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☆ Explainer: Boosting the City: Part Two of UK's post-Brexit finance reforms
▼ + stars: | 2023-07-10 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Companies on the London Stock Exchange's AIM and Aquis Exchange's growth market would also be eligible. Many savers in direct contribution pension funds are years away from retirement, making it easier to make changes now without risking their pensions. The proposed Intermittent Trading Venue would be launched by the London Stock Exchange in 2024. Britain will make trading shares more efficient by ending the use of paper trails for official transaction records. The government will hold public consultations on some of the proposed pension reforms while regulators already have powers to implement other changes, such as the rules on research.

Persons: Jeremy Hunt, AFME, Huw Jones, Mark Heinrich Our Organizations: London, European, Companies, London Stock, AIM, ARM, London Stock Exchange, Labour Party, Labour, Thomson Locations: European Union, Britain, New York, Australia, Canada

☆ Thames Water secures $962 million from investors but says it will need more
▼ + stars: | 2023-07-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —Investors in Thames Water have agreed to put an extra £750 million ($962 million) of equity funding into the troubled utility to hold off a temporary takeover by the government. The utility anticipates that an additional £2.5 billion ($3.2 billion) of equity funding will be needed in the five years to 2030. “The additional investment announced today is the largest equity support package ever seen in the UK water sector and underscores our shareholders’ commitment to delivering Thames’ turnaround,” the company’s chairman, Ian Marchant, said in a statement. Thames Water, which provides water and wastewater services to 15 million people in London and the southeast of England, has been at the center of a wider crisis in the sector. Heavily indebted UK water companies are under growing financial pressure as interest rates soar and they must also invest billions of pounds to upgrade aging infrastructure and tackle sewage spills and leakage.

Persons: Ian Marchant Organizations: London CNN — Locations: Thames, London, England

☆ UK watchdog shuts more illegal cryptocurrency 'machines'
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 11 (Reuters) - Britain's Financial Conduct Authority said on Tuesday it has stopped 26 machines across the country for illegally offering cryptocurrencies, warning consumers they could lose all of their money. A member of the public paid in a thousand pounds into a crypto ATM in Sheffield, northern England, in an attempt to buy cryptocurrencies, but no cryptocurrency or funds were returned, the FCA said. The watchdog, in a coordinated operation with other law enforcement agencies, inspected 34 locations suspected of hosting crypto ATMs since the start of this year and "disrupted" 26 machines. "You will not be protected if something goes wrong, and you could lose your money," Smart said. Reporting by Huw Jones; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Steve Smart, Smart, Huw Jones, David Evans Organizations: Authority, FCA, Thomson Locations: Sheffield, England

☆ BBC suspends star presenter over alleged sexually explicit teen photos scandal
▼ + stars: | 2023-07-09 | by ( ) www.cnbc.com time to read: +2 min

A camera is seen outside the British Broadcasting Corporation (BBC) headquarters in London, Britain, March 13, 2023. Britain's BBC suspended a male member of staff on Sunday following an allegation that one of its star presenters paid a teenager thousands of pounds to pose for sexually explicit photos, beginning when the teen was 17 years old. The statement said, "It is important that these matters are handled fairly and with care," without giving details on the claims. The mother told the newspaper that the teenager had used the cash to fund a crack cocaine habit. "(Davie) has assured me the BBC are investigating swiftly and sensitively," she said on Twitter.

Persons: Britain's, Lucy Frazer, Tim Davie, Davie Organizations: British Broadcasting Corporation, Britain's BBC, BBC, Sun, Twitter Locations: London, Britain

☆ BBC suspends presenter over alleged teenager photos scandal
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +2 min

BBC News said it understood that referred to the police. The Sun newspaper, which first reported the allegations, cited the young person's mother as saying the unnamed male presenter had paid the teenager more than 35,000 pounds ($45,000) over three years for the images. The mother told the newspaper that the teenager had used the cash to fund a crack cocaine habit. "(Davie) has assured me the BBC are investigating swiftly and sensitively," she said on Twitter. ($1 = 0.7791 pounds)Reporting by Paul Sandle; Editing by William Maclean, David Holmes and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Lucy Frazer, Tim Davie, Davie, Paul Sandle, William Maclean, David Holmes, Sharon Singleton Organizations: BBC, BBC News, Sun, Twitter, Thomson

☆ BBC Suspends Male Staff Member After Report of Payments for Sexual Images
▼ + stars: | 2023-07-09 | by ( Chris Cameron | More About Chris Cameron | ) www.nytimes.com time to read: +1 min

The BBC, Britain’s public broadcaster, suspended a male staff member on Sunday after a report in The Sun newspaper that an unnamed male presenter had paid tens of thousands of pounds to a person starting when they were 17 years old in exchange for “sexually explicit photographs.”The Sun did not identify the presenter, and the BBC did not identify the staff member who was suspended. In a statement announcing the suspension, the BBC said that the company “became aware of a complaint in May,” and “new allegations were put to us on Thursday of a different nature.”“The BBC takes any allegations seriously, and we have robust internal processes in place to proactively deal with such allegations,” the company said, adding, “This is a complex and fast moving set of circumstances, and the BBC is working as quickly as possible to establish the facts in order to properly inform appropriate next steps.”

