Daily Mirror

Apple hit with $162m fine in France

The Autorité de la Concurrence, France's antitrust authority, has imposed a fine of €150m ($162.36m) on Apple for exploiting its dominant position in mobile app advertising on iOS and iPadOS from 2021 to 2023. The fine is the first by any antitrust regulator against Apple over its App Tracking Transparency (ATT), which allows users to decide which apps can track their activity. "While the objective pursued by ATT is not in itself open to criticism, the way it is implemented is neither necessary nor proportionate to Apple's stated objective of protecting personal data," the regulator said in a statement. It added that the privacy tool "particularly penalised smaller publishers," because they depend to a large extent on the collection of third-party data to fund their business.

Bloomberg

UniCredit gets approval to acquire Banco BPM

UniCredit, Italy's second-largest bank, has received approval from the European Central Bank for its €14bn all-share offer to acquire Banco BPM. UniCredit's board is set to approve the share issue to fund the acquisition, with the Italian market regulator Consob expected to clear the offer document soon.

CYBERSECURITY

New cybersecurity laws on the way

The UK government is set to introduce the Cyber Security and Resilience Bill, mandating that organisations provide essential IT services to enhance their data protection and network security. Technology Secretary Peter Kyle said: “Economic growth is the cornerstone of our plan for change, and ensuring the security of the vital services which will deliver that growth is non-negotiable." The National Cyber Security Centre reported 430 cyber incidents in the past year, with 50% of British businesses experiencing breaches. The Bill aims to empower regulators and protect over 200 data centres, which are crucial for processing data for AI tools.

Border Telegraph

ECONOMY

Minimum wage rise and tax raid 'will cost 85,000 jobs'

The Resolution Foundation warns that 85,000 jobs are at risk from Labour’s hike to national insurance contributions for employers and minimum wage increases. The Left-leaning think tank predicts that employers will have to fire staff, reduce hiring or trim hours to cope with higher costs. Nye Cominetti, an economist at the Resolution Foundation, said: “We find an employment effect of 85,000 in terms of average-hours jobs. It is a substantial number. Most of that employment effect is concentrated among low-earners.” Meanwhile, working families are projected to lose over £3,500 by the end of this parliament due to the increase in national insurance contributions for employers, which will rise by 1.2 percentage points to 15% from April 6. The Office for Budget Responsibility estimates that 60% of the cost will be passed on to workers through lower wage growth and higher prices. By 2029-30, the average loss per household is expected to reach £842 annually. A Treasury official claimed the figures do not consider indirect economic impacts and reaffirmed the government's commitment to keeping taxes low for working people.

The Daily Telegraph

Government prepares for tariff impact

Prime Minister Sir Keir Starmer has acknowledged that the UK is likely to face tariffs of up to 20% from the US after President Trump refused to sign an economic deal that could have secured an exemption. A senior government source said that the deal, which includes concessions on artificial intelligence, tax, and agriculture, remains "on the table" but has been met with resistance from the Trump administration. The Office for Budget Responsibility predicts a 0.6% hit to GDP, equating to £18bn, from these tariffs. Starmer's spokesman said that the Prime Minister will act in the national interest while preparing for all eventualities ahead of Trump's announcements. He added: "Our trade teams are continuing to have constructive discussions to agree a UK-US economic prosperity deal."

TAX

Tax burden on businesses doubles in 10 years

New research by Thomson Reuters reveals that companies contribute over 25.6% of all UK tax receipts, with total payments nearly doubling from £114bn in 2014/15 to £215bn in 2024/25. Chancellor Rachel Reeves has pledged a more pro-business approach, yet the data raises concerns about the current tax landscape, which is becoming increasingly complex. The corporation tax rate stands at 25%, and additional burdens from national insurance and other taxes are compounding the issue. With the need for innovation and technology in compliance growing, businesses are turning to AI-powered tools to manage their tax obligations more effectively, the research notes.

CORPORATE

Tighter link between public and private capital markets needed

According to a report by UK Finance, the relationship between British businesses and public exchanges like the London Stock Exchange is evolving, necessitating a new strategy. The report highlights a significant decline in the importance of public listings, with market capitalisation of UK-traded companies dropping by 17% since 2013. The report, which was supported by EY, advocates for a tighter connection between public and private markets to foster growth and liquidity, suggesting initiatives like the Private Intermittent Securities and Capital Exchange System (PISCES) to facilitate smoother transitions to public listings. Conor Lawlor, managing director at UK Finance, said: "[The UK has] a world-class ecosystem of public and private markets," as he highlighted the need for collaboration to support innovative companies.

