Sabadell Explores Sale of UK Unit TSB Amid BBVA Bid, FT Reports
Banco Sabadell SA is assessing the possibility of selling its UK unit TSB as it seeks to ward off a takeover by rival BBVA SA, the Financial Times reported.
Sabadell is working with advisers to explore the option and it has been in contact with potential bidders, according to the report, which cited unnamed sources. A spokesperson for Sabadell declined to comment when contacted by Bloomberg.
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Yahoo
27 minutes ago
- Yahoo
Trump says US-UK deal ‘done' as steel tariffs still up in air
Donald Trump and Sir Keir Starmer have finalised a US-UK deal that will slash trade barriers on goods from both countries, but leaves the future of tariffs on British steel up in the air. The Prime Minister said the move marked a 'very important day' for both sides as the US president announced the agreement was 'done' in a joint appearance on the sidelines of the G7 summit in Canada. The deal will grant British carmakers a reprieve by the end of June as levies drop from 25% to 10%, while the aerospace sector will face no import taxes. But tariffs for the steel industry, which is of key economic importance to the UK, will stand at 25% for now rather than falling to zero as originally agreed. This is less than the US global rate of 50% for steel and aluminium. The Prime Minister described the pact as a 'sign of strength' in the transatlantic relationship, while Mr Trump praised Sir Keir as a 'friend' who had done a 'great job' securing the deal that eluded leaders before him. Following the hastily arranged meeting, the two leaders posed for pictures outside the G7 venue with the signed documents, which the US president dropped before Sir Keir picked them up. Mr Trump also mistakenly referred to the pact as a 'trade agreement with the European Union.' In an impromptu media spray, the US president was asked whether steel tariffs would be eliminated, to which he replied: 'We're gonna let you have that information in a little while.' The Department for Business and Trade said the two leaders had pledged to 'make progress towards 0% tariffs on core steel products as agreed'. Asked whether Britain would be shielded from future tariffs, Mr Trump said the UK was protected 'because I like them'. 'The UK is very well protected, you know why? Because I like them. That's their ultimate protection,' he said. The PM told the US President: 'Donald, thank you very much… A really important agreement. And so this is a very good day for both of our countries, a real sign of strength.' The terms of the deal were agreed in May, but neither Washington nor London had yet taken the necessary steps to reduce tariffs. Reports have since suggested the US could also push for the NHS to pay more for American drugs in exchange for softened tariffs, with White House sources telling the Telegraph the service would be expected to pay higher prices. Downing Street insisted the Government will 'only ever sign trade agreements that align with the UK's national interests' but did not rule out discussing the issue with Washington. The Prime Minister was also insistent that a nuclear submarine deal between the UK, US and Australia, called Aukus, is 'very important' to both the United States and Britain. He said it was proceeding despite Washington launching a review into the pact, which is worth around £176 billion and believed to be aimed at countering China. He said: 'We're proceeding with that, it's a really important deal to both of us. 'I think the president is doing a review, we did a review when we came into government, and that makes good sense to me.' Sir Keir and his fellow world leaders are locked in a week of intense diplomacy amid the spiralling conflict in the Middle East and the war in Ukraine. The Prime Minister joined Italian Premier Giorgia Meloni, French President Emmanuel Macron, Mr Carney and German Chancellor Friedrich Merz for a glass of wine and informal discussions on Sunday night. Downing Street dismissed suggestions that the get-together had been a 'Trump-handling' exercise to prove the summit against the US president's unpredictability as leaders seek to put on a united front in the face of heightened global instability. On Monday, splits opened up in the response to Russia, which Mr Trump suggested should not have been kicked out of the former G8 following its annexation of Crimea in 2014. The US leader also signalled his reluctance to impose further American sanctions on Moscow despite a European push to heap more pressure on Vladimir Putin as he resists calls for an unconditional ceasefire in Ukraine. Standing alongside Sir Keir, who had earlier said G7 allies would seek to ratchet up measures against the Kremlin, Mr Trump said sanctions were 'not that easy' and would cost Washington 'a tremendous amount of money'. Asked whether Washington supported European efforts to impose further measures, he told reporters ahead of a bilateral meeting with the UK Prime Minister: 'Well Europe is saying that, but they haven't done it yet. 'Let's see them do it first.' Asked why he wanted to wait to impose sanctions, Mr Trump said: 'Because I'm waiting to see whether or not a deal is done… and don't forget, you know, sanctions cost us a lot of money.'