Persons: “, ” Organizations: BBC, Sun

☆ Amazon workers at UK warehouse to strike for three days in July
▼ + stars: | 2023-07-08 | by ( Anirudh Saligrama | ) www.reuters.com time to read: +1 min

July 8 (Reuters) - Nearly 900 Amazon (AMZN.O) workers at a warehouse in Britain will stage a strike for three days in the coming week over a pay dispute, labour union GMB said on Saturday. It coincides with a "Prime Day" sales event the company has announced for July 11-12. Last month, the union said that the Coventry warehouse workers had voted for six more months of strikes. The workers also went on strike last month from June 12-14. Amazon is expected to record about $7 billion in revenue from its Prime Day sales, an increase of 12% from what was disclosed for Prime Day during the third quarter last year, according to JPMorgan.

Persons: GMB, Rachel Fagan, RMT, Anirudh Organizations: Reuters, JPMorgan, Thomson Locations: Britain, Amazon's, Coventry, Bengaluru

290, one of the Ultimate Fighting Championship’s marquee cards of the year, is happening on Saturday night with two championship bouts topping an event of about a dozen fights. In the main event, Alexander Volkanovski will defend his belt in the 145-pound division against Yair Rodríguez, the interim champion. And in the co-main event, Brandon Moreno will try to maintain his title at 125 pounds against Alexandre Pantoja. The main card started at 10 p.m. Eastern and the Moreno-Pantoja championship fight is expected to happen about 11:30 p.m. Eastern, depending on the outcome of earlier fights. The Volkanovski-Rodríguez fight will happen last.

Persons: Alexander Volkanovski, Yair Rodríguez, Brandon Moreno, Alexandre Pantoja, Moreno, Bo Nickal, Val Woodburn, Dan Hooker, Jalin Turner, Robert Whittaker, Dricus Du Plessis Organizations: ESPN Locations: United States

Tesla, which had previously stopped the referral program as it was too expensive, up to now has focused on real-time adjustments to prices posted on its websites. It revived the referral program recently to boost sales, analysts said. The EV sales market globally has become more competitive, forcing automakers to cut prices or boost incentives in several markets. The automaker has used its industry-leading profit margins as a weapon in the EV price war, putting pressure on both legacy automakers as well as cash-strapped EV startups. A number of Tesla owners in China posted their referral codes online and invited others to use them.

Persons: Tesla, Elon Musk, Garrett Nelson, Nelson, Needham, Chris Pierce, Ford, Chavi Mehta, Hyunjoo Jin, Shounak Dasgupta Organizations: Tesla, Thomson Locations: cashback, U.S, United States, China, Germany, France, Canada, Mexico, Hong Kong, Singapore, Bengaluru, San Francisco

☆ The 21 Best Early Prime Day 2023 Deals
▼ + stars: | 2023-07-07 | by ( Nick Guy | ) www.wsj.com time to read: +9 min

By Nick GuyAmazon’s Prime Day sales event is on July 11 and 12, but there are already deals live now for you to take advantage of. While you shop these deals, be sure to prepare with our expert tips and tricks for getting the most from Prime Day. Prime Day might be prime time for you to upgrade your coffee game. This piece, part of the Marine Star collection, is available as part of Amazon’s new invite-only program, which you can read more about in our guide to shopping Prime Day. We’re in the thick of cold brew season, which makes this early Prime Day sale on the Oxo Brew Cold Brew Coffee Maker perfectly timed.