Hakan Samuelsson returns to Volvo Cars as CEO

Volvo Cars has reappointed 74-year-old Hakan Samuelsson, who served as CEO of the company from 2012 to 2022, as chief executive. He succeeds Jim Rowan. Samuelsson will serve a two-year term while the auto company prepares the appointment of a long-term successor. "[Samuelsson] brings a rare combination of industrial depth, strategic clarity, and proven leadership and Hakan has a broad knowledge of our group," said Eric Li, Volvo Cars chairman of the board, adding that the company was contending with rapidly-moving technological shifts, intensifying geopolitical challenges, and growing competition.

CFO turnover hits record high

Over 15% of chief financial officers (CFOs) at listed companies in the UK and US departed their roles last year, marking the highest turnover rate in six years, according to research from Russell Reynolds Associates. The average tenure of CFOs has decreased from 6.2 years to 5.8 years in 2024, largely due to a high retirement rate. Ben Jones, co-head of Russell Reynolds' European CFO practice, noted that the market pressure on CFOs is "fierce," driven by increasing regulatory demands and external factors like tariffs and inflation. Additionally, 70 out of 275 CFOs appointed last year were women, the highest proportion in six years, with 54% being internal appointments.

INVESTMENT

Allianz drops defence fund exclusions

Allianz Global Investors (AGI) has revised its sustainable fund policies, allowing investments in companies generating over 10% of their revenue from military equipment and services. Matt Christensen, AGI's global head of sustainable and impact investing, said that the previous restrictions were "onerous." The changes also permit investments in nuclear weapons activities compliant with the Nuclear Non-Proliferation Treaty.

STRATEGY

KKR expected to buy £4bn stake in Thames Water

Thames Water has chosen the US investment firm KKR as its "preferred partner" in a bid to secure £4bn in fresh equity funding, which is crucial for the company as it grapples with nearly £20bn in debt. The water supplier, which serves 16m customers in London and southeast England, aims to finalise the deal with KKR by the end of June. KKR is already a minority shareholder in Northumbrian Water and has requested a review from the competition watchdog regarding bill increases over the next five years.

Financial Times

The Guardian

REPUTATION

Primark CEO resigns amid allegations

Paul Marchant has resigned as CEO of Primark following allegations regarding his behaviour towards a woman in a social setting. Parent company Associated British Foods (ABF) confirmed that Marchant acknowledged his "error of judgement" and accepted that his actions did not meet the company's standards. He cooperated with an investigation conducted by external lawyers at Herbert Smith Freehills. George Weston, ABF's chief executive, expressed his disappointment, saying: "At ABF, we believe that high standards of integrity are essential." Eoin Tonge, ABF's finance director, will serve as interim CEO of Primark. Under Marchant's leadership, Primark expanded significantly, but sales have declined recently, particularly among less affluent households. One retail analyst said the news would come as a "blow to the Primark culture. It's going to take people's eyes off the ball for a few days." Shares in ABF fell by 2% following the announcement.

WORKFORCE

Return-to-office mandates put talent off

According to a poll by Hays, nearly half of professionals would consider resigning if required to return to the office full-time; 58% of female workers expressed this sentiment compared to 42% of men. The survey revealed that 77% of the workforce prefers a hybrid working model, with three days in the office being the most common arrangement. Pam Lindsay-Dunn, chief operating officer of Hays UK and Ireland, said: "Employers need to realise they are at serious risk of losing top talent if they make a full-time return-to-office compulsory." The cost of commuting emerged as a significant concern, affecting 73% of professionals' decisions regarding office attendance. Despite some companies pushing for more in-office time, only 8% of employers plan to enforce a return to the office in the next six months.

The Guardian

OTHER

Leicester Square buskers akin to ‘psychological torture’

A judge has ordered Westminster council to ban amplified street performers after Global Radio, which owns LBC and Heart FM, took legal action after staff struggled to work due to the "industrially amplified daily concerts" outside their windows. The judge said the council had "failed to act to stop the nuisance," adding: "While the volume is the principal mischief, it is clear that the nuisance is exacerbated by the repetition and poor quality of some of the performances. The use of repetitive sounds is a feature of effective psychological torture techniques."