Latest news with #UnitedKingdom
Yahoo
18 minutes ago
- Business
- Yahoo
AM Best Assigns Credit Ratings to HDI Global UK Limited
AMSTERDAM, July 24, 2025--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of "aa-" (Superior) to HDI Global UK Limited (HDI Global UK) (United Kingdom), an entity ultimately owned by HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect HDI Global UK's inclusion as a member of the lead rating unit of HDI V.a.G., which has a balance sheet strength that AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. HDI Global UK is strategically important to HDI V.a.G. as its carrier for writing delegated authority business (retail and small and medium-sized enterprises, as well as liability, motor and high net worth business in the UK. HDI Global UK was established in 2024, as a UK-incorporated subsidiary of HDI Global SE. The company is identified easily as part of HDI V.a.G., carrying the same brand. Given the strategic importance of the company to HDI V.a.G., AM Best expects that sufficient support will be provided promptly by the HDI V.a.G. group, should it be needed. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Andrea Porta Senior Financial Analyst +31 20 808 1700 Angela Yeo Senior Director, Analytics +31 20 808 1712 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Coin Geek
an hour ago
- Business
- Coin Geek
Bad week for UK: ‘Crypto' ATM crackdown, BTC sell-off
Getting your Trinity Audio player ready... It was a rough week for all things digital money in the United Kingdom, as reports emerged that the government plans to sell off $7.2 billion (£5.33 billion) in confiscated BTC, rather than stockpiling it as some industry groups have urged. Meanwhile, the U.K.'s digital currency ATM crackdown continued, just as new online research by the U.K.'s top ATM network showed that cash is still the most trusted payment method in the country. UK's digital currency sell-off On July 19, The Telegraph newspaper reported that the U.K. Chancellor, Rachel Reeves, was working with police forces to sell off a stockpile of seized digital assets worth 'at least' £5 billion ($6.7 billion). It's estimated that the U.K. government currently holds around $7.2 billion (£5.33 billion) in confiscated BTC as a result of investigations into frauds, scams, money laundering, and other illicit finance. The report, published Saturday, stated that the U.K. Home Office plans to develop an official digital asset storage system to handle BTC sales and other digital currencies. This is part of a broader effort by the U.K. government, under Prime Minister Keir Starmer's Labour Party, to fill a much-talked-about £22 billion ($29 billion) 'black hole' in the U.K.'s public finances. Selling off over £5 billion worth of BTC would undoubtedly dent this figure, but the rumored move met with a swift and negative response from key voices in the digital asset and finance space. On Monday, trade association CryptoUK called on the government to take 'a long-term view,' arguing that the plan to sell off the nation's confiscated crypto stockpile 'would run contrary' to the country's goal of becoming a digital asset innovation hub. 'We would urge the government to take a long-term view on the holding of crypto and deeply consider what message offloading these digital assets would send to the UK's crypto industry,' said a CryptoUK spokesperson, as reported by tech news site Decrypt on July 21. The trade association added that 'other jurisdictions now hold Bitcoin reserves and Bitcoin treasuries are increasingly popular with companies.' This sentiment was echoed by Nigel Green, CEO of global financial advisory giant deVere Group, who pointed to the example of the United States and its recently announced Bitcoin Reserve. 'If countries like the US, the world's largest economy, are seriously weighing Bitcoin as a reserve, why would the UK liquidate instead?' He argued. 'If we advocate crypto as strategic, then hastily disposing of seized Bitcoin is hypocritical—and harmful.' Green warned that the mooted move would echo past errors and undermine long-term strategy. 