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Tory MP Elphicke defects to Labour in fresh blow to Sunak (3 hours old)

MP for Dover hits out at ‘tired and chaotic’ Conservative government as she joins main opposition party

Sunak insists UK general election result not a ‘foregone conclusion’ (1 day old)

PM seeks to rally support by warning of dangers of Labour-led coalition after setback in local polls

Tory Dan Poulter defects to Labour (10 days old [27/04/24])

MP for Central Suffolk and North Ipswich says country needs an early election

Holding back the floods for 40 years: Thames Barrier is due an upgrade (17 hours old)

Scientists warn that London is at risk from sea-level rises and more powerful storms

For Putin, Gaza is an endless gift (4 hours old)

For Biden, Israel’s war on Hamas is a serious drain

The Tory right has one last job for Rishi Sunak (3 hours old)

Having given up on removing the prime minister, their mission now is to make him the fall guy

Ukraine passes law allowing prisoners to volunteer for army service (10 hours old)

US paused Israeli military aid over ‘events in Rafah’, says Pentagon chief (1 hour 14 minutes old)

Lloyd Austin tells Congress bomb shipment was held up as Benjamin Netanyahu pressed on with offensive

Israel’s Rafah attack cuts aid for Gaza to a trickle (1 hour 52 minutes old)

US to assess whether Netanyahu’s government is breaching international law by restricting supplies

Taxpayers set to fund HS2 tunnel under London despite Sunak pledge (12 hours old)

£1bn injection would end uncertainty over whether railway line will reach its planned central London terminus at Euston

Watt to be replaced by COO James Arrow while assuming newly created title of ‘captain and co-founder’Business live – latest updatesJames Watt, the co-founder and chief executive of BrewDog, is to step down after 17 years at the helm of the Scottish brewer and chain of bars.BrewDog, based in Ellon in Aberdeenshire, said Watt, who navigated the brewer’s meteoric rise from “punk” challenger to mainstream beer brand, informed the board last year of his plan to step back. Continue reading...

Chinese network behind one of world’s ‘largest online scams’ (12 hours old)

Exclusive: Vast web of fake shops touting designer brands took money and personal details from 800,000 people in Europe and US, data suggestsMore than 800,000 people in Europe and the US appear to have been duped into sharing card details and other sensitive personal data with a vast network of fake online designer shops apparently operated from China.An international investigation by the Guardian, Die Zeit and Le Monde gives a rare inside look at the mechanics of what the UK’s Chartered Trading Standards Institute has described as one of the largest scams of its kind, with 76,000 fake website[...]

Boeing cargo plane forced to land at Istanbul without front landing gear (4 hours old)

Incident involving Boeing 767 jet operated by FedEx comes amid intense scrutiny of troubled planemakerA Boeing cargo plane has been forced to land at Istanbul airport without its front landing gear, in the latest setback for the embattled planemaker.Nobody was hurt in the incident, in a flight operated by the delivery company FedEx, according to Turkey’s transport ministry. Continue reading...

Struggling train maker Alstom plans to cut debt with €1bn rights issue (6 hours old)

Delayed orders from clients hit French manufacturer, including at Derby site where 1,300 jobs at riskAlstom plans to raise €1bn (£861m) to help cut its debt as the world’s second largest train maker struggles with delayed orders amid concerns about the future of its Derby factory.The Paris-listed company will tap investors with the aim of raising the funds by September. It also plans a €750m bond issue as part of a €2bn new finance plan. Continue reading...

Bankrupt crypto exchange FTX says it will be able to repay creditors full $11bn (1 hour 53 minutes old)

CEO confirms once company has sold off remaining assets it will have more than amount requiredThe bankrupt cryptocurrency exchange FTX has said it will be able to repay creditors the full $11bn (£8.8bn) it owes, as the boom-bust cycle repeats itself with a sharp increase in bitcoin prices.John Ray III, who succeeded the disgraced Sam Bankman-Fried as the chief executive of FTX shortly after its collapse, said that once the exchange had sold off its remaining assets, it might have more than $16bn – well in excess of its debts. Continue reading...

