Latest news with #CompetitionandConsumersAct2024
Yahoo
15-05-2025
- Business
- Yahoo
UK to allow foreign states to own 15% stake in British newspapers
UK to allow foreign states to own 15% stake in British newspapers UK to allow foreign states to own 15% stake in British newspapers The UK government plans to allow foreign states to own up to a 15% stake in British newspapers and magazines under new media reforms. The proposed change, which was announced on Thursday, comes a year after the former Conservative government banned foreign newspaper or magazine ownership amid concerns over an Abu Dhabi-led takeover of the Telegraph, one of Britain's best-known papers. The Labour government, which came to power after a landslide election victory in July, argues that a 15% cap on state-owned investors will help UK news organisations to seek investment while limiting the risk of foreign state influence. As part of the reforms, the rules on media mergers will be expanded to include online news publications and magazines. Currently, they only apply to television, radio and print newspapers. ADVERTISEMENT 'Britain's free and independent press is a national asset like no other and it is right that we have strong measures in place to allow scrutiny of UK takeovers that might go against the public interest,' Culture Secretary Lisa Nandy said. 'We are fully upholding the need to safeguard our news media from foreign state control whilst recognising that news organisations must be able to raise vital funding,' she added. The changes, which can only be enacted after votes in the House of Commons and the House of Lords, could end two years of uncertainty at the Telegraph and the Sunday Telegraph. Related Backed by the Abu Dhabi royal family, the US private equity firm RedBird IMI effectively took control of both papers and the Spectator magazine in 2023 after partly repaying the debts of the titles' previous owners, the Barclay family. ADVERTISEMENT However, the last Conservative government blocked RedBird IMI's ownership by introducing the Digital Markets, Competition and Consumers Act 2024, which prevents foreign states or associated individuals from acquiring British newspapers. The UK government's new 15% cap on foreign ownership could permit the Telegraph sale to go ahead.
Euronews
15-05-2025
- Business
- Euronews
UK to allow foreign states to own 15% stake in British newspapers
The UK government plans to allow foreign states to own up to a 15% stake in British newspapers and magazines under new media reforms. The proposed change, which was announced on Thursday, comes a year after the former Conservative government banned foreign newspaper or magazine ownership amid concerns over an Abu Dhabi-led takeover of the Telegraph, one of Britain's best-known papers. The Labour government, which came to power after a landslide election victory in July, argues that a 15% cap on state-owned investors will help UK news organisations to seek investment while limiting the risk of foreign state influence. As part of the reforms, the rules on media mergers will be expanded to include online news publications and magazines. Currently, they only apply to television, radio and print newspapers. 'Britain's free and independent press is a national asset like no other and it is right that we have strong measures in place to allow scrutiny of UK takeovers that might go against the public interest,' Culture Secretary Lisa Nandy said. 'We are fully upholding the need to safeguard our news media from foreign state control whilst recognising that news organisations must be able to raise vital funding,' she added. The changes, which can only be enacted after votes in the House of Commons and the House of Lords, could end two years of uncertainty at the Telegraph and the Sunday Telegraph. Backed by the Abu Dhabi royal family, the US private equity firm RedBird IMI effectively took control of both papers and the Spectator magazine in 2023 after partly repaying the debts of the titles' previous owners, the Barclay family. However, the last Conservative government blocked RedBird IMI's ownership by introducing the Digital Markets, Competition and Consumers Act 2024, which prevents foreign states or associated individuals from acquiring British newspapers. The UK government's new 15% cap on foreign ownership could permit the Telegraph sale to go ahead.
Yahoo
15-05-2025
- Business
- Yahoo
UK to allow foreign states 15% stake in newspapers
Foreign states will be allowed to own up to 15% of British newspapers and news magazines under new laws. The move follows a takeover bid of the Telegraph and the Spectator by RedBird IMI last year, backed by the Abu Dhabi ruling family, which led the then Tory government to ban foreign-state ownership of UK papers, after an outcry from parliamentarians. But under a law change announced on Thursday, State Owned Investors (SOIs) - including sovereign wealth funds, public pension or social security schemes - will be able to take a stake in UK newspapers. Culture Secretary Lisa Nandy said the changes would protect "media plurality" while helping cash-strapped publishers "raise vital funding". Following a consultation on the ban, Labour said that many newspaper groups believed a complete ban was too restrictive for securing financing. Ministers set the threshold for SOIs at 15% of shares or voting rights in a newspaper or news magazine as it was "the most effective, simple and proportionate approach". The ban was introduced after Lloyds Bank seized the Telegraph and its sister magazine the Spectator from the Barclay family in June 2023 in order to claw back £1bn of debts from its former owners. Sheikh Mansour bin Zayed Al Nahyan, best known in the UK for his ownership of Manchester City football club, threw his considerable financial heft behind a £600m bid by US-firm RedBird to take over the titles. But panic over foreign control of two major UK newspapers led Parliament to enact the Digital Markets, Competition and Consumers Act 2024 - which prevents foreign states from acquiring ownership, control or influence over UK newspapers and news magazines. The Spectator was then sold last year for £100m to Sir Paul Marshall, the hedge-fund billionaire, who has installed Lord Gove, the former cabinet minister, as its editor. Government intervenes in UAE bid to buy Telegraph How can traditional British TV survive the US streaming giants? In a statement, Nandy said: "Britain's free and independent press is a national asset like no other and it is right that we have strong measures in place to allow scrutiny of UK takeovers that might go against the public interest. "We are fully upholding the need to safeguard our news media from foreign state control whilst recognising that news organisations must be able to raise vital funding. "We are taking a proportionate, balanced approach to a threshold for low-risk investments that will remove a potential chilling effect on press sustainability." Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments. It'll be delivered straight to your inbox every weekday.
