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Microsoft logo is seen on a smartphone placed on displayed Activision Blizzard's games characters in this illustration taken January 18, 2022. "While the CMA has identified limited residual concerns with the new deal, Microsoft has put forward remedies which the CMA has provisionally concluded should address these issues," the regulator said. The European Union waved the deal through in May after accepting Microsoft's commitments to license Activision's games to other platforms, the same remedies that Britain had rejected. The U.S. Federal Trade Commission also opposes the deal, but it has failed in its attempts to stop it. The CMA said there were "residual concerns" around the Ubisoft deal, but Microsoft has offered remedies to ensure the terms of the sale were enforceable by the regulator.

Persons: Dado Ruvic, Brad Smith, Sarah Cardell, Sophie Lund, Yates, Hargreaves Lansdown, Yadarisa, Paul Sandle, Varun H, Jason Neely, Sharon Singleton Organizations: Microsoft, Activision, REUTERS, Ubisoft UK's CMA, CMA, Activision Blizzard, Ubisoft Entertainment, Competition, Markets Authority, Ubisoft, Union, U.S . Federal Trade Commission, Thomson Locations: U.S, Britain, Bengaluru, London

☆ Microsoft-Activision: Ubisoft deal opens doors to Britain's nod
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: 1 min

Sept 22 (Reuters) - Microsoft's (MSFT.O) restructured acquisition of Activision Blizzard (ATVI.O) "opens the door" to the deal being cleared, Britain's antitrust regulator said on Friday. Last month, "Call of Duty" maker Activision agreed to sell its non-European streaming rights to Ubisoft Entertainment (UBIP.PA) to get the biggest deal yet in video-gaming past Britain's Competition and Markets Authority (CMA). Here is a snapshot of key events in the Microsoft-Activision saga:Reporting by Tiyashi Datta, Jaspreet Singh and Yadarisa Shabong in Bengaluru; Editing by Anil D'Silva, Shinjini Ganguli and Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Tiyashi Datta, Jaspreet Singh, Yadarisa, Anil D'Silva, Shinjini Organizations: Activision Blizzard, Activision, Ubisoft Entertainment, Markets Authority, Microsoft, Thomson Locations: Bengaluru

Omar Abbosh, chief strategy officer at Accenture, speaks during the annual Cyberweek conference at Tel Aviv University, Israel June 20, 2016. Abbosh, 57, will take over the reins early in 2024 from Bird, 59, whose strategy of selling directly to consumers helped Pearson out of a tumultuous few years during the pandemic. Shares in Pearson were down 5.2% at 838 pence in morning trading in London. Bird sought to sharpen Pearson's focus to selling directly to consumers and away from traditional educational outlets as the pandemic boosted demand for online learning. Pearson would compensate Abbosh for leaving Microsoft, including cash and an award of restricted shares equivalent to a maximum of 50,813 Microsoft shares or about 13 million pounds ($16.06 million) at the current price and foreign exchange rates, it said.

Persons: Omar Abbosh, Amir Cohen, Bird, Pearson, Andy Bird, Abbosh, it’s, Hargreaves, Sophie Lund, Yates, Yadarisa Shabong, Eva Mathews, Janane Venkatraman, Jason Neely, Bernadette Baum Organizations: Accenture, Tel Aviv University, Israel, REUTERS, Microsoft, Pearson, Apollo, Microsoft's Industry Solutions, Walt Disney Co, British, Thomson Locations: Abbosh, Bird, London, Bengaluru

☆ Music investor Hipgnosis to sell catalogues to bolster shares
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

Shakira performs during the 2023 MTV Video Music Awards at the Prudential Center in Newark, New Jersey, U.S., September 12, 2023. The sale includes a portfolio of 29 music catalogues and a collection of non-core songs to a partnership between its investment adviser and funds advised by U.S. private equity group Blackstone (BX.N), Hipgnosis said on Thursday. Founder Merck Mercuriadis is the CEO and founder of the investment adviser, Hipgnosis Song Management (HSM), and holds a minority interest in the buyer, Hipgnosis Songs Capital. Hipgnosis Songs Fund will retain ownership of seven of its ten largest catalogues, it added. Last week, Alchemy Copyrights agreed to buy music copyright-focussed investment firm Round Hill Music Royalty Fund (RHM.L) for about $468.8 million.

