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The High Court is hearing a case against Shell regarding allegations of oil pollution in Nigeria, which has left thousands without access to clean water and devastated local agriculture and fishing. Lawyers representing 13,000 Nigerians claim that Shell's negligence in preventing oil theft and spills has severely harmed the Bille and Ogale communities. Shell contends that most pollution results from criminal activities, and said that its subsidiary, SPDC, undertakes clean-up efforts regardless of the cause. Leigh Day says if the case succeeds, it would be the first time a UK multinational had been found to have breached human rights by polluting the environment.

 

Sky News

Business Secretary Jonathan Reynolds has raised concerns about the number of regulators in the UK, suggesting a potential overhaul of the regulatory landscape. His observations come as the government outlined a new mandate for the Competition and Markets Authority (CMA), aiming for a more growth-focused approach. The draft "strategic steer" for the CMA stresses the need to enhance the UK's attractiveness for international investment. CMA chief executive Sarah Cardell responded by announcing plans to expedite merger consultations, reducing the review period from 65 days to 40 days. "We know speed of decision making is vital to reduce uncertainty and costs for businesses," Cardell said. The CMA's recent leadership changes reflect ongoing frustrations with its perceived interventionist stance.

 

Financial Times

The Daily Telegraph

Daily Mail

Data from a Freedom of Information (FOI) request reveals a strikingly low number of complaints against senior leaders, with only 96 out of over 15,000 misconduct reports to the Financial Conduct Authority relating to them. The number has raised concerns among City veterans, who describe it as “suspiciously few” and “concerning.” The UK's senior managers' and certification regime (SMCR) was intended to enhance accountability among senior City workers, yet enforcement actions remain minimal. Nikhil Rathi, FCA chief, said: “We would only get involved if there is . . . very serious or persistent behaviour.” Britt Johnston from Natixis said that if senior leaders do not perceive a genuine risk of enforcement, the regime may become ineffective.

 

City AM

The Financial Reporting Council (FRC) has indicated that private equity investment could enhance audit quality, provided that adequate safeguards are implemented to maintain auditor independence. The FRC said: “Firms must ensure any ownership changes protect both the public interest and independence.” The statement arrives as private equity investments in accounting firms are on the rise globally.

 

Bloomberg Tax

The Institute of Chartered Accountants of Scotland (ICAS) is calling on the UK government to collaborate with the Financial Reporting Council (FRC) to establish a robust regulatory framework for sustainability assurance. Bruce Cartwright, the CEO of ICAS, said: “We agree with the FRC that the quality of these services is inconsistent. While we’re encouraged to see such a wide range of sustainability assurance service providers in the UK, it’s vital that we create the right conditions for healthy competition and choice in the market but not at the detriment of quality.”

 

Scottish Financial News

The AI Safety Institute is rebranding as the AI Security Institute (AISI) to concentrate on crime and national security, Technology Secretary Peter Kyle has announced. The shift will see the agency drop its previous focus on bias and free speech, with a new “criminal misuse” team being established in collaboration with the Home Office. Kyle said: “The changes I'm announcing today represent the logical next step in how we approach responsible AI development.” The AISI will address concerns such as the potential misuse of AI in developing weapons and conducting cyber-attacks.

 

The Standard

Sir Keir Starmer has expressed full confidence in his Chancellor after it was claimed that Rachel Reeves had been involved in an "expenses scandal" while working at Halifax Bank of Scotland (HBOS) from 2006 to 2009. A whistleblower had complained that Reeves and two colleagues were profligate with their expenses, according to the BBC. But a spokesperson for the Chancellor has denied any knowledge of an investigation, saying that all expenses were properly submitted and signed off. Meanwhile, Reeves’ claims to have been employed at the Bank of England for ten years have been thrown into doubt after her LinkedIn profile revealed she only spent five and a half years working at the Bank - including nearly a year studying.

 

Sky News

BBC News

City AM

London Evening Standard

Nigel Farage is contemplating additional legal action against NatWest following a controversial debanking incident that led to the departure of Alison Rose, the bank's CEO. Grosvenor Law, which is acting for Farage in civil proceedings against NatWest, has instructed Chris Daw KC of Lincoln House Chambers to examine potential grounds for a criminal case against the bank. Rose resigned after it emerged that Farage’s accounts with NatWest subsidiary Coutts had been closed because of his political views. NatWest initially claimed the motivation was commercial. Coutts chief Peter Flavel also resigned. "This is unfinished business," Farage told Sky News.

