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Europe
BBC Business

Former Lloyd's of London boss's relationship breached rules, firm says

Lloyd's of London's former boss's close relationship with another director breached compliance rules, the insurance market has said after an internal investigation. Former chief executive John Neal and former corporate affairs director Rebekah Clement's relationship was "sufficiently close... that it could be viewed as creating a perceived conflict of interest", the firm said. Lloyd's said the pair breached compliance rules by not disclosing their relationship but found no conclusive evidence they had a romantic relationship while at Lloyd's. Neal said all parties can now move on. Clement's lawyer said she is considering legal action. "Rebekah is hugely disappointed with Lloyd's conduct over the course of this investigation, the nature and length of which have caused her unnecessary stress and significant reputational damage relative to its 'findings'," Clement's lawyer added. "She is not surprised that Lloyd's found no evidence of an inappropriate relationship with John Neal, nor any evidence of any failings in her promotion. She also co-operated with the investigation throughout. "Yet, Lloyd's has still chosen to find against Rebekah, on the pretext of 'perception', the source of which was rumour, gossip and innuendo." Neal said: "I am pleased, but not at all surprised, that the investigation found there was no inappropriate relationship. "I would have hoped less time and resource had been spent in reaching a conclusion on the central question that was, in truth, never in doubt. Lloyd's said on Wednesday that it first received "certain whistleblowing reports" in November 2023 but that it didn't act on them. It said its chairman Sir Charles Roxburgh judged this to be a governance failure and informed the Financial Conduct Authority (FCA) about it in October 2025. Lloyd's said it could not share the nature of these allegations or the identities of the people involved.

Former Lloyd's of London boss's relationship breached rules, firm says
Europe
BBC Business

I travel four hours on a bus per day - the bus fare cap will save me £500 a year

The wool shop owner says she travels about four hours from Bedworth in Warwickshire to Leamington Spa and back, six days a week. Sarah says she endures the long travel time as she loves running her shop. "It makes me happy," she says. But the cost of getting there comes to £58 per week, or more than £3,000 per year, she says. That will change when a newly-announced cap on most single bus fares comes into force in England in January, which Sarah says will enable her to save £500 a year. After announcing the scheme, Prime Minister Andy Burnham said no-one should be "priced out" or "left behind" when it comes to affordable transport links. Like Sarah, another who thinks it will improve his quality of life is Charlie in Bristol. The 24-year-old, who lives on the city's outskirts, said capping bus fares would mean he'd be more likely to travel into the city centre on weekends. "It's not going to completely revolutionise life for anyone, but it might be the difference between me deciding against going to do something in town on a whim that might be a bit smaller, because again it adds up if you're doing that a few times a week, it can add up and it can make a difference," he said. However Holly Haines, who lives in a rural part of Hereford near the England-Wales border, said the cap would have no impact on her bus travel as the service she uses is provided by a Welsh company. Image source, Holly HainesImage caption, Holly Haines bus journey on the Wales-England border costs at least £4.20 She said that despite the current £3 bus cap in England, a single on her bus costs at least £4.20, despite the journey being "entirely in England". "Whilst I would love for other people to benefit from the £2 capped fare... I find it hard that I will not be able to benefit from it," she said.

I travel four hours on a bus per day - the bus fare cap will save me £500 a year
North America
CNBC Finance

