial roles and club relationships may depend not only on performance, but also on off-pitch behaviour and brand fit. A private rift that becomes an acrimonious public spat can therefore have consequences far beyond the courtroom. Building a strong squad When a crisis goes public, a joined-up approach is vital. A sportsperson’s team of advisers could include a family lawyer, reputation management lawyer, publicist and even digital investigators to deal with media enquiries, prevent paparazzi intrusion, and address the misuse of private information, such as leaked photos or videos. A coordinated response matters: statements to the press, social media posts and steps taken in legal proceedings can all impact each other. Where there is an international angle, trusted overseas advisers should be brought on board sooner rather than later to advise on differences in publication, defamation and privacy laws. There is little point in shutting down a story successfully in one country, only to have it published in full in another. Swift steps may also need to be taken to secure divorce jurisdiction in the sportsperson’s preferred country, as financial outcomes can vary dramatically between countries. For athletes with global profiles, or connections to more than one country, this must be factored into the approach from the outset. Speed matters, but so does judgement. The aim is usually to reduce the temperature, protect privacy, and prevent the dispute becom…

Fortegra Completes Acquisition by DB Insurance
type: item
creator: Business Wire
date: 2026-05-29T21:01:12Z
subject: Contract/Agreement
subject: Merger/Acquisition
description: The Fortegra Group, Inc. (“Fortegra”), a global specialty insurance company, today announced the completion of its acquisition by DB Insurance Co., Ltd. (“DB”), one of Korea’s leading property and casualty insurers. The transaction, announced on September 26, 2025, received all required regulatory and stockholder approvals. Fortegra will operate independently, maintaining its existing leadership team, distribution [...]
encoded: The Fortegra Group, Inc. (“Fortegra”), a global specialty insurance company, today announced the completion of its acquisition by DB Insurance Co., Ltd. (“DB”), one of Korea’s leading property and casualty insurers. The transaction, announced on September 26, 2025, received all required regulatory and stockholder approvals. Fortegra will operate independently, maintaining its existing leadership team, distribution relationships, and underwriting discipline. Agents, distribution partners, and customers will continue to experience the service excellence that has defined the Fortegra experience. Richard Kahlbaugh, Chairman and CEO of Fortegra, said: “Every company eventually changes ownership. That is the nature of business. The closing of this acquisition is a starting point. As part of DB Insurance, Fortegra is positioned to expand our business geographically, enhance our capabilities and deepen our market presence in the US, Europe, the United Kingdom and Asia. Together, DB Insurance and Fortegra intend to build a recognized leader in the global specialty insurance market.” About Fortegra For more than 45 years, Fortegra, via its subsidiaries, has underwritten risk management solutions that help people and businesses succeed in the face of uncertainty. As a multinational specialty insurer whose insurance subsidiaries have an A.M. Best Financial Strength Rating of A- (Excellent) and an A.M. Best Financial Size Category of ‘X’, we offer a diverse set of admitted and excess and surplus lines insurance products and warranty solutions. For more information: www.fortegra.com. About DB Insurance For more than six decades, DB Insurance Co., Ltd. has built a strong foundation as one of Korea’s leading insurers, protecting individuals and businesses while driving the advancement of the nation’s insurance industry. Founded in 1962 as Korea’s first public automobile insurer, the company adopted the name DB Insurance in 2017 to embody its vision of becoming a global insurance gr…

