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BP has put its UK North Sea business up for sale. The UK oil major, which has five oil and gas hubs in UK waters, said the move was part of an ongoing review of the business. Experts say BP could now look to shift its HQ from London to New York, costing the UK government millions in lost stamp duty. BP chief executive Meg O'Neill said: "As we focus our portfolio and direct capital to our highest-value opportunities, we believe our North Sea business will be better positioned as part of another company . . . It has world-class people, resilient assets and a proud heritage, and it is precisely these qualities that can attract an owner ready to back its next chapter. We are seeking an outcome that recognises that value."

 

Sky News

Financial Times

The Daily Telegraph

The Guardian

The Times

Frank Elderson, a member of the European Central Bank's executive board, has warned that the climate crisis and ecosystem collapse pose significant risks to the global economy. He said the ECB is enhancing its monitoring of financial risks linked to declining ecosystem services - nature-related processes or assets that support human activity. Elderson noted: "These services are not stable but they are in rapid decline." The ECB plans to publish an analysis on how ecosystem degradation could affect credit loss dynamics for eurozone banks later this year.

 

The Guardian

Bordeaux's wine industry is on high alert as persistent "zombie fires" near the city threaten vineyards just weeks before harvest, with producers fearing not only damage from flames but also smoke taint, which can permanently affect grape quality and wine flavour. Although authorities say the Gironde wildfire is no longer expanding, firefighters continue to tackle flare-ups. The fires add to mounting pressures on French winemakers from climate change, following years of rising temperatures, lower yields and changing consumer habits. Weak demand has led to the removal of around 21,000 hectares of vineyards in the Gironde since 2023, while the Liv-ex Bordeaux 500 fine wine index has fallen by nearly 20% over the past five years, highlighting the increasing challenges facing one of the world's most prestigious wine-producing regions.

 

Euronews

Financial Times

More than 100,000 UK police officers' details have been leaked on the dark web following a security breach. Hackers also compromised data belonging to the Ministry of Defence, the Home Office, National Crime Agency, and Crown Prosecution Service. Tiff Lynch, chair of the Police Federation, said the breach "raises serious concerns for officer and staff safety. At a time when cyber threats are becoming increasingly sophisticated, [the police] and its partners must be properly funded to ensure the strongest possible cyber security protections are in place to safeguard sensitive personal data." The cybercriminal group ExfilSquad is believed to be responsible for the breach, having previously targeted other government departments. "Unfortunately government organisations are being seen as softer targets because they have not invested enough to properly protect private information," said Jake Moore, global security adviser at Eset, Europe's leading cybersecurity company.

 

The Times

UK Government Investments (UKGI) has reported a data breach that exposed sensitive information of 51 officials for nearly 40 hours. The breach occurred due to a staff member's failure to adhere to security protocols. The incident has prompted UKGI to enhance its security measures following recommendations from external experts.

 

The Guardian

Russian e-commerce company Ozon has temporarily evacuated its warehouse in Zelenodolsk, Tatarstan, following a Ukrainian drone alert, although the logistics facility was undamaged and resumed operations shortly afterwards. The company said the evacuation was completed within minutes and there were no casualties. The incident follows a series of Ukrainian drone attacks on warehouses operated by rival Wildberries, with analysts having recently warned that Ozon's infrastructure could also become a target. As Ozon and Wildberries operate neighbouring warehouses in many locations, including Zelenodolsk, it remains unclear which facility was the intended target of the attack.

 

Reuters

Unilever has agreed to protect the employment terms of workers in its European and UK food unit until at least mid-2029 after the planned 2027 completion of its $65bn ​merger of the business with US spice maker McCormick. The two year agreement, which will govern the treatment and pay of European employees regardless of ​changes in business conditions, is twice as long as is usual for such deals and goes beyond the protection that is typically afforded under European Union and British ​legislation, under which employee contracts and collective agreements can be renegotiated one year after merger deals. A Unilever spokesperson said: "We have made good progress over the past few weeks and have agreed commitments in Europe regarding the protection of employees’ terms ​and conditions and consultation timelines."

 

Reuters

The UK's Financial Conduct Authority (FCA) is taking steps to enhance London's public stock markets by creating a consolidated stream of share-trading data. The initiative aims to address the under-reporting of market liquidity, which has led to fewer company listings in the UK.

 

Bloomberg

Financial Times

UEFA has issued a legal warning to FIFA president Gianni Infantino regarding his doomed World Cup sell-off plan. The governing body is considering legal action, arbitration, and regulatory complaints against Infantino and associated parties, including Joshua Kushner and JP Morgan. UEFA's letter demands the preservation of all relevant documents. UEFA has condemned the FIFA Forward Enterprise scheme, arguing that it undermines football governance.

 

The Daily Telegraph

Daily Mail

NatWest is confronting a $1.1bn claim from the Tandanor shipyard in Argentina, linked to alleged fraudulent conduct during its privatisation in 1991. The claim, initially dismissed in 2018 due to timing issues, has resurfaced in the Argentine Federal District Court following new judicial proceedings.

 

Sunday Times

Alimentation Couche-Tard has agreed to acquire Polish convenience retailer Żabka Group for 32.6bn zloty ($8.7bn) in its largest-ever acquisition, strengthening the Circle K owner's European presence after abandoning its pursuit of Seven & i Holdings. The Canadian retailer will launch a voluntary tender offer of 32 zloty ($8.48) per share, with shareholders representing around 57% of Żabka's equity, including management and private equity investors, already backing the deal. The acquisition would significantly expand Couche-Tard's footprint in Poland, where it currently operates around 400 Circle K stores, by adding Żabka's network of approximately 13,000 convenience stores.

 

Bloomberg

Reuters

Monte dei Paschi di Siena is examining a possible takeover of Banco BPM as it continues to fend off Intesa Sanpaolo’s hostile takeover. A merger attempt failed after Credit Agricole, BPM’s largest shareholder, objected. Meanwhile, Bloomberg reports that the Italian government will sell off its remaining 4.9% stake in Monte Paschi by the end of September to maintain a neutral position.

 

Bloomberg

Financial Times

UK retailer Sainsbury's has agreed to sell Argos to newly-formed retail investment company Swift Partners for at least £120m, marking its second attempt to offload the business after last year's unsuccessful discussions with JD.com. The disposal is part of chief executive Simon Roberts' strategy to sharpen the group's focus on its core food operations, with Sainsbury's saying the sale will allow it to direct resources and investment towards future growth in its supermarket business.

 

Bloomberg

Financial Times

Reuters

The Standard

The EU's €5bn Scaleup Fund faces new challenges as France seeks to block UK participation. French officials have requested clarification from the European Commission regarding the UK's contributions, arguing that the fund should benefit EU member states. The UK has pledged €150m in seed capital, and the Commission previously acknowledged mutual benefits in UK involvement. However, France is now demanding further concessions. The next EU-UK reset summit date remains uncertain after Keir Starmer's resignation, adding to the ongoing tensions.

 

The Observer

The co-founder of AI startup LemonLime has apologised after offering instant job interviews to networking event attendees who agreed to get inked with a company logo. Jordan Zietz, posting on LinkedIn, said the idea was to “meet exceptional people, and find out which of them are just as crazy as we are,” adding that he had brought a tattoo artist along to the event. Seven people, he wrote, took him up on the offer. The Wall Street Journal reports that “online outrage erupted almost instantly.” Mark Pincus, the former CEO of game company Zynga, observed: “It’s novel, but I don’t like it . . . You’re asking somebody to get the tattoo before we even know if we’re going to hire them - that’s not OK.” 

 

Wall Street Journal