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RedBird IMI, a UAE-backed investor, has decided to withdraw from its attempt to acquire the Telegraph newspaper and Spectator magazine in the UK. The decision comes after backlash from the UK government, which objected to RedBird IMI's connections with the United Arab Emirates. The investor will now look to sell its rights to the British outlets, and an auction for the options over the media assets has already begun. This raises the possibility of a bidding war among prominent figures in UK media who are interested in controlling these historically significant titles. [Extracted from the article]

RedBird IMI, a UAE-backed investor, has decided to withdraw from its attempt to acquire the Telegraph newspaper and Spectator magazine in the UK. The decision comes after backlash from the UK government, which objected to RedBird IMI's connections with the United Arab Emirates. The government has pledged to ban foreign states and officials from acquiring print news media in the UK. The sale of the Telegraph and Spectator is expected to attract interest from various bidders, including Daily Mail & General Trust Plc, Paul Marshall, and Rupert Murdoch's News Corp. The sale process may overlap with the upcoming general election in the UK. [Extracted from the article]

Sanctioned Russian billionaire Andrey Guryev is involved in a legal dispute with exiled tycoon Alexander Gorbachev over a stake in PhosAgro PJSC, one of the world's largest fertilizer producers. Gorbachev claims that he is owed billions in shares that were improperly sold to an ally of President Vladimir Putin. Guryev denies these allegations and argues that Gorbachev has no legal entitlement to anything. The trial involves scrutiny of decades-old conversations held in London's pubs and hotels between the two men. The case highlights the complex and risky business practices that were common during the chaotic privatization era following the collapse of the Soviet Union. [Extracted from the article]

RedBird IMI, an investment group backed by the UAE, is expected to abandon its takeover of the UK newspaper group, the Telegraph. This decision comes after the UK government announced plans to block foreign governments from acquiring stakes in media titles. The Telegraph is now expected to attract bids from other interested parties, including the Daily Mail & General Trust and hedge fund manager Paul Marshall. The Spectator magazine, another conservative publication, is also up for sale and may attract interest from Rupert Murdoch's News Corp. [Extracted from the article]

The debt crisis at Thames Water is putting £100 billion of potential investment in the UK's utilities infrastructure at risk. Water companies have committed to using this money to fix leaky pipes, build reservoirs, and prevent sewage from polluting the country's waterways. However, investors are concerned that the funds may not be available if the government forces losses on Thames Water creditors. The impasse between shareholders and the government may result in temporary government ownership of the company, potentially leading to writedowns on even the safest bonds. This standoff is causing borrowing costs across the sector to rise and could impact the ability of the UK's water industry to attract fresh financing. The government needs to keep investors onside to achieve its goal of releasing £50 billion of private long-term capital for infrastructure projects. However, public outrage over mismanagement at water companies and sewage spills means the government is reluctant to be seen as too lenient on creditors. Some within the government believe that a debt restructuring could make Thames Water more attractive to investors, but this approach carries risks. If Thames Water is wiped out, the regulatory framework for the industry may need to be overhauled, leading to higher bills for consumers. This situation could also make investors more cautious about lending to infrastructure assets in the future. [Extracted from the article]

The debt crisis at Thames Water is putting £100 billion of potential investment at risk, which is needed to repair the deteriorating utilities infrastructure in the UK. Water companies have committed to using this money to fix leaky pipes, build reservoirs, and prevent sewage from polluting the country's waterways. However, investors are concerned that the funds may not be available if the government forces losses on Thames Water creditors. The impasse between shareholders and the government may result in temporary government ownership of the company, potentially leading to writedowns on even the safest bonds. This standoff is causing borrowing costs to rise across the water sector, making it more difficult for the UK's water industry to attract fresh financing. The government needs to maintain investor confidence to achieve its goal of releasing £50 billion of private long-term capital for infrastructure projects. However, public outrage over mismanagement at water companies and sewage spills has made the government reluctant to be seen as too lenient on creditors. Some within the government believe that a debt restructuring could make Thames Water more attractive to investors, while others warn that it could damage overall sector sentiment. The government's approach carries risks, as Thames Water is unable to fund essential repairs and upgrades without financial support from shareholders. The regulator's plan has given shareholders worse terms than bondholders, despite bearing greater risk. If Thames Water is wiped out, the regulator will have to incorporate political and default risks into its models, which would ultimately increase bills for consumers. Restructuring the debt could [Extracted from the article]

