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A senior Tesla executive has cancelled her attendance at a conference in Rome over fears of protests surrounding the carmaker. Tesla cars, infrastructure and offices have recently become targets of vandalism in several countries, including Italy, in response to CEO Elon Musk's right-wing activism. "Given the recent protests and violence against Tesla, and now in Rome, I've been asked to hold my external presence and travel . . . I won't be able to attend," Samantha Harris, Tesla's Global Sustainability Lead, explained in an email to the European Institute of Innovation for Sustainability (EIIS). She had been due to speak at Regenerative Futures, a conference planned in Rome for May 16-17 by the EIIS.

 

Reuters

The Financial Conduct Authority (FCA) is proposing significant changes to regulations for investment firms, aiming to reduce red tape by up to 70%. The FCA's initiative focuses on simplifying the EU-derived Markets in Financial Instruments Directive (MiFID) by streamlining rules on which assets investment firms must hold to absorb losses and maintain resilience in distressed markets. "We want the revised framework to be proportionate, effective, and aligned with the needs of investment firms while maintaining high standards of financial resilience and consumer protection," Simon Walls, the FCA's interim executive director of markets, said.

 

Reuters

City AM

The Serious Fraud Office (SFO) has revised its guidance to encourage companies to self-report suspected financial crimes without the fear of immediate prosecution. Under the new policy, firms that cooperate with investigations may negotiate a deferred prosecution agreement (DPA), allowing them to avoid legal action unless they breach the terms. Nick Ephgrave, SFO director, said: "If you have knowledge of wrongdoing, the gamble of keeping this to yourself has never been riskier." However, legal experts like Andrew Smith from Corker Binning caution that firms may still find self-reporting unattractive, saying: "Mr Ephgrave warns companies against trying to bury their skeletons. But in the unlikely event those skeletons are discovered by the SFO, simply pleading guilty can be a more attractive outcome than an earlier self-report." The SFO aims to respond to self-reports within 48 hours and conclude DPAs within six months.

 

Reuters

The Guardian

A coalition of 67 French media companies, including TF1, France TV, and BFM TV, has filed a lawsuit against Meta in Paris, alleging that the tech giant’s dominance in digital advertising stems from illegal practices including the mass collection and use of personal data for targeted ads. The legal action, backed by 200 publications and law firms Scott+Scott and Darrois Villey Maillot Brochier, marks another European challenge for Meta, which also faces a $582m unfair competition case in Spain and recent EU fines alongside Apple.

 

Reuters

The former UK boss of EY and the former chief operating officer of PwC are set to launch a new accounting and consulting firm this summer called Unity Advisory. Led by Steve Varley and Marissa Thomas, the firm is backed by Warburg Pincus with an investment of up to $300m. Unity aims to provide tax, consulting, and technology services without an audit division, making it easier to avoid conflicts of interest. Targeting private equity-backed mid-size corporate clients with revenues between £500m and £1.5bn, Unity is already recruiting talent from the Big Four firms. Varley told the FT: "The Big Four are a classy bunch of service providers but people are looking for a proposition that is super client-centric, has really low administrative cost, is AI-led rather than based on legacy infrastructure and, crucially, has no conflicts."

 

Financial Times

The Times

Small businesses in the UK are increasingly feeling the strain from cybersecurity threats and economic instability, prompting many to consider restructuring. According to a survey by Kroll, less than one-third of British firms feel adequately prepared for potential challenges, with 27% of smaller companies feeling less equipped than a year ago. The survey revealed that 45% of businesses identified cyber threats as their primary concern, followed by 40% who cited global economic instability. Sarah Rayment, managing director at Kroll, said: "Considering the domestic and international challenges . . . we anticipate a rise in distress among smaller to mid-market businesses." Some 26% of firms are expected to undergo restructuring in the coming year, driven by profitability concerns, competitive pressures and the challenging economic environment.

 

City AM

Elliott Management, the activist hedge fund, is advocating for the removal of Giulia Chierchia, BP's executive vice-president for strategy, sustainability and ventures. Chierchia, who joined BP in 2020 under former CEO Bernard Looney, was instrumental in the company's green energy initiatives, which have since been scaled back significantly. Elliott, now holding over 5% of BP, views the current strategy as a "complete failure" and believes that while boss Murray Auchincloss's plans are unambitious, changing the CEO during the search for a new chairman would be counterproductive.