Training Maestro Size set for profitable Sunday at Sha Tin
type: item
creator: Wally Pyrah
date: 2026-05-29T16:20:26Z
subject: Sport
description: 13-TIME champion trainer John Size could be the man to follow when racing gets underway with an 11-race programme, including a couple of Group Three contests at Sha Tin in Hong Kong on Sunday. Size seems to have dropped off the radar with regards winning the trainers’ title race and currently lies 10 winners behind [...]
encoded: 13-TIME champion trainer John Size could be the man to follow when racing gets underway with an 11-race programme, including a couple of Group Three contests at Sha Tin in Hong Kong on Sunday. Size seems to have dropped off the radar with regards winning the trainers’ title race and currently lies 10 winners behind leading duo Caspar Fownes and Danny Shum. The master trainer has always downplayed his chances of gaining another title, but there are still 13 race-meetings left in the season, and with the strong firepower within his stable, there is plenty of time to bounce back to form with trebles or even more before the season ends. Size sends out the heavy artillery this weekend. Nine of his gallopers go at Sha Tin, including the hugely exciting prospect SKY JEWELLERY in the Group Three Lion Rock Trophy Handicap (9.05am) over a mile. The four-year-old suffered a serious health issue before the end of last year and needed all of Size’s kid glove treatment and expertise to get him back in tip top condition. Two wins, including the Class Two Members Cup Handicap over the course and distance earlier this month, suggest he is back firing on all cylinders, and from his present mark in the handicap, he should be hard to beat. The stable should have already got on the scoresheet, with talented former Irish import RED MAESTRO who looks set to score his first success in the seven-furlong Hakka Cup Handicap (8.05am). Size has always had a lot of time for this son of Ten Sovereigns and even sent him for seven trials before he made his debut in March. He reappeared again early this month, with an eye-catching performance, chasing home useful Baby Sakura over the course and distance and should now be cherry-ripe to reward his trainer’s patience. Stable companion CROSSBORDERPEGASUS can defy top-weight in the six-furlong Hong Kong Ka Ying (Meizhou) General Chamber of Commerce Cup Handicap (11.20am). Despite winning three times in his eight-race career, the Australian import has co…

Trust in Patch to deliver the goods at Sha Tin
type: item
creator: Wally Pyrah
date: 2026-05-29T16:20:24Z
subject: Sport
description: WITH the form book suggesting there is little to choose between the majority of the 10 contenders lining-up for the six-furlong Group Three Sha Tin Vase Handicap (10.10am), racing fans can expect a nail-biting finish. Top-weight Raging Blizzard has raced with distinction on the last six occasions behind the fastest horse on the planet Ka [...]
encoded: WITH the form book suggesting there is little to choose between the majority of the 10 contenders lining-up for the six-furlong Group Three Sha Tin Vase Handicap (10.10am), racing fans can expect a nail-biting finish. Top-weight Raging Blizzard has raced with distinction on the last six occasions behind the fastest horse on the planet Ka Ying Rising. He finally comes out of his shadows, but has an awkward draw, and will probably have to sit at the back of the field. Despite his blistering turn of foot in the closing stages, the fact he will be conceding weight and likely giving a start to some smart performers sets him a stiff task. It is a similar scenario for Crimson Flash, who despite regularly producing fast closing sectional times, is lumbered with an outside gate and will need to pass many of his rivals when making his charge for glory. With renowned front-runner Beauty Waves likely to set a searching early pace, PATCH OF STARS from the inside gate one is likely to get all the favours in this fiercely competitive handicap and his draw could prove decisive. His recent form when outpointing rivals such as Crimson Flash and Lucky With You reads well, and with past statistics pointing to gallopers with low handicap marks faring best, he could be hard to beat. Consistent Invincible Shield can never be discounted in this company. However, he has a tendency to start slowly which tempers enthusiasm. A better alternative is the Caspar Fownes-trained SKY TRUST, who is always likely to pop up at decent odds. You can ignore his latest form at Happy Valley as he has never won around the tight turning track, but his course and distance form reads well with three wins to his name. With the stable and jockey Joao Moreira presently in top form, he is capable of out running his odds. POINTERS Patch Of Stars 10.10am Sha Tin Sky Trust e/w 10.10am Sha Tin

Iran and Russia to target Fifa World Cup, threat experts say
type: item
creator: Matt Hardy
date: 2026-05-29T14:00:00Z
subject: Business
subject: Fifa World Cup
subject: Football
subject: Sport
subject: Sport Business
description: Russia and Iran rogue actors will target the Fifa World Cup as part of an ongoing anti-US position, according to global threat intelligence experts. This year’s World Cup – taking place across the United States, Canada and Mexico – is likely to be subject to a number of acts of cyber terrorism, while the use [...]
encoded: Russia and Iran rogue actors will target the Fifa World Cup as part of an ongoing anti-US position, according to global threat intelligence experts. This year’s World Cup – taking place across the United States, Canada and Mexico – is likely to be subject to a number of acts of cyber terrorism, while the use of drones could fuel domestic, physical terrorism. But security experts have told City AM that rogue actors from both Iran and Russia are likely to increase the number of cyber attacks they’re carrying out. Unit 42’s “Discussing the world’s biggest game’s attack surface” report stated that Russia-linked hack accounts have targeted NATO members and events such as the Ukraine Peace Summit and Paris and Milan Olympic Games. Two of the three World Cup hosts are members of NATO. Iranian hackers have reportedly been targeting “small municipal authorities” which could impact “water, wastewater and energy infrastructure” across host cities. Hack threat at World Cup Unit 42’s Justin Moore told City AM that “geopolitical tensions mean we are monitoring active interest from state-backed and proxy threat actors”, adding that, “Russia may have been banned from competition, but it’s been running cyber interference in global sport since long before Ukraine”. “Similarly,” Moore added, “from destructive attacks to disinformation, Iran is running a full campaign, and the World Cup could be a target given the highly volatile geopolitical climate.” It is another concern for a World Cup that begins next month but has seen controversy over immigration, visas, tickets, transport and geopolitical stances. Iran will be competing in the World Cup despite the ongoing conflict in the Middle East, with their matches slated for the West Coast of the United States. Russia is banned from the tournament but President Trump did tout their return earlier on in the World Cup cycle amid Ukraine-related peace talks in Alaska. Added Moore: “Cybercriminals get excited by the mass exploitation of world…

