UK Export Finance (UKEF), the UK’s export credit agency, and PIF have signed a Memorandum of Understanding (MoU) to strengthen financial cooperation and expand trade and investment opportunities between the United Kingdom and Saudi Arabia.

UKEF has a total market risk appetite of £4-5 billion in Saudi Arabia. The agency will partner with PIF – Saudi Arabia’s sovereign wealth fund – and its portfolio companies to access a pipeline of existing and prospective projects in the country that, if backed with UKEF financing, will offer numerous supply contracts for UK-based suppliers.

 

Infotec, a subsidiary of Journeo plc, has received purchase orders for $5m from Outfront Media Group to supply platform display systems for the Metropolitan Transportation Authority in New York City.

Journeo is a provider of intelligent systems for transport networks and critical national infrastructure. Its share price has risen more than 6% today following news of the deal.

Using the latest Journeo Design Centre TFT displays technology, Infotec will supply four new display variants, consisting of 49-inch and 65-inch units certified for indoor and outdoor applications in the US. These will be the first displays the group has supplied for Digital Out Of Home advertising on subway platforms.

The solutions include powerful embedded technology to manage display performance, provide vital diagnostic feedback for predictive maintenance and maximise system uptime.

OpenAI, the parent company of ChatGPT, has completed its transition into a for-profit firm.

The company, which began life as a non-profit in 2015, will change to a public benefit corporation – an entity that expresses commitment to bettering society.

It has also reorganised its ownership structure and signed a new agreement with long-time backer Microsoft giving it a 27% stake.

OpenAI has been valued at $500bn under the terms of the deal.

A new agreement between the BBC, the West Midlands Combined Authority (WMCA) and Create Central is being hailed as a “game-changing” moment for Birmingham’s growing creative hub, with leaders saying Digbeth could soon rival MediaCity in Salford.

The memorandum of understanding will see the BBC’s network television production spend in the West Midlands rise from £24 million to £40m by the end of 2027, alongside a £5m per year investment from the WMCA to support the region’s creative industries.

As part of the deal, the broadcaster will establish a new production base in Digbeth, following its move to the Tea Factory and the relocation of major shows such as Silent Witness and MasterChef to the area.

Santander has delayed publication of its quarterly results after the Financial Conduct Authority published a consultation paper on a proposed redress scheme relating to historical motor finance commission arrangements.

The publication followed a Supreme Court judgment on cases connected to Discretionary Commission Arrangements.

“Santander UK is reviewing the consultation in detail to understand its potential implications noting that the FCA’s proposed approach differs in important respects from the Supreme Court’s ruling, the legal basis for the redress scheme’s relevant period is not clear and it remains at the consultation stage,” it stated.

“There is therefore uncertainty regarding the final scope, methodology and timing of any redress scheme that may ultimately be implemented.”

Author: Patrick Killeen

Allergy Therapeutics has strengthened its finances after raising £55 million from the exercise of 1.38 billion lender warrants, using the proceeds to fully repay its shareholder loan and clear all outstanding debt.

The West Sussex-based MedTech, which develops allergy vaccines and immunotherapy treatments, said the move leaves it with a stronger balance sheet and more room to grow as it prepares for key product milestones.

The company has also agreed a new £50m unsecured loan facility with long-term backers SkyGem Acquisition Limited and Southern Fox Investments Limited, providing financial flexibility until 2030.

Clear Junction has named Teresa Cameron, who has served as CFO for over four years, as group CEO.

She succeeds founder Dima Kats at the helm of the global payments solutions provider, which enables cross-border payments and banking infrastructure for regulated financial institutions.

Kats will move into the role of group executive chair as Clear Junction formalises its first full board.

Under this new leadership model, Clear Junction says it is strengthening its senior team to deliver the next phase of growth across the UK, Europe, and North America, having recently been named one of the FT 1000 fastest growing companies in Europe for the second year running.

Author: Jonathan Symcox

Aberdeen Investments is to take full control of Tritax, which oversees the listed Big Box Real Estate Investment Trust.

Tritax is an asset manager investing in critical supply chain real assets aligned with structural trends including digitisation, automation, urbanisation and green energy. 

It runs the publicly listed FTSE 250 fund Tritax Big Box REIT plc – which has a current market value of more than £4 billion – as well as a growing suite of private market products. Together they own and manage assets across the UK to deliver logistics solutions for clients.

Since Scottish firm Aberdeen made its original investment under previous chief executive Stephen Bird, Tritax has grown assets under management from £5.1bn to around £9bn, while revenue has increased approximately 13%. 

Aberdeen’s phased acquisition of Tritax will see it move from its current 60% interest to 80% in April 2026 and a 100% interest in 2029.

Author: Jonathan Symcox

High street giant NEXT has revealed positive quarterly results.

In the 13 weeks to 25th October, its full-price sales were up 10.5% versus last year. This was £76m ahead of our guidance for the period of 4.5%.

Sales in the UK were up 5.4% versus last year, lower than the 7.6% growth achieved in the first half, but ahead of guidance of 1.9%.

Overseas sales were up 38.8% versus last year, ahead of the 28.1% growth achieved in the first half, and materially better than guidance of 19.4%.

NEXT said it is increasing its guidance for full-price sales in the fourth quarter from 4.5% to 7%. This adds a further £36m of full price sales to its forecast.

