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Reeves gets boost from lower-than-expected borrowing in July. Borrowing reached £1.1bn, £2.3bn less than last year. The Office for Budget Responsibility warns of potential future debt increases, raising concerns over fiscal sustainability.
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Databricks secures new funding round, boosting valuation above $100bn. The data and AI firm plans to use the capital for AI development, international expansion, and strategic acquisitions, following its recent $10bn funding. Databricks opened its European HQ in London last year.
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Google partners with Kairos Power and TVA on nuclear energy. The collaboration aims to supply Google’s data centres with clean energy, boosting the Hermes 2 plant’s output to 50 MW. This initiative supports Google’s target of 500 MW by 2035….
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Nexstar Media Group set to acquire Tegna in $6.2bn deal. The agreement, which offers Tegna shareholders a 31% premium, would extend Nexstar’s reach to 80% of U.S. households, surpassing federal ownership limits and raising questions over media consolidation and regulation.
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UK hospitality faces severe financial strain amid cost hikes. A fifth of British hospitality businesses lack cash reserves, with nearly 80% raising prices due to cost increases from the autumn Budget. Industry bodies urge government intervention to support the sector.
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The UK CPI climb exceeded economist expectations for last month. The figure marks the highest rate since January and suggests underlying price pressures remain stubborn. A sharp rise in food, transport, and services prices is likely to stall the Bank of England’s plans for further interest rate cuts.
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Haylo Labs has acquired UK chipmaker Plessey in China-funded deal. The acquisition cleared national security review and injects new capital into one of Europe’s oldest semiconductor companies, raising questions over foreign funding in critical technologies and promising major expansion for the UK’s micro-LED industry.
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Chancellor considers capital gains tax on house sales over £1.5m. The proposed tax could affect around 120,000 homeowners, raising concerns about market distortions and discouraging downsizing among older homeowners. The move aims to address a significant public finance shortfall.
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Defence stocks in London fell sharply after US-Ukraine talks. Shares in Babcock and BAE Systems dropped significantly, while Rolls-Royce experienced a smaller decline. The market reacted to US commitments in potential peacekeeping efforts and Ukraine’s arms purchase.
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Revised sustainability rules could hinder ECB’s climate risk management. ECB President Christine Lagarde has expressed concerns that changes to European sustainability reporting could undermine the bank’s capacity to manage climate risks effectively. Lawmakers are set to discuss these proposed adjustments….