I’m 50 – but I feel young dining at Simpson’s in the Strand
type: item
creator: Martin Williams
date: 2026-05-29T12:16:53Z
subject: Food
subject: Life&Style
subject: restaurants
description: Happy birthday to our top columnist – 50 years young and still eating out every night, especially at Simpson’s in Strand where he feels half his age As I turned 50 this weekend, with a solid celebration at Quaglino’s, a friendly journalist advised me that when it comes to writing, less is more. Or in [...]
encoded: Happy birthday to our top columnist – 50 years young and still eating out every night, especially at Simpson’s in Strand where he feels half his age As I turned 50 this weekend, with a solid celebration at Quaglino’s, a friendly journalist advised me that when it comes to writing, less is more. Or in his own fancy and somewhat harsh words: I am missing the skill of brevity. So this week, I pledge to write less about more, a tasting menu of London’s foodie haunts and more opinions than you would imagine one could squeeze into an Eat, Drink, Sleep, Repeat, column. CHEZ BRUCE Sunday lunch in Wandsworth Common is a favourite of the City gent. It is a day when gilets are cast aside and Ralph Lauren (Purple Label) linen is plentiful. The dining room at Chez Bruce has quietly doubled in size over the past decade, holding its own as noisy neighbours and their restaurant concepts have come and gone. On my wife and I’s first visit – around the turn of the millennium! – the prix fixe, four course menu was £35. Today it is £68.50, which still feels like great value. A quarter of a century on, they still begin with bread and butter so flavoursome and rich it could be a cheese. This is multi-choice courses of Michelin-level food cooked in the original spirit of the guide. Opt for a reasonably priced Ridge Grenache Blanc (£140) to accompany artistic starters, which may indulge an ingredient too many but if anyone can make you embrace that level of complexity it is chef Bruce Poole. Mains are more seasonal and simpler, executed perfectly. The personnel have a rarely found personality and a passion that delivers true hospitality. ROMANO’S – UPSTAIRS AT SIMPSON’S IN THE STRAND Last year I visited Bistro Romano in Sunderland after a match I’d attended with England, Everton and Sunderland legend Peter Reid, whose war stories entertained an entire restaurant (incidentally, Reidy is hosting our cinema-sized World Cup screenings at Quaglino’s next month, a guaranteed blast of a game… just…