 

The Times

Volvo Cars, the Swedish automaker majority-owned by China's Geely, has named Fredrik Hansson as its new chief financial officer effective immediately, replacing Johan Ekdahl, who is leaving the company. The appointment follows the unexpected return of former CEO Hakan Samuelsson to lead the company amid challenging market conditions driven by tariff pressures. Hansson’s “deep knowledge” and “strategic understanding” have been praised as key assets. The company, which has seen its shares drop 23% this year, is set to announce its first-quarter results on April 29.

 

Reuters

Unilever has announced the elimination of 6,000 jobs as part of its restructuring plan, which aims to cut 7,500 roles globally to save €800m. The company is "ahead of plan" with these changes, with €550m of savings expected by 2025. The restructuring includes the spin-off of its ice cream business, which will operate as The Magnum Ice Cream Company from July 1, 2025, with listings in Amsterdam, London, and New York.

 

This is Money

Christopher Willcox, the British banker tasked with overhauling Nomura’s global investment operations after a $2.9bn hit from the collapse of Archegos, says ‘basic’ changes have increased the group’s control over risk.

 

Financial Times

After over three years of negotiations, countries have finalised a draft global pandemic agreement under the World Health Organization which is set for review at the World Health Assembly in May 2025 and aims at enhancing international cooperation and equity in pandemic preparedness. The agreement promotes a “One Health” approach, strengthens national health systems, and establishes a coordinated financial and supply chain network, while explicitly respecting national sovereignty in public health decisions. WHO Director-General Tedros Adhanom Ghebreyesus hailed the consensus as a historic achievement, saying: “It reflects . . .  resilience, unity and unwavering commitment to the health and wellbeing of people everywhere.”

 

United Nations

Toshiba Europe researchers have used so-called quantum key distribution (QKD) cryptography to transfer messages over a 250km German commercial telecommunications network in a milestone towards next-generation data security.

 

Financial Times

The recent 7.7-magnitude earthquake in Myanmar has raised concerns over the supply of rare earth elements, crucial for various industries. Analysts suggest that the disaster may have damaged mining equipment and disrupted transport routes, impacting production. Wendong Zhang, assistant professor at Cornell University, said: “This earthquake may once again trigger concerns about the supply of rare earths, further exacerbating price volatility.” Myanmar is a key supplier for China, providing 44,000 tonnes of rare earth elements last year, which constituted 57% of China's total imports. The country is particularly important for dysprosium and terbium, which are essential for high-temperature magnets, according to Jon Hykawy, president of Stormcrow Capital.

 

South China Morning Post

Financial technology company Revolut has introduced a new initiative called 'Karma' to enhance its working culture and improve compliance among staff. The system tracks employee behaviour, and allows for the granting or docking of points that influence bonus payouts. A report says that Karma "serves . . . as a feedback loop that rewards and corrects behaviours." The initiative comes as Revolut aims to strengthen its reputation following past compliance issues and a challenging work environment.

 

The Guardian

For only the second time in the past 12 years, the global percentage of engaged employees fell, from 23% in 2023 to 21% in 2024, according to Gallup's latest State of the Global Workplace report. For the fifth year in a row, European workers' engagement (13%) was lower than in any other world region. The primary cause for the global decline in engagement was a drop in managers' engagement. While engagement among individual contributors remained flat at 18%, managers' engagement fell from 30% to 27%. No other worker category experienced as significant a decline in engagement as the world's managers. Two types of managers were particularly affected: Young (under 35) manager engagement fell by five percentage points. Female manager engagement dropped by seven points. "Manager engagement affects team engagement, which affects productivity. Business performance - and ultimately GDP growth - is at risk if executive leaders do not address manager breakdown," said Jim Harter, Gallup's chief workplace scientist.

 

The Tech Portal

The London Metal Exchange plans to introduce a so-called “green premium” on metals that are mined sustainably, following industry pressure to distinguish them from “dirty” supplies with a larger environmental impact.

 

Financial Times

The UK has banned the export of video game controllers to Russia because they can be repurposed for piloting drones used in attacks on Ukraine. The ban is part of a broader package of approximately 150 trade sanctions announced by the Foreign Office. The sanctions also target other technology items, including software for oil and gas exploration, and various electronics and machinery.

 

BBC News