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The UK's Competition and Markets Authority (CMA) has approved the $110bn merger between Paramount and Warner Bros, saying that the tie-up does not "give rise to a realistic prospect of a substantial lessening of competition in the UK." The CMA's investigation, which was launched in June, came after Culture secretary Lisa Nandy asked the watchdog to look into the deal. The CMA has now ruled that the merger will not be referred to a phase two investigation. The Department for Digital, Culture, Media and Sport has also said it will not intervene, after Paramount made several "legally-binding commitments" centred on its UK broadcasting output, including an agreement over the editorial independence of news and a pledge not to combine its linear channels with on-demand services.

 

Financial Times

Daily Mail

The Guardian

Two former Volkswagen engineers have pleaded not guilty to charges they made a combined $300,000 trading on secret information about the German carmaker’s planned 2024 $5bn joint venture with electric vehicle maker Rivian Automotive. News of the planned deal caused Rivian’s stock price to surge by 23%. The engineers, both in the US on assignment from Germany, are charged with conspiracy and securities fraud. A trial may take place early next year.

 

Bloomberg

Companies House in the UK has intensified enforcement against directors who fail to meet filing obligations, with tougher penalties including business bans for serious or persistent offenders. In the first half of this year, 23 directors were disqualified for a total of 70 years due to "persistent or serious non-compliance" with their duties. Additionally, 360 directors faced prosecution for filing offences in the first quarter. Martin Swain, director of intelligence and law enforcement engagement at Companies House, said: "Prosecution ensures that where there has been a serious breach of the law, individuals are held to account." Further changes are planned from April 2028, when around 2m small and micro companies will be required to provide profit and loss information for the first time. 

 

The Times

Deutsche Bank is suing four former managers who say the lender wrongly blamed them for alleged involvement in the Banca Monte dei Paschi di Siena SpA accounting scandal. The bank denies claims that it sought to scapegoat the ex-employees, saying the convictions and subsequent acquittals were the result of Italian courts’ interpretation of accounting rules and had nothing to do with “acts or omissions.” Deutsche Bank's lawyers said: “These allegations are baseless and denied.”

 

Bloomberg

Some of the biggest US hedge funds, including Steve Cohen’s Point72 and Ken Griffin’s Citadel, have been targeted by a wave of attempted cyber attacks. The hacking attempts featured phone calls in which ⁠cybercriminals tried to trick employees into granting them access or handing ​over other sensitive information, according to people familiar with the situation. Reuters notes that the phone call tactic is still widely used by hackers because of ​its effectiveness. Vinod Paul, president of Align Managed Services, which specialises in helping hedge funds with cybersecurity and information technology, said AI tools are helping bad actors launch attacks relatively cheaply and more broadly. “Before they could attack 50 entities in a targeted attack, now they can do 1,000 . . . Hackers can also listen into a phone call and mimic the voice, tone and phrasings of the speakers to create fake calls,” Paul said.

 

Bloomberg

Financial Times

Reuters

A senior source has dismissed reports that AstraZeneca could be set to merge with Bristol Myers Squibb. Analysts have expressed confusion over the strategic sense of such a merger, citing overlapping drug portfolios and competition issues. Reuters has reported that there are "no discussions'' about a potential merger between the two companies, quoting a senior source who said: "There is no deal between AstraZeneca and BMS. There never was a deal to be done, and there are no discussions between the companies." The Financial Times first reported that the UK drugmaker was in talks to combine with its US rival in a deal that would create one of the world’s biggest pharmaceutical groups, valued at nearly $400bn.

 

Financial Times

Reuters

The Times

Diageo chief executive Dave Lewis has launched a restructuring plan to revive the drinks maker amid declining profits and changing consumer habits. The firm, which will overhaul operations and focus on innovation, plans to cut a "significant" number of jobs after identifying duplication across the business. The restructuring is expected to cost $1.2bn but aims to deliver $1bn in annual savings within two years. Diageo will invest $1bn in Guinness, nearly doubling production capacity by 2031 to meet strong global demand.