Burberry delays climate pledge by a decade to 2050
type: item
creator: Ali Lyon
date: 2026-05-29T12:07:18Z
subject: Business
description: Burberry has pushed back its net zero target by a decade, becoming the latest blue-chip business to water down ambitious climate goals set in the wake of the coronavirus pandemic, City AM can reveal. The high-end fashion firm, known for its trench coats and tartan scarves, made the decision to delay its target to become [...]
encoded: Burberry has pushed back its net zero target by a decade, becoming the latest blue-chip business to water down ambitious climate goals set in the wake of the coronavirus pandemic, City AM can reveal. The high-end fashion firm, known for its trench coats and tartan scarves, made the decision to delay its target to become ‘climate positive’ from 2040 to 2050 after reassessing the business case for its previous goal, it said in its annual report. “We believe our revised targets reflect a pragmatic response to external factors, while allowing us to maintain a level of ambition in line with our assessment of climate change as a principal risk facing our business,” the company wrote. In 2021, Burberry had set itself some of the most ambitious climate goals in the fashion industry, pledging to have a net positive impact on the climate by 2040 and to reduce its indirect greenhouse gas emissions by 46 per before the end of the decade. Jonathan Akeroyd, Burberry’s chief executive at the time, hailed the move as a sign of the group’s “long-standing commitment to sustainability” and “appreciation for nature and the outdoors” in a document outlining the pledge five years ago. The decision forms part of Burberry’s root and branch overhaul under Akeroyd’s successor, Joshua Schulman, who is seeking to stem years of heavy losses and stuttering performance at the firm. As part of the turnaround the group chose to slash as many as 1,700 jobs – a fifth of its workforce – last year to keep a lid on costs. <img fetchpriority="high" decoding="async" height="640" width="960" src="https://www.cityam.com/wp-content/uploads/2024/09/GettyImages-2172454911-e1726590568493.jpg?w=960" alt="Models walk the runway at the Burberry show during London Fashion Week, September 2024. Photo by Jeff Spicer/Getty Images" class="wp-image-2261460" srcset="https://www.cityam.com/wp-content/uploads/2024/09/GettyImages-2172454911-e1726590568493.jpg 1200w, https://www.cityam.com/wp-content/uploads/2024/09/GettyIma…

London was once a destination for the young, now it’s a compromise
type: item
creator: Festus Akinbusoye
date: 2026-05-29T11:56:18Z
subject: Business
subject: Opinion
description: New research shows a third of young Londoners expect to leave within two years. The city is pricing out its talent, says Festus Akinbusoye.
encoded: New research shows a third of young Londoners expect to leave within two years. The city is pricing out its talent, says Festus Akinbusoye Picture a 23-year-old young man who had just started a small business from his parents’ East London council flat with the help of a £2,000 loan from the Prince’s Trust. By any definition, he is exactly the kind of young person London is supposed to be for. Ambitious, willing to work and take risks, deeply rooted in the city – until he had to leave. That was me; priced out of the city that was home. I am not an unusual case. New research from London Heritage Quarter, carried out by Public First, finds that two in five Londoners aged 18 to 30 are likely to leave within five years. A third expect to go within two years, roughly 600,000 people. 81 per cent say the city costs more than they expected. Young Londoners increasingly describe life here not as opportunity but as survival. London has become a compromise A recent publication reported that London’s economy grew at a tenth the rate of 20 years ago in the four years to 2023. One City worker surveyed put it plainly: “10 years ago London was a destination. Now it is a compromise.” The Mayor of London bears direct responsibility for a significant part of this. His London Plan requires 35 to 50 per cent affordable housing on any new development. Its misreading of the 2018 Parkhurst Court ruling effectively baked in a price control on land valuations, making schemes financially unviable before ground is broken. When schemes cannot pencil out, developers walk away and sites stay empty. Thirty-five per cent of zero is zero. The numbers bear this out. The London Plan targets 52,000 new homes a year. In the first quarter of 2025, London started just 1,210. 23 of its 32 boroughs recorded zero new starts, the lowest quarterly figure since the depths of the 2008 financial crisis. Planning permissions fell to their lowest level since records began in 2006. The Wimbledon effect This contrast …

Business services staff face redundancies at City law firm
type: item
creator: Maria Ward-Brennan
date: 2026-05-29T11:47:57Z
subject: AI
subject: Business
subject: Legal
subject: Tech
description: City-based law firm Clyde & Co has launched a restructuring consultation for its business service staff as part of its ongoing strategy to centralise support operations into regional hubs. The firm is proposing to move certain services currently performed by teams within legal support, purchase-to-pay, and IT to its service centres in Glasgow and its [...]
encoded: City-based law firm Clyde & Co has launched a restructuring consultation for its business service staff as part of its ongoing strategy to centralise support operations into regional hubs. The firm is proposing to move certain services currently performed by teams within legal support, purchase-to-pay, and IT to its service centres in Glasgow and its third-party partner facility, Accenture’s service centre in Manila. The move, first reported by the legal publication Rollonfriday, affected around 200 staff. Chief executive, Matthew Kelsall, said this move “builds on similar changes already implemented in the Americas, Middle East and Asia-Pacific.” “These centres are a common feature of modern global professional services firms and are designed to deliver services through standardised processes and enhanced technology, enabling a more efficient, scalable and resilient support model as our business continues to grow and client needs evolve,” he explained. Kelsall added the firm recognises “that these proposals will be unsettling for colleagues affected, and we are committed to supporting them throughout this process”. Clyde & Co, known for its work defending the insurance sector, recorded a global revenue of £854m for the financial year ending 30 April 2025. Business services roles on the line This consultation comes as it was reported earlier this month that A&O Shearman was set to cut roles in its business services team in its London office. These are not the only firms, as business services jobs are on the chopping block across the sector, with investment in Tech and AI cited as the common reason. In November, magic circle Clifford Chance was reported to be cutting 10 per cent of its back-office roles in its City office. Mishcon de Raya, BCLP, and Baker McKenzie have all made similar cuts over the last year. Meanwhile, magic circle law firm Freshfields kicked off a round of redundancies in September, targeting paralegals in its Manchester office.

