Author: Andrew Rogers

Sky has put 900 UK jobs at risk as it reshapes its business to compete with US streaming services, with about 600 expected to be cut and 300 redeployed. The latest round of reductions, the third in 18 months, follows launches of Sky Glass and Sky Glass Air and targets technology, product, and corporate teams. Since early 2023, Sky has cut nearly 3,500 roles while shifting away from traditional satellite pay-TV toward internet-based products. More than 90% of new subscriptions now come from Sky Glass and Sky Stream. The cuts bring staff numbers back to around 23,000, similar to levels…

The US and China have agreed on a framework to transfer TikTok to US-controlled ownership, marking a breakthrough in a long-running dispute over the app’s security. US trade representative Jamieson Greer confirmed the deal, while Treasury Secretary Scott Bessent said commercial terms had been agreed but declined to provide details. Chinese negotiator Li Chenggang said both sides reached a basic consensus on resolving TikTok-related issues through cooperation. The agreement addresses national security concerns over ByteDance, TikTok’s Chinese parent company. In 2024, legislation required ByteDance to sell TikTok to a US-approved buyer or face a ban, a deadline extended multiple times…

Former Bank of England policymakers have urged governor Andrew Bailey to ease pressure on government borrowing by scaling back or halting the central bank’s bond-selling programme. Four influential ex-members of the Bank’s monetary policy committee (MPC) said a change in course is needed as Britain’s long-term borrowing costs hit a 27-year high, intensifying pressure on chancellor Rachel Reeves ahead of the 26 November autumn budget. While global factors, including Donald Trump’s trade war and US Federal Reserve policies, are contributing to rising yields, the Bank acknowledged that its £100bn programme of quantitative tightening (QT) from its crisis-era bond purchases is…

Fitch Ratings has downgraded France’s credit rating from AA- to A+, citing political instability and uncertainty over managing rising public debt. The agency warned that without decisive action, France’s debt, currently at 113.2% of GDP, could reach 121% by 2027, and the deficit is unlikely to fall below 3% by 2029. The downgrade follows the ousting of Prime Minister François Bayrou after a failed budget plan. Finance Minister Eric Lombard emphasized the strength of the economy and ongoing consultations to restore public finances, but economists note France’s high deficit and political fragmentation make fiscal consolidation difficult. Despite these concerns, inflation…

AstraZeneca has halted its £200m expansion in Cambridge, leaving its £650m UK investment package on hold.The project, expected to create 1,000 jobs, joins the cancelled £450m vaccine facility in Merseyside.An AstraZeneca spokesperson said the company continually reassesses investment needs and provided no further comment.The pause contrasts with $50bn US investments, funding facilities in Virginia, Maryland, Massachusetts, California, Indiana, and Texas.Merck also scrapped a £1bn London research centre, laying off 125 scientists, further hitting UK life sciences.Sir John Bell warned other pharmaceutical giants may stop investing in the UK due to uncertainty.Sanofi called for a clear Treasury plan, pausing UK investments…

The European Central Bank kept its deposit rate unchanged at 2% during Thursday’s monetary policy meeting.Other key rates were also held steady: main refinancing at 2.15% and marginal lending at 2.40%.The deposit rate has stayed at its lowest level in over two years following eight cuts since June 2024.ECB President Christine Lagarde said inflation is stabilizing around 2%, the bank’s medium-term target.Flash estimates showed prices rose 2.1% in August, after 2% readings in June and July.The EU-US trade deal provides more clarity, though the ECB has yet to assess its full impact.Political uncertainty in France and weak global demand remain…

Oracle co-founder Larry Ellison became the world’s richest person after Oracle shares surged 40% in early trading.Ellison’s 41% stake is now valued at $393bn, slightly above Elon Musk’s $384bn, Bloomberg reports.The rise marks Oracle’s largest single-day increase and the biggest one-day wealth gain on Bloomberg’s index.Ellison, 81, also holds Tesla shares, a sailing team, the Indian Wells Open, and a Hawaiian island.He has a close relationship with Musk, serving on Tesla’s board and investing $1bn in Twitter.Musk frequently visits Ellison’s Hawaiian island, Lanai, highlighting their long-standing personal and professional ties.Both Ellison and Musk have connections to Donald Trump, though Musk’s…

Apple will unveil its thinnest iPhone yet at Tuesday’s annual event in Cupertino.The iPhone 17 series will include standard, Pro, Pro Max, and the new iPhone Air.iPhone Air is expected to be Apple’s lightest flagship, inspired by its slim MacBook line.Apple will also introduce Apple Watch series 11 and upgraded AirPods earbuds.The new AirPods may feature live translation, similar to Google’s Pixel Buds.Apple plans to announce launch dates for iOS 26 and macOS Tahoe.Trump’s tariffs could increase iPhone costs and disrupt the global supply chain.Tim Cook moved production to India and shipped iPhones to the US to limit tariff effects.Investors…

New York Attorney General Letitia James has hired a major law firm to manage federal subpoenas amid two ongoing investigations. The move signals heightened legal defenses as she faces scrutiny from federal authorities in Albany. James brought on Munger, Tolles Olson LLP, to respond to the subpoenas, according to the state comptroller’s office. A spokesperson said details about the cost of the legal work were not immediately available. The legal team includes experienced lawyers such as Martin Estrada, former U.S. attorney for Southern California, firm chair Brad Brian, and co-managing partner Hailyn Chen. This hiring follows James’ retention of personal…

Volkswagen CEO Oliver Blume said the company is close to a US tariff deal as it aims to grow its affordable electric car market in Europe. Trump-era tariffs have already cost the group “several billions,” even with a planned reduction from 27.5% to 15%. Volkswagen plans major US investments to secure a better deal and may localise Audi production. Porsche Impacted by Tariffs and Weak China Market Blume noted Porsche is being squeezed by tariffs and a weak Chinese market, costing several billion euros this year. US-bound Porsches are mostly made in Germany, making them more affected than VW, BMW,…