Paramount and Warner Bros. merger hit with temporary restraining order

Paramount Skydance's proposed acquisition of Warner Bros. Discovery hit its first official roadblock when a judge granted a temporary restraining order on the merger as part of a lawsuit brought by state attorneys general. California District Judge Araceli Martínez-Olguín signed off on the order Monday after hearing arguments from both sides in an Oakland courtroom on Friday. The order puts a 14-day pause on anything moving forward with the merger. Last week, a group of state attorneys general led by California's Rob Bonta filed a lawsuit seeking to block the $110 billion acquisition due to antitrust concerns. The proposed deal would unite the storied film studios of Paramount and Warner Bros, the CBS broadcast network, a sprawling portfolio of pay TV networks that includes CNN, TNT, MTV and BET, and streaming services Paramount+ and HBO Max, under one roof. In a statement Monday, a Paramount spokesperson said the company is "confident the evidence will demonstrate that the State AGs' antitrust arguments are without merit as their alleged markets and claims of anticompetitive effects are without any basis in modern market realities." "This merger is lawful, pro-competitive, and will benefit consumers, creators, workers, and the entertainment industry. We will continue to vigorously defend the transaction and will look forward to the hearings on the substance of the State AGs' action," according to the statement. The lawsuit said the proposed deal would violate the Clayton Antitrust Act — a more than 100-year-old law that prohibits anticompetitive mergers and acquisitions. The lawsuit was brought by a group of states that also includes Arizona, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon and Washington. In Monday's order, Martínez-Olguín said the coalition of state attorneys general presented "compelling evidence that the combined firm resulting from the transaction will possess substantial market share in the wide-release theatrical distribution market." Paramount's lead trial counsel, Jeffrey Kessler, said on CNBC last week that the TRO was filed after Paramount indicated its intention was to close the deal as early as July 22, when the company expects to have all regulatory clearances. During Friday's hearing, Paramount attorneys offered to delay the deal closing until mid-August to sidestep a temporary restraining order. In Monday's statement, Paramount said it was "grateful for the court's swift order," adding that similar to its offer to delay the deal during Friday's hearing, the order "preserves the status quo while the Court considers the antitrust issues presented." Still, the states could seek another temporary restraining order after the 14 days, or a preliminary injunction, which would further delay the deal. Another proposed media deal — the $6.2 billion tie-up of broadcast station group owners Nexstar Media Group and Tegna — has been put on pause following a similar lawsuit and preliminary injunction that was granted by a U.S. court. A trial for the lawsuit, which is also being led by Bonta, is set to begin in mid-2027.

Paramount and Warner Bros. merger hit with temporary restraining order
North America
CNBC Finance

RFK Jr. says cyclospora outbreak is 'under control'

Health and Human Services Secretary Robert F. Kennedy Jr. on Tuesday said that the ongoing outbreak of cyclosporiasis is "under control." "We've identified the source of the outbreak, and the companies that are involved have implemented a recall," Kennedy said, responding to questions during a news briefing about healthcare fraud. The Food and Drug Administration and the Centers for Disease Control and Prevention, both under Kennedy's purview as HHS secretary, have faced criticism for their responses to the outbreak. Critics have blasted the federal agencies for the delays in alerting the public and tracking down the source of the outbreak, which the agencies have linked to shredded iceberg lettuce from central Mexico that was supplied by produce giant Taylor Farms. Some have claimed that agency cuts by the Trump administration have hampered the investigation, although the cyclospora parasite itself presents challenges due to its lengthy incubation period. "Those criticisms are invalid," Kennedy said during the briefing, responding to a question regarding criticism of the job cuts under his leadership. "We had no cuts in the surveillance program. We did cuts in the FoodNet program, but they were for redundant surveillance." FoodNet, or the Foodborne Diseases Active Surveillance Network, stopped mandatory reporting for six of eight pathogens — including cyclospora — last year due to funding cuts. The organization is a partnership between the CDC, the FDA, 10 state health departments and the U.S. Department of Agriculture. The FDA has concluded that the current cyclospora outbreak is linked to the iceberg lettuce, some of which was served by Yum Brands' Taco Bell. Taylor Farms has recalled the produce linked to the outbreak, while Taco Bell has pulled it from its restaurants. However, the FDA's messaging about a false positive test for cyclospora in a sample of Taylor Farms lettuce during its investigation sparked confusion, leading the agency to issue a clarification on Monday. It said it still suspects the company's iceberg lettuce is the source of the outbreak. The CDC, FDA and public health officials in multiple states have been investigating the outbreak, with illnesses first having appeared on May 13. So far, more than 1,644 cases have been reported, with 94 hospitalizations and no deaths, according to the CDC. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

RFK Jr. says cyclospora outbreak is 'under control'
North America
CNBC Finance

Goldman Sachs creates private markets platform as rich investors seek the next SpaceX and Stripe