'Turning these assets into instant cash is tempting, but it risks repeating historical errors,' said Green, noting that 'they sold gold in a dip, only to regret it years later. We risk replaying that error with Bitcoin.' He emphasized that 'emergency fiscal relief is not always best served by fire-sale tactics.' Green reiterated that 'fiscal pressure shouldn't drive poor asset decisions,' and suggested that, far from being a gamble, BTC could act like digital gold: 'It's scarce, decentralised, and a hedge against inflation.' At the same time as Chancellor Reeves was reportedly discussing with the U.K. police selling the government's substantial holdings of confiscated BTC, the latter was continuing its crackdown on rogue crypto ATMs. Digital currency ATMs under fire again According to a July 17 statement from the Financial Conduct Authority (FCA)—the U.K.'s top finance sector watchdog—two individuals were arrested, and seven digital currency ATMs found and seized, as part of an operation led by the FCA and the Metropolitan Police Service targeting four premises across southwest London. Since January 10, 2021, businesses providing certain digital asset services in the U.K. must be registered with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). Therefore, operating a cryptoasset exchange or a digital currency ATM in the U.K. is illegal without FCA registration. By July 2023, the FCA had announced the shutdown of 26 machines operating unlawfully nationwide. Despite these closures, operating a digital currency ATM in the U.K. is technically still legal, as long as the operator registers with the FCA. However, the FCA has yet to approve a single registration for a digital currency ATM, amounting to an effective ban, in all but name. 'There are currently no legally-operated crypto ATMs in the UK, so using one only supports crime,' said the FCA. 'If you're operating a crypto ATM or exchange illegally, then you should expect serious consequences.' This attitude is not unique to the U.K., as recent months have seen an increasing global crackdown on digital currency ATMs. In the U.S., in February, Senator Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, introduced the Crypto ATM Fraud Prevention Act. It would, amongst other measures, prevent new users from spending more than $2,000 daily or $10,000 over a 14-day period at digital currency ATMs, and require live, verbal confirmation for any transaction greater than $500. In April, Australia followed suit by putting digital currency ATM operators on notice over a lack of AML/CFT checks; and most recently, earlier in July, New Zealand outright banned digital currency ATMs. These crackdowns demonstrate a concern amongst lawmakers and regulators that the digital currency ATM sector is a particular hotbed of illicit finance, fraud, and scams—a feeling that the U.K. general public may well share. Just as the FCA continues to enthusiastically enforce its de facto ban on digital currency ATMs, the U.K.'s main ATM and interbank network published new research showing that cash is still the most trusted payment method in the country. UK still values cash despite growth in digital payments This week, Link, the U.K.'s leading cash access and ATM network, published the results of research into current customer payment and spending habits. It found that 'while contactless card payments are seen as the most convenient and quickest form of payment by a significant majority of consumers, cash is seen as the most reassuring for staying within a budget and fully understanding the cost of shopping too.' According to the research, almost two-thirds of consumers (65%) said cash protects them from fraud, compared to (22%) contactless card and (18%) digital wallets. While contactless, via card, remained 'the most preferred payment method for consumers,' with 40% choosing this option, this number was slightly down on previous LINK research. The publication suggested this 'may reflect the growing popularity of digital wallets such as Apple Pay or Google, which increased over the same period.' In a seeming blow to the digital payments and digital money sectors, the data revealed that 63% of respondents said they were unlikely to go completely cashless in the next 12 months, with only 8% being entirely cashless today, up from 6% in late 2024. The research also saw 85% of respondents highlight the risk of a cashless society and its effect on people who cannot use digital payments yet. 'Cash remains a critical part of the UK's payment landscape,' said Graham Mott, LINK director of strategy. 'This research shows that, while digital payments are growing, cash continues to play a vital role in financial inclusion, budgeting, and consumer choice.' Digital assets were not specifically mentioned as a part of the survey, but the findings that cash remains more trusted than digital payments almost certainly imply that digital assets have a long way to go—in the U.K. at least—before they will be considered a secure and trusted form of payment akin to fiat currency. Watch: How do you build a successful ecosystem? Bring blockchain to the builders! title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
National Post
2 hours ago
- Business
- National Post
Canada-UK Collaboration Developing AI-powered Bioreactors to Revolutionise Biopharmaceutical Manufacturing
