Paramount Skydance makes $108.4bn bid for Warner Bros Discovery, challenging Netflix’s offer – as it happened

Newsflash: Paramount Skydance has launched a hostile takeover offer for Warner Bros Discovery, in an attempt to derail Netflix’s bid for the movie studio and streaming network.Paramount claims that its offer “provides superior value, and a more certain and quicker path to completion to WBD shareholders” than the Netflix offer, which has led to a backlash since it was announced last Friday.Paramount are offering to pay $30.00 per share in cash for Warner Brothers Discovery, which equates to an enterprise value of $108.4bn – ahead of Netflix’s offer which was worth $83bn

Bank of England cutting jobs as part of overhaul after critical Bernanke review

The Bank of England has said it is cutting jobs amid sweeping changes at Threadneedle Street after a highly critical review into its failure to forecast surging inflation.Under budget pressures as it responded to the report from the former US Federal Reserve chair Ben Bernanke, the Bank has opened a voluntary scheme last week as part of an efficiency drive to find savings.The process, which will run until mid-January, with staff expected to leave in March, was first reported by Bloomberg. The Bank said it was “a mutually agreed, time-limited scheme for staff to choose to apply to leave.“We are now implementing a significant, multiyear transformation of our operations and this will condition our decisions

Divided Fed ponders US interest-rate cut at end of tumultuous year

A divided Federal Reserve meets this week to decide whether to cut interest rates, the US central bank’s last meeting before the end of a tumultuous year.The US central bank faces a number of unique challenges as it weighs its latest interest-rate decision.After the six-week government shutdown briefly shuttered the Bureau of Labor Statistics, the federal agency that collects economic data on prices and employment, Fed officials have less data to make their decision.Making matters more complicated is what appears to be growing internal division among the committee’s voting members, who are split on whether there should be a third rate cut before the end of the year. Rates currently sit at a range of 3

Anglo American drops plan to pay bosses millions in bonuses after $50bn Teck merger backlash

London-listed miner Anglo American has dropped plans to award its bosses multimillion-pound bonuses if its planned $50bn mega-merger with a Canadian rival goes through, after a backlash from its investors.The FTSE 100 miner had sought shareholder approval for a plan to award its chief executive, Duncan Wanblad, a share bonus worth £8.5m if the deal to buy Teck Resources to create a copper producing giant was completed.Other senior executives were also incentivised through the plan, which would have updated long-term awards made in 2024 and 2025 to hand them a minimum of 62.5% of share awards when the merger was completed

‘We’ll never be able to rebuild’: despair of ex-Vodafone franchisees and pressures on their mental health

Experiences raise questions about how telecoms firm treated small business owners, whose commission it cutWhen Adrian Howe drowned in August 2018, his family found some solace in the support of his longtime employer.The bond between the 58-year-old and Vodafone – the multinational mobile phone group for which Howe had worked for 20 years – was so tight that his funeral featured a wreath shaped like the company’s speech mark brand.Meanwhile, his widow was paid the equivalent of a death-in-service benefit, even though Howe had left the company weeks earlier. “I was reassured that Dad would be ‘reinstated’ back into Vodafone as if he had never actually left,” recalls daughter Kirsty-Anne Holmes. “He had [left] in order to open [Vodafone] stores as a franchise

Extracting hangovers from beer: inside Budweiser owner’s ‘nolo’ brewery in south Wales

A “de-alcoholisation facility” sounds like somewhere to check in after a boozy Christmas, but in the new annexe of a brewery in south Wales they are extracting hangovers from beer.With demand for no-alcohol and low-alcohol (“nolo”) beer taking off in the UK, the hi-tech brewing apparatus enables the plant at Magor, which produces more than 1bn pints of Budweiser, Corona and Stella Artois a year, to make the increasingly popular teetotal versions too.The new unit is part of AB InBev’s global brewing empire and at its official opening on Friday, Brian Perkins, whose wider management responsibilities include running the drinks group’s UK arm, acknowledged that in the early days alcohol-free beer tasted “lousy”.Alcohol gives beer a sweet, warming, full-bodied taste, as well as affecting how other flavour compounds evaporate, resulting in its distinctive flavour. So removing it and being left with a drink that still tastes good has been a huge challenge for the industry