Skip to content
Search

Latest Stories

Reliance Industries denies bid interest in BT

Reliance Industries denies bid interest in BT

SHARES in BT jumped nine per cent in London on Monday (29) before sliding back after India's Reliance Industries denied a media report it was weighing a bid for the British telecoms group.

Citing sources, The Economic Times said billionaire Mukesh Ambani's Reliance might make an unsolicited offer to buy into BT or try to get a controlling share.


It said Reliance could also partner with BT's networks arm Openreach and fund its fibre expansion plans.

But Reliance dismissed the report in a stock exchange filing, saying: "We categorically deny any intent to bid for the UK telecoms group BT. The article is completely speculative and baseless."

In early trading, BT's shares had risen as much as 9 per cent but pared the gains to trade at 163.5p intra-day, still up around six per cent, following Reliance's statement. Reliance was up 1.2 per cent at Rs 2,441 (£24.4) on Monday (29).

BT, whose shares have more than halved in the past five years, was already the subject of takeover speculation after Franco-Israeli billionaire Patrick Drahi bought a 12.1 per cent stake this year.

Drahi will be free to buy more of the British telecoms giant from December 11, having pledged in June he wouldn't launch a takeover offer for the company - a statement that precluded him from doing so for six months under British takeover rules.

Earlier this year, a private equity consortium, comprising Warburg Pincus and Apax Partners, outbid Reliance to take over the Dutch division of the American wireless network operator T-Mobile.

More For You

A view inside the boohoo Collective Launch Party at Hyde Sunset Kitchen + Cocktails on August 29, 2024 in Los Angeles, California. (Photo: Getty Images)
A view inside the boohoo Collective Launch Party at Hyde Sunset Kitchen + Cocktails on August 29, 2024 in Los Angeles, California. (Photo: Getty Images)

Police investigate Boohoo executives’ corporate espionage claims

POLICE forces in London, Manchester, and Kent are investigating allegations of stalking and corporate espionage targeting Boohoo executives.

The claims emerged following an investigation by Control Risks, a security consultancy hired by the retailer, which uncovered a campaign of “extensive hostile surveillance” allegedly involving multiple operatives, The Times reported.

Keep ReadingShow less
Jaidev Janardana drives Zopa’s growth with £68m investment
Jaidev Janardana (Photo:Zopa.com)

Jaidev Janardana drives Zopa’s growth with £68m investment

ONLINE bank Zopa has received a £68 million funding boost, led by AP Moller Holding, the owners of shipping giant Maersk.

The new investment aims to support Zopa’s growth plans, including the launch of a current account and further advancements in artificial intelligence (AI), the Times reported.

Keep ReadingShow less
Pakistan International Airlines eyes UK flights as EU ban is lifted
PIA’s authorisation to operate in the EU was suspended in 2020 over safety compliance concerns

Pakistan International Airlines eyes UK flights as EU ban is lifted

PAKISTAN International Airlines (PIA) said last Sunday (1) it expects to resume European routes soon and is eyeing several UK destinations after the EU aviation regulator lifted its bar on the flag carrier.

The European Union Aviation Safety Agency (EASA) suspended PIA’s authorisation to operate in the EU in June 2020 over concerns about the ability of Pakistani authorities and its Civil Aviation Authority (PCAA) to ensure compliance with international aviation standards.

Keep ReadingShow less
Lyttle, who led the company for five years, will remain until a successor is appointed. (Photo: Getty Images)
John Lyttle (Photo: Getty Images)

Former Boohoo boss cites stalking and espionage in resignation

POLICE are investigating allegations of stalking and corporate espionage involving executives at Boohoo Group, including former CEO John Lyttle, current CEO Dan Finley, and co-founder Mahmud Kamani.

The claims have shaken the fast-fashion giant, which also faces a contentious boardroom battle with major shareholder Frasers Group, the Times reported.

Keep ReadingShow less
The Reserve Bank of India (RBI) announced on Friday that the repo rate, at which it lends to commercial banks, will remain at 6.50 per cent. (Photo: Getty Images)
The Reserve Bank of India (RBI) announced on Friday that the repo rate, at which it lends to commercial banks, will remain at 6.50 per cent. (Photo: Getty Images)

India’s central bank holds rates at 6.50 per cent despite slowing growth

INDIA'S central bank has decided to keep interest rates unchanged, prioritising inflation risks over concerns about a slowdown in the country's economic growth.

The Reserve Bank of India (RBI) announced on Friday that the repo rate, at which it lends to commercial banks, will remain at 6.50 per cent. This rate has been steady since February 2023.

Keep ReadingShow less