Category: 3. Business

Other specific reforms that the government said it will take forward include changes to the system of merger review that currently operates.

The government said it will “consult in the coming weeks on proposals to provide greater certainty for businesses on whether transactions will be subject to merger control; proposals to ensure remedies are regularly reviewed; as well as changes to how the CMA [Competition and Markets Authority] makes decisions in mergers and markets investigations”. Those reforms, it added, would include “replacing the CMA’s panel model for decision-making by replicating the Digital Markets Board Committee model, for both the CMA’s mergers and markets functions”. It said the changes “will not alter the independence of CMA decision-making” from government.

Competition law expert Paul Williams of Pinsent Masons said the announcement builds on the UK government’s ‘strategic steer’ to the CMA earlier this year, emphasising the importance of economic growth and investment in the UK, and the government’s initial proposals to reduce regulation.

Williams said: “The CMA has already responded to this agenda by embedding new ‘4Ps’ principles – to improve pace, proportionality, predictability and process in its merger control functions and across its wider competition and consumer work – and has undertaken wide-ranging consultation on updating its guidance, including proposals for a more flexible approach to merger remedies. This evolving CMA approach looks to be further developed by reforms the UK government is now contemplating. Whilst the government strives for a more business-friendly regime to drive dealmaking, growth and investment, it will need to ensure the CMA’s independence and competition oversight role is safeguarded.”

The government has also invited businesses to have their say on what further regulatory reform it should pursue in future – including by highlighting specific “examples of specific rules that impose unnecessary costs or burdens” and by detailing how the way regulations are applied can “delay or prevent future business opportunities being taken up”. Businesses can provide their input via an online questionnaire up until 16 December.

Public policy expert William Hall of Pinsent Masons said: “With the government preparing for the crucial upcoming Budget, this regulatory reform package is one of many levers chancellor Rachel Reeves is pulling in an effort to boost economic growth.”

“Prime minister Sir Keir Starmer and his team have put effective delivery at the heart of their political vision for the country. They view economic growth through streamlined regulation, attracting investment and careful intentions as the key way to prove to the electorate that they have succeeded in delivering,” he added.

In relation to its AI Growth Lab plans, the government said the initiative will be modelled on existing regulatory sandboxes – such as the pioneering fintech sandbox run by the Financial Conduct Authority – but would be operate in a more dynamic fashion by providing for AI testing in response to specific innovation arising in the market.

This, it said, would “enable businesses and regulators to trial novel AI products and generate real-world evidence of their impact” in “live market environments with targeted regulatory modifications”. That testing would be undertaken with regulatory supervision and, the government said, could speed-up regulatory approvals and potentially drive “permanent” regulatory reforms.

More than half of British diners say rising prices are the main reason they are eating out less, according to YouGov data showing that overall 38% of people are visiting restaurants and other eateries less often than a year ago.

Among those cutting back, 63% cite higher costs as the main reason to dine out less frequently, according to the poll. Despite this downturn, more than two in five are still choosing to eat out at least once a month, while 8% of people say they never do.

UK inflation was unchanged last month at 3.8%, confounding expectations of a rise, in welcome news for the chancellor, Rachel Reeves, as she plans for her crucial budget next month.

However, inflation is still well above the government’s 2% target, and cost-conscious behaviours are on the rise. Nearly half of British diners say they have altered their dining preferences with a view to saving money. Of these, three in five say they are choosing cheaper restaurants, while 52% say they order fewer items, YouGov found.

Sarika Rana, director of consumer research at the polling and market research company, said dining out was “under pressure”. She added: “Six in 10 consumers say they are eating out at least once a month, yet nearly 38% of diners say they are doing so less than they did a year ago, citing rising costs. This represents an opportunity for more economic dining options. 59% of Brits who have altered their dining preferences say they are opting for cheaper restaurants.”

Sainsbury’s has just launched Taste the Difference Discovery, which the supermarket chain says offers restaurant-quality food that people can eat at home. It said that the new collection was designed to meet a growing demand for premium food as shoppers are increasingly dining in and looking for new ways to treat themselves at home. The range of more than 50 products includes British wagyu, Aberdeen Angus steaks, and modern Indian ready meals with a curated selection of wines and spirits.

Meanwhile the food entrepreneur Charlie Bigham has recently launched a range of luxurious ready meals in some Waitrose branches costing up to £29.95.