Can Newcastle go posh? Our honest review of city’s first five-star hotel
type: item
creator: Samuel Norman
date: 2026-05-29T11:12:07Z
subject: Culture
subject: Life&Style
description: In a far cry from the late noughties zeitgeist of Geordie Shore, Hotel Gotham offers a fresh brand of sexy that differentiates Newcastle from its MTV days. Once famous as the hangout for characters from that reality show, like Scotty T and Gary ‘the parsnip’ Beadle, Newcastle has quietly been building a higher-end repertoire of [...]
encoded: In a far cry from the late noughties zeitgeist of Geordie Shore, Hotel Gotham offers a fresh brand of sexy that differentiates Newcastle from its MTV days. Once famous as the hangout for characters from that reality show, like Scotty T and Gary ‘the parsnip’ Beadle, Newcastle has quietly been building a higher-end repertoire of bars and restaurants. Sitting at the heart of this shift following its launch late last year is the city’s first five-star venue, Hotel Gotham. The Stay The hotel opened its doors in late 2025. Situated in the city’s old fire and police station on Pilgrim Street, rooms range from a standard double to the Station Master’s suite. The suites, many of which are named after Newcastle legends including Robert Stephenson, feature products from Argentum designed for the hotel. The design celebrates the building’s 1920s architectural heritage. The palette spans inky blacks and charcoal greys, contrasted with the “fire-engine reds”, and the contrasts create a moodily intimate balance. Those checking into a suite also have the pleasure of a bathtub in their bedroom for guests to channel their Hollywood starlet (or their favourite character from Geordie Shore). Newcastle: where to eat, drink and visit Where to eat The Siren restaurant plays on the obvious reference to a fire engine. But the wallpaper – specifically designed for Gotham – pivots to the Greek mythology siren, a sea nymph who enticed sailors with enchanting music. Siren offers a refined take on the British classics. Stand-outs include a beef sirloin served with all the trimmings, and a tasty side bowl of perfectly cooked cauliflower cheese. For afterwards, the sticky date pudding with butterscotch sauce is well worth the indulgence. Breakfast is also served here, with a continental buffet and table-service main dishes ranging from a classic full English to smoked salmon and an avocado burrata. In the hotel’s second venue Fire, the red tonal palettes are dialed up. The bar uses recycled fire …

IFF Enters Into Agreement to Sell Its Food Ingredients Business to CVC
type: item
creator: Business Wire
date: 2026-05-29T11:01:19Z
subject: City A.M. Content
description: Transaction advances portfolio transformation, sharpens focus on higher-growth, higher-margin businesses, strengthens balance sheet, and enhances value creation for shareholders
encoded: IFF (NYSE: IFF), a global leader in flavors, fragrances, food ingredients, and health and biosciences, today announced that it has entered into an agreement to sell its Food Ingredients business to funds advised by CVC Capital Partners, a leading global private markets manager, in a transaction that values the business at approximately $4.3 billion, representing an enterprise value-to-EBITDA multiple of approximately 10x. As part of the transaction, IFF has chosen to retain an approximately 10% minority equity interest in the business, or approximately $200 million, permitting continued collaboration and cooperation between IFF and Food Ingredients and allowing IFF and its shareholders to participate in future value creation under its new ownership. The transaction marks a significant step in IFF’s portfolio transformation and is expected to strengthen the company’s focus on its innovation-driven businesses: Taste, Scent, and Health & Biosciences. Following the transaction, IFF will be a more focused company with improved cash flow characteristics, greater financial flexibility, and a stronger position to achieve its growth and profitability objectives. “This transaction represents an important strategic milestone in our ongoing portfolio optimization initiative, allowing us to further concentrate resources on our higher-growth, higher-margin segments,” said Erik Fyrwald, CEO of IFF. “By simplifying our portfolio to where we can create the greatest value, IFF will accelerate innovation, drive investment in R&D, and further integrate our biotechnology and naturals capabilities more effectively across our global platform. Importantly, by retaining a minority stake in Food Ingredients, we will continue to participate in the future upside of a strong business under dedicated ownership. This transaction creates substantial value for shareholders while positioning IFF to drive sustained, profitable long-term growth.” IFF’s Food Ingredients business is a globally recognize…

