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Waiver from Netflix allows film company to engage with rival bidder if it could lead to a 'reasonably superior offer'Business live – latest updatesWarner Bros Discovery (WBD) has reopened talks with Paramount Skydance, giving the company seven days to table its best and final offer and top an existing agreement with Netflix.WBD has so far stuck to its binding agreement with Netflix and rejected a series of sweetened offers from Paramount, resulting in the company pursuing a hostile $108.4bn (£76.8bn) takeover directly with shareholders Continue reading......

At least 20 federal suits filed against companies like Kalshi and Polymarket as lawmakers call it 'loophole' for gamblingState lawmakers and gaming regulators across the US are escalating their fight against prediction markets, arguing that the fast-growing platforms are “basically gambling but with another name”.At least 20 federal lawsuits have been filed nationwide, disputing whether companies such as Kalshi and Polymarket should be treated as federally regulated financial exchanges, as they maintain, or as gambling operations that should be regulated like state-licensed sportsbooks. Continue reading......

Company, which also owns Oasis, Warehouse and Karen Millen, to use cash to cut debts and fund turnaroundBusiness live – latest updatesThe owner of Boohoo and Debenhams is raising £35m from shareholders in a move that could open a fresh conflict with Sports Direct founder Mike Ashley.The company, which also owns Oasis, Warehouse, Pretty Little Thing and Karen Millen, said on Tuesday that the new cash would help reduce debts and fund its turnaround plans. These involve slashing costs, selling off a distribution centre and operating Debenhams as an online marketplace for other brands. Continue reading......

Bloc also examines 'addictive design' of shopping site, including rewards, and its recommender systemsBusiness live – latest updatesThe EU is to open a formal investigation into the Chinese retailer Shein over multiple suspected breaches of European laws including the sale of childlike sex dolls and weapons.The European Commission said on Tuesday it had launched the inquiry after demanding information from the fast-growing company last year. Continue reading......

Billionaire says he exercised 'terrible judgment' in maintaining contact with sex offender and Ghislaine MaxwellThe billionaire Thomas Pritzker has stepped down as executive chair of the hotel chain Hyatt, after revelations over his ties with the late child sex offender Jeffrey Epstein.Pritzker said he had exercised “terrible judgment” in maintaining contact with the sex offender and Ghislaine Maxwell, who was convicted in 2021 for her role in recruiting and grooming underage girls. Continue reading......

Falls in inflation and interest rates could leave Britain better off this year, but at the cost of high unemploymentUK unemployment rate hits five-year highPrivate sector pay increased on average by just 3.4% in December, according to the latest official labour market data released on Tuesday, the same as the rise in inflation at the end of last year.No wonder the vast majority of workers are feeling the winter blues. Their incomes, adjusted for rising shop prices, have flatlined, leaving them no better off than they were a year earlier. Continue reading......

Programme launched by last Tory government was worked on by Deloitte and IBM but was paused in 2024Business live – latest updatesThe UK government has shelved a project to simplify trade border processes post-Brexit, after spending £110m on a contract with Deloitte and IBM for it, according to reports.The last Conservative government promised in 2020 to create the “world's most effective border” by 2025 as part of their plan for a new trade system after Britain left the EU. Continue reading......

Civil society groups and individuals from around world are working to aid Ukraine by damaging Moscow's war machineIn August 2022, Olena Yurchenko stumbled across a heated discussion on a Russian-language online forum – and made a discovery that would ultimately affect US and European sanctions policy on the Ukraine war.The war had begun six months earlier. Yurchenko, 22, had been forced to leave Ukraine for Latvia after Russian strikes on her home town in the north. She had joined a nascent effort to pressure western companies to move their operations out of Russia. But the “name and blame” tactic only went so far, she said. Continue reading......

Messages from ex-wife of Andrew Mountbatten-Windsor to sex offender, sent after his conviction, came to light last monthSix companies linked to Andrew Mountbatten-Windsor's ex-wife, Sarah Ferguson, are being wound down in the wake of revelations about her relationship with Jeffrey Epstein.According to Companies House, an application to strike off each company was filed after new details about Ferguson's contact with Epstein came to light in the millions of documents released by US authorities as part of the Epstein files. Continue reading......

Rolling coverage of the latest economic and financial newsGood morning. Unemployment across the UK has hit a near five-year high, and wage growth has slowed.The latest labour market data, just released this morning, shows that the UK jobless rate rose to 5.2% in the October-December quarter.“The number of workers on payroll fell further in the final quarter of the year, reflecting weak hiring activity, although it is largely unchanged in the latest month. Over the same period the unemployment rate increased, with data showing that more people who were out of work are now actively looking for a job.“The number of vacancies has remained broadly stable since the middle of last year. Alongside rising unemployment this means that the number of unemployed people per vacancy has increased, reaching a new post-pandemic high. Meanwhile, redundancies are also showing an upward trend.7am GMT: UK labour force data7am GMT: German inflation report9.30am GMT: UK productivity data for Q4 202510am GMT: ZEW's eurozone...

