
November’s US M&A tape did not look busy. It did, however, look big. A handful of multi-billion-dollar deals in consumer health, cancer diagnostics, industrials, and AI infrastructure underscored how 2025’s deal cycle is being driven by scale, category leadership, and infrastructure for an AI-intensive economy.

November’s M&A tape in Europe shrank, but deals swelled dramatically. From coatings and chemicals to energy and financial infrastructure, November’s largest transactions show boards leaning into selective, high-stakes bets in a market defined by sovereign capital, tougher subsidy rules, and more creative deal structures.

The FCA proposes new rules for ESG ratings providers. The Financial Conduct Authority aims to enhance transparency, governance, and conflict management in the ESG ratings sector, building on international recommendations to improve market trust and support the UK’s sustainable finance ambitions.

AI meets fragrance discovery in Jo Malone’s latest innovation. The Estée Lauder Companies and Jo Malone London have unveiled an AI-powered Scent Adviser experience designed to recreate the brand’s signature in-store consultation online, helping consumers find their ideal fragrance through natural language interaction.

November’s UK dealflow was quiet, but anything but complacent overall. From a scrapped £5.3bn infrastructure merger to a contested fintech tie-up, the month’s biggest transactions showed investors rewarding infrastructure-style cash flows, disciplined storytelling, and targeted digital bets over indiscriminate empire-building, for boards weighing whether to buy, build, or partner.

Three in four disabled UK shoppers face digital barriers. New AccessiWay research shows accessibility issues are driving customers away during key sales periods, with calls for stronger regulation and inclusion on the International Day of Persons with Disabilities.

London’s new AI lab aims to lead global research efforts. The five-year collaboration will focus on foundational AI research in safety, reliability, and societal impact, combining Imperial’s academic strength with Thomson Reuters’ applied expertise in large-scale systems.

88 per cent of organisations fear state cyber threats. A new study by IO finds UK and US businesses increasingly view state-sponsored cyber attacks as a board-level risk, warning that governments are not doing enough to protect the private sector from national-level adversaries.

Argos reports a £223.2 million pre-tax loss. The retailer, owned by Sainsbury’s since 2016, experienced a revenue decline from £4.22 billion to £4.13 billion, alongside job cuts, amid a challenging market and weakened demand.

FreemarketFX has deepened its collaboration with technology company Napier AI. The partnership will see Napier’s AI-driven monitoring tools underpin FreemarketFX’s global payments network, improving oversight and helping detect anomalies across fast-growing transaction volumes. The move supports FreemarketFX’s continued international expansion.