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Boohoo has accused Mike Ashley's Frasers Group of attempting to "destabilise" the fast-fashion retailer ahead of a vote regarding the ousting of co-founder Mahmud Kamani. Frasers, which holds a 28% stake in Boohoo, has called for Kamani's removal, citing "justified disappointment" with his leadership. In response, Boohoo urged shareholders to reject this motion, highlighting support from Institutional Shareholder Services, which recommended voting against the resolution. Boohoo stated: "Frasers' demands... form part of an ongoing campaign... which appears designed to destabilise Boohoo." The Times suggests the conflict marks a significant escalation in the ongoing tensions between the two companies, with Boohoo's shares rising by 1.7% amid the turmoil.

 

City A.M.

Daily Mail

London Evening Standard

The Daily Telegraph

The Times

The Government has reassured that there is “no need for an emergency intervention” amidst growing concerns over the financial markets, as the pound fell to its lowest level in over a year. Treasury Minister Darren Jones said markets are functioning in an “orderly way” despite the pound's decline to just under 1.23 US dollars and rising borrowing costs, which have reached their highest since the 2008 financial crisis. Economists warn that the Chancellor may need to implement tax hikes or spending cuts to adhere to fiscal rules, as the Institute for Fiscal Studies highlighted the Government's “razor-thin margin” for compliance. The rise in gilt yields, reflecting increased borrowing costs, poses challenges for the Treasury's spending plans, with Kathleen Brooks from XTB noting that the UK's fiscal position appears “perilous.”

 

Daily Mail

Fund managers have warned the Financial Conduct Authority (FCA) over plans which would see hedge fund Saba Capital take control of seven London-listed investment trusts, saying the US firm’s strategy lacks detail. Saba has proposed replacing trust directors with its own nominees, saying leaders have “failed shareholders” and made poor decisions. James Budden, a director at Baillie Gifford, says the firm is “intending to contact the FCA,” while Chris Casey, chair of the CQS Natural Resources Growth and Income trust, also plans to get in touch with the regulator.

 

Financial Times

Daily Mail

In 2024, only 18 companies launched initial public offerings (IPOs) on the London Stock Exchange, marking the lowest number since at least 2010, according to data from EY. Meanwhile, 88 companies either delisted or moved their primary listings away from London, citing "declining liquidity and lower valuations compared to other markets" among reasons for their exit. Despite the significant drop in listings, total proceeds raised reached £3.4bn.

 

The Standard

Scale AI, valued at $13.8bn, is embroiled in legal challenges regarding its classification of workers. Amber Rogowicz, a former employee, has filed a lawsuit claiming she and others were misclassified as contractors, alleging their pay amounted to $15 per hour, below California's minimum wage of $16.50. The lawsuit, brought under California's Private Attorneys General Act (PAGA), seeks penalties for violations of state labour laws, including overtime and meal breaks. Rogowicz's attorney, Bryan Schwartz, stated: “Hopefully our case will help the company take responsibility for and fix its misclassification of workers.” Scale AI maintains that it complies with the law and that Rogowicz was terminated for violating community guidelines. This lawsuit follows another filed in December 2024, highlighting ongoing concerns about wage theft and worker misclassification.

 

Techcrunch

Ian Rosenblatt, the ousted founder of listed legal business RBG Holding, has filed a winding up petition against the group. Mr Rosenblatt has enlisted law firm Stephenson Harwood to file the legal action. RBG this week terminated its consultancy agreement with Mr Rosenblatt, highlighting allegations of “offensive behaviour unbecoming of a solicitor and consultant to RBG Holdings.” Mr Rosenblatt hit back, saying board members “are now susceptible to legal proceedings, in libel amongst other things.” In December, Mr Rosenblatt requested a general meeting, urging shareholders and the board to consider the removal of chief executive Jon Divers and two current non-executive directors.

 

City AM

Birkenstock, the German maker of cork-based footwear, has filed three lawsuits against competitors, including Tchibo, alleging copyright infringement. The company argues that its sandals should be recognised as “works of applied art” under copyright law, which grants exclusive rights to creators. The case has reached Germany's federal court of justice after conflicting lower court rulings regarding the artistic merit of the sandals.

 

The Guardian

The Times

Flexible working arrangements are being curtailed by several large employers as they enforce stricter office attendance policies. A September 2024 survey of 150 financial services companies by KPMG found that bosses were considering a range of methods to track attendance in the office, with some companies saying they would consider using monitoring devices to ensure employees were at work. As firms navigate these changes, the balance between office presence and employee satisfaction remains a critical issue. Employment lawyer David Palmer notes that while companies can mandate office attendance, they must consider reasonable adjustments for employees with disabilities. 

 

BBC News

Isabella Fish in the Times considers the challenges facing the British high street, with fears over inflation and rising costs leading to a £2bn loss in value for major retailers. She notes that updates from Tesco and Marks & Spencer on their Christmas sales were overshadowed by concerns over increased taxation and inflation. M&S's CEO, Stuart Machin, highlighted the uncertain economic outlook, while Tesco's Ken Murphy warned of creeping inflation. The markets also took a dim view of the sector. Sainsbury's, which will update the market on its Christmas trading today, was the third-biggest faller among the constituents of London’s blue-chip index, falling 3.2%. Kingfisher, Next and Associated British Food, the owner of Primark, also ended the session in the red. In a separate piece in the Times, Alistair Osborne profiles how Machin and Murphy are at the top of the retail pack.

 

The Times

The Times

Impending tax hikes could push many nightclubs "to the brink of closure," according to Michael Kill, head of the Night Time Industries Association, who has warned that the current uncertainty is "more concerning than anything we saw during the pandemic." The recent Budget has proposed an increase in employers' National Insurance contributions from 13.8% to 15%, alongside a rise in the national minimum wage and reduced business rates relief. Mr Kill emphasised that the additional financial burden from these planned tax increases could lead to closures, as many venues have already exhausted all avenues to cut costs.

 

Daily Mail

The Daily Telegraph

Elon Musk's attorney, Marc Toberoff, has urged California and Delaware attorneys general to auction OpenAI's non-profit stake, saying artificial intelligence investors want to see an open and competitive bidding process.

 

Financial Times

James Howells, a computer expert, has suffered a setback in his quest to recover a £600m bitcoin fortune lost in a Newport City Council dump. A judge ruled that his claim had "no realistic prospect of succeeding," stating that the particulars of the claim lacked reasonable grounds. Mr Howells accidentally discarded a hard drive containing his bitcoin wallet in 2013, which was taken to the dump by his then partner. Mr Howells believes that the bitcoins could be worth £1bn by next year and has expressed intentions to appeal to the Supreme Court.

 

BBC News

The Independent

The Guardian

The Times