Rolling coverage of the latest economic and financial news
- Brent crude hits $77/barrel as Opec+ abandons talks
- Latest: FTSE 250 hits record high
- UK services firms report staff shortages, backlogs and rising prices
- LGIM warns against buying Morrisons for ‘wrong reasons’
- Full story: Apollo private equity group considering Morrisons bid
That’s all for today. A quick reminder of the main stories.
Supermarket chain Morrisons is at the centre of a potential bidding war after a third private firm expressed interest in taking the firm over. Apollo confirmed this morning it was considering joining the battle to buy the UK’s fourth-largest supermarket chain.
Related: Legal & General warns over private equity interest in Morrisons
Related: Lifting Covid rules in England: what has Boris Johnson announced?
#OPEC+ calls off oil policy meeting after United Arab Emirates rejected a proposed eight-month extension to output curbs, meaning no deal to boost production has been agreed.#Brent crude climbs above $77 a barrel. @Reuters https://t.co/bHVPGAPabl
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Related: UK car industry continues weak recovery from Covid in June
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Related: Chinese-owned firm acquires UK’s largest semiconductor manufacturer
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Related: TfL hit by £100m fall in ad revenue across tube, rail and bus network
The UK’s largest producer of semiconductors has been acquired by the Chinese-owned manufacturer Nexperia, prompting a senior Tory MP to call for the government to review the sale to a foreign owner during an increasingly severe global shortage of computer chips.
Nexperia, a Dutch firm owned by China’s Wingtech, said on Monday that it has taken full control of Newport Wafer Fab (NWF), the UK’s largest producer of silicon chips, which are vital in products from TVs and mobile phones to cars and games consoles.
“The semiconductor industry sector falls under the scope of the legislation, the very purpose of which is to protect the nation’s technology companies from foreign takeovers when there is a material risk to economic and national security.”.
Related: Chinese-owned firm acquires UK’s largest semiconductor manufacturer