Bank of England’s Bailey: Interest rates hike may not be needed
type: item
creator: Ali Lyon
date: 2026-05-29T10:39:06Z
subject: Business
subject: Economics
description: The Bank of England may not raise interest rates in response to the Iran war and has already effectively tightened monetary policy by taking the prospect of future rate cuts off the table, governor Andrew Bailey has said. In a speech in Iceland, the central banking chief said that inflation is “likely to go higher” [...]
encoded: The Bank of England may not raise interest rates in response to the Iran war and has already effectively tightened monetary policy by taking the prospect of future rate cuts off the table, governor Andrew Bailey has said. In a speech in Iceland, the central banking chief said that inflation is “likely to go higher” as a result of the conflict in the Middle East but that the rate-setting Monetary Policy Committee (MPC) could ignore those higher prices if they do not filter through into wage bargaining and household expectations. “Monetary policy generally looks through the direct effects of energy prices on inflation,” he said. “It takes time for changes in interest rates to affect the economy and inflation, so higher interest rates might only push inflation below [the Bank’s two per cent] target once the energy price shock has passed, resulting in undesirable volatility in both inflation and activity.” The remarks are some of Bailey’s most dovish since the outbreak of the Iran war prompted the closure of the vital Strait of Hormuz shipping lane. The governor and other central bank officials had signalled at previous MPC meetings that the Bank of England was likely to raise its central interest rate were the conflict in the Middle East to stretch over several months. But Bailey told the Reykjavík Economic Conference on Friday that despite the closure of the Strait stretching into its fourth month, a hike to the so-called Bank Rate may not be needed because of the weak domestic outlook for the UK economy. “Continued weakness in the UK activity and the labour market is likely to lessen the strength of second-round effects from higher energy prices,” he said, “while recognising that these effects are likely to be stronger, the larger and more persistent is the rise in energy prices.” Bank of England messaging shift effectively raised interest rates Monetary policy officials are particularly wary of price rises from an energy shock might become embedded into an economy b…

Reeves’ savings package to have minimal impact on inflation rise
type: item
creator: Mauricio Alencar
date: 2026-05-29T10:05:42Z
subject: Business
subject: Economics
description: A discount campaign launched by Chancellor Rachel Reeves will “shave off” an expected rise in inflation, analysis has suggested, as economists have raised concern over Britons’ inflation expectations. Reeves’ move to delay a hike in fuel duty beyond September and offer VAT relief for businesses giving families reduced prices could strip 0.2 percentage points off [...]
encoded: A discount campaign launched by Chancellor Rachel Reeves will “shave off” an expected rise in inflation, analysis has suggested, as economists have raised concern over Britons’ inflation expectations. Reeves’ move to delay a hike in fuel duty beyond September and offer VAT relief for businesses giving families reduced prices could strip 0.2 percentage points off CPI inflation, according to JP Morgan. The analysis suggests that two-thirds of the £300m package would pass through to lower prices for consumers. The Treasury previously refused to disclose the extent to which measures would delay a rise in price growth expected due to trade disruption across the Strait of Hormuz as a result of the Iran war. The package features a cut on VAT, going from the standard 20 per cent to five per cent for “Summer attractions” and children’s meals over July and August, as well as free bus rides for under-16s. The Chancellor said the package would be funded by targeting oil and gas companies’ UK trading profits. Government ministers have suggested they are considering a larger energy support package as the winter months approach, after Ofgem raised the energy price cap by 13 per cent to £1,862 from July. The energy price cap will be reset in September, around the time inflation is expected to peak as a result of the slow pass-through of the energy price shock. Reeves warned about inflation spike The government has been warned that a number of policies to be introduced could add to inflation pressures. The Bank of England warned that the packaging tax will add around 0.5 percentage points to inflation, while officials have warned that extra business costs from higher national insurance contributions (NICs) and minimum wage hikes has added to price growth. Energy experts have also urged the government to lift restrictions stopping companies from extracting more oil and gas across the North Sea, arguing that maximising supply could strengthen the pound sterling and tax receipts, there…