Amid increased operating costs and consumer caution, some restaurants have been struggling to survive. Pizza Hut announced the closure of 68 of its restaurants this week, putting as many as 1,200 jobs at risk, after the company behind its UK venues fell into administration. Eleven delivery-only sites will also close.

In July the trade body for the hospitality sector said data showed it had been the hardest-hit sector since the budget, accounting for 45% of all job losses. The chair of UKHospitality, Kate Nicholls, said: “The change to employer NICs in particular, was socially regressive and had a disproportionate impact on entry level jobs.”

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The YouGov survey found that 79% of British diners believe restaurant prices have increased in the past year, with baby boomers – those born between 1946 and 1964 – most likely to notice the change.

Social media is the leading way consumers find restaurant deals, particularly among younger restaurant-goers. The poll of 2,000 people in Great Britain found 36% of people heard about restaurant promotions this way.

By Barbara Kollmeyer

Goldman Sachs also is bullish on gold

Investor appetite for gold has the potential to double prices of the metal, says JPMorgan.

For those weary of the AI debate, gold’s dramatic swoon this week has at least changed the discussion.

Since its biggest one-day drop in over a decade on Tuesday, the debate has surrounded whether gold will regroup and push higher. Goldman Sachs, for one, is sticking to its end-2026 target of $4,900 per ounce, and sees upside risks from central bank as well as institutional investor demand.

“The speed of recent ETF inflows and client feedback suggest many long-term capital allocators – including sovereign-wealth funds, central banks, pension funds, and both private wealth and asset managers – are planning to increase their exposure to gold as a strategic portfolio diversifier,” said analysts Lina Thomas and Daan Struyven, said in a note.

That segues into our call of the day from a JPMorgan team of strategists led by Nikolaos Panigirtzoglou, who say the price of gold could more than double in three years, as investors increasingly use it to hedge equities.

Firstly, Panigirtzoglou and his colleagues blame the metal’s recent tumble on trend-following commodity trading advisers taking profit on gold futures contracts, rather than retail investors exiting gold ETF exposures. Gold futures (GC00) have soared 56% this year.

“If this assessment is correct and retail investors were not behind [Tuesday’s] gold correction, then it is likely that their buying of gold ETFs has been less motivated by momentum and more driven by other factors,” they said.

The strategists do not believe all of that buying can be explained by this year’s popular debasement trade, which has seen investors turn to gold due to worries of a weakening dollar.

“What the ‘debasement trade’ does not traditionally encompass is the motivation to hedge equity exposures. And this motivation to hedge equity exposures has been more visible this year as retail investors bought equities and gold simultaneously and shunned longer-dated bonds, i.e. their traditional asset to hedge equity risk,” said Panigirtzoglou and his team.

While retail investors flocked to those bonds in 2023 and most of 2024, likely as a hedge against rising stock prices, they haven’t done the same this year, even though equities continue to climb, said the strategists. Instead, as their chart shows, gold has been the draw:

The strategists calculate that nonbank investors globally have boosted their allocation to gold to 2.6% of holdings. They arrive at this number by dividing $6.6 trillion of private investor gold holdings excluding central banks by the total stock of equities, bonds, cash and gold held outside banks. Should their theory that investors have replaced gold with bonds to hedge equity exposures prove correct, then that 2.6% allocation is probably too low, they say.

Another factor driving investors toward gold and away from those longer-dated bonds concerns the investor experience post Liberation Day, when President Donald Trump announced tariff rates he quickly scaled back. As stocks sharply corrected, longer-dated bonds also suffered, which became a problem for strategies that use those bonds as a way to hedge equity risk, said the JPMorgan team.

They calculate, using ETFs as a proxy, that around a tenth of the 20% allocation to bonds is in longer-dated bond funds. If that 2% allocation to those bonds were to be replaced by gold, the overall allocation would rise to 4.6%, implying a near doubling of gold prices factoring in other financial assets.

To be more exact, Panigirtzoglou and his team assume equity prices grow enough in the next three years that equity allocations rise to 54.6%, the previous peak of the dot-com bubble era. They also factor in a projected $7 trillion per year expansion of bonds and cash in the next three years. With both in mind, “the gold price would have to rise by 110% for the gold allocation to increase from 2.6% currently to 4.6% by 2028,” said the JPMorgan team.

