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Chief executives from major banks in Britain and Europe have united to voice their concern over complex regulations that they say hinder growth and competitiveness. Writing in the Times, the chief executives of the British banks Barclays, HSBC and Standard Chartered - and the bosses of European lenders including Santander, Deutsche Bank, UBS and BNP Paribas - have warned of "regulatory divergence" with the US, where the government has started to reduce requirements for the industry. They warn that "excessive caution" has led to an "overly complex regulatory system that hampers the deployment of capital." The Bank of England has begun reviewing capital requirements, but critics fear that loosening rules could lead to future financial instability. The banking bosses have called for urgent reforms, saying that the Bank's capital review "is an opportunity to put the UK's regime to the test" and warning: "There is no time to waste, nor excuses to delay these vital reforms."

 

The Times

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Russian intelligence agencies are reportedly acquiring properties across Europe to facilitate espionage and sabotage. These "Trojan horses" include summer houses, warehouses, and even islands, strategically located near military and civilian sites. Intelligence officials warn that these sites may house explosives and drones, ready for activation during a crisis. Blaise Metreweli, head of MI6, has said that Britain is now "operating in a space between peace and war." Experts urge European nations to tighten property acquisition laws to counter this growing threat, because loopholes remain a significant vulnerability.

 

The Daily Telegraph

L’Oréal, Dyson, and Bausch + Lomb have become the latest major companies to sue the US government for refunds of tariffs imposed under President Donald Trump’s emergency trade measures, following a Supreme Court ruling that declared the duties unlawful. The companies filed complaints in the US Court of International Trade after the Supreme Court ruled 6-3 that Mr Trump exceeded his authority by using the International Emergency Economic Powers Act (IEEPA) to impose tariffs. The decision potentially opens the door to refunds of up to $175bn in tariff collections. The cases add to a growing list of more than 1,400 importers - including Costco and Goodyear - challenging the tariffs. FedEx and skincare brand Sol de Janeiro have also filed suits.

 

Bloomberg

Reuters

PwC has reportedly sent legal threats to partners joining Unity Advisory, a boutique consultancy founded by former executive Marissa Thomas and Steve Varley, the former UK boss of EY. In a bid to stop further defections, the firm has sent a number of "threatening" legal letters to some of Unity's key employees, the Financial Times reports.

 

Financial Times

The Times

The UK has not significantly diverged from EU regulations since Brexit, according to a report by UK in a Changing Europe (UKICE). The report highlights that the UK has maintained alignment with EU standards on environmental, product, and labour issues. UKICE has attributed the lack of divergence to a desire to avoid imposing extra administrative costs on businesses, while also noting that there has only been limited political support for scrapping regulations on employment or environmental law. The report also highlights "passive divergence," where the UK has opted against adopting changes made by the EU. The UK government has committed to pursuing a "reset" with the EU, with Prime Minister Keir Starmer recently saying: "If it's in our national interest to have even closer alignment with the single market, then we should consider that."

 

City AM

Huw Pill, the Bank of England's chief economist, has linked the UK government's tax increases - including a hike in employer National Insurance - and a higher minimum wage to a rise in youth unemployment, which has risen above 16%. Mr Pill told the Treasury Select Committee that the impact of these policies has been "particularly acute" for young people and expressed concern about the long-term impact on their job prospects and mental health. Official data shows that youth unemployment has climbed to an 11-year high of 16.1%, compared to a rate of 5.2% for the wider workforce.

 

Daily Mail

The Guardian

US Secretary of Defense Pete Hegseth has vowed to remove Anthropic from his agency's supply chain if the company declines to allow its AI technology to be used across military applications. A senior Pentagon official said Anthropic had until Friday evening to comply. "We continued good-faith conversations about our usage policy to ensure Anthropic can continue to support the government's national security mission in line with what our models can reliably and responsibly do," Anthropic said in a statement.

 

Axios

BBC News

The governor of Italy's southern ⁠Calabria region is rebuffing Washington's ​effort to halt the recruitment of medics from Cuba. Doctors from the Caribbean island are seen as essential to ⁠keeping ⁠local hospitals running, and Roberto Occhiuto said he had ‌told Mike Hammer, the U.S. charge ‌d'affaires to Cuba, he would review plans to hire even more Cuban doctors this year. In January, the US said that Cuba posed an "unusual and extraordinary ​threat" to national security. "We discussed the urgent ⁠needs ⁠of Calabria's health system and ⁠the complexities surrounding ​the Cuban doctors' mission," Occhiuto said after the talks with Hammer. "The Cuban doctors who are allowing us ​to keep hospitals and emergency rooms ⁠open are still a necessity for our region," he added.

 

U.S. News

French department store chain BHV will open Shein physical retail spaces in five additional French cities - Angers, Dijon, Grenoble, Limoges and Reims - from February 25th, according to a joint statement from Shein and BHV’s owner, Société des Grands Magasins (SGM). The expansion follows the launch of Shein’s first permanent physical presence in November inside BHV’s Paris flagship store, and comes despite criticism of Shein’s ultra-low pricing model from French retailers and politicians concerned about its competitive impact and brand positioning. SGM had initially planned to roll out the additional Shein spaces in December, but the broader expansion will now begin this week, further embedding the Chinese fast-fashion group within BHV’s store network.

 

Reuters

Bernard Arnault has increased his stake in LVMH to 50.01% of the company’s share capital, crossing the majority threshold for the first time. The move, up from 49.77% at the end of last year, gives the French billionaire and his family firmer control over the €280bn ($330bn) conglomerate, whose brands include Louis Vuitton, Dior, Tiffany, Bulgari and Moët Hennessy. The Arnault family’s holding is now valued at roughly $165bn. Mr Arnault, who founded the group and has placed all five of his children in roles within the company, has long focused on securing family control, though long-term succession plans remain unclear.

 

Bloomberg

Wall Street Journal

Louvre director Laurence des Cars has resigned in the wake of October's high-profile theft of historic jewels from the museum. She submitted her resignation to President Emmanuel Macron, who said the institution needed "calm and a strong new impetus" to carry out major security and modernisation projects. In the last year, the museum has also seen multiple staff walkouts and a wildcat strike over poor working conditions, mass tourism and understaffing.

 

BBC News

U.S. News