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Business
James Murdoch has finalised a deal to acquire New York Magazine and the Vox Media Podcast Network for over £300 million, enhancing his media portfolio. The transaction includes Vox’s news site and popular podcasts, while CEO Jim Bankoff will continue to lead operations under Lupa Systems.
The EU’s trade deal with South America’s Mercosur bloc has begun provisional implementation after 25 years of negotiations. This agreement forms one of the world’s largest free trade areas, encompassing 720 million consumers and aiming to reduce tariffs on over 90% of bilateral trade.
President Trump announced that the US blockade of Iranian ports is proving effective, urging Tehran to “just give up” amid escalating tensions. Iran’s Parliament Speaker dismissed the blockade’s impact, stating it has only increased global oil prices, while tensions in the Strait of Hormuz continue to disrupt markets.
The front page of the London business newspaper City AM reports on the Barratt-Redrow merger. The paper says the £2.5bn merger of two of the UK’s largest housebuilders sent shockwaves through the market.
The paper says shares in major FTSE 100 and 250 housebuilders suffered a mixed day on the London market, as the surprise merger highlighted investors’ skewed opinions on the state of UK housing.
The front page of the business paper The Financial Times reports on Sir Keir Starmer’s U-turn on green pledges. The Labour leader has confirmed that if his party is elected to power at the next general election (expected later this year) they will slash the green spending plan due to ‘frail finances’ after 13 years of Conservative power.
In a transaction valued at £700 million, Barclays is buying Tesco’s retail banking operations, marking a significant deal for the supermarket giant.
The Financial Times reports on a £2.5bn deal by Barratt to purchase Redrow – a deal the paper says cements the company’s place as the UK’s largest house-building firm.
BP’s boss has said the oil supermajor will focus on extracting maximum cash from its investments going forward as the company resets its long-term goals.
Federal judges in the US have ruled that Donald Trump cannot use presidential immunity in his election interference case.
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