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The UK government has intensified its efforts against "foreign abuse" of the corporate register by shutting down two services that registered over 4,300 companies for clients primarily based in China. The Insolvency Service noted that these entities diverted fees to Chinese bank accounts and failed to conduct necessary money-laundering checks. Concerns about financial crime have risen due to the ease of company registration in the UK. The latest closures involved UK Sinosia Business and Longshine Overseas, which operated similarly and registered thousands of companies across various sectors. "Overseas companies register on Companies House as it provides respectability and legitimacy, as well as opening up new markets and attracting investment for them," the service said. "However, companies which have no presence in the UK undermine economic confidence by eroding trust in the register. They are also high-risk for being used as vehicles for fraud and money laundering."

 

The Times

US ingredients group Ingredion has agreed to acquire UK-listed Tate & Lyle in a £2.7bn cash deal, valuing the company at £3.8bn including debt and creating a larger specialty food and beverage ingredients business focused on healthier and functional food products. Under the terms of the agreement, Tate & Lyle shareholders will receive 595p per share in cash, representing a premium of almost 59% to the share price before takeover discussions became public in mid-May, plus a 20p dividend. Tate & Lyle shares rose 11% to 544p following the announcement. The combination brings together two major ingredients suppliers at a time when food manufacturers are increasing their focus on products that are lower in sugar, higher in protein and offer enhanced nutritional benefits.

 

Financial Times

Reuters

The Daily Telegraph

City AM

Intesa Sanpaolo, Italy's biggest bank, has announced a €30.6bn takeover bid for Monte dei Paschi di Siena, a day after Banco BPM proposed a tie-up to MPS’s board. Intesa’s announcement is a direct counter to its rival saying that its board had unanimously approved a move to express interest to MPS in discussing a “merger of equals.”

 

CNBC

Financial Times

Reuters

The Financial Conduct Authority (FCA) has initiated civil proceedings against former fund manager Neil Woodford and his investment platform W4.0 for operating without proper authorisation. The City watchdog is seeking an injunction to halt the activities, citing breaches of the Financial Services and Markets Act. Woodford insists that W4.0 does not manage funds or provide personalised advice. The FCA last year banned Woodford from holding funds for retail investors after the collapse of his flagship fund. Neil Woodford and Woodford Investment Management were fined a total of £46m.

 

Financial Times

The Daily Telegraph

The Guardian

The Times

The UK's Competition and Markets Authority (CMA) is investigating eBay's £940m acquisition of fashion resale app Depop. The inquiry will assess whether the deal could limit consumer choice or increase prices in the growing second-hand fashion sector.

 

Reuters

The Sun

Christophe Fouquet, CEO of Dutch chip equipment maker ASML, has warned the EU against intervention in semiconductor supply chains, arguing that reducing reliance on foreign technology requires building stronger local companies.

 

Financial Times

The Dutch Food Retail Association and several major supermarket companies have withdrawn from the employers' organisation VNO-NCW due to increased membership fees and concerns over lobbying effectiveness. The Dutch Food Retail Association (CBL) will end its membership on January 1 next year, while companies including Jumbo have also resigned, as they face "several hundred thousand euros extra" in fees. CBL cited high costs and insufficient returns from lobbying as reasons for its departure. VNO-NCW chairman Coen van Oostrom acknowledged the exits but said the organisation is still growing with new members.

 

NL Times

The UK government will reimburse visa fees for fast-growing tech firms to attract top foreign talent. Chancellor Rachel Reeves announced the initiative as part of a new "concierge service" aimed at supporting companies in the digital, life sciences, and clean energy sectors. Ahead of the announcement at a London Tech Week event, Reeves said: "We are backing the UK's most ambitious firms to start, scale and stay here - with the finance, talent and support they need to succeed." Business secretary Peter Kyle has modelled the initiative on similar in France, Singapore and the US. He said: "If we want the next generation of world-changing firms to be built in Britain, we must make Britain the best place in the world not only to start a company but, crucially, to scale one . . . Britain has the ideas, talent, and ambition to lead the world - and this government is backing the businesses that will define our future."

 

The Times

Many Danish companies say they need more workers, but research suggests that their own hiring practices may make it harder for unemployed people to find jobs. The study from Copenhagen Business School suggests that about 25% of Danish companies prefer candidates who are already employed. They believe unemployed individuals lose skills and may have lower qualifications. This bias creates a self-reinforcing cycle, making it harder for unemployed people to find work. Birthe Larsen, an associate professor at the school, observed: "If companies place too much emphasis on whether people are already employed, they risk marginalising individuals who actually have a great deal to offer."

 

Copenhagen Post

Ana Botín, Santander's executive chair, says the UK's tax system for banks hinders growth and unfairly target lenders, who already face high corporate levies. She highlighted that banks already face a corporate tax rate of around 30% and should not be singled out for additional taxes. “Taxing banks more heavily than other companies makes no economic sense,” Botín said, adding that bank lending to businesses helped drive investment and job creation.

 

Financial Times

City AM

Greece is preparing legislation to impose a 15% capital gains tax on cryptocurrencies, according to ​two government officials with knowledge of the ‌situation. A law ​is expected to be submitted to parliament in the coming months. "The aim is to include cryptocurrencies in the country's tax code," one of the officials said.

 

Reuters

OpenAI is preparing the biggest overhaul of ChatGPT since its launch ahead of a planned listing, intending to transform the chatbot into a “superapp” that combines coding tools and AI agents.

 

Financial Times

Interest in panic rooms, bunkers and emergency shelters is increasing in the UK and across Europe as concerns about war, civil unrest and potential nuclear or chemical threats intensify. Bunker companies report a sharp rise in enquiries since the COVID-19 pandemic, Russia's invasion of Ukraine and the recent conflict involving Iran. While high-end bunkers remain expensive, industry figures say demand is broadening beyond wealthy clients.

 

The Sunday Telegraph