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The European Commission has published guidelines to help AI models it has determined have systemic risks. The move aims to counter criticism from some companies about European Union artificial intelligence regulation (AI Act) and regulatory compliance while offering more clarity to businesses which face fines ranging from €7.5m ($8.7m) or 1.5% of turnover to €35m or 7% of global turnover for violations. "With today's guidelines, the Commission supports the smooth and effective application of the AI Act," EU tech chief Henna Virkkunen said.

 

Reuters

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Microsoft has issued an alert about attacks on SharePoint server software used by government agencies and businesses to share documents within organisations, and has recommended security updates that customers should apply forthwith. US state officials and private researchers say hackers have compromised US federal and state agencies, universities, energy companies and an Asian telecommunications company. Users are being urged to take the servers offline or make changes to the SharePoint programs to protect themselves. "Microsoft has provided security updates and encourages customers to install them," a spokesperson said.  "We’ve been coordinating closely with CISA, DOD Cyber Defense Command, and key cybersecurity partners around the world throughout our response."

 

Reuters

Washington Post

Top business executives in the UK are set to receive briefings from the Foreign Office on global risks, including conflicts and trade tensions, as part of the newly established Geopolitical Impact Unit. The initiative aims to provide firms with "straight from the source" insights to help them expand overseas while reducing reliance on costly private consultants.

 

City AM

OpenAI has signed an agreement with the UK government to leverage artificial intelligence for enhancing productivity in public services. The deal, announced by Technology Secretary Peter Kyle, aims to integrate OpenAI's software across various sectors, including education, defence, and justice. The memorandum of understanding outlines plans for an information sharing programme and the development of safeguards to protect public interests.

 

BBC News

City AM picks up on news that the British Standards Institution (BSI) has introduced the world's first international standard aimed at enhancing the quality of audits in the rapidly expanding AI market. The new framework focuses on AI system certification, establishing "robust governance mechanisms for auditors assessing compliance" to foster trust and consistency among certifying bodies. Mark Thirwell, global digital director at BSI, remarked: "As companies race to provide AI audit services, there is a risk of a 'wild west' of unchecked providers." The standard, BS ISO/IEC 42006, is expected to guide accreditation bodies and conformity assessment organisations, ensuring compliance with evolving global regulatory frameworks and supporting responsible AI innovation.

 

City AM

Austrian advocacy group noyb has filed data privacy complaints against China's AliExpress, TikTok, and WeChat, alleging they fail to comply with European Union laws on providing users with a full copy of their data. The group claims that the companies make it difficult for users to access their information, despite having tools to fulfill requests for data access. Tencent, the owner of WeChat, has said that it complies with market regulations and is committed to protecting user privacy and data security.

 

Reuters

Private equity investment in UK businesses has significantly declined, reaching levels not seen since the early pandemic. In the first half of 2025, private equity funds executed 726 investments, a 17.1% decrease from 876 deals in the same period of 2024, according to KPMG. Alex Hartley, head of corporate finance at KPMG UK, remarked: "As we headed into 2025 off the back of strong deal numbers last year, the expectation was that M&A activity would continue to pick up." However, geopolitical uncertainties and the impact of tariffs have created volatility in the deals market. The first quarter saw 370 investments, which fell to 356 in the second quarter, with the southwest of England being the only region to experience growth. Despite the downturn, Hartley expressed cautious optimism for the remainder of 2025, anticipating a potential uptick in activity as business owners prepare for upcoming tax changes.

 

The Times

The EU is increasing pressure on national governments to stop blocking bank consolidation, issuing two warnings this week against meddling by the Italian and Spanish governments in banking tie-ups.

 

Financial Times

Taavet Hinrikus, the co-founder of Wise, has called on investors to reject the fintech's proposal to shift its primary listing from London to New York, citing concerns over shareholder rights. The plan, which includes extending additional voting rights to a select group of shareholders, has raised alarms about entrenching disproportionate power among a few individuals, including chief executive Kristo Kaarman. Hinrikus, who retains a 5.1% stake through Skaala Investments, described the proposal as "deeply troubling" and argued that it undermines shareholder democracy and good corporate governance. Despite these concerns, Wise maintains that the dual-class share structure is vital for its success, with a spokesperson noting that shareholders have largely supported the proposal.

 

Daily Mail

BP has appointed Albert Manifold as its new chair, succeeding Helge Lund, who is stepping down amid a strategic shift back to fossil fuels. Manifold, previously the chief executive of CRH, will join the BP board on 1 September and officially take over on 1 October. The change follows investor dissatisfaction and a decline in BP's share price, which has fallen over 10% in the past year. Murray Auchincloss, BP's chief executive, has indicated a "fundamental reset" in strategy after activist hedge fund Elliott Management acquired a significant stake in the company. Concerns remain regarding BP's commitment to its green strategy, as it continues to scale back its green portfolio.

 

Financial Times

Daily Mail

The Guardian

Ryanair has indicated a potential delay in the delivery of several Boeing 737 Max aircraft until a trade agreement is finalised between the European Union and the United States. The airline, Boeing's largest customer in Europe, said it does not urgently require the jets scheduled for October, allowing for possible deferral of orders. Ryanair could mitigate tariff impacts by receiving the aircraft through its UK subsidiary, which is exempt from President Trump's duties due to the UK’s trade deal with the US.

 

Financial Times

The Times

Sir Keir Starmer has announced significant reforms to the UK's ethics and integrity framework in a bid to restore public trust in government. The new measures include the establishment of an independent ethics and integrity commission (EIC) to oversee standards, replacing the Advisory Committee on Business Appointments (Acoba), which has been deemed ineffective. The PM said: "This overhaul will mean there are stronger rules, fewer quangos and clearer lines of accountability." Financial penalties will be imposed on former ministers who breach rules, and eligibility for severance payments will be restricted. The EIC will also be tasked with improving public understanding of the ethics system and ensuring compliance across public sector bodies.

 

City AM

Daily Mirror

The Guardian

The UK government-owned British Business Bank has reported a pre-tax profit of £144m for the year ending March, recovering from a £122m loss the previous year. This marks the bank's first profit since 2022, attributed to its investments and funding activities, which are estimated to have created around 38,000 jobs. The bank supported £6.8bn in funding agreements, including £1.2bn in public funding and £2.6bn in guaranteed lending. Chief Executive Louis Taylor said: "In a busy and productive 2024/25, the British Business Bank amplified its role, delivering significant impact in driving economic growth and innovation." The government has increased the bank's financial capacity to £25.6bn to enhance its investment capabilities.

 

London Evening Standard

The I

The Times

An oil refinery in Lincolnshire is to shut after the government said it was unable to find a buyer for it. The Official Receiver took over the Lindsey Oil Refinery last month after its owner Prax went into administration, putting 420 jobs at risk. Energy Minister Michael Shanks said: "no credible offers have been made to purchase the entire refinery and it will be winding down operations." Prax Group purchased the refinery from French company Total in 2021.

 

BBC News

The Guardian

The Football Governance Act has officially become law, marking a significant milestone for English football. The new Independent Football Regulator will oversee the top five tiers of the men's game, ensuring clubs operate sustainably and are accountable to fans. Prime Minister Keir Starmer described it as a "proud and defining moment for English football." The act stems from a fan-led review initiated in 2021, following financial crises at several clubs and the controversial European Super League proposal. The regulator aims to prevent clubs from joining closed competitions and ensure fair financial distribution across leagues.

 

London Evening Standard