Persons: Shakira, Brendan Mcdermid, Nelly, Hipgnosis, Peppers, Neil Young, Blondie, Merck Mercuriadis, HSM, Aby Jose Koilparambil, Janane Venkatraman, Elaine Hardcastle Organizations: Prudential Center, REUTERS, U.S, Blackstone, Blackstone Inc, FTSE, Royalty, Thomson Locations: Newark , New Jersey, U.S, Bengaluru

WestRock stockholders will get one share in the new company, called Smurfit WestRock, and $5 in cash for each share they hold, which works out to $43.51 per share, the companies said in a statement. Smurfit Kappa shareholders will receive one new Smurfit WestRock share for each share they hold. That could make the deal more than 20% accretive to Smurfit Kappa's earnings per share, the statement added. Smurfit WestRock will be domiciled in low tax Ireland with its global headquarters in Dublin. Smurfit Kappa will de-list from Euronext Dublin, the latest blow for the Irish bourse as building materials giant CRH prepares to leave later this month.

Persons: WestRock, JP Morgan, Jefferies, Tony Smurfit, Ken Bowles, Irial Finan, Smurfit, Yadarisa, Padraic Halpin, Louise Heavens, Jason Neely Organizations: Kappa, Europe's, JP, Smurfit, Smurfit Kappa, London Stock Exchange, Irish bourse, Thomson Locations: DUBLIN, COVID, South, Central, North America, Europe, Ireland, Dublin, New York, Bengaluru

☆ Alchemy Copyrights to buy Round Hill Music for about $469 mln
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

Sept 8 (Reuters) - Alchemy Copyrights has agreed to buy music copyright-focussed investment firm Round Hill Music Royalty Fund (RHM.L) for about $468.8 million, the companies said on Friday, giving it access to songs including Backstreet Boys' "I Want It That Way". Shareholders in Round Hill Music will get $1.15 in cash per scheme share, representing a premium of about 67% to the stock's closing price on Thursday. Alchemy Copyrights, trading as Concord, is an acquirer of music rights and companies, with transactions spanning recorded music, music publishing and theatricals. Round Hill Music's portfolio of music rights comprises 51 catalogues with a collection of more than 150,000 songs, including Backstreet Boys' "I Want It That Way" and the Beatles' "She Loves You". Guernsey-based Round Hill Music has seen shares slide this past year due to inflationary pressures and a higher interest rate environment, which have impacted many listed alternative investment companies.

Persons: Yadarisa, Savio D'Souza, Sherry Jacob, Phillips Organizations: Royalty, Backstreet, Thomson Locations: Concord, Guernsey, Bengaluru

☆ Tobacco firm BAT sells Russian business to local management
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

A woman poses with a cigarette in front of BAT (British American Tobacco) logo in this illustration taken July 26, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Sept 7 (Reuters) - British American Tobacco (BATS.L) said on Thursday it entered into a deal to sell its Russian and Belarusian businesses to a consortium led by members of BAT Russia's management team. The company controlled just under 25% of the Russian tobacco market at the time. BAT, which had previously been in talks with its local distributor over a sale, said it had now formally entered into an agreement to sell the business to a consortium led by its local management team, in compliance with local and international laws. The company took a 957 million pound impairment related to the transfer of its Russian business in July 2022.

Persons: Dado Ruvic, Emma Rumney, Yadarisa, Sherry Jacob, Phillips Organizations: BAT, British, Tobacco, REUTERS, American Tobacco, BAT Russia's, Lucky, European, Thomson Locations: Russia, United States, European Union, Ukraine, Belarus, London

☆ UK's Barratt flags tough housing market conditions after annual profit fall
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

A company logo is seen on a banner outside a Barratt Homes housing development in Warrington, Britain, August 23, 2023. REUTERS/Phil Noble/File Photo Acquire Licensing RightsSept 6 (Reuters) - Britain's largest homebuilder Barratt Developments (BDEV.L) flagged difficult trading conditions over the coming months after it posted a fall in annual profit on Wednesday, as high mortgage rates and a cost-of-living squeeze pummel demand. Affordability concerns stoked by high mortgage rates and a prolonged cost-of-living crisis have weighed on the UK housing market, with indicators on everything from mortgage demand to construction rates and prices sliding in recent months. Barratt said the UK housing market remained difficult and the outlook uncertain, adding that it expected average sales sites to reduce by around 6% in the current fiscal year. British house prices in August were 5.3% lower than a year earlier, their biggest annual decline since July 2009, mortgage lender Nationwide said on Friday.