Goldman Sachs has created a new platform to expand its offerings for wealthy clients and family offices who increasingly want direct stakes in fast-growing private companies, CNBC has learned. The new group, called the alternative investments platform, combines Goldman's existing alternatives business with two newly established teams, according to a memo seen first by CNBC. The new teams focus on direct investments in individual private companies, rather than broader private equity funds, and on helping clients buy and sell those stakes, according to the memo. "There has been a lot of focus on the big growth tech names and getting clients access to those before they debut in the public markets," Kristin Olson, Goldman Sachs' global head of alternatives for wealth, told CNBC in an interview. Goldman's move reflects two of the biggest trends reshaping Wall Street. The firm has spent years pushing deeper into wealth and asset management because of its perception as providing steadier revenues than investment banking and trading. At the same time, the most successful startups are staying private far longer than they once did, allowing early investors to capture most of the gains before public investors get a chance. "Companies are going public at a trillion dollars," Olson said. "If you haven't participated along the way, you're clearly missing a big part of the growth cycle." Goldman has been arranging direct investments in later-stage private companies for wealthy clients for roughly two decades, Olson said, pointing to Facebook before its 2012 initial public offering and later SpaceX, Stripe and Canva. But growth in demand for the asset class convinced executives to break out the business, she added. The firm's goal, Olson said, is to help clients identify promising companies before they become household names. Rather than targeting early-stage startups, Olson said, Goldman generally focuses on later-stage companies that have established products, meaningful revenue and clearer paths toward profitability, seeking what she described as a "sweet spot" between risk and return. The AI investment boom has only intensified demand. Beyond leading model developers, Goldman is increasingly steering clients toward investments in the infrastructure underpinning AI, including data centers and related projects, Olson said. The announcement comes days after Goldman reported record quarterly revenue, with executives highlighting AI-driven activity across investment banking, trading and financing businesses. The results reinforced investors' view that Goldman is positioned to benefit from multiple facets of the AI investment cycle. The announcement also formalizes Goldman's growing business helping clients find liquidity for private investments.

Goldman Sachs creates private markets platform as rich investors seek the next SpaceX and Stripe
Europe
The Guardian

Harry Potter publisher to receive millions in Anthropic copyright settlement

Bloomsbury, which is home to the bestselling novelists Sarah J Maas and Susanna Clarke as well as JK Rowling, said it had 14,087 titles listed within the settlement, with a proposed compensation of about $3,000 a title. The London-based company expects to receive the cash from the settlement in instalments, potentially starting in the second half of this fiscal year, with the proceeds to be split with authors. After a deduction of about 10% for attorney fees and other expenses, Bloomsbury and the group of affected authors can expect to receive about $19m (£14m). View image in fullscreenThe lawsuit against Anthropic was filed by the novelist Andrea Bartz and two other authors in 2024. Photograph: Richard Drew/APThe US district judge Araceli Martínez-Olguín said on Monday that the settlement provided “meaningful relief” to affected authors and publishers. The case began when the novelist Andrea Bartz and two other authors filed the lawsuit in 2024. About 91% of the 482,000 works covered in the suit have been claimed. Anthropic’s deputy general counsel, Aparna Sridhar, said in a written statement after the ruling: “We are pleased that more than 91% of authors and publishers covered by the settlement have claimed their share of the payment, and we’re looking forward to bringing this matter to a close.” Bloomsbury announced an AI licensing deal last year which allows it to sell academic works to train up generative AI programmes. The firm said recently that more subject areas were now being considered for AI training. Authors have been given the opportunity to “opt in” to the scheme and will be paid royalties if they decide to let their work be used.

Harry Potter publisher to receive millions in Anthropic copyright settlement
North America
CNBC Finance

Nike to cut off thousands of online distributors in China, restructure digital footprint

Nike is planning to cut off thousands of online distributors in China beginning in January as the sneaker giant looks to clean up what's become a messy digital marketplace and get the region back to growth, the company said Tuesday. Starting next year, Nike's online footprint will shift primarily to the retailer's official website and app, and the storefronts it operates on Tmall, JD.com and Douyin, some of China's largest online marketplaces and social platforms. Currently, consumers can shop Nike through all of those channels as well as thousands of other online storefronts powered by Nike's brick-and-mortar partners in the region and a network of secondary distributors. While the vast digital network has led to widespread consumer access to Nike's products, it's also created an inconsistent branding and pricing experience and hampered the company's efforts to reverse a sales decline in the region. "These new flagships will serve as the single, elevated destination for Nike within these ecosystems, with clearer product presentation, stronger storytelling and more connected consumer journeys," Cathy Sparks, Nike's new vice president and general manager of Greater China, wrote in a letter. "This is about strengthening the platforms where consumers already begin and end their shopping journey, making sure those experiences are direct, consistent and unmistakably Nike." "This is not about reducing access. It is about reducing fragmentation and strengthening the consumer journey," she said. "When the experience is consistent, the brand becomes stronger." Nike's plans to pare back its online footprint are designed to create a better, more consistent experience for the consumer and allow it to take back pricing control online. However, there are also concerns it could lead to a material drop in revenue in a region that's already shrunk about 30% in the last five years. News about Nike's plans to cut off online distributors first came to light late last month in a local Chinese media report. It prompted a note from BNP Paribas equity analyst Laurent Vasilescu, who wrote the move is reminiscent of Nike's ill-fated decision to cut off wholesalers in North America, which contributed to its collapse of market dominance in the region, as well as steep declines in sales and margins. "This strategy opened up shelf space for competitors and the strategy ended poorly for Nike. We believe the same could happen if it takes the same approach in China," Vasilescu wrote last month, adding that BNP was sticking with its underperform rating for the company. "We don't think Nike has a distributor problem but rather a product problem which also applies in other markets." The change is also expected to hurt Nike's brick-and-mortar partners in the region, which have expanded their online presence in recent years to grow their own businesses. Still, Topsports, Nike's largest distributor in mainland China, said it supports the company's decision. "Topsports has worked with Nike for 27 years based on the principle of mutual benefit and shared growth," Topsports CEO Yu Wu said in a statement. "This adjustment will bring some short-term pressure to our business. But we firmly believe that, over the medium- to long-term, this direction will help promote a healthier, more orderly, and more sustainable retail ecosystem in China, while further improving consumer experience and product appeal." "Looking ahead, we will continue to work closely with Nike, leveraging our strengths in offline retail operations, local consumer service, and deep market development across city tiers," Wu said. "Through new concept sport stores and high-quality physical retail experiences, we will bring Chinese consumers richer and more meaningful sport experiences."