Yahoo
15-05-2025
- Business
- Yahoo
UK to allow foreign states 15% stake in newspapers
Foreign states will be allowed to own up to 15% of British newspapers and news magazines under new laws. The move follows a takeover bid of the Telegraph and the Spectator by RedBird IMI last year, backed by the Abu Dhabi ruling family, which led the then Tory government to ban foreign-state ownership of UK papers, after an outcry from parliamentarians. But under a law change announced on Thursday, State Owned Investors (SOIs) - including sovereign wealth funds, public pension or social security schemes - will be able to take a stake in UK newspapers. Culture Secretary Lisa Nandy said the changes would protect "media plurality" while helping cash-strapped publishers "raise vital funding". Following a consultation on the ban, Labour said that many newspaper groups believed a complete ban was too restrictive for securing financing. Ministers set the threshold for SOIs at 15% of shares or voting rights in a newspaper or news magazine as it was "the most effective, simple and proportionate approach". The ban was introduced after Lloyds Bank seized the Telegraph and its sister magazine the Spectator from the Barclay family in June 2023 in order to claw back £1bn of debts from its former owners. Sheikh Mansour bin Zayed Al Nahyan, best known in the UK for his ownership of Manchester City football club, threw his considerable financial heft behind a £600m bid by US-firm RedBird to take over the titles. But panic over foreign control of two major UK newspapers led Parliament to enact the Digital Markets, Competition and Consumers Act 2024 - which prevents foreign states from acquiring ownership, control or influence over UK newspapers and news magazines. The Spectator was then sold last year for £100m to Sir Paul Marshall, the hedge-fund billionaire, who has installed Lord Gove, the former cabinet minister, as its editor. Government intervenes in UAE bid to buy Telegraph How can traditional British TV survive the US streaming giants? In a statement, Nandy said: "Britain's free and independent press is a national asset like no other and it is right that we have strong measures in place to allow scrutiny of UK takeovers that might go against the public interest. "We are fully upholding the need to safeguard our news media from foreign state control whilst recognising that news organisations must be able to raise vital funding. "We are taking a proportionate, balanced approach to a threshold for low-risk investments that will remove a potential chilling effect on press sustainability." Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments. It'll be delivered straight to your inbox every weekday.
Yahoo
30-04-2025
- General
- Yahoo
New report reveals disturbing tactics used by major food companies to mislead their customers: 'There is a serious concern'
Most consumers in the United Kingdom have a false impression of how animals are raised for food. The Animal Law Foundation found that over 84% of producers use misleading imagery in their advertising and packaging, VegNews reported. A comprehensive investigation of nearly 50 producers of animal products found widespread use of deceptive marketing. While most companies show animals living healthy lives outdoors, the reality is starkly different — about 85% of the U.K.'s farm animals are brought up in factory farms. The report, titled Food Chain Misinformation, examined websites, advertisements, and products from major food producers and supermarkets. All nine major supermarkets showed healthy animals outdoors on their websites, creating a pastoral image that rarely exists in modern farming. "The reality for millions of animals is not what is reflected on the food market, where the dominant image for the public is of happy and healthy animals," said Edie Bowles, Animal Law Foundation executive director, according to VegNews. This type of marketing, which experts call "humane-washing," similar to greenwashing, misleads consumers who care about animal welfare. Per VegNews, the report states: "There is a serious concern that the way farmed animals' lives are depicted and the way animal products are sold contribute to the prevalent impression that all farmed animals in the U.K. live in high welfare conditions. This type of content can be misleading to consumers and interfere with their purchasing decisions." A survey found that nearly three-quarters of consumers are highly concerned about animal welfare in food production, making these misleading images particularly problematic. The problem affects more than just animal welfare. Factory farming harms our environment in multiple ways, contributing to rising global temperatures, air pollution, and deforestation, according to Plant Based News. These industrial facilities also create serious health risks. Cramming animals together in unhygienic conditions breeds disease and increases pandemic risk. Health experts worry that bird flu is only a few mutations away from spreading among humans. Do you worry about how much food you throw away? Definitely Sometimes Not really Never Click your choice to see results and speak your mind. New regulations may help address this issue. The Digital Markets, Competition and Consumers Act 2024, which just took effect in April, will prohibit using false or misleading information to sell products. For consumers wanting to make informed choices, look beyond marketing images. Seeking third-party certifications with strict standards can help identify companies with good animal welfare practices. Reducing the consumption of animal products altogether is the most effective way to avoid supporting factory farming. Plant-based alternatives are much gentler on our planet — plus, they continue to improve in taste and variety. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