Persons: Phil Noble, Barratt, David Thomas, Aby Jose Koilparambil, Suban Abdulla, Subhranshu Sahu, Christopher Cushing Organizations: Barratt Homes, REUTERS, FTSE, Nationwide, Credit Suisse, Thomson Locations: Warrington, Britain, Bengaluru, London

Microsoft announced the biggest gaming deal in history in early 2022, but the acquisition was blocked by Britain's competition regulator, which was concerned the U.S. computing giant would gain too much control of the nascent cloud gaming market. Under the restructured deal, Microsoft will not be able to release Activision games like "Overwatch" and "Diablo" exclusively on its own cloud streaming service — Xbox Cloud Gaming – or to exclusively control the licensing terms for rival services. Instead, French gaming rival Ubisoft will acquire the cloud streaming rights for Activision's existing PC and console games, and any new games released by Activision in the next 15 years. A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, January 25, 2023. Microsoft said Ubisoft would acquire the rights through a one-off payment and a market-based wholesale pricing mechanism, including an option that supports pricing based on usage.

Persons: Tom Smith, there's, Gonzalo Fuentes, Alex Haffner, Fladgate, Sarah Cardell, Yadarisa, Kate Holton, Foo Yun Chee, Barbara Lewis, Sharon Singleton, Mark Potter Organizations: CMA, Microsoft, Activision, Ubisoft Deal, Ubisoft Entertainment, Ubisoft, Markets Authority, European Commission, Geradin Partners, Big Tech, Reuters, REUTERS, European Union . Competition, Federal Trade Commission, European, European Union, Sony, U.S, Thomson Locations: New York, Paris, U.S, Europe, Brussels, EU, Issy, France, British, United States, Bengaluru, London

Britain's Competition and Markets Authority (CMA) is the only regulator to block Microsoft's $69 billion Activision deal, in a test of its post-Brexit clout. The CMA in a statement said the revised transaction would "allow Ubisoft to commercialise these rights to other cloud gaming services providers (including to Microsoft itself)". Under the new terms, Microsoft will not be able to release Activision Blizzard games exclusively on its own cloud streaming service — Xbox Cloud Gaming – or to exclusively control the licensing terms of Activision Blizzard games for rival services. The new transaction deals with streaming rights outside the European Economic Area, reflecting the fact that Brussels had already approved the deal. Ubisoft will, however, receive a non-exclusive licence for Activision's European gaming rights too, enabling the French group to also stream the rights in the EU.

Persons: Yadarisa, Kate Holton, Rashmi Aich, Sachin Ravikumar, Barbara Lewis Organizations: CMA, Activision, Ubisoft Deal, Microsoft, Ubisoft Entertainment, Britain's, Markets Authority, Ubisoft, European Union, Sony, U.S, Activision Blizzard, Economic, Activision's, Thomson Locations: Paris, British, Brussels, Bengaluru, London

☆ BAE snaps up Ball's aerospace arm for $5.6 billion in its biggest deal ever
▼ + stars: | 2023-08-17 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +3 min

People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. Shares in BAE Systems fell as much as 4.9%, while Ball Corp rose 2.7% in premarket trading. "We see this deal as a good fit, although slightly expensive," Jefferies analysts led by Chloe Lemarie wrote in a note. He also confirmed the 1.5 billion pound ($1.91 billion) share repurchase announced with its half-year results. The Colorado-based aerospace business made $1.98 billion in revenue and accounted for 13% of Ball's consolidated net sales in 2022.

Persons: Cheney Orr, Tom Arseneault, Chloe Lemarie, Charles Woodburn, Yadarisa Shabong, Chandini, Susan Mathew, Subhranshu Sahu, Jason Neely, Sharon Singleton Organizations: BAE Systems, Association of, United States Army, Global, REUTERS, Ball Corp, Jefferies, Reuters, Blackstone Inc, Veritas Capital Fund Management, BAE, General Dynamics Corp, Textron, Shore Capital, Britain's, British, Thomson Locations: Huntsville , Alabama, U.S, Ukraine, Colorado, Bengaluru

☆ BAE Systems snaps up Ball Corp's aerospace arm for about $5.55 bln
▼ + stars: | 2023-08-17 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +3 min

People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. Shares in BAE Systems were down 3% by 0730 GMT. "We see this deal as a good fit, although slightly expensive," Jefferies analysts led by Chloe Lemarie wrote in a note. The proposed deal would be treated as an asset purchase for federal tax purposes, BAE said. ($1 = 0.7856 pounds)Reporting by Yadarisa Shabong in Bengaluru; editing by Subhranshu Sahu and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Cheney Orr, Chloe Lemarie, Charles Woodburn, Morgan Stanley, Yadarisa, Subhranshu Sahu, Jason Neely Organizations: BAE Systems, Association of, United States Army, Global, REUTERS, Ball Corp, Jefferies, Reuters, Blackstone Inc, Veritas Capital Fund Management, BAE, General Dynamics Corp, Textron, Britain's, Intelligence, Thomson Locations: Huntsville , Alabama, U.S, Colorado, Bengaluru