Read: Here’s a theory about why gold suffered its biggest one-day fall in more than 10 years, and it’s linked to the U.S. economy

The markets

U.S. stock futures (ES00) (YM00) (NQ00) are mostly flat after Wednesday’s selloff. Oil (CL00) has climbed above $60/barrel after U.S. sanctions on two major Russian oil exporters. Gold (GC00) and silver (SI00) are rising.

   Key asset performance                                                Last       5d      1m      YTD      1y 
   S&P 500                                                              6699.4     0.42%   0.93%   13.90%   15.56% 
   Nasdaq Composite                                                     22,740.40  0.31%   1.08%   17.76%   24.42% 
   10-year Treasury                                                     3.965      -0.80   -20.30  -61.10   -25.20 
   Gold                                                                 4107.4     -5.45%  8.65%   55.62%   49.43% 
   Oil                                                                  60.66      6.51%   -6.99%  -15.60%  -13.75% 
   Data: MarketWatch. Treasury yields change expressed in basis points 

The buzz

Tesla shares (TSLA) are falling after revenue beat, but earnings disappointed. CEO Elon Musk closed out the call asking investors to vote in favor of his $1 trillion compensation package.

IBM shares (IBM) declined on concerns over growth in its software business.

Results from Intel (INTC) and Ford (F) results are due after the close.

Quantum stocks soared after the Wall Street Journal reported the Trump administration is considering making investments in the space.

Molina Healthcare (MOH) cut full-year guidance after the healthcare provider’s underperformance in its marketplace hit sales.

Existing-home sales for September are due at 10 a.m. Fed governor Michael Barr will make another appearance, at 10:25 a.m.

Best of the web

Popular leveraged funds shock investors with huge losses.

Goldman trader answers why the so-called dumb money has been beating the pros this year.

Why these money managers see stocks climbing through 2026.

The chart

Yardeni Research offers a chart showing a bubble for Cathie Wood’s ARK Innovation ETF ARKK during 2020, that burst the next two years “without causing any collateral damage,” and since April has been doing fine. It’s part of a bone Yardeni has to pick with talk over an “everything bubble” that will soon pop. Rising margin debt this summer, SPACs in 2021, bitcoin in 2022 were all bubbly but no global collapse ensued, the firm says.

Top tickers

These were the top-searched tickers on MarketWatch as of 6 a.m.:

   Ticker  Security name 
   BYND    Beyond Meat 
   TSLA    Tesla 
   NVDA    Nvidia 
   GME     GameStop 
   QBTS    D-Wave Quantum 
   TSM     Taiwan Semiconductor Manufacturing 
   RGTI    Rigetti Computing 
   AMD     Advanced Micro Devices 
   IONQ    IonQ 
   NFLX    Netflix 

Random reads

Wild bear breaks into California zoo, checks on pals.

That Louvre jewelry heist? Security camera were pointed the other way.

In Spain, a far lower-stakes theft, of restaurant chairs.

-Barbara Kollmeyer

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

  (END) Dow Jones Newswires

  10-23-25 0710ET
Copyright (c) 2025 Dow Jones & Company, Inc.

NEW YORK – October 23, 2025 – To view the full report please click the following link – Blackstone’s Third-Quarter 2025 results.
 
Blackstone will host its third-quarter 2025 investor conference call via public webcast on October 23, 2025 at 9:00 a.m. ET. To register and listen to the call, please use the following link here.
 
For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at https://ir.blackstone.com/ beginning about two hours after the event.
 
About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.  
 
Contact
Blackstone Public Affairs
New York
+1 (212) 583-5263

Tokyo, October 23, 2025 – Mitsubishi Shipbuilding Co., Ltd., a Mitsubishi Heavy Industries (MHI) Group company based in Tokyo, today held a christening and launch ceremony for the WAKASHIO MARU, a training ship for National Institute of Technology, Toyama College (NIT, Toyama College). The ceremony took place at the Enoura Plant of MHI’s Shimonoseki Shipyard & Machinery Works in Yamaguchi Prefecture. The handover is scheduled for March 2026, following completion of interior work and sea trials. The new vessel will go into service providing practical training in ocean navigation, and conducting surveys and experiments related to operations and the ocean for purposes such as a variety of educational and community contribution activities to train maritime personnel, contribute to regional societies, and encourage members of the community to think about maritime matters.