Oil services company John Wood Group rejects £1.4bn takeover offer (1 hour 59 minutes old)

Aberdeen-based firm listed on FTSE 250 knocked back unsolicited approach from Dubai-based SidaraThe British oil services company John Wood Group has rejected a £1.4bn takeover offer from a Dubai-based rival, Sidara, which “fundamentally undervalued” the company.Aberdeen-based Wood is the latest British company on the London Stock Exchange to face takeover speculation amid deepening concerns that UK-listed stocks are undervalued compared with other markets. Continue reading...

Ratcliffe cites email traffic in imposing remote work ban at Manchester United (3 hours old)

He tells staff to work at offices or ‘seek alternative employment’Ratcliffe feels it will boost productivity but some staff bemusedSir Jim Ratcliffe cited email traffic statistics to Manchester United staff as the basis for a ban on working from home and told them to seek “alternative employment” if they are not willing to come to club premises.United have had a flexible work-from-home policy since Covid but Ratcliffe signalled an end to this during an all-staff meeting held in person and via video call last week as part of his tour of Old Trafford and the Carrington training base. Continue[...]

Boohoo dives into debt as losses soar to £160m and sales slump (2 hours old)

Online fashion retailer cut over 1,000 jobs in year to February amid competition from rival Shein and resurgent high streetBoohoo has cut more than 1,000 jobs and dived into debt after its losses soared and sales slumped 13% amid heavy competition from the Chinese online seller Shein and the revival of the high street after the pandemic lockdowns.The online fashion specialist, which owns Debenhams, Warehouse, Dorothy Perkins and Pretty Little Thing, said it had built up net debts of £95m in the year to the end of February – down from almost £6m of net cash a year before – after losses widened [...]

Sky to screen 3pm Saturday kick-offs among 1,000 EFL live games in 2024-25 (4 hours old)

New Sky Sports + service can offer up to 100 events at onceBroadcaster says it ‘takes seriously’ match-going fans’ concernsSky Sports plans to broadcast football during the 3pm Saturday slot as it gets set to increase its live sports coverage by 50% from next season.As Sky insisted it “takes seriously” the responsibility of minimising disruption for match-going fans, it announced that every game in the opening weekend of the English Football League season would be broadcast live, including those scheduled to start at traditional kick-off times. Continue reading...

AstraZeneca withdraws Covid-19 vaccine worldwide, citing surplus of newer vaccines (14 hours old)

Pharmaceutical company says newer shots led to decline in demand for AstraZeneca vaccine, which is no longer being manufactured or suppliedAstraZeneca has begun the worldwide withdrawal of its Covid-19 vaccine due to a “surplus of available updated vaccines” that target new variants of the virus.The announcement follows the pharmaceutical company in March voluntarily withdrawing its European Union marketing authorisation, which is the approval to market a medicine in member states. Continue reading...

Telecoms

Satellite group SES to acquire Intelsat in $3.1bn deal (8 days old [30/04/24])

Merger marks last major consolidation in industry as operators look to compete with Elon Musk’s Starlink

Ericsson chief says overregulation ‘driving Europe to irrelevance’ (8 days old [30/04/24])

Continent ‘at risk of falling behind’ on digital infrastructure, undermining its competitiveness

Two died after UK shift from analogue to digital phone lines (12 days old [26/04/24])

Government says it met Virgin O2 chief executive and Ofcom after incidents last year

Telecom Italia chief defeats attempt to unseat him (15 days old [23/04/24])

Pietro Labriola secures fresh mandate after phone carrier averted clash with biggest shareholder Vivendi at AGM

Vodafone’s India unit staves off collapse after record $2.2bn fundraising (15 days old [23/04/24])

Country’s largest share sale draws investors including GQG Partners and Fidelity

BT installs McKinsey partner to head new strategy unit (17 days old [21/04/24])

Secondment marks first move by telecoms group’s new CEO Allison Kirkby in her turnaround push