☆ BAE snaps up Ball's aerospace arm for $5.6 bln in its biggest deal ever
▼ + stars: | 2023-08-17 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +3 min

People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. The war in Ukraine has led to new demand for those in munitions supply chains, Tom Arseneault, head of BAE's U.S. business, told analysts. Shares in BAE Systems fell as much as 4.9%, while Ball Corp rose 2.7% in premarket trading. "We see this deal as a good fit, although slightly expensive," Jefferies analysts led by Chloe Lemarie wrote in a note. The Colorado-based aerospace business made $1.98 billion in revenue and accounted for 13% of Ball's consolidated net sales in 2022.

☆ World Cup fuels surge in women's sports betting, but early kick-offs weigh
▼ + stars: | 2023-08-16 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +2 min

Entain (ENT.L), owner of Ladbrokes and Coral brands, said it saw "exponential growth" in betting on the sport and a record number of women globally placing bets. The first three England games saw one-fifth of bets placed by women, it said. Betting on the co-host and semi-finalist Australia saw a 200% increase, fuelled by the Matildas strong run. Soccer leads the way in terms of the number of people betting and placing bets, and the number of women betting on women's soccer has doubled annually, the study said. Entain did not immediately disclose the number of bets placed on the World Cup.

Persons: Alishia, William Hill, Lee Phelps, Entain, Dominic Grounsell, Yadarisa, Conor Humphries Organizations: Soccer Football, FIFA, Australian High Commission, Australia, England, REUTERS, German Sport University Cologne, Soccer, Thomson Locations: New Zealand, London, Australia, Britain, Bengaluru

☆ Britain's M&S sees annual profit growth
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: 1 min

A logo of food and clothes' retailer Marks and Spencer (M&S) is seen at a branch in London, Britain March 10, 2022. REUTERS/Toby Melville/File PhotoAug 15 (Reuters) - British supermarket Marks and Spencer (MKS.L) said on Tuesday it expected profit growth for the year 2022-2023, with interim results likely to significantly improve against previous expectations. Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Marks, Spencer, Toby Melville, MKS.L, Yadarisa, Rashmi Organizations: REUTERS, Thomson Locations: London, Britain, Bengaluru

☆ Britain's M&S raises profit outlook after strong trading
▼ + stars: | 2023-08-15 | by ( James Davey | ) www.reuters.com time to read: +3 min

[1/2] A Marks and Spencer logo is seen on an advertisement outside of a store in London, Britain, May 23, 2018. The 139-year old group, whose shares have risen 66% so far this year, said it now expected profit growth in its full 2023-24 year, having previously forecast a small decline. Clothing group Next (NXT.L) upgraded its profit forecast earlier this month, lifting it for the second time in three months. M&S said in the first 19 weeks of the year like-for-like food sales grew over 11%, while clothing & home sales were up over 6% on the same basis. Clive Black at Shore Capital, the house broker, said sentiment around M&S had taken a long time to improve after other turnarounds failed to materialise, but he lifted his profit outlook by 9%.

Persons: Marks, Spencer, Toby Melville, Stuart Machin, Clive Black, James Davey, Yadarisa, Rashmi Aich, Kate Holton, David Evans Organizations: REUTERS, Marks, Shore Capital, Thomson Locations: London, Britain, Bengaluru

☆ UK lender Virgin Money sticks to annual outlook despite mortgage pressures
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

Signage on display outside of a Virgin Money store in central London, Britain, July 27, 2021. REUTERS/Henry Nicholls/File PhotoAug 2 (Reuters) - British challenger bank Virgin Money UK (VMUK.L) on Wednesday maintained its full-year outlook and reported stable net interest margin (NIM) in the third quarter despite pressure from its mortgages business. Virgin Money has been restructuring itself as it grapples with a drop in footfall and transaction volumes. Virgin Money said higher interest rates were offset by spread pressure in mortgages and continued deposit migration. The London-listed lender also announced its plans to buyback shares worth 175 million pounds ($159.58 million) in fiscal year 2023 and more in 2024.