This is the fifth-generation training vessel for NIT, Toyama College, and the first ship in 31 years, since 1995. This is the first vessel Mitsubishi Shipbuilding has built for the school. Characteristics of the vessel include comfortable, individually tailored living quarters and design features to foster seamanship, including training all five senses. Specifically, in addition to providing practical training environments with a navigational simulator and a training switchboard so that trainees can learn through repetition, wooden decks that require daily maintenance such as polishing are used and the main machinery room and the generator room are separated so that trainees can learn the difference in the sounds and vibration of different equipment.

It can also function as a disaster support vessel, with the ability to operate an onboard base station, supply water and electricity, transport support resources, and provide living quarters in the event of natural disasters. Extensive oceanographic research equipment, including various acoustic equipment, an A-frame crane, and various winches, is included for marine surveys and research, with consideration for characteristics of Toyama that are unlike almost anywhere else in the world, such as a depth of over 1,000m at the center of the bay and a three-tiered water mass structure.

Going forward, Mitsubishi Shipbuilding will continue to support its customers and the advancement of society by using its synergy with MHI Group to build ships that embody even more advanced development and design for the maritime field, and contribute to the training of next-generation maritime officers, and oceanographic surveys.

■ Main Specifications of the WAKASHIO MARU

Owner	National Institute of Technology, Toyama College (NIT, Toyama College)
LOA	Approx. 56.3 meters
Beam	Approx. 10.6 meters
Depth	Approx. 5.8 meters
Gross tonnage	Approx. 370 tonnes
Capacity	Approx. 60 persons
Service speed	12.5 knots

By Barbara Kollmeyer

Goldman Sachs also is bullish on gold

Investor appetite for gold has the potential to double prices of the metal, says JPMorgan.

For those weary of the AI debate, gold’s dramatic swoon this week has at least changed the discussion.

Since its biggest one-day drop in over a decade on Tuesday, the debate has surrounded whether gold will regroup and push higher. Goldman Sachs, for one, is sticking to its end-2026 target of $4,900 per ounce, and sees upside risks from central bank as well as institutional investor demand.

“The speed of recent ETF inflows and client feedback suggest many long-term capital allocators – including sovereign-wealth funds, central banks, pension funds, and both private wealth and asset managers – are planning to increase their exposure to gold as a strategic portfolio diversifier,” said analysts Lina Thomas and Daan Struyven, said in a note.

That segues into our call of the day from a JPMorgan team of strategists led by Nikolaos Panigirtzoglou, who say the price of gold could more than double in three years, as investors increasingly use it to hedge equities.

Firstly, Panigirtzoglou and his colleagues blame the metal’s recent tumble on trend-following commodity trading advisers taking profit on gold futures contracts, rather than retail investors exiting gold ETF exposures. Gold futures (GC00) have soared 56% this year.

“If this assessment is correct and retail investors were not behind [Tuesday’s] gold correction, then it is likely that their buying of gold ETFs has been less motivated by momentum and more driven by other factors,” they said.

The strategists do not believe all of that buying can be explained by this year’s popular debasement trade, which has seen investors turn to gold due to worries of a weakening dollar.

“What the ‘debasement trade’ does not traditionally encompass is the motivation to hedge equity exposures. And this motivation to hedge equity exposures has been more visible this year as retail investors bought equities and gold simultaneously and shunned longer-dated bonds, i.e. their traditional asset to hedge equity risk,” said Panigirtzoglou and his team.

While retail investors flocked to those bonds in 2023 and most of 2024, likely as a hedge against rising stock prices, they haven’t done the same this year, even though equities continue to climb, said the strategists. Instead, as their chart shows, gold has been the draw:

The strategists calculate that nonbank investors globally have boosted their allocation to gold to 2.6% of holdings. They arrive at this number by dividing $6.6 trillion of private investor gold holdings excluding central banks by the total stock of equities, bonds, cash and gold held outside banks. Should their theory that investors have replaced gold with bonds to hedge equity exposures prove correct, then that 2.6% allocation is probably too low, they say.

Another factor driving investors toward gold and away from those longer-dated bonds concerns the investor experience post Liberation Day, when President Donald Trump announced tariff rates he quickly scaled back. As stocks sharply corrected, longer-dated bonds also suffered, which became a problem for strategies that use those bonds as a way to hedge equity risk, said the JPMorgan team.