Persons: Nick Guy Amazon’s, we’ll, you’re, you’ll, fryer, you’ve, Fryer, We’ve, There’s, It’s, Dyson, it’s Organizations: Marine, Apple, Cosori’s, Quart Locations: Burr

☆ Silverstone, a Storied Formula 1 Track, Wants to Continue Its Tale
▼ + stars: | 2023-07-07 | by ( Alex Kalinauckas | ) www.nytimes.com time to read: +1 min

In 2008, Bernie Ecclestone, head of Formula 1 at the time, said the race would leave Silverstone. Then in 2017, the British Racing Drivers’ Club, the owner of the track, activated what is called the break clause in its hosting agreement, which would allow the club to stop holding the race. After two years of talks, a new deal was struck with Formula 1 and its new owner, Liberty Media, which had replaced Ecclestone. Based on its most recent financial filing, Silverstone made £6.9 million in profit in 2021. “The members, the 820 or so racing drivers or former racing drivers,” he said, don’t take money out.

Persons: Bernie Ecclestone, Ecclestone, Silverstone, Pringle, ”, don’t Organizations: Silverstone, British Racing Drivers ’, Liberty Media

☆ 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

☆ Weight loss without Wegovy’s side-effects on biotech firms' radar
▼ + stars: | 2023-07-07 | by ( Maggie Fick | ) www.reuters.com time to read: +8 min

It leads to 22.5% weight loss, according to a Lilly trial published last year. The effect achieves far more weight loss than predecessors. An even earlier stage biotech firm, Antag Therapeutics in Denmark, told Reuters that the ballooning obesity market has improved its fundraising prospects. It curbs appetite by restoring the natural release of GLP-1 and other hormones, without causing nausea, Phase I data showed. The effect of the drug on weight loss is being tested in the Phase II study.

Persons: Rebecca Vogt, Handout, Wegovy, Vogt, Jayson Dallas, Noushin Irani, Mounjaro, Eli Lilly's, Lilly, Andrew Levin, Rivus, Mark Fineman, Ashish Nimgaonkar, Nimgaonkar, Alexander Sparre, Ulrich, Tim Opler, Opler, Stifel, Maggie Fick, Josephine Mason, Daniel Flynn Organizations: REUTERS, Nordisk's, Food and Drug Administration, U.S, Reuters, Rivus Pharmaceuticals, Investors, Deutsche, FDA, Pfizer, Capital Management, Rivus, Therapeutics, Johns Hopkins University, pharma, Antag Therapeutics, Aphaia Pharma, Thomson Locations: Irving , New York, U.S, GLP, Buffalo , New York, United States, Dallas, Baltimore , Maryland, Denmark, Switzerland

☆ UK bank’s 25% drop adds further investor wildcard
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 7 (Reuters Breakingviews) - Being a bank investor was already hard enough in 2023. Shareholders who thought rising interest rates were a one-way bet realised otherwise when losses on long-term bonds helped sink Silicon Valley Bank. In it, OSB said it will take a roughly 170 million pound hit to revenue because customers were refinancing home loans quicker than expected. That, in turn, involves predicting how long customers will stay on higher variable-rate tariffs after their fixed-rate deals expire. Central banks’ inflation fight has changed the dynamics here, since rising rates incentivise borrowers to switch more quickly.

Persons: OSB, Liam Proud, Lisa Jucca, Oliver Taslic Organizations: Reuters, Bank, Twitter, Thomson

☆ UK set to ease stock market listing rules
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

Hunt will also seek to roll back a European Union-era securities law, Treasury said. UK is set to approve recommendations in Rachel Kent's Independent Research Report, paving the way for a new "Research Platform" to provide a one-stop-shop for firms looking for research experts, the statement added. UK had last year announced the launch of the Investment Research Review - an independent review of financial services investment research and its contribution to UK capital markets competitiveness, headed by Kent. The approval also sets the way for potentially removing unbundling rules – an inherited EU law that requires brokers to charge a separate fee for research. "We will not countenance tax cuts if they make the battle against inflation harder," the newspaper quoted Hunt as saying.

Persons: Jeremy Hunt, UK's, Hunt, Rachel, Hogan Lovells, Rishi Sunak's, Nilutpal, Chris Reese, David Gregorio, Shri Organizations: Finance, UK's Treasury, Treasury, Investment Research, Financial Times, Aviva Plc, Phoenix Group Holdings, City of London Corporation, FT, Thomson Locations: Union, Kent, Bengaluru

The strong ramp-up in sales for EVs, led by growth in China, means copper demand will continue to grow for the remainder of the decade, but innovation in EVs has emerged as a limiting factor, according to two recent forecasts. In a report this week, Goldman Sachs said EVs accounted for two-thirds of the global demand growth in copper last year. "Some of the projections out there have been very aggressive in terms of potential green energy demand (for copper)." Goldman Sachs called innovation in batteries and the potential shift to higher voltage systems like Tesla's "the main threat to copper's EV demand leverage." It expects copper demand for EVs to be 1 million metric tons this year and 2.8 million by 2030.