Wrecking Telecom Italia’s landline deal would widen shareholder losses (26 days old [11/04/24])

Only those shorting the shares would be winners if KKR’s purchase is scuppered

South Africa’s MTN to boost investment in generators to combat blackouts (28 days old [10/04/24])

Telecoms group joins growing list of companies plugging shortfalls from state electricity provider

Australia’s Commonwealth Bank tie-in gives More Telecom a boost (34 days old [03/04/24])

Small Melbourne-based telecoms company is thriving with investment from the country’s largest bank

BT’s Openreach pushes Labour for easier access to flats in fibre rollout (37 days old [01/04/24])

Group wants existing agreements with landlords to be extended to automatically permit full-fibre upgrades

Technology sector

Google DeepMind unveils AI model for living cells (1 hour 33 minutes old)

AlphaFold 3 aims to reveal biological secrets and boost drug search efforts

US revokes licences for supply of chips to China’s Huawei (3 hours old)

Move marks Biden administration’s latest effort to target Chinese tech sector

Uber’s results hit by legal costs after decade of regulatory battles (5 hours old)

First-quarter operating profit sharply misses analysts’ expectations after payouts related to driver lawsuits

Informa strikes AI deal with Microsoft (7 hours old)

Exhibitions group nudges up guidance and raises buyback after bounce back in events

Pandemic-era winners suffer $1.5tn fall in market value (12 hours old)

Top 50 biggest stock gainers hit by painful decrease since the end of 2020 as lockdown trends fade

Ofcom adds pressure on tech industry to protect children online (17 hours old)

UK regulator spells out dozens of measures companies must comply with as part of stringent new legislation

Reddit beats expectations in first results as a public company (18 hours old)

Social media site reports strong user growth but cautions US election could affect advertising

TikTok challenges ‘extreme’ US divest-or-ban bill in court (21 hours old)

Lawsuit including parent company ByteDance claims legislation would breach free speech rights

Apple unveils ‘outrageously powerful chip for AI’ in latest iPads (23 hours old)

New hardware signals iPhone maker’s growing focus on running artificial intelligence features on mobile devices

Jane Street gets into mobile gaming (1 day old)

Could Figgie be Pit the younger?

BBC News

E-gate outage lessons 'must be learnt' (4 hours old)

The airport technology failure means the government has to "learn lessons", Lord Foster of Bath says.

Top lawyer denies turning blind eye on Post Office (2 hours old)

A top barrister admitted that the Post Office should have disclosed certain information to subpostmasters.

Fraud victim's 18-month fight for £80,000 refund (17 hours old)

Ahead of new rules coming in designed to better protect fraud victims, one woman tells of her fight to get her money back.

Brewdog boss James Watt steps down from CEO role (3 hours old)

James Watt co-founded the Scottish brewery and pub group in Aberdeenshire in 2007.

Tech firms told to hide 'toxic' content from children (5 hours old)

Social media firms like Instagram and TikTok will have to make changes to comply with new online safety laws.

Train strikes: What routes are affected when? (17 hours old)

Train drivers are staging strikes, coinciding with a six-day overtime ban.

FTX says it has billions more than owed to victims (12 hours old)

The failed cryptocurrency giant says it has billions of dollars more than needed to cover its debts.

US revokes licences for sales of chips to Huawei (10 hours old)

The move follows Huawei's release of an AI-enabled computer powered by a chip created by Intel.

Disney says password crackdown will increase subscribers (1 day old)

Boss Bob Iger says sequels are cheaper to make because they save on marketing costs.

TikTok sues to block US law that could ban app (16 hours old)

TikTok said the measure was an "extraordinary intrusion on free speech rights".