Nike to cut off thousands of online distributors in China, restructure digital footprint
Europe
BBC Business

France passes law banning under-15s from social media

Image source, Getty ImagesByHugh Schofield, Paris correspondent and Ottilie Mitchell, BBC NewsPublished8 minutes agoFrance's parliament has approved a law to ban social media for under-15s from January 2027, making it the first European country to block young people from the platforms. The law will mean everyone in France must verify their age to access social media and comes as the UK and EU are developing their own limits in response to concerns for children's mental health. French President Emmanuel Macron has welcomed the move, which he had pledged to introduce to mark the end of his decade in office. While sceptics have questioned the law's viability, the government has insisted the online tools to put the age checks in place are effective and safe. Both the French Senate and National Assembly adopted the ban on Tuesday, despite criticism from some on the left. Once the ban is in place, social media platforms would need to use age-verification tools approved by the French privacy regulator, according to Reuters news agency. But concerns have been raised over privacy, the efficacy of age-verification tools, the risks of young people bypassing them, and how quickly the ban has been designed and brought in, Agence France Presse reports. French Digital Minister Anne Le Hénanff defended the speed of the law's implementation ahead of the vote "because age-verification tools already exist", the agency added. Despite Australia banning under-16s from social media in December, it is widely acknowledged that many continue to use the platforms. In March, Australia's eSafety Commission announced seven out of 10 children aged under 16 who had a social media account before the ban still had "some access". Given this, Professor of Internet Studies at Western Australia's Curtin University Tama Leaver told the BBC the ban has "failed" in its technical aims. But, he says, it has successfully shown a ban "can be done" though classifies it as "a bit of an experiment".

France passes law banning under-15s from social media
North America
CNBC Finance

GM announces new gas-powered Cadillac vehicles amid EV pullback

DETROIT — General Motors will launch new gas-powered Cadillac vehicles beginning next spring as the automaker continues to shift gears away from all-electric vehicles. GM CEO Mary Barra said Tuesday that the next-generation Cadillacs will include new versions of the company's CT5 sedan, outdated XT5 midsize SUV and discontinued three-row XT6 SUV. "Starting next spring and continuing into 2028, we will begin launching the next generation of Cadillac ICE [internal combustion engine] vehicles," Barra said during the company's second-quarter earnings call. She said the vehicles will be in addition to Cadillac's current all-electric crossovers and Escalade SUV. The new product announcements add to GM's pullback in EVs. The automaker had planned for Cadillac to exclusively sell electric vehicles by the end of this decade. The company also has walked back EV plans for other brands and increased gas-powered engine production, including V-8 offerings. GM has recorded $10.9 billion in EV-related charges since the second half of last year after slower-than-expected electric vehicle adoption as well as U.S. regulatory changes easing emissions standards and eliminating support for EVs. Barra reiterated that GM's plans include "onshoring significant manufacturing" for the Detroit automaker beginning next year, in part by expanding production of its full-size SUVs to a Michigan plant that was previously slated to build EVs. The full-size SUVs — Escalade, Chevy Tahoe and Suburban, and GMC Yukon and Yukon XL — are currently exclusively produced at the company's Arlington Assembly plant in Texas. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

GM announces new gas-powered Cadillac vehicles amid EV pullback