They calculate, using ETFs as a proxy, that around a tenth of the 20% allocation to bonds is in longer-dated bond funds. If that 2% allocation to those bonds were to be replaced by gold, the overall allocation would rise to 4.6%, implying a near doubling of gold prices factoring in other financial assets.

To be more exact, Panigirtzoglou and his team assume equity prices grow enough in the next three years that equity allocations rise to 54.6%, the previous peak of the dot-com bubble era. They also factor in a projected $7 trillion per year expansion of bonds and cash in the next three years. With both in mind, “the gold price would have to rise by 110% for the gold allocation to increase from 2.6% currently to 4.6% by 2028,” said the JPMorgan team.

Read: Here’s a theory about why gold suffered its biggest one-day fall in more than 10 years, and it’s linked to the U.S. economy

The markets

U.S. stock futures (ES00) (YM00) (NQ00) are mostly flat after Wednesday’s selloff. Oil (CL00) has climbed above $60/barrel after U.S. sanctions on two major Russian oil exporters. Gold (GC00) and silver (SI00) are rising.

   Key asset performance                                                Last       5d      1m      YTD      1y 
   S&P 500                                                              6699.4     0.42%   0.93%   13.90%   15.56% 
   Nasdaq Composite                                                     22,740.40  0.31%   1.08%   17.76%   24.42% 
   10-year Treasury                                                     3.965      -0.80   -20.30  -61.10   -25.20 
   Gold                                                                 4107.4     -5.45%  8.65%   55.62%   49.43% 
   Oil                                                                  60.66      6.51%   -6.99%  -15.60%  -13.75% 
   Data: MarketWatch. Treasury yields change expressed in basis points 

The buzz

Tesla shares (TSLA) are falling after revenue beat, but earnings disappointed. CEO Elon Musk closed out the call asking investors to vote in favor of his $1 trillion compensation package.

IBM shares (IBM) declined on concerns over growth in its software business.

Results from Intel (INTC) and Ford (F) results are due after the close.

Quantum stocks soared after the Wall Street Journal reported the Trump administration is considering making investments in the space.

Molina Healthcare (MOH) cut full-year guidance after the healthcare provider’s underperformance in its marketplace hit sales.

Existing-home sales for September are due at 10 a.m. Fed governor Michael Barr will make another appearance, at 10:25 a.m.

Best of the web

Popular leveraged funds shock investors with huge losses.

Goldman trader answers why the so-called dumb money has been beating the pros this year.

Why these money managers see stocks climbing through 2026.

The chart

Yardeni Research offers a chart showing a bubble for Cathie Wood’s ARK Innovation ETF ARKK during 2020, that burst the next two years “without causing any collateral damage,” and since April has been doing fine. It’s part of a bone Yardeni has to pick with talk over an “everything bubble” that will soon pop. Rising margin debt this summer, SPACs in 2021, bitcoin in 2022 were all bubbly but no global collapse ensued, the firm says.

Top tickers

These were the top-searched tickers on MarketWatch as of 6 a.m.:

   Ticker  Security name 
   BYND    Beyond Meat 
   TSLA    Tesla 
   NVDA    Nvidia 
   GME     GameStop 
   QBTS    D-Wave Quantum 
   TSM     Taiwan Semiconductor Manufacturing 
   RGTI    Rigetti Computing 
   AMD     Advanced Micro Devices 
   IONQ    IonQ 
   NFLX    Netflix 

Random reads

Wild bear breaks into California zoo, checks on pals.

That Louvre jewelry heist? Security camera were pointed the other way.

In Spain, a far lower-stakes theft, of restaurant chairs.

-Barbara Kollmeyer

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

  (END) Dow Jones Newswires

  10-23-25 0651ET
Copyright (c) 2025 Dow Jones & Company, Inc.

Background

Philips sued Belkin GmbH, Belkin International Inc., and Belkin Limited, (Belkin) two directors and one managing director (the directors) in the UPC’s Munich Local Division (LD Munich) for infringement of EP 2 867 997. The patent addresses two-way communication and negotiation phases in inductive power transfer systems for charging portable electronic devices, including the role of an “acknowledgement” signal. The patent has been declared essential to the Qi wireless charging standard. In the UPC infringement action, Philips sought cross-border relief including injunctions, damages, disclosure, and product recall. Belkin counterclaimed for revocation.

