06 July

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Global corporate tax overhaul faces rocky road to completion By Reuters

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By Leigh Thomas and Andrea Shalal PARIS (Reuters) - A long road strewn with potential political pitfalls lies ahead for countries seeking to end a race to the bottom on international corporate tax, even though 130 of them have agreed to overhaul the way multinationals are taxed. Nearly all 139 countries involved in talks at the Paris-based Organisation for Economic Cooperation and Development (OECD) last week backed plans for new rules on where companies' profits are taxed, and a rate of at least 15%. With ink barely dry on the agreement, jubilant politicians in higher-tax countries...

06 July

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UK economy recovering quickly, long-term damage unclear-OBR By Reuters

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LONDON (Reuters) - Britain's economic recovery from its coronavirus lockdowns has been stronger than expected but it is too early to judge how much long-term damage has been done by the pandemic, a member of the country's fiscal watchdog said. Charlie Bean, a committee member at the Office for Budget Responsibility, said it remained to be seen how many migrant workers had left Britain, how many currently furloughed workers would return to their jobs and how many companies will go bankrupt when government support is removed. ...

06 July

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Britain’s BBC cuts pay bill for its top stars, led by Gary Lineker By Reuters

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LONDON (Reuters) - Britain's BBC said it had cut spending on its top stars by 10% and reduced its total public sector workforce by over 1,200 in the last financial year, becoming leaner even as the COVID-19 pandemic disrupted production and demand for news soared. The broadcaster, which is funded by a licence fee paid by all TV-watching households, currently 159 pounds ($220), is facing increasing competition from video-on-demand services like Netflix (NASDAQ:NFLX) and political scrutiny of its output, particularly news. The amount its pays its talent has long been a focus of criticism. Its...

06 July

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UK Vauxhall factory gets new lease of life with electric vehicles By Reuters

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LONDON (Reuters) - The Vauxhall car factory in northwest England will get a 100-million pound investment to produce electric vehicles, owner Stellantis said on Tuesday, the second positive news for British vehicle manufacturing in recent days. Nissan pledged last week to invest further in the country with plans for a new giant battery plant, as companies seek to electrify their line-ups ahead of tougher emissions rules and looming bans on diesel and petrol cars. The future of Vauxhall's Ellesmere Port factory had been uncertain since its owner said in 2019 that it wanted to make the...

06 July

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London wises up on fintech to help secure post-Brexit floats By Reuters

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By Abhinav Ramnarayan and Anna Irrera LONDON (Reuters) - Britain's future as a hub for fintech in the wake of Brexit faces a crucial test this week with the London Stock Exchange listing of cross-border payments firm Wise. A flourishing fintech sector is seen as a way for the British capital to maintain its position as a leading global financial centre in the aftermath of Brexit and the government has been pushing for rules to encourage public listings. Now Wise, which began life as Transferwise, is due to complete a rare direct listing on...

06 July

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WeWork rival IWG grows to meet COVID-driven shift from big offices By Reuters

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By Muvija M (Reuters) - Britain's IWG has added more than 100 shared-office spaces to its global network this year, three times as many as in the first half of 2020, as it anticipates a lasting shift from working in large offices. The company has struggled with plummeting occupancy levels in office buildings and last month said this year's earnings would be well below 2020 levels. But the company, known for its Regus and Spaces workspaces that compete with WeWork, is banking on a long-term shift to smaller, more local workplaces. It said it signed...

06 July

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Russia says ready to help secure Tajik-Afghan border By Reuters

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MOSCOW (Reuters) - Russia's military base in Tajikistan is fully equipped to help secure its border with Afghanistan, and Moscow will take extra measures to protect it if needed, Interfax quoted Russian deputy foreign minister Andrei Rudenko as saying on Tuesday. Tajik President Emomali Rakhmon on Monday ordered the mobilisation of 20,000 military reservists to bolster the border with Afghanistan after more than 1,000 Afghan security personnel fled across the frontier in response to Taliban militant advances. ...

06 July

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Aussie, kiwi jump as investors wait for Fed clues; dollar struggles By Reuters

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By Julien Ponthus and Tom Westbrook LONDON/SINGAPORE (Reuters) - Antipodean currencies rose on Tuesday, taking advantage of the greenback's weakness as investors waited for clues about when the U.S. Federal Reserve could start tapering stimulus after pressure for rate hikes eased due to mixed labour market data. The New Zealand dollar jumped after a strikingly strong survey of business conditions prompted investors to wager a rate hike could come as early as November. At 0756 GMT, the kiwi was up about 0.77% at $0.7080 after having reach its firmest since mid-June. The Aussie rose...

06 July

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Funds in UK failing to value themselves properly, says watchdog By Reuters

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By Huw Jones LONDON (Reuters) -Many fund managers fall short in assessing the value of their funds and regulatory action may be needed, Britain's Financial Conduct Authority said on Tuesday as part of a longstanding crackdown on unjustified fees. A review of 18 fund managers between  July 2020 and  May 2021 found most had not implemented FCA standards on assessments of value, the watchdog said in a statement. An assessment is required at least once a year and is key in determining whether fees charged by funds are justified. While some funds conducted their assessments well, too many...

06 July

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British farmers union encouraged by pledges from Morrisons suitor By Reuters

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LONDON (Reuters) - Britain's farmers union said it was encouraged by the undertakings pledged by the Fortress Investment Group-led consortium that has agreed to takeover Morrisons, the country's fourth biggest supermarket group. On Saturday, Morrisons recommended Fortress's 6.3 billion pound ($8.73 billion) offer, saying it was a suitable owner. Two other private equity companies, Clayton, Dubilier & Rice (CD&R) and Apollo Global Management, are also considering offers. [nL5N2OH2EY} Fortress has said it fully supports the relationships Morrisons has fostered with its farmers and does not anticipate any material changes to existing payment practices with them. Morrisons...

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News

Global corporate tax overhaul faces rocky road to completion By Reuters

UK economy recovering quickly, long-term damage unclear-OBR By Reuters

Britain’s BBC cuts pay bill for its top stars, led by Gary Lineker By Reuters

UK Vauxhall factory gets new lease of life with electric vehicles By Reuters

London wises up on fintech to help secure post-Brexit floats By Reuters

WeWork rival IWG grows to meet COVID-driven shift from big offices By Reuters

Russia says ready to help secure Tajik-Afghan border By Reuters

Aussie, kiwi jump as investors wait for Fed clues; dollar struggles By Reuters

Funds in UK failing to value themselves properly, says watchdog By Reuters

British farmers union encouraged by pledges from Morrisons suitor By Reuters

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