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UK equities

IPOs: more than one way to cook an egg (5 days old [03/05/24])

Just don’t bother looking too hard for new London listings

BHP’s bid for Anglo American chips away further at London’s reputation (9 days old [29/04/24])

Company’s exit would deal another blow to City’s status as home to listed mining groups

A fresh FTSE high is not yet reason for UK enthusiasm (13 days old [25/04/24])

Recent turnaround still owes most to a steep and persistent valuation discount

A reformed stock market would unleash Britain’s growth (13 days old [25/04/24])

Keeping growth companies onshore would boost the FTSE and the UK economy

Five ways in which the FTSE 100 is not at a record high (15 days old [22/04/24])

Little Britain

FTSE 100 closes at record high as sterling weakens (16 days old [22/04/24])

London stocks play catch-up with global peers as expectations for UK rate cuts build

If you like a company, should you buy its shares? (19 days old [19/04/24])

Familiarity bias can work both ways for investors

Liontrust hit with £4bn in outflows from UK funds (21 days old [17/04/24])

Investors pull total of £6bn from asset manager over past year amid pressure on London’s capital markets

No, a US listing cannot fix every UK company’s problems (22 days old [16/04/24])

Calls for London-listed engineer Wood Group to consider a US listing are delusional

Will UK stocks finally catch a break? (27 days old [11/04/24])

Reflation Britannia

Opinion

The Lex Newsletter: Disrupted times (1 hour 33 minutes old)

Plus, London offices, pharma’s powerhouse, Apple’s AI opportunity, carbon offsets

Alstom starts to repair its financial train wreck (2 hours old)

Before investors give the French group much more credit, they will want to see evidence that it can avoid nasty shocks

The path to UK-India friendship is littered with obstacles (3 hours old)

There are clear signs of progress but domestic politics are complicating relations

The Tory right has one last job for Rishi Sunak (3 hours old)

Having given up on removing the prime minister, their mission now is to make him the fall guy

Closure of Beigel Shop leaves a hole in London’s East End (4 hours old)

Rival Brick Lane bakeries attracted queues for decades

For Putin, Gaza is an endless gift (4 hours old)

For Biden, Israel’s war on Hamas is a serious drain

Toyota’s hybrid surge still leaves it playing catch-up on battery EVs (7 hours old)

Japanese carmaker’s conservative strategy has been criticised amid rapid shift to electric vehicles

Europe’s legacy airlines are still struggling to take off (8 hours old)

Most carriers are trading at a discount to historic multiples

The next critical mineral source could be volcanic soup (12 hours old)

Geologists are exploring whether magmatic brine can be tapped for dissolved treasure such as lithium, copper and cobalt

Why have home burials come back from the dead? (12 hours old)

‘The fashion has been revived as new money tries to emulate old, in a kind of postmortem gentrification’

Business

Tory MP Elphicke defects to Labour in fresh blow to Sunak (3 hours old)

Sunak insists UK general election result not a ‘foregone conclusion’ (1 day old)

Tory Dan Poulter defects to Labour (10 days old [27/04/24])

Holding back the floods for 40 years: Thames Barrier is due an upgrade (17 hours old)

For Putin, Gaza is an endless gift (4 hours old)

The Tory right has one last job for Rishi Sunak (3 hours old)

Ukraine passes law allowing prisoners to volunteer for army service (10 hours old)

US paused Israeli military aid over ‘events in Rafah’, says Pentagon chief (1 hour 14 minutes old)

Israel’s Rafah attack cuts aid for Gaza to a trickle (1 hour 52 minutes old)

Taxpayers set to fund HS2 tunnel under London despite Sunak pledge (12 hours old)

BrewDog’s James Watt to step down as chief executive of beer company (6 hours old)

Chinese network behind one of world’s ‘largest online scams’ (12 hours old)

Boeing cargo plane forced to land at Istanbul without front landing gear (4 hours old)

Struggling train maker Alstom plans to cut debt with €1bn rights issue (6 hours old)

Bankrupt crypto exchange FTX says it will be able to repay creditors full $11bn (1 hour 53 minutes old)

Oil services company John Wood Group rejects £1.4bn takeover offer (1 hour 59 minutes old)

Ratcliffe cites email traffic in imposing remote work ban at Manchester United (3 hours old)

Boohoo dives into debt as losses soar to £160m and sales slump (2 hours old)