By trusting the US, we handed Trump a kill switch. Yet Europe's digital sovereignty is an achievable goalThe French judge Nicolas Guillou knows exactly how deep Europe's dependence on US tech is. Guillou and his colleagues at the international criminal court are under US sanctions. They can no longer use e-commerce, book hotels online or hire a car. Their home smart devices ignore them. Credit cards from European banks no longer function, because Europe has still not developed its own EU-wide payments system, so most electronic purchases go through Visa and Mastercard. Converting euros to foreign currencies is extraordinarily difficult because everything passes through dollars. Living in Europe is no protection against Donald Trump bricking your digital life.This dependence is not limited to mod-cons. Last year, the chairman of the Danish parliament's defence committee said that he regretted his part in Denmark's decision to buy US-made F-35 fighter jets: “I can easily imagine a situation where the ...

President says it is inappropriate for UK to be dealing with Gavin Newsom after Ed Miliband meets governor in LondonDonald Trump has vented his fury against a green energy deal between the British government and California's governor, Gavin Newsom, a likely future Democratic presidential candidate.“The UK's got enough trouble without getting involved with Gavin Newscum,” Trump said in an interview with Politico, using the derogatory nickname he reserves for Newsom. “Gavin is a loser. Everything he's touched turns to garbage. His state has gone to hell, and his environmental work is a disaster.” Continue reading......

Industry using 'diversionary' tactics, says analyst, as energy-hungry complex functions such as video generation and deep research proliferateTech companies are conflating traditional artificial intelligence with generative AI when claiming the energy-hungry technology could help avert climate breakdown, according to a report.Most claims that AI can help avert climate breakdown refer to machine learning and not the energy-hungry chatbots and image generation tools driving the sector's explosive growth of gas-guzzling datacentres, the analysis of 154 statements found. Continue reading......

Peter Waddell is alleged to have made racist and sexist remarks which led to his removal as CEO of Big Motoring WorldA multimillionaire used-car salesman was ousted from his £300m company as part of an orchestrated “coup” involving business rivals and private equity investors, the high court has heard.Peter Waddell, 59, claims he was forced out as the chief executive of the Kent-based dealership Big Motoring World by “conspirators” who designed a “plan” to ensure that an investigation into allegations of gross misconduct “reached the conclusion that one or more [sackable events] had occurred”. Continue reading......

Exclusive: First meeting to be held over domestic payments system aimed at reducing reliance on US networksUK bank bosses will hold their first meeting to establish a national alternative to Visa and Mastercard, amid growing fears over Donald Trump's ability to turn off US-owned payment systems.The meeting, chaired by Barclays' UK chief executive, Vim Maru, will take place this Thursday and bring together a group of City funders that will front the costs of a new payments company to keep the UK economy running if problems were to occur. Continue reading......

Competing domestic priorities, Treasury borrowing limits and already nervous lenders are among the many obstaclesKeir Starmer has few options if he wants to increase annual defence spending by up to £14bn before the end of this parliament.In last summer's spending review, the government set out plans to increase defence spending from 2.3% of national income, or gross domestic product (GDP), in 2024-25 – about £66bn, to 2.6% in 2028-29. Continue reading......

Consumer confidence at its lowest level in two years, as young people in particular face money pressuresBusiness live – latest updatesThe mood among UK households about their finances is “dismal”, according to research which suggested consumer spending remains sluggish and debts are mounting.Consumer confidence in the UK is running at its lowest level in two years, a survey by S&P Global found, as households worry about their debts, their future financial prospects, and their savings. Continue reading......

Watchdog reduces Richard Howson's fine to £237,700 after he withdraws challenge to punishmentThe former boss of the construction company Carillion has been fined by the UK's financial watchdog for his role in misleading investors before its collapse eight years ago.The Financial Conduct Authority (FCA) fined Richard Howson £237,700 after Carillion's ex-chief executive withdrew his challenge to the regulator's punishment. Continue reading......

Firm says person fined A$10,000 is one of over two dozen staff in Australia caught using AI in exams since JulyBusiness live – latest updatesA partner at the consultancy KPMG has been fined for using artificial intelligence to cheat during an internal training course on AI.The unnamed partner was fined A$10,000 (£5,200) for using the technology to cheat, one of a number of staff reportedly using the tactic. Continue reading......

Plant closures possible as part of German carmaker's efforts to create resilience in face of competition from ChinaVolkswagen plans to cut costs by 20% by 2028, with plant closures not ruled out as part of an effort to reshape the company in the face of increasing competition from China, according to reports.The German automotive company's chief executive, Oliver Blume, and its finance chief, Arno Antlitz, are said to have presented a plan for “massive” savings at a meeting of the company's top executives last month. Continue reading......