Yahoo
an hour ago
- Yahoo
Trump OKs tariff cuts for United Kingdom, as trade talks continue
President Donald Trump and British Prime Minister Keir Starmer said on Monday they have agreed to ease tariffs on some goods from both countries amid ongoing negotiations for a broader trade deal. The agreement announced on Monday includes slashing tariffs on aerospace imports from the U.K. to zero, which will take effect by the end of the month. The deal also lowers tariffs on auto imports from the U.K. to 10% on the first 100,000 vehicles, according to the White House. Previously vehicles imported from Great Britain faced a 27.5% duty. Monday's agreement also implements reciprocal market access on beef — with U.K. farmers given a quota for '13,000 metric tonnes' to the and Starmer initially announced the trade agreement between the two countries on May 8. The agreement announced Monday does not include eliminating the 25% tariffs imposed on British steel and aluminum exports to the U.S. The deal with the U.K. is the first and only deal Trump has established since his 'Liberation Day' tariff announcement against all U.S. trading partners on April 2. The Trump administration launched its broad 'reciprocal' tariff plan for about 90 U.S. trade partners April 2, including a baseline 10% tariff on trade partners, as well as 25% tariffs on certain imported vehicles and auto reciprocal tariffs were paused for most nations until July 8. The agreement announced on Monday will create jobs in both the U.S. and U.K., Trump said. 'It's a fair deal for both and it's going to produce a lot of jobs, a lot of income,' Trump told reporters at the Group of 7 summit in Kananaskis, Canada, according to NBC News. Starmer said the agreement meant 'a very good day for both our countries.' The UK is one of the few major countries the U.S. doesn't run a trade deficit with. In 2024, the U.S. had a trade surplus of nearly $12 billion with the UK. The UK was the ninth ranked international trade partner of the U.S. in 2024, totaling $148 billion in two-way trade. The post Trump OKs tariff cuts for United Kingdom, as trade talks continue appeared first on FreightWaves. 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
Yahoo
an hour ago
- Yahoo
Social media creators to overtake traditional media in ad revenue this year
Content on platforms such as YouTube, TikTok and Instagram will attract more advertising income this year than content from traditional media companies, according to research, marking a 'huge cultural shift' for the media world. User-generated material – videos, podcasts and posts put together by individual creators – will eclipse the ad revenue attracted by professional media produced by TV networks, cinemas and news companies, the analysis found. It comes alongside a sharp increase in the advertising income attracted by creator-generated content amid a huge global change in viewing habits and media consumption. Content creators are expected to see their revenue through ads, brand deals and sponsorships increase by 20% this year, according to an assessment by WPP Media. It is expected to more than double to $376.6bn (£278.3bn) by 2030. 'In 2025, for the first time, more than half of content-driven advertising revenue will come from user-generated platforms and content rather than professionally produced content,' the analysis states. In reality, the distinction between user-generated content and professional production is blurred. Many content creators use high quality production and WPP Media acknowledged they can often cooperate and overlap with traditional media platforms. However, the findings bring home the rapid change that global media is experiencing as users turn to digital platforms, via smartphones. The report said the shift was 'profoundly impacting' the media world. 'Although individual creators often rely on professional media channels as source material, the idiosyncratic takes and views mean that any individual's media diet is likely increasingly personalised, and potentially focused around a particular topic or point of view,' the report states. 'Those audiences may come to view their purchase decisions as extensions of those belief systems and views as well, more so than in previous eras where brand messages more often appeared in professionally produced content that may have been regulated for objectiveness and fact-based commentary.' Senior industry figures from across television, podcasting and media have told the Guardian that YouTube in particular has become the central plumbing of the media world, taking a share of ad revenue for the content it hosts. Traditional media has felt increasingly under pressure to upload its content to the platform. The profound shifts have also ensured that media traditionally reliant on advertising has been battling to hold on to that income, as well as cutting costs elsewhere. The UK has recently seen ITV initiate a major shake up of its daytime television programming, with hundreds of jobs at risk. Channel 4 has announced controversial plans to create an in-house studio to find new sources of income. The broadcaster has also bet big on having its content on TikTok and YouTube as it attempts to gain more younger viewers. Douglas McCabe, chief executive of Enders Analysis, said the changes in media consumption towards online platforms represented 'a huge cultural shift in a short period of time'. 'Advertising revenue has followed that pattern,' he said. 'With [online search] referral traffic declining, the journalism sector has a huge battle on its hands,' he said. 'Media will have to communicate the benefits of their methods and missions with a forceful clarity.' In another sign of the sea change taking place, just five companies accounted for 54% of all revenues last year – Google, Meta, the TikTok owner ByteDance, Amazon and Chinese e-commerce outlet Alibaba. 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