Previously, the Düsseldorf Regional Court had ruled that Belkin GmbH and Belkin Limited did not infringe in Germany, and the German Federal Patent Court had rejected a nullity action.

LD Munich found that Belkin had infringed and the directors were liable, not as infringers but as intermediaries under Art 63(1) UPCA. The LD Munich issued a permanent injunction against Belkin in Sweden, Belgium, France, Germany, the Netherlands, Italy, Finland, and Austria to refrain and desist, provide information, and pay damages. The directors were also ordered to refrain from exercising their management duties insofar as they led to infringing acts by Belkin outside of Germany. However, the LD Munich refused an order for a product recall. Both sides appealed.

Decision of the Court of Appeal

Validity

The CoA confirmed the patent’s validity. In doing so, it adopted a detailed claim construction that treated the “acknowledgement” element as a transmitted, indicative message that signals acceptance or rejection of entering a negotiation phase, without requiring the transmitter to be capable of rejection in practice.

Infringement

The court found that Belkin’s Qi compliant chargers fell within the scope of the EP’s claims, including the acknowledgement behavior prescribed by the current Qi standard.

“Offering” under Article 25(a) European Patent Convention (EPC) is an autonomous concept interpreted in the economic and not the legal sense. There is no need for a legally contractual binding offer. Offering includes the marketing of a product on a website, even without a price. Belkin’s web pages constituted offerings in Italy, France, and the Netherlands, even where the purchase took place via third-party retail links (e.g., Amazon).

Managing director liability

The CoA overturned the LD Munich decision against the directors and dismissed the claims against them. According to Articles 63(1) and 25 EPC, an infringer could be someone to whom the infringing acts could be attributable. However, merely holding the position of managing director and controlling the risks of a company does not necessarily make a person an instigator, accomplice, or accessory to the company’s infringement.

A managing director is liable only if his or her actions go beyond the ordinary professional duties of a managing director, e.g., if the director deliberately uses the company to infringe or the director knows the company is infringing and fails to stop it. Reliance on legal advice will generally suffice to negate the requisite knowledge until a first instance infringement decision has been issued.

On the facts of this case, the directors were not personally liable.

Relief

The CoA confirmed that corrective measures such as product recall, removal from distribution channels, and destruction, can be ordered in relation to infringing products under Article 63 EPC. This type of relief is the norm, and it is up to the infringer to demonstrate that such measures are disproportionate or will convert the infringing products into non-infringing products. Belkin had not done this.

The injunction did not bind Belkin GmbH and Belkin Ltd in Germany because of the previous Dusseldorf non-infringement judgment already in place. However, this did not bar UPC relief for other territories or other Belkin entities who were not party to the German proceedings. The German decision was not the same in law and fact because it concerned a different national designation of the same patent.

Key takeaways and implications

• This decision strengthens the UPC’s business-practical approach to infringement. Online marketing can constitute an “offering” across multiple member states, even without a stated price or legally binding contractual offer, or with a link to a third-party supplier.
• The CoA took a narrower approach to director liability than the LD Munich. Officers are not automatically liable for corporate infringement but may be exposed where they intentionally facilitate violations or knowingly fail to intervene.
• Product recall, removal from distribution and destruction are default remedies in infringement actions. Defendants must be prepared to prove disproportionality if they wish to avoid such relief.
• The UPC was willing to come to a different conclusion to the German courts in relation to the same patent. A national ruling limits relief within that jurisdiction in respect of the parties to the legally binding judgment. However, this does not bar UPC relief against other entities in other UPC territories.

This article was co-authored by Karim El Sayegh, Paralegal.

On 8 July 2025, the government of Dubai introduced Law No. 7 of 2025 Regulating Contracting Activities in the Emirate of Dubai (“the New Law”). This important piece of legislation will come into force on 8 January 2026, six months after its publication, and will govern all contracting activities and Contractors operating within the Emirate of Dubai, including those in special development zones and free zones, such as the Dubai International Financial Centre (DIFC). 

The New Law represents a major step forward in how Dubai regulates its construction and engineering sectors.  It establishes the framework for a supervisory hierarchy, with the Dubai Municipality (the “Municipality”) as the ultimate authority, below (or alongside) which sits the “Competent Authority” (i.e. “any other government entity legally competent to supervise and control any contracting activities in the Emirate”, along with the Municipality itself).  There is also provision for the establishment of a “Committee for Regulating and Developing Construction Activities” (“the Committee”).  Each of these authorities has specified competencies, tasks and powers.  The New Law aims to establish a standardised, digital, and unified regulatory framework for all construction activities (e.g. construction, demolition, infrastructure, engineering). It provides a new framework for contractor registration, classification, and oversight, overseen by the Municipality, and aims to improve standards, promote transparency, and support Dubai’s sustainable development and investment confidence in the construction industry.