Article content KITCHENER, Ontario & United Kingdom — An international initiative will transform biologics and drug manufacturing through AI-driven multiplatform integration. The AI-optimised BALANCE (Bioreactor Automation for Learning and Adaptive Networked Control of Experiments) platform will leverage Nicoya's real-time sensing and control systems, integrated with automation from Labman Automation, bioreactor technologies from CPI, and AI development by Basetwo to make bioprocessing smarter, more efficient, and faster. Article content The 20-month collaboration, led by Labman, is supported by a $2 million grant from Innovate UK and the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) through a Canada-UK Collaborative R&D initiative. The goal of the project is to deliver an AI-optimised demonstrator platform integrating bioreactor technologies with real-time sensing and control systems. It will leverage the joint expertise of the partners, bringing together the latest in AI, automation, and real-time process control to streamline upstream bioprocessing, ensuring higher yields, lower costs, and improved scalability for next-generation therapeutics. This aims to enhance the precision and efficiency of biologic drug production, offering a smarter, faster path to market. Article content Bioprocessing is an often-inefficient part of manufacturing that can slow down biopharma development. Optimizing bioprocessing requires making bioreactor operation more dynamic, relying on real-time data from biosensors. At the core of the BALANCE initiative is a closed-loop AI control system powered by Basetwo's digital twin platform. The machine learning models will interpret real-time data from the bioreactor and biosensors, enabling adaptive control of experimental conditions for real-time optimization of bioreactor performance. Labman will build an automated modular sampling platform that will automate molecular analysis, integrating seamlessly with Nicoya's Alto SPR biosensor for instant yield data and adaptive process control. Article content Basetwo's digital twin technology further enhances efficiency by predicting quality outcomes and reducing reliance on costly lab testing. CPI will validate and benchmark the system, ensuring practical scalability and commercial viability for biologics manufacturing. Article content This project marks a major step forward in digital bioprocessing, paving the way for increased efficiency, reduced variability, and faster time-to-market for breakthrough biologics. As an AI-driven testbed for next-generation model-based process control, the platform holds transformative potential for pharma and biotech industries striving for scalable, cost-effective production solutions. Article content 'Until now, sensing technology has been too slow and complex to enable truly reactive bioprocessing,' said Ryan Denomme, co-founder and CEO of Nicoya. 'Label-free biosensing is critical to unlocking the potential for automation and AI to drive efficiency in biomanufacturing, overcoming the complexity inherent in systems dealing with the diversity of living organisms. We look forward to working with our BALANCE partners to solve a bottleneck that can accelerate drug development.' Article content 'This is the next step for biologics and drug manufacturing, integrating Industry 4.0 approaches for bioprocessing,' said Thomas Smith, Head of Bioprocess Automation at Labman. 'By combining advanced sensing, AI and automation, we aim to accelerate process development, improve consistency, and create smarter, more efficient biomanufacturing workflows.' Article content Brendan Fish, Director of Biologics at CPI: 'Pharmaceutical companies know they must embrace digitalisation to stay competitive, but integrating digital technologies has been challenging in an industry that can be slow to evolve. Through collaboration, BALANCE is bridging this gap by validating and scaling AI-driven bioprocessing solutions to accelerate adoption and translate advancements into real-world impact for biologics manufacturing.' Article content 'AI-enabled digital twins is the next frontier in intelligent manufacturing,' said Thouheed Abdul Gaffoor, CEO at Basetwo. 'By combining our hybrid modelling approach with advanced sensing and automation, this collaboration moves us closer to autonomous biomanufacturing, cutting time, cost, and variability in producing life-saving therapeutics.' Article content About Nicoya Article content Nicoya is a Canadian life sciences tools company that specializes in biosensor technology. Its Alto Digital SPR platform delivers label-free, real-time biomolecular analysis, streamlining bioprocess development and monitoring. Article content About Labman Article content Labman Automation is a UK-based engineering company that designs and builds bespoke robotic systems and laboratory automation solutions. With a strong focus on flexibility, creativity, and engineering excellence, Labman helps customers across industries