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Swiss voters have rejected a stricter interpretation of the country's tradition of diplomatic neutrality. More than 70% voted against a proposal that would have prevented the European nation from imposing sanctions without UN approval. The proposal would have also prevented Switzerland from pursuing closer ties with NATO. Russia had openly backed the initiative, which was supported by the right-wing Swiss People's Party (SVP) and opposed by the federal government and all other major parties.

 

Financial Times

BBC News

The Guardian

In an interview with the Telegraph, UK business secretary Jonathan Reynolds has warned Labour against reopening the debate about EU membership, arguing that it would see the return of paralysing political uncertainty at the expense of the country. Reynolds said he agreed with business leaders who had urged him to focus on improving the relationship with the EU, "as we should do with any of our major trading partners, and at the same time, make the best of opportunities around the rest of the world." Prime minister Andy Burnham is under pressure from unions and some senior Labour figures to abandon the party's red lines on rejoining the single market and customs union.

 

The Sunday Telegraph

Manchester City has been found guilty of nearly all charges related to breaches of the Premier League's financial regulations. The breaches occurred between 2009 and 2018, during which time City won multiple titles. The verdict means rival clubs could bring claims for lost revenue. Paul Stothard, partner at law firm Norton Rose Fulbright, said the independent commission's verdict would, if upheld pending an appeal, “open the floodgates to further legal challenges,” adding: “Manchester City being found liable for 114 out of 115 rule breaches means that other clubs may choose to pursue compensation for lost revenue, missed European qualification or relegation – though they would need to be able to prove how City's breaches impacted on their own ability to compete and their quantifiable loss.”

 

Financial Times

The Daily Telegraph

City AM

UK banks, through the Great British Tokenised Deposit initiative, have completed live retail trials using programmable digital versions of bank deposits. Remortgage and consumer marketplace payments were automatically locked and released when conditions were met, reducing delays and risk. Executed on the GBTD platform, which was developed by Quant, the pilots suggest tokenised deposits could improve payment efficiency, transparency, fraud prevention, and customer control while preserving conventional bank-money protections.

 

UK Finance

The London Bullion Market Association (LBMA) is under pressure over gold sourced from the Pueblo Viejo mine in the Dominican Republic, which is operated by Barrick. Local residents allege that the mine has contaminated water, harmed health, and damaged crops. They are represented by law firm Mishcon de Reya and are questioning the LBMA's oversight of ethical sourcing. Alexander Rhodes from Mishcon commented: "If you sit in London and you set standards but don't police them . . . then you should expect to be held to account." The LBMA also faces similar allegations related to a Barrick mine in Tanzania.

 

Sunday Times

The Bank of England is using an AI model to analyse interest rate decisions and predict market reactions. Governor Andrew Bailey announced that the Monetary Policy Committee (MPC) is submitting meeting minutes to a large language model (LLM) for summarisation.

 

Daily Mail

Schroders has voted against the re-election of Dame Ruth Cairnie as chair of Babcock International, citing "concerns around diversity on the board." Despite the board meeting diversity targets, Schroders claims insufficient female representation in senior management, which stands at 32%. The asset manager holds the chair accountable for promoting diversity throughout the organisation. Babcock reported that 98.5% of shareholders supported Cairnie's re-election, underscoring a disconnect between shareholder sentiment and Schroders' voting stance. Schroders said: "UK companies are expected to make progress against established market standards, including FCA disclosure requirements and the FTSE Women Leaders Review targets . . . When progress is limited over a number of years, we may use our voting rights to hold those responsible for succession planning and leadership development accountable. "

 

The Times

Corporate governance veteran Sir Jan du Plessis has warned that the UK government's proposed changes to boardroom rules could harm public trust in business. Although he applauds efforts to reduce bureaucracy, du Plessis said the shift to virtual-only AGMs and the removal of the annual vote on directors' pay would be short-sighted and a mistake. The government said it is seeking feedback on the proposals to ensure the corporate reporting framework meets future needs while safeguarding shareholder rights.

 

Sunday Times

German manufacturer Fritzmeier is ceasing production at its Bánovce nad Bebravou plant in Slovakia after 20 years, moving operations to Germany and the Czech Republic. The decision follows years of financial losses. The plant, which employed 44 people, has not turned a profit since 2020.

 

The Slovak Spectator

UK lender Barclays is encountering significant resistance to its proposed return-to-office mandate. Staff, represented by the Unite union, oppose increasing mandatory office days from two to three for most employees and from three to four for senior leaders. An open letter opposing the changes has garnered over 5,200 signatures. Unite said: "Barclays has been unable to provide . . . an evidence-based rationale."

 

The Observer

Hendrik Wüst, the premier of North Rhine-Westphalia, will begin a three-day visit to Türkiye on Monday to commemorate the 65th anniversary of a historic German-Turkish labour agreement. The deal facilitated the arrival of many Turkish "guest workers" in Germany. Wüst's itinerary includes political discussions in Ankara and an economic conference in Istanbul, where he will present a prize for cultural reconciliation to Ilkay Gündoğan, former captain of the German national football team. North Rhine-Westphalia is home to a large Turkish community. Annual trade between Germany and Türkiye reaches up to €12bn.

 

Daily Sabah