British Business - May 10
May 10 (Reuters) -The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
- American AI infrastructure group CoreWeave will invest an initial 1 billion pounds ($1.25 billion) in the UK, and set up a London office which will serve as its European headquarters.
- Blackstone BX.N looked set to clinch its $1.57 billion deal for Hipgnosis Songs Fund SONG.L after Apollo-backed Concord said on Thursday it would stick with its lower bid of $1.51 billion for the company.
The Guardian
- Jeff Zucker, head of RedBird IMI, which last week announced plans to drop its bid for the Telegraph, said he should have taken a different approach to the deal and immediately snapped up the Spectator magazine.
- British foreign minister David Cameron has said the UK will not be withholding arms sales to Israel.
The Telegraph
- HSBC Holdings HSBA.L is among several Asian-focused financial services groups reportedly pushing ministers to keep China outside of the strictest risk category of a new national security regime, in a bid to soften new national security rules seeking to crack down on China’s influence in the UK.
- Claire Coutinho, UK's Energy Secretary, has shelved plans for a pilot “hydrogen town” after a wave of protests against earlier trials.
Sky News
- British trade union Community secured backing for action and said more than 85% of its 3,000 members across all Tata Steel TISC.NS UK production sites have voted for strike action against the company's job cut plans.
- Fruugo, a former IPO candidate considered a prime candidate to float on the London stock market, has hired bankers to pursue a sale and is working with DC Advisory on options for its future.
The Independent
- Bank of England held UK's interest rates at 5.25% despite hopes of a cut, with Bank of England Andrew Bailey saying there needed to be more evidence inflation will stay low before interest rates can be cut.
($1 = 0.7992 pounds)
(Compiled by Bengaluru newsroom)
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