UK Drops Apple ‘Backdoor’ Requirement Following US Pushback
The UK had previously required Apple to turn off its top-tier cloud encryption earlier this year. Devamını Oku
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BT CEO Kirkby Signals AI Could Accelerate Job Cuts, Openreach Spin-Off Possible – Financial Times
BT Group CEO Allison Kirkby indicated in an interview with the Financial Times that advances in artificial intelligence (AI) might deepen the extensive job cuts already planned at the British telecom giant.
Kirkby noted that BT’s current plan to cut over 40,000 jobs and reduce costs by £3 billion ($4 billion) by 2030 “did not reflect the full potential of AI.” She suggested that depending on AI developments, BT could become “even smaller by the end of the decade.”
The company had previously announced plans to cut up to 55,000 jobs, including contractors, by 2030 under former CEO Philip Jansen, aiming for a leaner workforce and substantially lowered costs by decade’s end.
Kirkby, who took over from Jansen a year ago, also hinted at the possibility of spinning off Openreach, BT’s network infrastructure arm. She expressed concerns that Openreach’s value is not currently reflected in BT’s share price, stating that if this undervaluation continues, BT “would absolutely have to look at options.”
In response to Reuters, BT clarified that a spin-off of Openreach is not an active consideration at this time and did not comment further on Kirkby’s remarks.
BT’s recent financial update highlighted strong fibre broadband demand and over £900 million in cost savings, which helped sustain full-year earnings and improve cash flow. Growth in Openreach compensated for revenue and profit declines in the business and consumer segments, where legacy voice services and handset sales continue to decline.
UK Regulator Greenlights Private Share Trading Platform PISCES to Launch This Year
Britain’s Financial Conduct Authority (FCA) has finalized rules for a new private share trading platform called the Private Intermittent Securities and Capital Exchange System (PISCES), with trading expected to start later this year through a regulatory “sandbox.” The platform aims to facilitate trading of shares in private companies, helping early investors and employees to sell shares and new investors to fund growing businesses.
PISCES will operate by enabling intermittent trading events where private company owners can offer shares at set prices to new investors. This model is designed to bridge the gap for small and early-stage firms that may not be ready for a full initial public offering (IPO) but want to access capital markets and gain investor visibility.
Simon Walls, FCA’s executive director of markets, highlighted that PISCES will give investors greater access and confidence to invest in promising companies, while also allowing early backers and employees liquidity options. The UK Treasury’s Economic Secretary Emma Reynolds welcomed the initiative, emphasizing its role in strengthening capital markets and supporting economic growth.
Operators interested in running PISCES platforms, such as the London Stock Exchange, must apply for FCA approval. The regulator has adapted final rules based on market feedback, including a 25% threshold for major shareholder identification, eased disclosure requirements, and increased control for companies over their investor base.
While some industry players, including bankers, have expressed concerns about potential revenue impacts and competition with existing markets like the Main Market and AIM, legal experts view PISCES as an innovative step to invigorate UK capital markets.
The FCA will continue testing the platform under the sandbox regime before establishing a permanent regulatory framework by 2030.