According to an informal survey conducted by Bloomberg News, UK firms are expected to be popular targets for mergers and acquisitions (M&A) this year due to their low valuations. British stocks accounted for 70% of companies mentioned in the survey, including companies like 888 Holdings and Direct Line Insurance Group. The FTSE 350 Index's significant discount compared to the MSCI World Index has attracted bargain hunters. Smaller UK companies, in particular, have seen increased attention from cash-rich private equity firms and corporate acquirers. There have already been 14 takeover offers for UK firms with a market capitalization of at least £100 million this year. Allfunds Group and Covestro AG were mentioned as potential targets. The survey suggests that dealmaking activity in Europe is expected to rebound this year, with the UK accounting for a significant portion of pending and completed deals. [Extracted from the article]

According to an informal survey conducted by Bloomberg News, UK firms are expected to be popular targets for mergers and acquisitions (M&A) this year due to their low valuations. British stocks accounted for 70% of companies mentioned in the survey, with Allfunds Group Plc receiving the most votes. The FTSE 350 Index's significant discount compared to the MSCI World Index has attracted bargain hunters. Smaller UK companies, in particular, have seen increased attention from cash-rich private equity firms and corporate acquirers. There have already been several notable takeover offers this year, and investors are keeping an eye on Allfunds, which has drawn interest from investment firm Motive Partners. Overall, there is optimism that M&A activity in Europe will rebound this year. [Extracted from the article]

British billionaire Joe Lewis may receive a sentence of less than a year and a half in prison for sharing confidential corporate information with his private pilots and girlfriend, according to US prosecutors. Lewis pleaded guilty to securities fraud in January, admitting to providing tips about four publicly traded companies between 2019 and 2021. The government has argued for leniency in sentencing due to Lewis's age, health issues, and voluntary acceptance of responsibility. Lewis's lawyers have requested that he be spared prison time, citing his cooperation with prosecutors and advanced age. [Extracted from the article]

The UK government, led by Prime Minister Rishi Sunak, has committed over £550 million to the country's nuclear defense and energy infrastructure. This investment includes £353 million for apprenticeships and skills in the defense and civil nuclear sector, as well as £200 million to regenerate the town of Barrow-in-Furness, which is home to the UK's nuclear submarine program. Additionally, there will be £400 million of private investment to create career opportunities and fill the industry's need for 40,000 new jobs. The government aims to modernize the UK's nuclear submarine capabilities and enhance energy security in the face of escalating geopolitical tensions. [Extracted from the article]

The UK government has pledged £350 million for nuclear defense and energy infrastructure by 2030. This includes £200 million to regenerate Barrow-in-Furness, the town that houses the UK's nuclear submarine program, over the next decade. Additionally, £353 million will be directed towards apprenticeships and skills in the defense and civil nuclear sector. The investment aims to safeguard the industry and protect the country, as well as create career opportunities and fill the 40,000 new jobs needed in the industry. The plans have received support from various firms and the Labour opposition. [Extracted from the article]

The UK government, led by Rishi Sunak, plans to prohibit foreign states from controlling or influencing UK newspapers and news magazines. This move would likely prevent a UAE-linked takeover of the Telegraph newspaper. The proposed ban on foreign state ownership would not apply to foreign companies like Rupert Murdoch's News Corp. The government's intervention is driven by concerns over the takeover of the Telegraph and the Spectator magazine by RedBird IMI, backed by UAE Deputy Prime Minister Sheikh Mansour. The government aims to ensure that the proposal does not negatively impact wider business investment in UK media. [Extracted from the article]

Graphcore Ltd., a UK microchip maker, is reportedly considering a sale to foreign buyers due to its inability to capitalize on the artificial intelligence boom. The company, based in Bristol, has been in talks with major technology companies to secure funding to cover its increasing losses. Some investors have already increased the value of their stakes in anticipation of a deal worth over $500 million. However, any sale to foreign investors would need to undergo a review by national security officials. [Extracted from the article]

The UK committee advising on financial law has stated that pension trustees may consider climate change when making investment decisions, addressing concerns that this could be a breach of fiduciary duty. The committee emphasized that trustees are required to make careful decisions and should consider factors such as climate change that may not be reflected in market prices. While the guidance is aimed at pension funds, it is also relevant for legal advisers, investment consultants, fund managers, and insurers. The committee's findings are not legally binding, but ESG investors in the UK have welcomed the announcement and called for their incorporation into financial market regulation and monitoring. [Extracted from the article]

