Reuters UK Business

LONDON (Reuters) -Sterling rose against the dollar and edged up on the euro on Wednesday, despite official data showing Britain’s economy grew more slowly than previously thought before the recent Omicron variant-driven surge in COVID-19 cases. Official data showed British gross domestic product grew by 1.1% in the third quarter between July and September, weaker …

Sterling rises against dollar despite signs of UK economic slowdown Read More »

By Amna Karimi (Reuters) – British speciality chemicals group Croda will sell most of its performance technologies and industrial chemicals division to commodities group Cargill Inc in a $1 billion deal, it said on Wednesday. The sale of the unit, which makes low-carbon, sustainable additives and materials used in applications from food packaging to medical …

UK’s Croda to sell industrial chemicals unit to Cargill in $1 billion deal Read More »

By Tom Wilson LONDON (Reuters) -Britain’s advertising watchdog warned Arsenal on Wednesday over ads for its “fan tokens,” a type of cryptocurrency embraced by soccer clubs this year as coronavirus pummelled their revenues. The Advertising Standards Agency https://www.asa.org.uk/rulings/arsenal-football-club-plc-a21-1121873-arsenal-football-club-plc.html (ASA) said two ads posted in August on Arsenal’s website and on Facebook were “misleading” as they …

British watchdog censures soccer club Arsenal over crypto token ads Read More »

By Jonathan Saul LONDON (Reuters) – Ocean freight costs are likely to remain high in 2022 as investors and regulators scramble to accelerate decarbonisation of the shipping industry and companies grapple with green financing, sources say. Shipping, which transports about 90% of world trade and accounts for nearly 3% of the world’s CO2 emissions, is …

Global shipping in crosshairs as environmental scrutiny deepens Read More »

By Carolyn Cohn LONDON (Reuters) -Britain’s markets watchdog said on Wednesday it will fine hedge fund BlueCrest Capital Management UK 41 million pounds ($54.50 million) for conflict of interest failings over a fund set up for BlueCrest staff. Between October 2011 and December 2015, BlueCrest failed to manage fairly a conflict of interest created by …

UK watchdog fines hedge fund BlueCrest $55 million over staff fund failings Read More »

(Reuters) – Swiss drugmaker Novartis AG is buying Gyroscope Therapeutics for up to $1.5 billion, looking to bolster its gene therapy roster with the British firm’s treatment for geographic atrophy, a leading cause of blindness. Gyroscope’s parent company, London-listed healthcare investment firm Syncona Ltd, said on Wednesday that Novartis will pay $800 million upfront and …

Novartis buys UK’s Gyroscope for $1.5 billion to get gene therapy for eye disease Read More »

By Carolyn Cohn LONDON (Reuters) -The Bank of England has fined Metro Bank 5.38 million pounds ($7.13 million) for failures in its regulatory reporting, it said on Wednesday, after the lender revealed an accounting blunder in 2019. Metro Bank said in January 2019 it had corrected https://www.reuters.com/article/uk-metro-bank-outlook-idUKKCN1PH0J7 risk weightings of some of its commercial loan …

Bank of England fines Metro Bank $7 million after accounting blunder Read More »