Europe
Headlines
Huge Financial Impact of Heathrow's Fire Blunder Revealed
Heathrow Airport is expected to face costs running into the "low tens of millions" of pounds following its chaotic closure in March, chief executive Thomas Woldbye has revealed. The temporary shutdown was caused by a fire at the North Hyde electrical substation in west London, which led to a power outage and forced the west London airport to halt operations...
UniCredit withdraws offer for BPM after opposition from Meloni’s government
UniCredit has officially withdrawn its bid to acquire the smaller rival Banco BPM following strong opposition from Prime Minister Giorgia Meloni’s government, as well as continuing regulatory hurdles linked to Italy’s so-called “golden power” rules. The move comes just days after the European Commission issued a sharp reprimand against the Italian...
BP Job Cuts
BP is making significant changes to its workforce as part of a strategic effort to streamline operations and cut costs. The London-based energy giant announced on January 16, 2025, that it will reduce its global workforce by approximately 4,700 employees, representing about 5% of its total staff of around 90,000. Additionally, BP plans to eliminate...
Sainsbury's CEO Calls for Reform of Outdated Business Rates System
In a bold statement, Simon Roberts, the Chief Executive of Sainsbury's, has declared that the current business rates system is "no longer fit for purpose." Roberts' comments highlight the growing burden that traditional retailers face in the face of increasing competition from online competitors.The Disproportionate Impact on Retailers Sainsbury's,...
McDonald's UK Celebrates 50 Years: A Legacy of Innovation and Supply Chain Excellence Crowned by ACQFive & Gamechangers™ UK Company of the Year and International Food Services Company of the Year Awards
As McDonald's marks its 50th anniversary in the UK, the fast-food giant reflects on half a century of innovation, supply chain mastery, and cultural impact. Since opening its first UK restaurant in Woolwich, London, in 1974, McDonald's has become an integral part of British life, serving millions of customers and creating countless memories. This milestone...
Finance
Transforming Anti-Money Laundering and Counter-Terrorist Financing: The UK Government's Proposed New Models
In the complex and ever-evolving landscape of financial crime prevention, the UK government is poised to unveil a paradigm-shifting approach to Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) measures. Jake Robson delves into the intricacies of the proposed AML/CTF models. We'll explore the context behind these changes, the key...
Manufacturing activity slipped to a 31-month low in December
December's manufacturing Purchasing Managers’ Index (PMI) fell to a 31-month low, continuing the sector's poor performance. Input shortages and a significant fall in new orders contributed to the decline in activity. With activity data for other sectors having been persistently weak, it appears likely that GDP fell again in Q4 2022. The survey...
Rebel alliance: How Bernie Sanders' unlikely rise, the Greek mini-rebellion and crazy Donald Trump (!?) have fueled the climate of resistance
Bernie and the Donald have electrified a tedious campaign, and Greece has rocked Europe to its core. What next?Read More
What can we learn from the Greek defeat? The global struggle against austerity reaches the screen
Angela Merkel and the bankers crushed Syriza and drove Portugal into poverty -- but the fight is far from overRead More
Europe wants Greece to suffer: The truth about the never-ending financial crisis & the cult of extreme austerity
Greece's financial nightmare has lasted five years now. There's no sign of real relief—for a very specific reasonRead More
Legal
Sizewell C Switch
Slaughters, DLA, Freshfields, and Linklaters have played instrumental roles in finalizing the £38 billion investment deal for the Sizewell C nuclear power plant, one of the largest and most significant infrastructure projects in the UK. This complex transaction marks a critical milestone in securing funding and moving forward with the construction...
Council forks out almost £5,000 for “offensive comments”
An employer – Rotherham Council – has been ordered to pay almost £5,000 in compensation after “offensive” comments were made to a disabled member of staff by his line manager. Gareth Matthews, Head of Employment, considers the implications of this case in more detail, particularly in light of the fact that the comments were made following a...
Independent European Firms Bounce Back in H1 League Tables
Independent law firms made a comeback in European M&A in the first half of 2022. Nine of the top 20 legal advisers on U.K. and Europe deals in the six months to the end of June were local Continental European firms, according data from Refinitiv. German firm Hengeler Mueller came second in the rankings, while Italian firms Legance Avvocati Associati,...
Deals
UK watchdog to investigate Facebook takeover of Giphy
CMA concerned acquisition could lessen competition for creation of gifs popular on social mediaThe UK’s competition regulator is launching an in-depth investigation of Facebook’s $400m (£290m) acquisition of the gif creation website Giphy over fears that it could lead to a squeeze on the supply of gifs to other social networks such as Snapchat,...
Financiers behind NSO Group in struggle for control of private equity firm
Rift at Novalpina Capital, whose fund owns surveillance equipment firm, has been largely concealed from public viewThe company had been the focus of scrutiny for years – a seller of controversial surveillance equipment coveted by governments across the world. So when three financiers behind a private equity fund led the acquisition of NSO Group in...
UK watchdog investigates Penguin owner's Simon & Schuster takeover
CMA says it is considering whether Penguin Random House’s $2bn deal would lessen competitionThe UK competition watchdog has launched an investigation into Penguin Random House’s (PRH) $2bn (£1.45bn) takeover of rival book publisher Simon & Schuster.The Competition and Markets Authority said on Monday it was considering whether the deal, which...
Jay-Z sells majority stake in Tidal music streaming service to Jack Dorsey's Square
$297m deal hands control to Twitter co-founder, with Beyoncé, Madonna, Rihanna and other Tidal co-owners retaining stakesSquare, the mobile payments firm run by Jack Dorsey, Twitter co-founder, has acquired a majority stake in Jay-Z’s Tidal audio and video music streaming service in a $297m deal.Under the terms of the deal, Tidal’s superstar co-owners,...
Daily Mail owner buys New Scientist magazine in £70m deal
The 65-year-old title is forecast to make £7m in profits this yearThe publisher of the Daily Mail has acquired the renowned weekly science and technology magazine New Scientist in a £70m cash deal – the latest round of consolidation in the publishing sector.The 65-year old title, which is owned by a group of individual investors led by Sir Bernard...