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The National Cyber Security Centre is warning retailers to be alert to cyber criminals impersonating IT help desks, after a spate of recent attacks on major high street names. The Co-op said that up to 200 of its 2,300 stores across the UK were affected by an issue with its contactless payment systems yesterday morning, as the fallout from last week's cyberattack continues. The problem with contactless payments had been fixed in all stores by mid-afternoon, but stock supply issues remain. Co-op chief executive Shirine Khoury-Haq said: "Our frontline colleagues are focused on minimising any disruption that might be experienced by our members and customers." Meanwhile, Cabinet minister Pat McFadden will tell this week's CyberUK conference in Manchester that the recent attacks on the Co-op, Marks & Spencer and Harrods should be a "wake-up call." He will say: "Cyber attacks are not a game. Not a clever exercise. They are serious organised crime. The purpose is to damage and extort."

 

Sky News

BBC News

Financial Times

The Times

Data from Ofgem shows that electricity network companies are spending less than planned on refurbishing and replacing their networks. Regional power distribution companies underspent their budget for “non-load related” capital expenditure - investment to maintain existing assets - by £290m in 2023/24, while national power transmission companies underspent their non-load budgets for grid replacement and refurbishment by £508m over the 2021 to 2024 period. The Common Wealth think tank suggests that that the regulatory system "incentivises companies to overestimate required investment in their business plans and then pocket a portion of the difference as profit when they underspend." Ofgem says distribution network operators had been delayed in their investment plans by "external market conditions, supply chain disruptions, and labour market constraints."

 

The Times

Three major European funding agencies have ceased new collaborations with China's National Natural Science Foundation since 2021 due to concerns over Beijing's Data Security Law. This law prohibits sharing "important data" with foreign partners without approval and creates uncertainty for researchers. The Swiss National Science Foundation observed: "It is not clear what the definition of 'important data' is." The suspensions may hinder research in global health. Jan Palmowski, secretary-general of the Guild of European Research-Intensive Universities, underscored the need for responsible data sharing to effectively respond to health challenges.

 

Reuters

The UK and India have agreed a trade deal that will make it easier for UK firms to export products to India and cut taxes on India's exports. While trade between the UK and India totalled £42.6bn in 2024, the UK government says the deal will boost that trade by an additional £25.5bn a year by 2040. It is also expected to increase UK GDP by £4.8bn and wages by £2bn a year in the long term. Under the deal, gin and whisky exports will see tariffs fall from 150% to 40%, while UK food and drink - such as chocolate, salmon, biscuits and lamb - will not pay any tariffs. UK Prime Minister Sir Keir Starmer said the deal would boost the economy and "deliver for British people and business," while Business Secretary Jonathan Reynolds said the benefits for UK businesses and consumers would be "massive."

 

Sky News

BBC News

The Times

The UK's services sector shrank in April, marking the first contraction since October 2023. S&P Global's UK services PMI came in at 49 in April, down from 52.5 in March on an index where a reading above 50 points to growth. Firms say confidence has been hit by new US tariffs which have made businesses more reluctant to invest. Tim Moore, economics director at S&P Global Market Intelligence, said "heightened business uncertainty weighed on order books during April," adding that export conditions were "particularly weak, with new business from abroad falling to the greatest extent since February 2021." He noted that business expectations for the year ahead "fell sharply," with firms "braced for an extended period of global economic turbulence and heightened recession risks." The research saw 22% of firms predict a decline in business activity over the next 12 months.

 

Daily Mail

The Guardian

The Standard

Telus International, the Canadian tech firm which Meta has employed since 2018 to moderate content on its social media networks Facebook and Instagram, will cut over 2,000 jobs in Barcelona, according to Spanish union CCOO. Telus said during a Monday meeting that it had terminated the contracts "of all workers who were performing content moderation tasks" for Meta, affecting 2,059 people, CCOO said, adding that the redundancy plan was decided after Meta cancelled its contract with Telus. The union said it had signed a preliminary agreement that will grant "the highest possible legal compensation" for affected workers affected.

 

France 24

Volvo Cars' battery company Novo Energy is to cut its workforce by half - 150 jobs - to reduce costs after evaluating the venture following the bankruptcy of Sweden's Northvolt, which originally co-owned it. "Despite our best efforts to secure our business and an extensive ongoing search for a suitable new technology partner, the current economic challenges and market conditions have made it impossible to maintain our operations at the current scale," Novo Energy CEO Adrian Clarke said.

 

Reuters

Xellia Pharmaceuticals, Europe’s last manufacturer of ingredients for some vital antibiotics, is closing its Copenhagen plant and shifting some production to China in a bid to survive against Chinese competition.

 

Financial Times

The Legal Aid Agency (LAA), which is responsible for overseeing £2.3bn in legal funding, has reported a cyber security incident that may have compromised sensitive financial information. In a letter to law firms, the LAA acknowledged a "security incident" and said that "it is possible that financial information relating to legal aid providers may have been accessed by a third party." The agency, which administers legal aid services in England and Wales, is collaborating with the National Crime Agency and the National Cyber Security Centre to investigate the breach.

 

Sky News

Associated British Foods (ABF), the owner of Kingsmill, is exploring a potential merger with Hovis as part of its strategy to address the "very challenging" market conditions affecting both companies. Analysts from Panmure Liberum highlighted that the bakery sector is struggling with rising wheat prices and declining demand for high-calorie products, leading to significant operating losses. The analysts stated: "The industry needs consolidation to restore profitability and ensure long-term viability," suggesting that a merger could unlock operational efficiencies. They also noted that the merger would likely receive approval from the UK's competition watchdog due to the current market competition and the loss-making status of both businesses.

 

Financial Times

The Times

The Guardian

Daily Mail

Plus500 has been hit by a shareholder revolt, with more than 51% of votes cast against its remuneration report and more than 22% of votes cast against the re-election of Steve Baldwin as a non-executive director. In a statement issued to the London Stock Exchange, the financial betting company said: "The board has noted the outcome of these votes, and it takes such matters seriously." It added that the board will engage with shareholders and shareholder advisory bodies "to ensure their feedback continues to inform the company’s approach to governance and remuneration."

 

City AM

The Times

Complaints to the Financial Ombudsman Service (FOS) regarding banks and credit card companies surged by 76% year-on-year in H2 2024, accounting for 109,155 out of an overall total of 141,846 complaints. This increase is attributed to a rise in financial scams and fraud. Vanquis Bank topped the list with 17,612 new complaints, followed by credit card provider NewDay with 8,345. Among bigger name banks, Barclays received 4,301 complaints in the second half of 2024, while Revolut received 3,397 and Monzo was the subject of 3,393. HSBC, which includes First Direct, and Santander received 3,276 and 2,829 complaints respectively. Lloyds, meanwhile, received 2,843 banking and credit complaints. The analysis shows that there was a 49% overall increase in complaints across all sectors compared to the previous year. James Dipple-Johnstone, interim chief ombudsman at the FOS, said: "We're committed to strengthening the dispute resolution system – so it works better for everyone and reflects the needs of today's financial landscape."

 

Daily Mail

Two people have appeared in court in connection with the collapse of a roof at a Pontins holiday park. Wendy Jones, 68, died in August 2019 in hospital, where she had spent the final six months of her life after the ceiling collapse at the Brean Sands site in Somerset. She was one of 18 people injured when a 40-metre section of structural ducting and ceiling fell inside The Fun Factory entertainment centre in February 2019. Pontins' parent company, Britannia Jinky Jersey Ltd, has been charged with corporate manslaughter, while a former contractor has been charged under the health and safety at work act.

 

Sky News

BBC News