Persons: Henry Nicholls, Yadarisa, Rashmi Organizations: Virgin, REUTERS, British, Virgin Money, Thomson Locations: London, Britain, Bengaluru

☆ Cineworld emerges from Chapter 11 bankruptcy
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Cineworld Group (CINE.L) said it has emerged from Chapter 11 bankruptcy after nearly 11 months, coming out with lower debt and a new slate of management and board. The world's second largest cinema chain operator behind AMC Entertainment (AMC.N) said it has appointed former Chair and CEO of Warner Bros Ann Sarnoff to its board, along with four other members to join new Chairman Eric Foss and CEO Eduardo Acuna. The movie chain operator and owner of brands such as Regal, Cinema City, Picturehouse and Planet had filed for U.S. bankruptcy in early September to restructure its massive debt. The "New Cineworld" has fixed its balance sheet after cutting debt by $4.53 billion, raising about $800 million in new equity capital and securing new debt financing of about $1.71 billion, the company said. Reporting by Yadarisa Shabong in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Warner Bros Ann Sarnoff, Eric Foss, Eduardo Acuna, Foss, Yadarisa, Nivedita Organizations: Cineworld, AMC Entertainment, Warner Bros, Cinema, U.S, Thomson Locations: Cinema City, Bengaluru

☆ Manchester United sign $1.1 bln Adidas kit deal for 10 years
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] Manchester United's Mason Mount in a preseason friendly, Manchester United v Olympique Lyonnais, in Murrayfield Stadium, Edinburgh, Scotland, July 19, 2023 Action Images via Reuters/Lee SmithJuly 31 (Reuters) - Manchester United (MANU.N) signed a 900 million pound ($1.1 billion) deal with Adidas (ADSGn.DE) on Monday, renewing the English soccer club's partnership with its official kit supplier for 10 more years. Manchester United, whose U.S. owners have been considering selling the Premier League club, will return to the lucrative UEFA Champions League this year after securing a top-four finish in the domestic league last season under manager Erik ten Hag. "The new deal increases the focus on the Manchester United women's team since their reintroduction in 2018," United said in a joint press release with Adidas. The new deal with Adidas, ahead of the 2023/24 Premier League season starting next month, will continue the partnership until June 2035, the northwest England-based club said. The original agreement with Adidas links a part of the yearly payments to the club's participation in the Champions League, according to the company's latest annual report.

Persons: Manchester United's Mason, Lee Smith, Erik ten Hag, Glazer, Qatar's Sheikh Jassim bin Hamad, Jim Ratcliffe, Bjorn Gulden, Yadarisa, Nivedita Bhattacharjee, Mark Potter Organizations: Manchester, Manchester United, Olympique Lyonnais, Adidas, soccer, Premier League, UEFA Champions League, Nike, Manchester United women's, Champions League, Champions, United, Thomson Locations: Murrayfield, Edinburgh, Scotland, Thani, British, England, Bengaluru

☆ AstraZeneca to buy Pfizer's rare disease gene therapy portfolio for up to $1 bln
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] FILE PHOTO-Test tubes are seen in front of a displayed AstraZeneca logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoJuly 28 (Reuters) - AstraZeneca (AZN.L) said on Friday its unit Alexion has agreed to buy U.S. drugmaker Pfizer's <PFE.N> early-stage rare disease gene therapy portfolio for up to $1 billion, plus royalties on sales. AstraZeneca bought Alexion in 2021. It focuses on rare diseases and plans to close the deal in the third quarter, the British drugmaker said. AAV capsids have been shown to be an effective mechanism for delivering therapeutic gene cargos for gene therapy and gene editing, the company said.

Persons: Dado Ruvic, Alexion, drugmaker, AAV, Yadarisa, Nivedita Organizations: AstraZeneca, REUTERS, Thomson Locations: Bengaluru

☆ Aston Martin races past second quarter expectations
▼ + stars: | 2023-07-26 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +2 min

[1/2] FILE PHOTO-Employees work on a car at the Aston Martin factory in Gaydon, Britain, March 16, 2022. Aston Martin kept its 2023 forecast for volumes of about 7,000 vehicles and an adjusted core profit margin of about 20%. Aston Martin reported an adjusted operating loss of 38.9 million pounds ($50.2 million) and revenue of 381.5 million pounds in the quarter to June. Analysts on average had expected an adjusted operating loss of 51 million pounds on revenue of 344 million pounds, according to a company-compiled consensus. Aston Martin said it was also on track to meet its medium-term financial targets.