streamline operations and push the boundaries of what's possible in automated research and manufacturing. Article content About CPI Article content CPI catalyses the adoption of advanced technologies and manufacturing solutions to benefit people, places, and our planet. As part of the High Value Manufacturing Catapult, CPI helps accelerate innovation in HealthTech, pharma, AgriFoodTech, and beyond through world-class infrastructure and expertise. Article content About Basetwo Article content Basetwo is an AI platform helping process engineers in pharmaceutical and chemical manufacturing optimize operations using hybrid modelling. The platform provides engineers with recommendations on the next best action they can implement to maximize product quality, production yield, and process efficiency. Article content Article content Article content Article content Article content
Entrepreneur
2 hours ago
- Automotive
- Entrepreneur
India UK FTA To Boost Automotive Industry With Greater Market Access, Tech Exchange
Auto industry leaders believe the agreement will mark the beginning of deeper economic cooperation between the Indian and British automotive industries, enabling greater market access, technology exchange and value addition Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. India and the United Kingdom (UK) signed a Free Trade Agreement (FTA) today, the FTA is a key part of Prime Minister Narendra Modi's UK visit with British PM Keir Starmer. With the agreement, the bilateral trade between the two countries stands at nearly USD 56 billion, with a joint goal to double this figure by 2030. This FTA will lower tariffs on 99 per cent Indian exports to the UK while making it easier for British firms to export whisky, cars and other products to India; this move has been welcomed by the auto industry leaders. "At Mahindra, we believe deeply in the power of such cross-border partnerships to unlock economic potential, create high-quality jobs, and accelerate progress in future-facing sectors from green mobility and clean energy to digital technologies and advanced manufacturing. The UK-India Vision 2035 aligns closely with our own strategic priorities building resilient supply chains, investing in frontier technologies, and fostering a just transition to a low-carbon economy. We look forward to contributing meaningfully to this next chapter of UK-India cooperation," said Dr. Anish Shah, group CEO and MD, Mahindra Group. A spokesperson for JLR, said, "We welcome this free trade agreement between the UK and India, which over time will deliver reduced tariff access to the Indian car market for JLR's luxury vehicles. India is an important market for our British built products and represents significant future growth opportunities. No decisions have been taken on pricing." The agreement will boost ease of doing business, reduce cost of doing business and enhance confidence of doing business. The FTA is poised to open new global frontiers for Indian manufacturing and design, especially under the Make in India initiative. For TVS Motor company, the agreement comes at a pivotal time as it prepares to launch a new line of Norton Motorcycles in the UK. TVS Motor acquired Britain's luxury motorbike maker Norton Motorcycles for INR153 crore in 2020. Sudarshan Venu, MD, TVS Motor Company said "The signing of the India-UK Free Trade Agreement is a pivotal moment—it opens new frontiers for Indian companies to take 'Make in India' to the world. We are particularly excited given the launch of new Norton vehicles this year, which will benefit from the strengthening of trade links between India and the UK. It energises our global ambitions and strengthens our resolve to build world-class products and brands." TVS Motor believes the India-UK FTA will create immense opportunities for Indian companies to expand their global footprint while showcasing the country's innovation and engineering excellence on a larger platform. The Automotive Component Manufacturers Association of India (ACMA) has appreciated the move for strengthening bilateral ties and unlocking new opportunities for the automotive sector. Shradha Suri Marwah, president, ACMA said that the agreement will mark the beginning of deeper economic cooperation between the Indian and British automotive industries, enabling greater market access, technology exchange, and value addition. Both countries have maintained a steady and growing trade partnership in recent years. In FY 2024–25, bilateral trade between India and the UK reached US$23.16 billion, increasing from US$21.40 billion in FY 2023–24, according to data from the Ministry of Commerce and Industry, GoI. As per UK's long-term projections, this agreement could increase its exports to India by nearly 60 percent, adding £15.7 billion (US$21.3 billion) by 2040.