 

Financial Times

Reuters

The Guardian

Dutch bicycle manufacturer Accell Group has filed for insolvency after being unable to meet its financial obligations, marking the collapse of a four-year turnaround following its €1.8bn acquisition by a KKR-led consortium in 2022. The owner of brands including Raleigh and Babboe had already undergone two debt restructurings, with KKR handing control to lenders earlier this year after losing its entire €1.1bn equity investment and providing a further €300m in support. Weak e-bike demand, supply chain disruption, excess inventory and heavy discounting undermined the business, leading to continued cash burn. Accell said all restructuring options had been explored, while noting that the Dutch suspension of payments process is not the same as liquidation.

 

Financial Times

Insider Media

BBC News

Payroll and HR platform Deel has acquired Clarity, a Tel Aviv-based startup which specialises in deepfake detection and identity verification. The acquisition aims to enhance security measures for employers managing global workforces amid the growing AI-driven security threat posed by fake job candidates. Deel did not disclose financial details, but sources estimate the deal to be worth between $45m and $50m. “Deepfakes, identity fraud, and impersonation attacks are becoming more sophisticated, changing how companies hire and grow globally,” said French-Israeli entrepreneur Alex Bouaziz, co-founder of Deel. “Bringing Clarity and its world-class AI talent into Deel gives us the capabilities to build trusted identity security directly into our platform . . . This lets customers confidently hire, onboard, and manage verified teams globally, with continuous safeguards that evolve as threats get smarter.”

 

The Times of Israel

About 400 of the roughly 4,000 apparel factories in Bangladesh have shut over the past two years, eliminating tens of thousands of jobs, according to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). The sector employs more than 4.5 million people, most of them women. Analysts say Bangladesh faces a challenge in Europe, its largest market, as India and Vietnam gain ground through free-trade agreements, and the pressure could build as Bangladesh is set to lose duty-free preferential market access in Europe and other countries because its status as a least-developed country is scheduled to expire in 2029. "If Bangladesh fails to strike free-trade agreements after the end of the preferential trade regime, the country may risk losing competitiveness," observed Dhaka University professor Selim Raihan.

 

France 24

Europe’s worst wildfire season in recent history is expected to result in billions of euros in insured losses, with private insurers likely to absorb most of the immediate costs, but the growing scale and frequency of climate-driven disasters are exposing a widening insurance protection gap. Analysts warn that while current losses remain manageable, future wildfires threatening major urban areas could significantly increase costs, prompting higher insurance premiums and renewed calls for stronger public-private solutions to address Europe’s rising climate risk.

 

Reuters

Southeast Asia can expect to see drier- and warmer-than-normal conditions from August through October as the El Niño climate phenomenon strengthens, according to an analysis of climate models by the ASEAN Specialised Meteorological Centre. The analysis says that parts of the region have a high chance of receiving below-normal rainfall, and temperatures are forecast to be above average during a prolonged period of heat and dryness that threatens to exacerbate current difficulties for rice farmers. The dry spell comes on top of high fuel and fertilizer prices precipitated by the war in Iran.

 

Bloomberg

Ebola response workers at treatment centres in eastern Congo are protesting as they call for the government to pay salaries ​and allowances that they say are nearly three months overdue. "We are facing an unjust situation that seriously ​jeopardises the continuation of the response effort," the health workers said in a letter to President Felix Tshisekedi. The outbreak has infected 3,802 people and killed 1,707 since it was declared ⁠on ​May 15.

 

Reuters

Japanese industrial equipment maker Trusco Nakayama has developed a "human refrigerator" designed to help prevent heatstroke as the country experiences increasingly severe summer temperatures. The ¥1.5m ($9,500) Do Hiemon Box, which cools users with 5°C air inside a 15°C booth, has already sold around 200 units to customers including construction sites, steel mills and universities. The company has also deployed the units to evacuation shelters following last week's earthquake in Kumamoto. Trusco said demand for workplace cooling products has roughly doubled in recent years as rising temperatures and tighter heat safety regulations drive interest in cooling solutions. 

 

The Japan Times