Persons: Goldman Sachs, Robert Edwards, Tesla, Elon Musk, CRU's Edwards, Mai Nguyen, Kevin Krolicki, Emelia Sithole Organizations: EVs, CRU Group, London Metal Exchange, Thomson Locations: HANOI, China, EVs, Hanoi, Singapore

☆ Focus: Biotech firms target weight-loss drugs without Wegovy's side-effects
▼ + stars: | 2023-07-07 | by ( Maggie Fick | ) www.reuters.com time to read: +8 min

[1/7] Rebecca Vogt, a former user of the weight-loss drug Wegovy, poses for a photo, in Irving, New York, U.S., June 20, 2023. It leads to 22.5% weight loss, according to a Lilly trial published last year. An even earlier stage biotech firm, Antag Therapeutics in Denmark, told Reuters that the ballooning obesity market has improved its fundraising prospects. It curbs appetite by restoring the natural release of GLP-1 and other hormones, without causing nausea, Phase I data showed. The effect of the drug on weight loss is being tested in the Phase II study.

LONDON, July 7 (Reuters) - As Thames Water's financial troubles raise questions about such investments, Britain will next week try to persuade pension schemes to plough billions of pounds into infrastructure and start-ups in its next leg of post-Brexit reforms. British Finance Minister Jeremy Hunt will on Monday set out the government's latest thinking on getting cash locked up in pension pots to work in the economy. The Conservative government's long-trailed policy focuses on persuading pension schemes to invest a portion of their money in infrastructure, start-ups and 'green' technology. But the problems at Thames Water, which is battling for survival under 14 billion pounds ($18 billion) of debt, would leave some pension schemes that had made large investments in it embarrassed, said independent pensions consultant John Ralfe. The finance ministry had no immediate comment on Hunt's speech, but the pensions industry has already said it opposes mandatory investment quotas.

Persons: Jeremy Hunt, Hunt, John Ralfe, Ralfe, Nobody, Huw Jones, Alexander Smith Organizations: Thames, British, Conservative, Amsterdam, London, EU, Thomson Locations: Britain, London's, New York, London

☆ A first-class passenger told crew he would detonate a bomb unless the plane was diverted, later claiming that he thought cartel enforcers were waiting for him, authorities say
▼ + stars: | 2023-07-07 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +4 min

An FBI affidavit says he handed a flight attendant a note threatening to "kill everyone on board." The flight was diverted from Seattle, where the man told authorities cartel enforcers were waiting. A first-class passenger accused of threatening to "kill everyone" aboard his flight later told authorities he'd wanted the flight diverted because he thought waiting cartel members would torture and kill him, the FBI says. The affidavit quotes the note as saying: "There is a bomb on the plane. Scott was said to have told authorities after his arrest that he had considered other ways to get the flight diverted, including assaulting a flight attendant or opening the cabin door.

Persons: he'd, Brandon L, Scott Organizations: Alaska Airlines, FBI, Brandon, Spokane International Airport, Sinaloa Cartel Locations: Seattle, Atlanta, Spokane, Sinaloa

☆ UK FTSE 100 at three-month low as rate hike worries grip; Currys slumps
▼ + stars: | 2023-07-06 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) fell 1.2%, hitting its lowest level since March 24. Currys (CURY.L) tumbled 13.3% to its lowest level in more than 20 years after the electricals retailer reported a 38% slump in full-year profit. The commodity-heavy UK benchmark has been underperforming its peers this year amid volatility in resource prices over an uncertain global outlook. Among individual stocks, United Utilities (UU.L) climbed 1.8% after Morgan Stanley raised the water utility firm's rating to "overweight" from "equal-weight." Reporting by Shashwat Chauhan in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: tanked, Chris Beauchamp, Beauchamp, Morgan Stanley, Shashwat Chauhan, Dhanya Ann Thoppil Organizations: United Utilities, P, FTSE, U.S, U.S . Federal, IG Group, HSBC, Standard Chartered, Prudential, CAB, Thomson Locations: China, U.S, U.S ., Bengaluru

☆ UK's Currys drops dividend on uncertain economic outlook
▼ + stars: | 2023-07-06 | by ( James Davey | ) www.reuters.com time to read: +2 min

The group also reported a 38% fall in full year profit, hurt by the weak performance of its Nordics business. Accordingly, we're being prudent in our planning, and in further strengthening our balance sheet," CEO Alex Baldock said. Baldock said Currys had taken actions to maximise operating cashflow through margin improvement, delivering cost savings and reducing capital expenditure. Nevertheless, the economic outlook remains uncertain in our main markets," Currys said. The group reported a statutory loss before tax of 450 million pounds for the year, driven by a previously announced non-cash goodwill impairment of 511 million.