Sky to screen 3pm Saturday kick-offs among 1,000 EFL live games in 2024-25 (4 hours old)

AstraZeneca withdraws Covid-19 vaccine worldwide, citing surplus of newer vaccines (14 hours old)

Satellite group SES to acquire Intelsat in $3.1bn deal (8 days old [30/04/24])

Ericsson chief says overregulation ‘driving Europe to irrelevance’ (8 days old [30/04/24])

Two died after UK shift from analogue to digital phone lines (12 days old [26/04/24])

Telecom Italia chief defeats attempt to unseat him (15 days old [23/04/24])

Vodafone’s India unit staves off collapse after record $2.2bn fundraising (15 days old [23/04/24])

BT installs McKinsey partner to head new strategy unit (17 days old [21/04/24])

Wrecking Telecom Italia’s landline deal would widen shareholder losses (26 days old [11/04/24])

South Africa’s MTN to boost investment in generators to combat blackouts (28 days old [10/04/24])

Australia’s Commonwealth Bank tie-in gives More Telecom a boost (34 days old [03/04/24])

BT’s Openreach pushes Labour for easier access to flats in fibre rollout (37 days old [01/04/24])

Google DeepMind unveils AI model for living cells (1 hour 33 minutes old)

US revokes licences for supply of chips to China’s Huawei (3 hours old)

Uber’s results hit by legal costs after decade of regulatory battles (5 hours old)

Informa strikes AI deal with Microsoft (7 hours old)

Pandemic-era winners suffer $1.5tn fall in market value (12 hours old)

Ofcom adds pressure on tech industry to protect children online (17 hours old)

Reddit beats expectations in first results as a public company (18 hours old)

TikTok challenges ‘extreme’ US divest-or-ban bill in court (21 hours old)

Apple unveils ‘outrageously powerful chip for AI’ in latest iPads (23 hours old)

Jane Street gets into mobile gaming (1 day old)

E-gate outage lessons 'must be learnt' (4 hours old)

Top lawyer denies turning blind eye on Post Office (2 hours old)

Fraud victim's 18-month fight for £80,000 refund (17 hours old)

Brewdog boss James Watt steps down from CEO role (3 hours old)

Tech firms told to hide 'toxic' content from children (5 hours old)

Train strikes: What routes are affected when? (17 hours old)

FTX says it has billions more than owed to victims (12 hours old)

US revokes licences for sales of chips to Huawei (10 hours old)

Disney says password crackdown will increase subscribers (1 day old)

TikTok sues to block US law that could ban app (16 hours old)

IPOs: more than one way to cook an egg (5 days old [03/05/24])

BHP’s bid for Anglo American chips away further at London’s reputation (9 days old [29/04/24])

A fresh FTSE high is not yet reason for UK enthusiasm (13 days old [25/04/24])

A reformed stock market would unleash Britain’s growth (13 days old [25/04/24])

Five ways in which the FTSE 100 is not at a record high (15 days old [22/04/24])

FTSE 100 closes at record high as sterling weakens (16 days old [22/04/24])

If you like a company, should you buy its shares? (19 days old [19/04/24])

Liontrust hit with £4bn in outflows from UK funds (21 days old [17/04/24])

No, a US listing cannot fix every UK company’s problems (22 days old [16/04/24])

Will UK stocks finally catch a break? (27 days old [11/04/24])

The Lex Newsletter: Disrupted times (1 hour 33 minutes old)

Alstom starts to repair its financial train wreck (2 hours old)

The path to UK-India friendship is littered with obstacles (3 hours old)

The Tory right has one last job for Rishi Sunak (3 hours old)

Closure of Beigel Shop leaves a hole in London’s East End (4 hours old)

For Putin, Gaza is an endless gift (4 hours old)

Toyota’s hybrid surge still leaves it playing catch-up on battery EVs (7 hours old)

Europe’s legacy airlines are still struggling to take off (8 hours old)

The next critical mineral source could be volcanic soup (12 hours old)

Why have home burials come back from the dead? (12 hours old)