The New Law complements the existing laws and regulations related to building and planning, and is part of Dubai’s broader ambition to modernise and professionalise the sector, in line with international best practices.

Scope of application

The New Law applies to:

• all contractors working in the Emirate of Dubai; and
• to all contracting activities – including construction, demolition, engineering, roads, bridges, utilities, and more.

Importantly, it extends to contractors operating in free zones and special development zones (including the DIFC), closing previous regulatory gaps.

Only contracting activities related to airports and their associated infrastructure are specifically exempted. However, further exemptions may be granted by the Chairman of the Executive Council, acting on recommendations from the Committee. 

The New Law comprises 29 Articles and sets out the foundational framework. Much of the detail on how the New Law will be implemented will come from regulations and decisions yet to be issued by the Committee or other Competent Authorities, such as the Municipality. In the meantime, existing regulations issued prior to the enforcement of the New Law (such as Dubai Local Order No. 89 of 1994 Concerning the Practice of Engineering Consultancy in the Emirate of Dubai (Order No. 89/1994) and Dubai Local Order No. 3 of 1999 Regulating Construction Works in the Emirate of Dubai (Order No. 3/1999)) will continue to apply until the issuance of substituting regulations, provided they do not conflict with the New Law.

Key features of the new law

While some of the provisions build on existing practices, the New Law consolidates and formalises them in a more structured and enforceable format. Notable features include:

Mandatory contractor registration

All contractors must be licensed and registered in a new central Register managed by the Municipality, and linked to the “Invest in Dubai” digital platform.  Employers will be prohibited from engaging contractors not registered and classified in accordance with the law, and contractors will (as mentioned below) be prohibited from engaging in contracting activities outside the classification category assigned to them.

New classification system

Contractors will be assigned a classification based on their technical, financial and administrative capabilities. This classification will determine the nature and scope of the projects they are authorised to undertake. Contractors can apply to upgrade their classification by meeting enhanced requirements.

This classification system will build upon, and ultimately supplant, the existing framework under:

• Order No. 89/1994, in which engineering offices were classified into categories based on experience and specialisation; and
• Order No. 3/1999, which regulates the issuance of construction permits and addresses technical standards.

Professional competency standards

Contractors must employ a minimum number of qualified technical staff, each of whom must hold a “Professional Competency Certificate” issued by the Municipality. 

Subcontractor and consortium (JV) regulation

The appointment of subcontractors is not prohibited, but will now be subject to approval by the Municipality or the Committee. Both the main contractor and subcontractor must be appropriately licensed and classified. For larger or more complex projects, contractors may form consortia or joint ventures, but all members must be registered and approved, and one must act as the group’s authorised representative.

Consortia and joint ventures were not previously regulated by Order No. 89/1994.

Recognition of turnkey projects

The New Law formally recognises “turnkey” projects, allowing contractors to undertake design, supervision, and execution under a single agreement.  Turnkey projects are said to be subject to conditions which will be set out in future regulations issued by the Municipality. 

Conduct and enforcement

A Code of Conduct and Ethics will be introduced. Contractors will be required to comply with applicable laws, avoid exceeding their approved scope or capacity, and notify the Municipality of any changes or incidents. Breaches may result in penalties, suspensions, downgrades, or even de-registration.

Establishment of a permanent oversight committee

The Committee is yet to be established, but when it is, it will proactively oversee implementation and propose further policies and regulations. It will also handle approval of all contracting activities, and the classification of Contractors. It is likely that this committee effectively replaces the Committee of Registration and Licensing established under the Municipality’s resolution No. 32 of 2006.

Compliance timetable

The New Law will take effect on 8 January 2026. All contractors must regularise their status within one year; that is, by 8 January 2027.

This includes completing registration on the new system, complying with classification requirements, and ensuring all technical staff are properly certified. The Committee, or the Municipality, may extend this deadline, but contractors are strongly encouraged to act early.

