Reckitt Benckiser to Sell Essential Home Business in $4.8 Billion Deal
The U.K. company has been pursuing a major overhaul of its portfolio to sharpen its focus on core brands like Lysol, Dettol and Strepsils. The plan involves exiting a portfolio of household brands such as Air Wick, Mortein, Calgon and Cillit Bang and a review of options for its baby formula maker Mead Johnson Nutrition, which together account for almost a third of the group's revenue.
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Britain cancels extra border checks for animals ahead of UK-EU deal
LONDON (Reuters) -Britain is suspending the previously planned introduction of extra border checks on live animal imports from the European Union to ease trade ahead of the implementation of a deal agreed in May to reduce friction, the UK government said on Monday. Extra border checks on some animal and plant goods imported from Ireland will also be suspended. May's sanitary and phytosanitary (SPS) deal, part of a wider reset in UK-EU relations, will reduce paperwork and remove routine border checks on plant and animal products moving between the UK and EU, while maintaining high food standards. However, the deal is yet to be implemented as details are still being negotiated. In the meantime, British traders must continue to comply with the terms of the UK's Border Target Operating Model (BTOM) that protect the country's biosecurity, including existing checks. The suspension of the introduction of additional border checks follows the announcement in June that checks on EU fruit and vegetable imports had been scrapped. A spokesperson for the Department for Environment, Food and Rural Affairs could not give a timeline for implementation of the SPS deal. When Britain left the EU's single market in 2021, the EU immediately enforced its rules, leading to port delays and prompting some British exporters to stop selling to the bloc. Britain was much slower implementing its post-Brexit border arrangements, and after repeated delays and confusion it started to set new rules in phases from January last year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Morning Bid: Zelenskiy heads back to Washington (with friends)
LONDON, August 18 (Reuters) -A look at the day ahead in U.S. and global markets by Dhara Ranasinghe, European Financial Markets Editor After Donald Trump and Russian President Vladimir Putin's gathering in Alaska, it's now Ukraine President Volodymyr Zelenskiy and European leaders' turn to meet the U.S. President. They're all gathering on Monday to map out a peace deal to end the war in Ukraine. Unsurprisingly, the response from financial markets to Friday's Alaska summit has been muted, to say the least. Oil prices, the euro and Ukraine's bonds are little changed. * The fear (from Europe) is that Trump could try to pressure Kyiv into accepting a settlement favourable to Moscow. Zelenskiy has already all but rejected the outline of Putin's proposals, including for Ukraine to give up the rest of its eastern Donetsk region, of which it currently controls a quarter. Analysts reckon a ceasefire remains some way off, meaning geopolitical tensions remain a potential headwind to otherwise pretty buoyant world stock markets. * Markets will likely be on alert for any sign of deterioration in Trump's further talks with Putin. Especially those that might prompt the U.S. president to impose secondary tariffs targeting Russian energy trading, say with India. In an opinion piece published in Monday's Financial Times, White House trade adviser Peter Navarro said India's Russian crude buying was funding Moscow's war in Ukraine and had to stop. * Trump's meeting with Zelenskiy in Washington is one key gathering markets have their eye on this week. The other, the Federal Reserve's annual central bank conference in Jackson Hole, Wyoming, takes place later this week. Fed chief Jerome Powell's speech there on Friday is expected to be his valedictory speech before his term ends next May. In Mike Dolan's column today, he looks at what could disturb the eerily calm credit markets. Today's Market Minute * Ukraine's Volodymyr Zelenskiy and European leaders will meet Donald Trump in Washington on Monday to map out a peace deal amid fears the U.S. president could try to pressure Kyiv into accepting a settlement favourable to Moscow. * India aims to slash taxes on small cars and insurance premiums as part of a sweeping reform of its goods and services tax (GST), a government source said on Monday, as Prime Minister Narendra Modi's plan sparked a rally in stock markets. * Hong Kong's debt-laden developers and their creditors are set to face intensifying financial pressure as bond maturities are slated to jump by nearly 70% next year amid falling sales and valuations for the city's economically crucial property sector. * China's refiners lifted their processing rates in July, they are still likely adding to their stockpiles, which will allow them to trim imports should prices rise to levels they believe are not justified by market fundamentals. * News that Chinese battery giant CATL has suspended operations at its giant Jianxiawo mine has lit a fire under the lithium market, writes ROI columnist Andy Home. Chart of the day Although stock markets across the globe are at or near world highs, analysts say a ceasefire scenario is not yet priced in. So if there was any sign of a movement in that direction, risk assets - especially European shares - would be in a good position to rally further. Today's events to watch * Zelenskiy meets Trump in Washington * U.S. bills auction
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FCA dismissed 12 staff members over misconduct allegations
The UK's Financial Conduct Authority (FCA) has officially dismissed 12 employees following allegations of misconduct, as revealed by data obtained through the Freedom of Information (FOI) Act. According to the figures, a total of 38 staff members have faced disciplinary proceedings over the past three calendar years. In addition to the 12 dismissals, 26 employees received written warnings, comprising 16 first written warnings and ten final written warnings. FCA deputy chief executive Sarah Pritchard said: 'Failure to tackle toxic behaviours drives away good people, prevents staff from speaking up and undermines performance. It damages growth and enables financial misconduct. 'There is an important role for regulators to play in tackling these issues. This includes making sure that steps are taken to prevent 'rolling bad apples' – people moving from firm to firm without appropriate action being taken or without past serious non-financial misconduct being disclosed.' The report coincides with the FCA's July initiative to consult on new regulations aimed at addressing non-financial misconduct (NFM) within the financial services industry. The proposed framework intends to harmonise conduct standards for both banking and non-banking entities, particularly in relation to serious NFM issues such as bullying, harassment, and violence, which the FCA has classified as matters of regulatory significance. Basware CEO Jason Kurtz said: 'Organisations tasked with upholding industry standards cannot afford to compromise when it comes to dealing with incidents of misconduct. 'With rising levels of financial crime, fraud, and risks, enforcing the highest standards of compliance is now a top priority, for watchdogs and businesses alike.' Basware provides financial technology solutions that give finance teams complete control over their invoices. Its Intelligent Invoice Lifecycle Management Platform ensures efficiency, compliance, and oversight for every invoice transaction. "FCA dismissed 12 staff members over misconduct allegations" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
