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Italian prosecutors have placed Delivery Hero’s Italian food-delivery business under judicial control as part of a criminal investigation into alleged labour exploitation. A court-appointed administrator will oversee Foodinho, the Milan-based operator of Glovo in Italy, in a move aimed at halting what authorities described as an urgent and ongoing situation. Prosecutors allege that around 40,000 riders were paid compensation that was disproportionate to the work performed and in breach of collective labour rules, with many earning below the poverty threshold despite long hours. Delivery Hero said it is cooperating with judicial authorities.

 

Bloomberg

Reuters

Apple and Google have agreed to enhance transparency in their app store vetting processes under a voluntary agreement with the UK's Competition and Markets Authority (CMA). The tech firms will avoid discriminating against third-party apps and will not misuse data from these apps. The CMA retains the power to impose formal changes if the companies fail to comply. Sarah Cardell, CMA chief executive, said: "The ability to secure immediate commitments reflects the unique flexibility of the UK digital markets competition regime." However, the CMA's commitments have been described as "lightweight" by Tom Smith, a competition lawyer. 

 

Financial Times

BBC News

The Guardian

The US Environmental Protection Agency plans to scrap a landmark policy that provides the legal underpinning for rules regulating greenhouse gas emissions. The policy to be repealed is the Obama-era endangerment finding, a scientific conclusion which determined that carbon dioxide, methane and other greenhouse gases are supercharging storms, wildfires, drought, heat waves and sea level rise, and are therefore threatening public health and welfare. Bloomberg says a decision to repeal the finding is expected to lay the groundwork for a further unwinding of climate protections in the US.

 

Bloomberg

New York Times

Ghislaine Maxwell, who was arrested in 2020 and found guilty in 2021 for her role in helping Jeffrey Epstein sexually abuse teenage girls, had accounts opened by UBS in 2014, shortly after JPMorgan Chase severed ties with Epstein. Documents from the US Justice Department reveal that UBS managed nearly $19m for Maxwell, despite her being flagged as a "High Risk Client" by JPMorgan. UBS provided her with personal and business accounts, and facilitated significant transactions. The bank has not commented on its decision to take on Maxwell as a client, and there is no evidence of wrongdoing on its part.

 

U.S. News

European Payments Initiative (EPI) chief executive Martina Weimert says Europe “urgently” needs to reduce its reliance on market-dominant US groups such as Visa and Mastercard amid deteriorating transatlantic relations.

 

Financial Times

A report by the UK's National Cyber Security Centre reveals that finance minister Rachel Reeves’s November Budget was accessed nearly 25,000 times ahead of its official publication due to a leak from the Office for Budget Responsibility (OBR). An initial review suggested it has been downloaded about 43 times. The probe also found that Reeves’s Spring Statement last March was accessed 16 times before her speech, not once as previously thought. The leak forced OBR chairman Richard Hughes to resign. The Treasury now says it will tighten security around forecasts and keep dates of OBR evaluations secret.

 

Financial Times

The Daily Telegraph

Aon and KNIAZHA VIG have established a $25m reinsurance facility with the US International Development Finance Corporation (DFC) to enhance war-risk insurance access in Ukraine. Effective from February 1, 2026, this facility allows KNIAZHA VIG to offer policies with limits up to $100m, targeting small and medium-sized enterprises (SMEs) and individuals. Greg Case, Aon's CEO, said: "Our commitment to Ukraine has compelled our firm to build a global public and private coalition to support and invest in the country." The initiative aims to stabilise insurance capacity and support post-war reconstruction efforts.

 

Insurance Business Magazine America

Stellantis-backed Automotive Cells Company has told unions it has dropped plans for battery gigafactories in Termoli, Italy, and Kaiserslautern, Germany, according to Italian metalworkers’ union UILM. ACC later said both projects have been on standby since May 2024 and that conditions to restart are unlikely, so “different scenarios” are under review. ACC, jointly owned by Stellantis, Mercedes-Benz, and TotalEnergies, is producing in France but paused the other sites amid weak EV demand. The strategy now concentrates on France with fewer production blocks but higher capacity. UILM urged “clear and coherent industrial decisions” to offset the cancelled gigafactory, while Stellantis said Termoli gearbox and engine investments remain planned and ACC staff will be offered roles within Stellantis.

 

Reuters

Uber has agreed to acquire the delivery arm of Türkiye’s Getir from its controlling shareholder Mubadala, strengthening its position in the Turkish market. The US group said it will pay $335m in cash to fully acquire Getir’s food delivery business and will also invest $100m for a 15% stake in Getir’s wider food, grocery, retail and water delivery operations. The deal follows an agreement in principle reached last year and is subject to regulatory approval. Uber said it plans to combine Getir’s operations with Trendyol GO, which it began acquiring last year, to support growth for consumers, couriers and merchants.  

 

Bloomberg

Reuters

Israel’s Competition Authority plans to fine El Al Israel Airlines $39m (121m shekel) for allegedly “excessive and unfair” fare increases during the Israel-Hamas war, when many foreign carriers suspended flights. The regulator said that between October 7, 2023 and May 2024, average airfare rose 16% even on partially empty flights, and El Al held a monopoly on at least 38 of its 53 routes. El Al denied wrongdoing in a filing to the Tel Aviv Stock Exchange and said it will contest the penalty through legal proceedings.  

 

Bloomberg

Luc Jobin will stay on as chair at British American Tobacco beyond the nine-year term recommended by the UK’s corporate governance code after the company failed to find an appropriate replacement.

 

Financial Times

Kering shares rose more than 15% yesterday morning after sales at the Gucci owner fell less than feared amid fresh restructuring efforts under new chief executive Luca de Meo. Fourth-quarter revenues declined 3% to €3.9bn ($4.64bn), beating analysts' consensus forecast for a 5% fall, according to Visible Alpha. Comparable sales at Gucci dropped 10% to €1.62bn, were flat at Saint Laurent, and were marginally up at Bottega Veneta and other brands including Balenciaga. For 2025 as a whole, group revenues dropped 10% to €14.67bn, while operating income was down 33% to €1.6bn. “2025 was not the year we wanted”, Mr de Meo said on an earnings call. “It didn’t reflect the full potential of Kering, and we all know it."

 

Bloomberg

CNBC

Financial Times

Reuters