The UK Treasury is considering implementing a new levy on banks to rescue failed small lenders. The proposal aims to strengthen the government's resolution powers through the Financial Services Compensation Scheme (FSCS), which protects customer deposits. Under the new plan, the FSCS would provide recapitalization funds to failing banks, funded by a levy on the banking sector. The proposal comes after the failure of Silicon Valley Bank UK revealed shortcomings in the existing regime. The Treasury's goal is to reduce the state's exposure to losses by requiring the banking industry to cover the costs of recapitalizing small banks. The arrangements would not apply to big lenders, which are already subject to tougher regulations. The Bank of England supports the measures to enhance the UK bank resolution regime. [Extracted from the article]

The UK government has canceled a trial program that aimed to use hydrogen for home heating due to safety concerns raised by residents. This cancellation is another setback in the government's efforts to decarbonize heating systems. However, the government will continue to explore the possibility of blending up to 20% hydrogen into the natural gas distribution network. The government also highlighted that 11 new projects have committed to investing £400 million ($505 million) in hydrogen production for various businesses, emphasizing the economic opportunities associated with hydrogen. The government will assess other pilot projects across Europe and make a decision in 2026 regarding the role of hydrogen in home heating. [Extracted from the article]

The UK government has canceled a trial program that aimed to use hydrogen for home heating due to safety concerns raised by residents. This cancellation is another setback for the government's efforts to decarbonize heating systems. However, the government will still support the possibility of blending up to 20% hydrogen into the natural gas distribution network. The government will assess other pilot projects across Europe and make a decision in 2026 regarding the role of hydrogen in home heating. [Extracted from the article]

UK ministers are expected to announce plans for a financial package to support Northern Ireland's public finances. Analysts estimate that Northern Ireland may require at least £1 billion ($1.25 billion) in additional funding to achieve stability. The discussions will address the amount of funding needed and the conditions that may be attached to the package. These talks are separate from negotiations between the UK government and the Democratic Unionist Party. [Extracted from the article]

Bank of England policy maker Swati Dhingra has suggested that the UK can enhance its economy by adjusting trade policies and regulations, particularly with the European Union (EU). Dhingra, an expert in trade, believes that the UK should focus on its dominance in services exports and consider ambitious measures to strengthen ties with the EU, such as extending the Northern Ireland protocol to the rest of the UK. She emphasizes that the UK's services sector is a key comparative advantage and that measures encouraging services would have a significant impact. Dhingra also highlights the challenges in goods trade between the UK and EU since Brexit, with cross-border restrictions leading to a drop in UK exports of services to the EU. [Extracted from the article]

The UK Treasury has cautioned against implementing a fiscal stimulus, as it may cause interest rates to rise by up to 1.25 percentage points. This warning is in response to Conservative members of Parliament who are advocating for significant tax cuts before the upcoming general election. The Treasury's policy paper states that increasing borrowing by £25 billion, or 1% of GDP, could result in a 0.5 to 1.25 percentage point increase in interest rates, which is a larger impact than previously estimated by the Office for Budget Responsibility and International Monetary Fund. The Treasury attributes this increased sensitivity to stimulus to Britain's persistent inflation problem. [Extracted from the article]

The UK government has ordered an investigation into the proposed acquisition of the Telegraph newspaper by a vehicle backed by Abu Dhabi's Sheikh Mansour Bin Zayed Al Nahyan. The investigation is being conducted to ensure the accurate presentation of news and free expression of opinion in newspapers. The investigation will be carried out by media regulator Ofcom and the antitrust watchdog, the Competition and Markets Authority, with their findings to be reported by January 26. The move adds uncertainty to the ownership of the Telegraph, with other potential buyers now having more time to oppose the deal. [Extracted from the article]

The ownership of the Telegraph, a prominent UK newspaper, is currently being contested by various parties. The Barclay family, who have owned the paper for 19 years, want to keep it, but their lender, Lloyds Banking Group, seized it due to unpaid debts. Hedge fund moguls, media barons, and Middle Eastern investors are also vying for control. The auction for the paper has been suspended as the Barclays attempt to regain the assets with Middle Eastern financial backing, and the British government may intervene. The outcome of this battle is significant, as the Telegraph has long-standing ties to the Conservative party and could influence the next party leader. Concerns have been raised about media freedom and potential foreign ownership of the paper. The government may issue a Public Interest Intervention Notice, triggering further scrutiny from regulators. The uncertainty surrounding the ownership of the Telegraph has implications for its editorial independence and the future direction of the paper. [Extracted from the article]