Natwest and Barclays sweeten mortgage costs as Iran peace hopes ease interest rate fears
type: item
creator: Samuel Norman
date: 2026-05-29T09:55:22Z
subject: Banking
subject: Business
subject: Economics
description: Natwest and Barclays have become the latest lenders to sweeten up their mortgage deals, as hopes remain high that a peace deal will be reached in the Middle East that would bring calm to the interest rate environment. Both lenders have unveiled reductions in mortgage rates, with Barclays cutting its rates across the board by [...]
encoded: Natwest and Barclays have become the latest lenders to sweeten up their mortgage deals, as hopes remain high that a peace deal will be reached in the Middle East that would bring calm to the interest rate environment. Both lenders have unveiled reductions in mortgage rates, with Barclays cutting its rates across the board by up to 0.43 per cent. Meanwhile, Natwest has cut its rates by up to 0.54 per cent with its two-year tracker cut to 4.42 per cent. This follows a similar move by Santander, which lowered its rates by up to 0.23 per cent. The re-pricing comes amid changes in swap rates, which serve as a primary benchmark for pricing fixed-rate mortgages and reflect market expectations for future interest rates over 2, 5, or 10-year terms. “Momentum is continuing to build across the mortgage market,” Rachel Geddes, strategic lender relationship director at Mortgage Advice Bureau, said. “These latest reductions should also provide reassurance that market conditions are gradually improving.” Mortgage market hit by Middle East volatility Interest rate expectations have been brought some reprieve through slowly emerging details around a potential peace deal between Iran and the US. US and Iranian negotiators are reported to have reached an agreement on a 60-day memorandum of understanding that will extend the currently in-place ceasefire and kick off negotiations on Iran’s nuclear programme, according to Axios. Whilst Iran is reported to have rubber stamped the deal, a final green light is still expected from Donald Trump. Hopes of peace come despite the two nations exchanging strikes earlier this week, each accusing the other of violating ceasefire terms. Vice President JD Vance has hinted a deal was “very close” but added the US was “not there yet”. Economic pressures from the war have stoked inflationary fears and served as the central driver for fears of an interest rate hike. Iran’s closure of the Strait of Hormuz – a narrow waterway in the Gulf where around a fift…

Arsenal Champions League final tickets on resale sites for £200,000
type: item
creator: Matt Hardy
date: 2026-05-29T09:52:18Z
subject: Business
subject: Football
subject: Sport
subject: Sport Business
description: Tickets for Saturday’s Champions League final between Arsenal and Paris Saint-Germain are being sold for £195,000 as ticket holders look to cash in on interest. Arsenal can win a first ever Champions League title in Budapest this weekend but will need to overcome defending champions PSG at the Puskas Arena in Hungary. The Gunners received [...]
encoded: Tickets for Saturday’s Champions League final between Arsenal and Paris Saint-Germain are being sold for £195,000 as ticket holders look to cash in on interest. Arsenal can win a first ever Champions League title in Budapest this weekend but will need to overcome defending champions PSG at the Puskas Arena in Hungary. The Gunners received an official allocation of just over 16,000 tickets and the desire for Arsenal fans to watch their team potentially make history is leading to ticket holders charging extortionate rates. There are a pair of tickets on Live Football Tickets available for £390,000 – £195,000 each – consisting of a £150,000 flat fee and an additional £45,000 in service fee and tax on each individual ticket. While resale tickets at this level are rare, the cheapest available ticket on the same site was over £2,000 – a hike of over 1,000 per cent on the category three ticket cost lucky Arsenal fans were able to pay as part of their allocation. Arsenal on the brink Arsenal are thus far unbeaten in the Champions League, winning all eight of their matches in the group stages before getting aggregate wins – without a one-leg defeat – against Bayer Leverkusen, Sporting CP and Atletico Madrid. PSG, on the other hand, lost two of their 16 matches on the way to the final – falling to 2-1 defeats to Sporting CP and Bayern Munich in the group phase. The match in Budapest will be Arsenal’s first European final since the 2019 Europa League final – which they lost 4-1 against Chelsea – and their first in the Champions League since 2006, when they were beaten 2-1 by Barcelona at the Stade de France in Paris. “There will be some restricted view seating within the allocation that may have partial views blocked by safety rails, pillars, or crowd barriers,” an Arsenal ticketing statement read when their allocation was announced.

