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UK finance minister Rachel Reeves has asked officials to prepare plans for a second planning bill to speed up delivery of major national projects, including Heathrow’s third runway, with an aim for construction by 2029 and flights by 2035. She wants to go beyond the current bill in the Lords, particularly by limiting judicial reviews - allowing only one per decision, tightening eligibility, and reducing delays. The goal is to accelerate airports, roads, green energy, and data centres, ensuring capital funds aren’t wasted in bureaucracy. Reeves is under pressure before the Budget to show growth plans amid a £20bn–£50bn fiscal gap. Industry experts urge wider permitted development powers and faster compulsory purchase processes. The government says current reforms are "turbocharging" infrastructure but has not confirmed a second bill.

 

Bloomberg

Financial Times

The I

US President Donald Trump's deal with Nvidia to give the US government a cut of the firm's sales in exchange for resuming exports of banned AI chips to China has overturned decades of US national security policy and created an entirely new category of corporate risk, Reuters reports. The move has attracted bipartisan criticism, with lawmakers warning that it risks the creation of a pay-for-play framework for the sale of sensitive technologies to US adversaries. "Export controls are a frontline defence in protecting our national security, and we should not set a precedent that incentivises the government to grant licenses to sell China technology that will enhance its AI capabilities," said US Representative John Moolenaar, a Michigan Republican who chairs the House Select Committee on China.

 

Reuters

Kyivstar, Ukraine's largest telecom operator, is set to raise between $50m and $200m through a landmark stock market listing on Nasdaq, making it the first Ukrainian company to be listed on a US exchange. The listing, facilitated by a special purpose acquisition company (SPAC), aims to attract investor interest in Ukrainian assets amid ongoing reconstruction efforts following the war, although it faces potential geopolitical risks.

 

Reuters

US liquefied natural gas supplier Venture Global has won an important arbitration case, defeating Shell’s claims that it broke contracts to profit from higher prices. A tribunal determined that the language in Venture Global’s contracts was clear, supporting the company’s assertion that it has consistently honoured its agreements with customers.

 

Financial Times

Investing.com

French President Emmanuel Macron has enacted a law prohibiting the reintroduction of the pesticide acetamiprid, following a petition signed by over 2m people. The legislation, which faced criticism for being rushed, was published after the Constitutional Council deemed the pesticide unconstitutional due to its risks to human health. Acetamiprid has been banned in France since 2018, although it remains legal in the EU. French Health Minister Yannick Neuder has called for a European review of acetamiprid's health impacts. Macron said he would not allow further parliamentary debate on the matter.

 

The Peninsula

Asset managers specialising in catastrophe bonds have urged Europe’s financial markets watchdog, the European Securities and Markets Authority, to support keeping “cat” bonds in funds available to the broader public.

 

Financial Times

The Bank of England has revised its estimate of net losses from its bond-buying programme to £115bn, down from £120bn, which the Treasury will have to cover. While the finance ministry profited £124bn during low interest rates, current higher rates have led to significant losses, projected to reach £30bn annually. BoE Governor Andrew Bailey said that changes to the QE structure could disrupt monetary policy, despite criticism from politicians and former officials.

 

Reuters

Norway's $2 trillion sovereign wealth fund has divested from 11 Israeli companies and is reviewing further investments. The decision follows a review prompted by reports of the fund's stake in Bet Shemesh Engines Ltd, which services Israel's military. Nicolai Tangen, CEO of Norges Bank Investment Management, said: "These measures were taken in response to extraordinary circumstances. The situation in Gaza is a serious humanitarian crisis." The fund, which held stakes in 61 Israeli companies as of June 30, aims to enhance its due diligence regarding investments in conflict zones.

 

AlJazeera

Research from Fidelity International shows that UK retail investors are increasingly looking to enter emerging markets, with growing economies across Africa, Asia, Latin America and Europe drawing those looking for higher returns. The analysis shows that almost 15% of investors believe emerging markets offer good investment opportunities for the financial year. Andrew Oxlade, investment director at Fidelity International, said: "We’re seeing selective opportunities emerging in global markets this year, and for some investors, emerging markets are coming back into focus."

 

City AM

Vivergo Fuels, the UK's largest bioethanol producer, has warned that it will begin closing operations on August 18 unless the government intervenes. The company cites the recent US-UK trade deal, which eliminated a 19% tariff on US ethanol imports, as a key factor in making its business unviable. Local politicians from various parties support Vivergo's call for action, as they highlight the potential impact on jobs and the wider chemicals industry in Hull.

 

Hull Daily Mail

Starting in 2025, the Undertaxed Payments Rule (UTPR) will require multinational enterprises to ensure a minimum tax rate of 15% on their global profits. This initiative, part of the OECD's global tax reform, aims to curb profit shifting to low-tax jurisdictions. Accountants and corporate finance teams must prepare for increased compliance demands, as the rule introduces complex calculations and reporting requirements. Firms including Deloitte and EY will likely play a crucial role in assisting companies to navigate these changes. The UTPR underscores the need for robust tax planning and strategic adjustments to align with international tax standards.

 

Thomson Reuters

Marks & Spencer has reinstated its click and collect service 15 weeks after suspending it due to a major ransomware attack on April 25 that halted online orders and disrupted in-store operations. The cyber incident, linked to the Scattered Spider collective, also led to stolen customer data and an estimated £300m profit hit for the year. CEO Stuart Machin told investors the retailer would recover by August. Customers are urged to remain vigilant against phishing attempts, and M&S now allows online returns at any store. Four arrests have been made in connection with the attack.

 

BBC News

An environmental charity called The Corner House is threatening legal action against Foreign Secretary David Lammy unless he can demonstrate that a planned job swap between BAE Systems employees and the Foreign Office would not allow industry staff to influence policy or legislation. The Corner House, which has instructed lawyers at Leigh Day, questions the scheme’s lawfulness, with a key concern being that the programme could hand staff "improper influence" over Britain’s policy towards Israel. Shell would also be involved in the plan to swap jobs with diplomats in Whitehall. A Foreign Office spokesman said: "We strongly reject these suggestions and make no apology for striking new partnerships with British businesses to harness their expertise, champion their interests overseas and drive growth for the British public."

 

The Daily Telegraph

The skill of health professionals performing colonoscopies was significantly undermined by having routine assistance from artificial intelligence, a study of 1,400 patients in Poland has found.

 

Financial Times