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Rio Tinto has abandoned its merger talks with Glencore, which aimed to create the world's largest mining group. Disagreements over pricing and management roles led to the breakdown and Rio Tinto said it could not reach an agreement that would benefit its shareholders. Glencore, which sought a deal ratio giving its investors 40% of the combined entity, said that the proposed terms undervalued its contributions. Chris LaFemina, an analyst at Jefferies, said: "It is possible that the two companies re-engage at some point in the future, but that is not our base case," adding: "Rio likely goes it alone."

 

Financial Times

The Guardian

The Telegraph

The Times

The UK plans to reduce its climate finance for developing countries from £11.6bn to £9bn over the next five years, a cut of over 20%. The reduction represents a 40% decrease in spending power since 2021. Experts argue that the Treasury's decision undermines the UK's global climate leadership and could harm national security. A Government spokesperson said: "We are modernising our approach to ensure we focus on greater impact – ensuring every pound delivers for the UK taxpayer and the people we support." Meanwhile, the International Development Select Committee says plans to restructure the UK Foreign, Commonwealth and Development Office and significantly cut the UK's aid budget are too deep in scale and being pushed through too quickly.

 

The Guardian

The Independent

China says the EU’s subsidy probe into Chinese wind firms is protectionist and unsupported, and warned it will take “necessary measures” to protect companies’ rights. The European Commission argues alleged support like grants, tax breaks, and preferential loans may have helped turbine maker Goldwind compete in Europe. The EU’s framework can lead to fines, suspended tenders, or blocked acquisitions.

 

Bloomberg

The UK Civil Aviation Authority (CAA) has issued new guidance requiring airlines and booking sites to provide UK customers with carbon emissions data for flights. The initiative aims to help passengers make informed travel decisions by standardising emissions information at the time of booking. The CAA plans to monitor compliance with these rules starting April 2027, as part of efforts to achieve net zero carbon emissions in aviation by 2050.

 

The Guardian

The Scottish Parliament has approved a bill that could imprison the bosses of companies responsible for pollution. The proposed legislation would allow for both people and organisations to be convicted, with custodial sentences of up to 20 years and unlimited fines.

 

BBC News

The FT reports KPMG urged auditor Grant Thornton UK to cut fees, saying AI should lower audit costs. KPMG reportedly demanded shared savings and threatened to switch accountants without a significant reduction.

 

Financial Times

Anthropic's recent release of the Claude Opus 4.6 model has significantly impacted the stock market, particularly among legal firms. Shares of Thomson Reuters dropped nearly 16%, while RELX fell 12%. Analysts suggest that the market is reacting to the potential of AI tools in various sectors, with James Sym from Goodhart stating: "The market's in seek and destroy mode." Despite Anthropic's relatively low public profile, the new model aims to assist knowledge workers with tasks in applications like Excel and PowerPoint, enhancing productivity.

 

Sky News

Jaguar Land Rover said a late-August cyberattack triggered weeks of plant shutdowns and prolonged production disruption, pushing the carmaker into steep losses and heavy cash burn. In the quarter to end-December, JLR reported a £310m loss before exceptional items, plus £74m of additional losses mainly tied to the incident, taking nine-month losses to more than £600m. The attack shut down core systems, forcing five-week closures at key plants and delaying a return to full output. Cash balances fell to £1.7bn after £3.1bn of outflows year-to-date, as the company also faced China weakness and higher US tariffs.

 

The Times

Germany’s antitrust authority has ordered Amazon to stop enforcing price controls on third-party sellers on its German marketplace and has seized €59m ($70m) in profits gained from the practice. Regulators said Amazon’s policy of removing or demoting products it deems “too expensive” unlawfully interferes with retailers’ pricing freedom and distorts competition, particularly as Amazon also sells its own products on the platform. The ruling marks the first time Germany has used new powers to confiscate profits from tech misconduct, and Amazon may appeal the decision.

 

Bloomberg

Complaints to the Financial Ombudsman Service (FOS) fell to the lowest level in two years during the fourth quarter of 2025. Between October and December, the FOS received 47,300 complaints compared to 68,400 in the closing quarter of 2024. The decline comes after an overhaul of rules from regulators and Treasury that means professional representatives now incur a £250 fee for cases beyond the first 10 in a financial year. Under the new system, banks face a £650 fee after three complaints. The FOS said the changes have led to "better evidenced complaints" from professional representatives.

 

City AM

The Standard

The UK Civil Aviation Authority has warned Air India of potential regulatory action if it fails to provide a detailed explanation as to why a Boeing Dreamliner was cleared to fly despite a possible issue with a fuel switch. The aircraft was grounded in India after pilots reported a malfunctioning fuel control switch during engine start. The incident raised alarms due a similar issue being linked to a crash last year that killed 241 people. The regulator has requested a detailed report on maintenance actions and a root-cause analysis. 

 

The Independent

Hungary’s government is weighing whether to extend price margin controls on food and drugstore products, with Prime Minister Viktor Orbán’s chief of staff saying there are more arguments in favour of continuing the measures. The controls, aimed at curbing inflation, are currently set to expire at the end of February and come as the country approaches an April election. The move risks further tension with the European Commission, which has warned Hungary to scrap the restrictions or face possible legal action.

 

Reuters

ArcelorMittal has responded to media reports suggesting that over a third of its Luxembourg workforce could face job losses due to a Europe-wide review of support functions. The company clarified that these figures represent a study, not actual layoffs. "It is absolutely not the case that thousands of jobs in Europe will be transferred," a statement from the company said. The review, affecting around 1,150 positions, aims to assess roles for potential transfer to Poland or India, but many jobs will remain in Luxembourg. Union leaders are monitoring the situation closely as negotiations continue.

 

Luxembourg Times

Drax plans to lay off 350 employees, or over 10% of its global workforce, as part of a restructuring effort aimed at ensuring long-term success and energy security. The company, which employs around 3,000 people, will begin consultations in the UK, with about 300 jobs expected to be lost domestically. A spokesman said the restructure is "focused on core services." Deanne Ferguson, a senior organiser at the GMB union, criticised the plans, saying: "You can't build a low-carbon future by making skilled energy workers redundant."

 

The Daily Telegraph

The Times

Fashion retailer Quiz has entered administration for the third time in six years, resulting in 109 job losses in Scotland. While its 40 stores and seven concessions remain operational, they are holding clearance sales and not accepting refunds. The company struggled with disappointing sales during the Christmas period and Alistair McAlinden, joint administrator at Interpath, noted that it has been "a tough start to 2026" for high street retailers.

 

BBC News

The Daily Telegraph

Ceramics firm Wedgwood is set to reduce the size of its workforce, with the exact number of affected employees yet to be confirmed. Owner Fiskars Group said it must align production with demand and costs. The GMB union described the decision as "another body blow" for the ceramics industry and has urged the Government to support the sector.  It added that it will be "fighting to mitigate any compulsory job losses." Wedgwood says it will be commencing a standard 30-day consultation.

 

BBC News