KPMG Australia boss resigns amid whistleblower scandal
type: item
creator: Maria Ward-Brennan
date: 2026-05-29T09:30:49Z
subject: Accountancy
subject: Big Four
subject: Business
description: The boss of KPMG Australia has resigned after the firm admitted to severely mishandling a whistleblower report on client confidentiality breaches. The scandal was prompted by a whistleblower who alleged that client documents were inappropriately shared with the senior leadership team, including the chief executive, which prompted an internal investigation. But the investigation did not [...]
encoded: The boss of KPMG Australia has resigned after the firm admitted to severely mishandling a whistleblower report on client confidentiality breaches. The scandal was prompted by a whistleblower who alleged that client documents were inappropriately shared with the senior leadership team, including the chief executive, which prompted an internal investigation. But the investigation did not substantiate the claims, and an external law firm also supported the outcome. However, after the whistleblower raised further complaints with the board, a different external law firm, Allens, was appointed to complete another investigation into the claims, which is ongoing. On Friday, the firm released a statment confirming its treatment of the whistleblower and the probe “fell short” of the firm’s expectations. As a result, chief executive Andrew Yates and the national managing partner of audit and assurance, Julian McPherson, have resigned effective immediately. In his statement, Yates said: “I have been committed to a speak-up culture in our firm, it is clear that in this case we have let ourselves down and I take accountability.” McPherson added: “Matters have arisen for which I am responsible, and I take accountability.” The findings have been shared with impacted clients, professional bodies, regulators, and the Parliamentary Joint Committee. The board appointed Stan Stavros as interim chief executive of KPMG Australia while continuing its process to appoint a permanent successor to Yates. Chair apologised ‘unreservedly to the whistleblower’ Chairman Martin Sheppard issued a lengthy apology saying they ‘apologise unreservedly’. “KPMG apologises to the clients whose information was not handled with the care and respect they expect from us. We also apologise to our people, as these matters do not reflect on the contribution they make to KPMG and our clients,” said Sheppard. He added that KPMG would also engage an ethics consultant to review its “speak-up culture” and has promised …

KBRA Releases Research – Spanish RPL RMBS: Resilient Performance and an Established Asset Class
type: item
creator: Business Wire
date: 2026-05-29T09:01:01Z
subject: City A.M. Content
description: KBRA releases research that examines the key characteristics of Spanish reperforming loan (RPL) residential mortgage-backed securities (RMBS) transactions rated by KBRA, focusing on factors that may influence credit performance as the transactions season. The report also discusses the composition of the underlying mortgage portfolios, including restructuring profiles, arrears trends, pay rates, leverage, seasoning, and kept-rate [...]
encoded: KBRA releases research that examines the key characteristics of Spanish reperforming loan (RPL) residential mortgage-backed securities (RMBS) transactions rated by KBRA, focusing on factors that may influence credit performance as the transactions season. The report also discusses the composition of the underlying mortgage portfolios, including restructuring profiles, arrears trends, pay rates, leverage, seasoning, and kept-rate performance, as well as the structural features designed to mitigate liquidity risk and credit losses. Key Takeaways Spanish RPL portfolios typically include a high proportion of restructured loans, which generally carry higher re-default risk than loans with no restructuring history. The share of restructured loans is therefore an important portfolio characteristic, alongside restructure type, time since restructuring, kept rate, arrears status, and pay-rate performance. Restructure type helps indicate the nature of prior borrower financial stress. Grace period restructures may indicate more acute prior stress and create payment shock risk when scheduled payments resume, while term extensions may provide a more durable reduction in monthly debt service where affordability has weakened. Restructure age and kept rate are most informative when the post-restructure observation period includes borrower stress, such as the higher interest rate environment in 2023-24, elevated cost-of-living pressure, or the payment shock that can follow the end of a grace period. Arrears data are most useful when considered alongside pay rates. Sustained pay rates above 100% can indicate curing behaviour, while weaker pay rates in deeper arrears may signal continued deterioration and a higher likelihood of foreclosure. Spanish RPL RMBS structures use liquidity and deleveraging features—including reserve funds, principal-to-interest mechanisms, interest rate hedges, target amortisation, arrears-based provisioning, and junior interest subordination triggers—to addr…