Persons: Aston Martin, Phil Noble, Amedeo Felisa, Felisa, JP Morgan, James Bond's, China's Geely, Yadarisa, Savio D'Souza, Mark Potter Organizations: Aston, REUTERS, HK, Lucid, Thomson Locations: Gaydon, Britain, Bengaluru

☆ Royal Mail's owner picks international parcels boss as group CEO
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

July 20 (Reuters) - Royal Mail's parent group International Distributions Services (IDS) (IDSI.L) appointed Martin Seidenberg, CEO of the group's international parcels network, as its new group CEO on Thursday. Seidenberg will be tasked with mending relationships with labour union CWU and driving the group and the loss-making UK business back to profitability. He will be appointing CEOs for the two units - its UK business Royal Mail and GLS - in due course, the company said. Seidenberg said Royal Mail has "plenty of opportunity ahead" given its brand and scale. Simon Thompson, the current CEO of Royal Mail announced his resignation earlier this year after months of labour strife.

Persons: Martin Seidenberg, Seidenberg, Simon Thompson, GLS, Yadarisa, Dhanya Ann Thoppil, Janane Venkatraman, Sonali Paul Organizations: International, Services, GLS, IDS, Royal Mail, Deutsche Post DHL, Royal, Thomson Locations: Bengaluru

☆ UK announces in-depth probe of Adobe's $20 billion Figma deal
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Britain's antitrust regulator on Thursday announced an in-depth probe of Adobe's (ADBE.O) $20 billion bid for cloud-based designer platform Figma, after the Photoshop owner said it would not offer any remedies to ease the regulator's concerns. But on July 7, the U.S. company told the CMA it would not offer any remedies, the CMA said on Thursday. Figma and Adobe both directed Reuters to the companies' response in June, when the regulator had flagged these concerns. An in-depth, or phase two, probe by the CMA is conducted by an inquiry group selected from independent experts. It has said it expects to close the deal by end of this year, as U.S. and EU regulators also probe the deal.

Persons: Yadarisa, Chavi Mehta, Nivedita Bhattacharjee, Mark Potter Organizations: Markets Authority, U.S ., CMA, Adobe, Reuters, Zoom Video Communications, Figma, Thomson Locations: U.S, EU, Bengaluru

☆ Cinepolis exec Eduardo Acuna to become Cineworld CEO
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

July 13 (Reuters) - Cineworld Group (CINE.L) said on Thursday Eduardo Acuna, who runs the Americas operations of Mexican theatre operator Cinepolis, will become its CEO when the company emerges from bankruptcy proceedings, expected this month. The group, which filed for U.S. bankruptcy protection in September, said lenders had agreed to appoint Acuna as CEO of the newly formed parent company after its restructuring plan becomes effective. Cineworld had faced discontent from shareholders over executive pay in 2021, including bonuses to the CEO and his brother and deputy chief Israel Greidinger. Acuna, who has been with Cinepolis since 2005, previously held roles at McKinsey and Co and Goldman Sachs. Cineworld added that it "understands that a selection process for the remaining members of the new company's board is ongoing".

Persons: Eduardo Acuna, Acuna, Eric Foss, Mooky Greidinger, Greidinger, Cineworld, Israel Greidinger, Goldman Sachs, Eva Mathews, Yadarisa, Shinjini Organizations: Cineworld, U.S, Pepsi, Cinema City, Regal Entertainment, Financial Times, McKinsey, Thomson Locations: London, Britain, U.S, British, Bengaluru

☆ BP in talks over insurance deal for pension scheme, Financial Times reports
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

Companies Bp Plc FollowJuly 7 (Reuters) - Energy giant BP (BP.L) is in talks with insurers over a so-called buy-in deal for its 30 billion pound ($38.30 billion) pension scheme, the Financial Times reported on Friday. Such options include long-term insurance policies," BP Pension Fund Trustee said in an emailed statement. Companies have been trying to offload pension schemes from their balance sheets in recent years as they are expensive to run, while bulk annuity deals have provided a growing source of income for insurers. In February, Pension Insurance Corporation agreed to a pensions buy-in deal totalling around 6.5 billion pounds with insurer RSA Group, covering the pensions of 40,000 members, in the largest ever bulk annuity deal of the kind. That buy-in involved the insurer taking on the risk of the pension scheme's liabilities.

Persons: Yadarisa, Shinjini Organizations: Bp, Energy, BP, Financial Times, BP's, Fund, Pension Insurance Corporation, RSA Group, Thomson Locations: Bengaluru, Shadia, London

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