This article discusses various topics related to the UK, including the return of the TV show Doctor Who and its economic impact, the timing of a general election, potential tax cuts, and the battle for control of the Telegraph newspaper. It mentions the split between the UK's forecasting bodies regarding tax breaks and the impact on consumers' cost of living. The article also highlights the importance of the Telegraph's ties to the Conservative Party. Additionally, it briefly mentions consumer spending habits and features some unrelated weekend reading suggestions. [Extracted from the article]

The UK's national living wage, which is the minimum hourly pay that most workers are entitled to, will increase to £11.44 per hour from £10.42 in April 2024. This change will benefit about 1.7 million people and will also apply to 21 and 22-year-old workers for the first time. The national living wage is set by the government based on the advice of an independent body called the Low Pay Commission. There is also a more generous alternative called the real living wage, which is voluntarily paid by some businesses and is set by the Living Wage Foundation. [Extracted from the article]

(Bloomberg) -- Britain's leading business groups are calling on Jeremy Hunt to unlock investment with a mixture of tax cuts, improvements to the UK power grid and policies to address skills shortages when he unveils a package of economic measures later this month. Hunt has downplayed expectations of any big giveaways ahead of his Autumn Statement on Nov. 22, saying his priority is - as it has been all year - to bear down on inflation that remains well above the government's 2% target. [Extracted from the article]

(Bloomberg) -- The UK probe into Adobe Inc.'s $20 billion takeover of Figma Inc. was extended after the antitrust watchdog said it needed more time to look at new submissions from the companies. While Adobe has introduced less-expensive, streamlined products for that audience, most of its offerings are still heavyweight programs aimed at specialists. [Extracted from the article]

The agency is concerned that Adobe's deal may reduce competition in the all-in-one screen design software market and the creative design market. (Bloomberg) -- The UK probe into Adobe Inc.'s $20 billion takeover of Figma Inc. was extended after the antitrust watchdog said it needed more time to look at new submissions from the companies. [Extracted from the article]

Workers and apprentices below the age of 23 receive a minimum wage set at a lower rate than the national living wage. What happens if an employer fails to pay the national living wage or minimum wage?. [Extracted from the article]

In a boost for Sunak, Weis said the UK is ahead of the curve when looking at AI compared to some European peers. (Bloomberg) -- The UK has about three years to come up with rules to reassure people about artificial intelligence before wrenching changes in the way work is done unleashes the potential for social unrest, an industry expert said. [Extracted from the article]

A UK growth fund could be managed by the British Business Bank, the state-owned entity which lends and takes equity stakes in businesses around the UK. (Bloomberg) -- The UK government is considering copying the Canada Growth Fund to help channel investment into green technology and fast-growing businesses in a bid to boost the economy. [Extracted from the article]

In the UK, Metsä Tissue's main brand is Katrin, a paper towel and toilet roll brand used by corporate and professional clients. (Bloomberg) -- Finnish company Metsä Tissue is building a new paper mill in the Humber estuary of northeast England, in an investment worth hundreds of millions of pounds that will create 400 jobs. [Extracted from the article]

This week, UK power prices for the first quarter of next year traded about £124 per megawatt-hour, about 2% lower than the equivalent French price of €147. (Bloomberg) -- The UK will increase power sales to the continent this winter as a slump in carbon prices makes it cheaper to produce electricity at gas and coal plants. [Extracted from the article]

This week, UK power prices for the first quarter of next year traded about £124 per megawatt-hour, about 2% lower than the equivalent French price of €147. (Bloomberg) -- The UK will increase power sales to the continent this winter as a slump in carbon prices makes it cheaper to produce electricity at gas and coal plants. [Extracted from the article]

A study into population decline by David Miles, chief forecaster at the UK's Office for Budget Responsibility, found that "the economic impacts are likely, on balance, to be positive" and "predictions of dire effects are implausible." (Bloomberg) -- Shrinking populations could actually be good for people in the world's richest nations, according to a paper that examined the impact of the UK's expected demographic slump. [Extracted from the article]

(Bloomberg) -- Shrinking populations could actually be good for the world's richest nations, according to a paper that examined the impact of the UK's expected demographic slump and counters conventional wisdom. A study into population decline by David Miles, chief forecaster at the UK's Office for Budget Responsibility, found that "the economic impacts are likely, on balance, to be positive" and "predictions of dire effects are implausible.". [Extracted from the article]

The UK market watchdog has taken steps to boost initial public offerings, proposing to eliminate the distinction between the premium and standard listings and allowing founders to retain control of companies post-listing. (Bloomberg) -- A $20 billion merger in the packaging industry spells one thing for the UK stock market: the prospect of losing yet another of its top companies. [Extracted from the article]