It is increasing its full-year guidance for profit before tax by £30m to £1.135 billion.

Author: Patrick Killeen

Alan Turing Institute chair Dr Doug Gurr has dismissed a series of whistleblower allegations that plunged the UK’s national AI body into crisis earlier this year.

Gurr has insisted that there is “no substance” to the claims following an independent investigation.

In an interview with the BBC, he said that all concerns raised by staff had been reviewed by a third-party investigator, which found no evidence to support accusations of misconduct or mismanagement.

“I fully sympathise that going through any transition is always challenging,” he said.

“It’s been challenging for a lot of people and a number of concerns have been raised.

“Every single one of those has been independently investigated and we’ve not found any substance.”

Traditional industries are accelerating their digital transformation through a wave of tech acquisitions worth more than $120 billion since 2021, new data from FounderNest shows.

The energy sector dominates the trend with $114.8bn in deals, as non-tech companies like TotalEnergies and BP acquire startups in renewables, storage and carbon capture to modernise operations and advance clean energy goals.

Other sectors are also stepping up their tech investments, with healthcare and medical device firms having spent $2.3bn on AI and imaging technology.

Automotive companies have invested $2.1bn in autonomous driving and mobility tech, and financial institutions are targeting FinTech acquisitions to expand their capabilities.

The UK’s largest exam board has expanded its reach into apprenticeships and adult learning by acquiring 500-strong Realise Training Group

AQA’s acquisition will see Sheffield-based Realise operate as an independent subsidiary of the not-for-profit charity, helping AQA deliver on its goal to support education “in its broadest sense”.

The company already trains more than 18,000 learners annually across sectors such as early years, healthcare, business and transport, while also running adult skills programmes across regions including West Yorkshire and Greater Manchester.

Author: Jonathan Symcox

The FTSE 100 index has hit an all-time high ahead of anticipated interest rate cuts and slowing inflation.

Perhaps the standout performer is HSBC Holdings PLC, which has seen its shares rise more than 3.5% today after the bank raised its full-year returns guidance.

The group’s Q3 underlying profit before tax rose 3% to $9.1 billion, ahead of forecasts. Revenue also grew 3% to $17.9bn.

That was despite the bank making a $1.1bn provision linked to the Madoff securities fraud.

 

Risers:

Airtel Africa – +10.15%

Goodwin – +9.76%

HSBC Holdings – +3.57%

Spirax Group – +3.42%

Anglo American – +2.33%

Fallers:

Bodycote – -4.95%

W.A.G Payment Solutions – -3.94%

C&C Group – -3.82%

Carnival – -3.70%

Genuit Group – -2.86%

London-based Fairlight Capital Partners has taken a minority stake in Singapore FinTech Noviscient, which is looking to reshape how boutique and emerging fund managers build institutional-grade hedge funds.

Noviscient’s platform, FundBox.ai, offers a complete digital infrastructure for fund creation, compliance, administration and reporting, helping new managers go live in as little as two months and cut operating costs by up to 70%.

The system allows funds to start with as little as $2 million in capital while maintaining full institutional quality.

The investment from Fairlight, which specialises in seeding and scaling investment firms, will support the company’s global expansion and technology innovation.

Author: Trovene Hartley, chief people officer, Capital City College

It is not surprising that Amazon has made this announcement. With the ever-increasing rise in the implementation and widening adoption of generative AI, this is the future.

The need for certain skillsets is already declining and will continue to decline over time and there will be an increase in the demand for other skills.

I think the difference in what we see unfolding now than in previous times is the sheer pace of the change unfolding around us.

With the move to increasing adoption of mass automation we will see mass unemployment across the globe and increasingly turbulent economic conditions as we all struggle to adapt and keep pace.

It is critical now for there to be more investment in sectors like further education to train and equip the current and future generations with skills that complement the change that we see sweeping across the globe.

LegalTech Tessaract has secured £4.6 million in funding led by Mercia Ventures with support from Fuel Ventures, as it looks to change how law firms manage operations.

The startup’s cloud-based platform integrates case management, billing, finance and collaboration tools into one unified system, in an attempt to help firms replace manual processes with automation and insight.

Founded in Singapore by Cherilyn Tan, the business is relocating its global headquarters to the UK as part of its expansion strategy.

The funding will support product development, client success operations, and the introduction of AI-powered process optimisation and financial intelligence tools for modern legal practices.

London-based LegalTech Robin AI has been put up for sale after falling short of its fundraising targets, putting nearly 200 jobs at risk.

The move follows reports that the firm cut a third of its workforce after failing to close a planned £38 million funding round.

The business, which has previously been backed by Nik Storonsky and Tom Blomfield, founders of Revolut and Monzo respectively, is now listed on an insolvency marketplace as it explores rescue options.

Author: Jonathan Symcox

eCommerce giant Amazon is to cut up to 14,000 corporate jobs globally – and says AI is the reason.

The US-headquartered firm employs 75,000 people in the UK. Those impacted are to hear from the company today.

Amazon made billions in profit in its latest results but said it wishes to “remove layers, increase ownership, and realise efficiency gains”.

Senior vice president of people experience and technology, Beth Galetti, told staff: “Some may ask why we’re reducing roles when the company is performing well.

“What we need to remember is that the world is changing quickly. This generation of AI is the most transformative technology we’ve seen since the Internet, and it’s enabling companies to innovate much faster than ever before.”