National Post
3 hours ago
- Business
- National Post
ISG Names GTT a Leader for SASE and Managed SD-WAN in U.S. and U.K.
Article content New ISG reports highlight rising demand for integrated networking and security solutions that span enterprise infrastructures. Article content Article content , a leading networking and security as a service provider for multinational organizations, announced it has been named a Secure Service Access Edge (SASE) and Managed SD-WAN Leader in the United States and in the United Kingdom by the Article content Information Services Group Article content (ISG), a leading technology research and market intelligence advisory firm. 'Leaders,' as recognized by ISG, stand out for their comprehensive product and managed service offerings, strength in innovation and market competitiveness. The 2025 ISG Provider Lens™ Network – Software-Defined Solutions and Services reports provide a detailed analysis of the markets for managed SD-WAN services, SD-networks transformation services, SASE and edge technologies and services, assessing over 150 U.S. providers and 40 U.K. providers. ISG offers strategic insights for technology and procurement leaders evaluating security and networking investments, including how providers support the shift to comprehensive SASE frameworks. The reports also assess managed SD-WAN offerings, with a focus on flexible solution management and modern contracts. Article content In addition to the 'Leader' recognition in the U.S. and U.K. Quadrants for Managed SD-WAN and SASE, GTT has been named a ''Rising Star' in the SD-Networks Transformation Services category in both regions for its advisory, consulting and implementation services. Article content 'Aligned with the shift towards Zero Trust, our research across the U.S. and U.K. shows rising demand for integrated security solutions that protect the entire enterprise network infrastructure,' said Dr. Kenn D. Walters, Lead Analyst, ISG. 'GTT delivers powerful and advanced SASE and SSE solutions with vendor-agnostic, client-specific delivery supported by its Envision platform. Customers benefit from GTT's customized managed SD-WAN services and its global Tier 1 backbone that ensures secure, high-performance connectivity from core to edge. GTT's leading advisory professionals further support a fully comprehensive range of customer requirements.' Article content ISG highlights GTT's flexible, technology-agnostic SASE and SD-WAN solutions, powered by the GTT Envision platform that enables seamless network connection, orchestration, virtualization and automation. The firm notes that EnvisionDX, a digital gateway, delivers control for enhanced application performance and streamlined network policy management. ISG further highlights GTT's observability-driven governance, which helps enterprises leverage telemetry and AI-driven insights to identify optimization opportunities across legacy and modernized infrastructure. Article content 'GTT is proud to be recognized by ISG for our ability to help CIOs standardize or diversify their architectures without sacrificing feature parity, visibility or policy control,' said Tom Major, Senior Vice President Product Management and Technology, GTT. 'With our global network reach and tightly integrated security, networking and cloud advisory services, we work with our customers to drive business success and deliver greater technology together.' Article content GTT is a leading networking and security-as-a-service provider for multinational organizations, connecting people and machines to data and applications — anywhere in the world. We serve thousands of organizations, bringing together the right people, partners and technology to reduce the burden on IT teams and solve the most pressing networking and security challenges. Built on our top-ranked global Tier 1 network, the GTT Envision platform provides visibility, insights, orchestration and control, enabling customers with consumable solutions to achieve business missions and meet ongoing demand when, where and how needed. Our portfolio includes SASE, SD-WAN, security, internet, voice and other connectivity options, complemented by a suite of professional services and exceptional sales and support teams in local markets around the globe. We partner with our customers to deliver Greater Technology Together. Article content Article content Article content Article content Article content Contacts Article content Americas: Article content Article content Mary Lynn Heath, GTT Article content Article content +1-646-214-4078 Article content Article content Article content Europe: Article content Article content Siria Nielsen, GTT Article content Article content +31-6-2835-4259 Article content Article content Article content GTT Investor Relations: Article content Article content Charlie Lucas, GTT Article content Article content Article content