Persons: we're, Alex Baldock, Baldock, Currys, Mike Ashley's Frasers, Frasers, James Davey, Sarah Young, Jason Neely Organizations: Consumers, Revenue, Ireland, Thomson Locations: British, Europe, Currys

☆ Amy Olson: What to eat at a golf major when you’re seven months pregnant – peanut butter and jelly sandwiches
▼ + stars: | 2023-07-06 | by ( Jack Bantock | ) edition.cnn.com time to read: +7 min

But before she embraces parenthood, Olson has a golf tournament to try and win – the US Women’s Open, no less. Darron Cummings/APOlson had just one request for the tournament’s organizers: to have peanut butter and jelly sandwiches waiting for her at Pebble Beach. Amateur Brenda Corrie-Kuehn was eight months pregnant when she teed off at the 2001 US Women’s Open, with playing partner Jennifer Greggain well into her second trimester. Olson came close to a first major title at the 2020 US Women's Open. Women’s golf’s oldest major is finally touching down at Pebble Beach, a course that has already captivated Olson with its beauty.

Persons: Amy Olson, Olson, ” Olson, ”, Grant’s, Darron Cummings, –, “, don’t, Amateur Brenda Corrie, Kuehn, Jennifer Greggain, Corrie, Kuehn’s, Rachel, Stacy Lewis, “ I’m, I’m, it’s, there’s, Olson’s, Lim Kim birdied, Carmen Mandato, can’t, what’s Organizations: CNN, LPGA, American, Amateur, Nike, US, South, Evian Locations: Minnesota, “ There’s, North Dakota, South Korean, Pebble

Philip Meeson, who built Jet2 into Britain's biggest seller of package holidays, will step down as executive chairman and leave the board later this year, the company also said. The Leeds-based company overtook former package holiday market leader TUI last year, and said it was confident of future demand despite the pressure on disposable incomes from high inflation and rising interest rates. "The end-to-end package holiday is a resilient and popular product, particularly during difficult economic times," Jet2 said. For the 12 months to the end of March, Jet2 posted pretax profit before foreign exchange revaluation of 390.8 million pounds ($497 million), within its guidance range of 387-392 million pounds. ($1 = 0.7865 pounds)Reporting by Sarah Young Editing by James Davey, Mark Potter, Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Persons: Philip Meeson, Meeson, TUI, Jet2, Mark Simpson, Sarah Young, James Davey, Mark Potter, Elaine Hardcastle Organizations: Channel, Thomson Locations: British, Britain, Leeds, Jet2

☆ Welcome to the Age of the Cage Match
▼ + stars: | 2023-07-06 | by ( Joseph Bernstein | ) www.nytimes.com time to read: +1 min

That would be Elon Musk versus Mark Zuckerberg in Las Vegas, or maybe the Colosseum in Rome. The rival tech billionaires are inching toward a cage match, brokered by Dana White, president of the Ultimate Fighting Championship. And for an undercard, how about a sitting U.S. senator versus a union boss? In case that’s not enough testosterone, perhaps some feats of strength are in order. On Thursday, the Democratic representative of New York posted to Twitter a video of himself bench-pressing 405 pounds.

Persons: Mark Zuckerberg, Dana White, Markwayne Mullin, Sean O’Brien, O’Brien, ”, Robert Kennedy Jr, Jeff Bezos, Jamaal Bowman Organizations: Elon, Oklahoma Republican, International Brotherhood of Teamsters, Twitter, Democratic, New Locations: Las Vegas, Rome, Oklahoma, Venice Beach, New York

☆ The 8 Best Early Prime Day 2023 Deals
▼ + stars: | 2023-07-05 | by ( Nick Guy | ) www.wsj.com time to read: +3 min

By Nick GuyAmazon’s Prime Day sales event is on July 11 and 12, but there are already deals live now for you to take advantage of. While you shop these deals, be sure to prepare with our expert tips and tricks for getting the most from Prime Day. We’re in the thick of cold brew season, which makes this early Prime Day sale on the Oxo Brew Cold Brew Coffee Maker perfectly timed. Prime Day might be prime time for you to upgrade your coffee game. This model, which we named the best Ring video doorbell in our Buy Side Rated guide, is nearly 30% off leading up to Prime Day, bringing the price $10 lower than it’s ever been.

Persons: Nick Guy Amazon’s, we’ll, fryer, you’ve, Fryer, There’s, It’s, Dyson Organizations: Cosori’s, Quart Locations: Burr

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