Andrew Goodwin, chief UK economist at Oxford Economics, estimates the impact in the critical fifth year of the forecast will be to add about £15 billion to debt-servicing costs. (Bloomberg) -- UK Chancellor Jeremy Hunt has little scope for giveaways in his Autumn economic statement, which he announced on Tuesday would be held on Nov. 22, as higher interest rates wipe out his fiscal headroom. [Extracted from the article]

(Bloomberg) -- From the financial crisis to Russia's invasion of Ukraine, Britain has borrowed and spent its way out of every jam. A UK downgrade would undermine Prime Minister Rishi Sunak's effort to rebuild Britain's fiscal credibility after his predecessor, Liz Truss, triggered a bond-market crash a year ago by promising huge unfunded tax cuts. Slow-Growing UK Faces Reckoning Over £2.6 Trillion Debt Pile. [Extracted from the article]

However, Stuart also said that the government will be launching a consultation to tighten up sustainability criteria for biomass. (Bloomberg) -- The UK government said it will continue to support biomass energy, while it consults on toughening up the sustainability criteria for the industry in a bid to ensure it meets net zero goals. [Extracted from the article]

Last year, biomass supplied 11% of UK power, with much of it coming from Drax Group Plc, which has converted its coal-fired units to run on wood chips. Government subsidies for Drax's unabated biomass generation expire in 2027. (Bloomberg) -- The UK government said it will continue to support biomass energy, though it failed to provide specific details on how it would subsidize the country's biggest utility using the fuel. [Extracted from the article]

The decline in carbon permits has accelerated since early July, when the government unveiled its plans for reforming the country's emissions market. (Bloomberg) -- The cost of UK pollution rights slumped to a two-year low, with prices now almost half those of their European Union counterparts. [Extracted from the article]

Cooking oils, fats, fish and breakfast cereals became cheaper while clothing and footwear retailers slashed prices due to wet weather. (Bloomberg) -- Prices in UK stores fell for the first time in two years, in another sign that the cost-of-living crisis is starting to ease. [Extracted from the article]

(Bloomberg) -- The UK government plans to legislate later this year to set up a football regulator to oversee England's Premier League and lower divisions from 2024, people familiar with the discussions said. Britain's finance ministry has told the Department for Culture, Media and Sport that it won't receive any new funding for the regulator, meaning DCMS may take longer than intended to implement the plans, or be forced to cut grassroots football funding, they said. [Extracted from the article]

(Bloomberg) -- The UK is planning to allow local councils to double property taxes for second-home owners to help finance the construction of more affordable housing in the country, The Telegraph newspaper reported. The opposition Labour party has also also pledged tighter measures for second-home owners. [Extracted from the article]

(Bloomberg) -- Britain's antitrust regulator has cleared the country's biggest supermarkets of profiteering from high food costs, but said some retailers were not doing enough to allow customers to compare product prices. The watchdog is investigating grocers after food prices soared and supermarkets faced accusations of profiteering. [Extracted from the article]

(Bloomberg) -- The UK government wants to get rid of European Union restrictions on the short-selling of UK government bonds, part of a broader post-Brexit divergence from the bloc. The UK is consulting separately on EU-era rules around short-selling in equities. [Extracted from the article]

(Bloomberg) -- The UK no longer wants hedge funds to publicly reveal their large short positions in company stocks, which the government says risks copycat trades and short squeezes. Hedge Funds Shorting Stocks Face More SEC Disclosure Rules --With assistance from Nishant Kumar. [Extracted from the article]

Ofgem is targeting the high prices typically charged by gas-fired power plants in a special side market called the balancing mechanism. (Bloomberg) -- The UK energy regulator is preparing to ban companies that threaten to turn off their power plants at short notice from then demanding "excessive" prices to remain operational. [Extracted from the article]

(Bloomberg) -- Developed economies face a world of permanently high interest rates because aging populations will in future create "persistent supply constraints" that keep inflation elevated, according to the Blackrock Investment Institute. The paper he jointly authored said: "The shrinking supply of workers in several major economies due to aging means a low unemployment rate is no longer a sign of the cyclical health of the economy.". [Extracted from the article]

Competitors like Le Chameau, Aigle and waterproof leather boots Dubarry have eaten into Hunter's market and changed tastes. (Bloomberg) -- Hunter's Wellington boots were the rare product that could unite Britain - from the royal family to pop stars, from the countryside to the city. [Extracted from the article]