 

Sky News

The Daily Telegraph

Barclays has disclosed ongoing investigations by the Financial Conduct Authority (FCA) regarding alleged deficiencies in its anti-money laundering controls. The bank's annual report revealed a £90m provision for potential car finance mis-selling costs linked to a separate FCA inquiry. The new investigation "focuses primarily on the historical oversight and management of certain customers with heightened risk," said Barclays. It follows a history of fines, including a £40m penalty last year for payments to Qatari investors deemed "reckless."

 

Financial Times

The Daily Telegraph

Shares in British American Tobacco (BAT) dropped as much as 10% after the company announced a £6.2bn provision related to a Canadian lawsuit. The provision was revealed in the company's full-year results for 2024, following a C$32.5bn settlement proposal made in October alongside competitors Philip Morris International and Japan Tobacco.

 

Financial Times

City AM

The UK economy faces a potential £24bn impact following Donald Trump's announcement of reciprocal tariffs on countries imposing VAT. The move could lead to a 21% levy on UK goods exported to the US. The National Institute of Economic and Social Research (NIESR) warns that such tariffs could reduce UK economic growth by 0.4 percentage points over the next two years. William Bain, head of trade policy at the British Chambers of Commerce, said the proposals would create "more cost and uncertainty for investors, businesses and consumers."

 

The Daily Telegraph

Daily Mail

Daily Mail

In the week leading to February 10th, Russian consumer prices increased by 0.23%, resulting in a total rise of 1.53% since the beginning of the year. This is slightly lower than the 1.55% recorded during the same period last year. The central bank of Russia is set to hold a rate-setting meeting on February 14, with expectations to maintain the key benchmark rate at 21%, the highest level since the early 2000s. Despite the central bank's forecast of inflation slowing to 4.5%-5.0% this year, the current weekly data indicates that prices are rising faster than anticipated.

 

Reuters

Porsche plans to reduce its workforce by 1,900 jobs by 2029 due to stagnant demand for its EVs. The cuts will primarily affect the Zuffenhausen factory and a research centre in Stuttgart. The company has reported profit margins expected to be between 10% and 12% this year, significantly lower than the long-term target of 20%. Porsche attributed the job cuts to "the delayed ramp-up of electromobility [and] the challenging geopolitical and economic conditions." As part of an agreement with union IG Metall, layoffs are not permitted until 2030, leading Porsche to offer voluntary redundancy packages instead.

 

Bloomberg

Financial Times

Commerzbank is to lay off around 9% of its workforce in an attempt to boost profitability and convince investors of its standalone prospects as it seeks to head off an unwanted approach from Italy’s UniCredit. The bank said the jobs cuts, mainly in Germany, are expected to take place by 2028. Hiring outside the country would mean full-time positions will remain steady at 36,700, the bank noted. "This provides us with a strong basis for the years to come," CEO Bettina Orlopp said.

 

Reuters

Wall Street Journal

Prudential is contemplating an £8bn spin-off of its Indian asset management business, ICICI Prudential Asset Management on the Mumbai stock exchange. The life insurer holds a 49% stake in the joint venture and plans to partially sell this stake, contingent on market conditions and necessary approvals. Analysts at Bank of America estimate the stake's value at approximately £4bn. The potential listing would be a setback for the UK stock market, which has seen a series of firms, including Arm Holdings and Flutter, opt for listings in New York.

 

Daily Mail

The Daily Telegraph reports that JP Morgan is running out of desk space at its Canary Wharf headquarters in East London as the investment bank pushes its 22,000 UK employees to return to the office five days a week. The lender currently lacks the space there to accommodate all staff, despite a company-wide order to end home working, the Telegraph understands. London staff have been advised that they do not have to return to the office until additional desk space is ready. Meanwhile, in the US, JPMorgan CEO Jamie Dimon has this week rejected employee calls to soften the bank's five-day return-to-office policy. Some workers have voiced their concerns on internal platforms, and around 950 have signed a petition against the policy. In a town hall meeting on Wednesday, Dimon said: "Don't waste time on it. I don't care how many people sign that . . . petition," as he underscored his commitment to in-person work despite employee dissatisfaction.

 

The Daily Telegraph

U.S. News

Ukraine is negotiating a deal with Donald Trump to secure continued American military aid in exchange for developing its mineral industry, particularly its rare earth elements. Andrii Yermak, chief of staff to Ukrainian President Volodymyr Zelenskyy, said: “We really have this big potential in the territory which we control.” The rare earth elements are crucial for various technologies, and Ukraine's untapped resources could provide a significant advantage. However, the industry faces challenges, most obviously due to the ongoing war, but also because of insufficient geological data.

 

El Pais

Fast Company

Daily Telegraph