Achieving compliance

Contractors should begin preparations without delay. All contractors must:  

• Hold a valid commercial licence issued by the appropriate authority;
• Register on the Municipality Register;
• Ensure all technical employees hold a valid Professional Competency Certificate;
• Follow prescribed standards and maintain accurate and current records;
• Ensure subcontracting and consortium arrangements comply with the new legal framework.

Enforcement and penalties

The New Law introduces a clear enforcement regime:

• Fines ranging from AED 1,000 to AED 100,000 as determined by the Chairman of the Executive Council, on the recommendation of the Committee. Repeat violations can see fines rising to AED 200,000.
• Suspension of the contractor’s licence, or construction activities, for up to one year
• Downgrading of the Contractor’s classification;
• Cancellation of the Contractor’s registration (rendering it unable to trade);
• Deregistration of technical staff and/or cancellation of competency certificates. 

The Municipality will retain a right to inspect premises and project sites, seize and review records and enforce penalties.

Market impacts and broader consequences

The New Law is intended to bring significant change to Dubai’s construction landscape:

Higher standards, fewer risks

With stronger classification and competency requirements, the law aims to reduce unsafe practices, technical failures, and project delays. Over time, this should also help curb disputes and improve project delivery.

Enhanced professionalisation and market consolidation

Tighter regulation may raise barriers to entry, particularly for smaller or informal contractors. Some may struggle, ultimately exiting the market, merging, or being absorbed, leading to greater consolidation and a more competitive, professionalised sector.

Increased costs, greater predictability

While compliance may increase operational costs in the short term, the resulting standardisation and oversight should deliver longer-term benefits in terms of reliability, safety, and investor confidence.

Digital transformation and transparency

Integration with the “Invest in Dubai” platform will streamline approvals, allow for performance tracking, and simplify due diligence. Employers and developers will have more data to assess contractor capability before awarding work.

Alignment with global best practice

The New Law represents a further shift toward internationally recognised standards in respect of credentialing, licensing and transparency, and should enhance Dubai’s reputation as a world-class construction hub.

What contractors should do now

Immediate steps (within Rectification Period)

• Review your current registration, classification, and technical workforce;
• Submit necessary declarations if your licence expires during the transition;
• Engage with the Municipality to begin the registration process.

Organizational readiness

• Update internal HR systems;
• Review subcontracting practices;
• Prepare for new record-keeping and compliance protocols;
• Begin drafting or revising joint venture or consortium agreements, where applicable.

Final thoughts

The New Law marks a new chapter in the governance of contracting activities in Dubai. It consolidates existing frameworks, introduces new safeguards, and sets a clear path for regulatory modernisation; a significant evolution in the governance of construction activities in Dubai. While it presents initial compliance burdens, particularly for small and mid-sized contractors, it ultimately lays the groundwork for a more professional, reliable, and scalable construction sector.

For contractors, the message is clear: prepare now. Those who act early and invest in compliance will not only reduce risk but also position themselves to thrive in an increasingly structured and competitive market.

This reform comes at a time when Dubai’s project pipeline is expanding through ongoing residential and mixed-use builds, repurposing legacy developments, green building initiatives, and large-scale infrastructure and development projects, under the 2040 Urban Master Plan. The New Law will likely have the overriding effect of ensuring that only competent, well-structured contractors are awarded critical work, thus reducing the risk of delay and overspend.

Sharper rules, stronger compliance: MAS updates AML/CFT Guidelines for insurers

The Monetary Authority of Singapore recently revised its notices and guidelines on anti-money laundering and countering the financing of terrorism (“AML/CFT”), applicable to financial institutions (“FIs”), including direct life insurers,^₁  direct general insurance business, and foreign insurers operating in Singapore.²  The revisions took effect from 1 July 2025. 

Here is what you need to know 

The main revisions relevant to insurance businesses (including direct life insurers, direct general insurance business, and foreign insurers) involve mandating proliferation financing (“PF”) assessments as well as clarifying and updating the requirements for filing of suspicious transaction reports (“STRs”).

Additionally, specifically for direct life insurers, the Guidelines to Notice 314 also include amendments to clarify MAS’ supervisory expectations on AML/CFT measures, including on screening and Source of Wealth and Source of Funds establishment.

The purpose of the revisions is to enhance the financial sector’s AML/CFT regime, with reference to global standards set by the Financial Action Task Force (“FATF”).

(A) Mandating proliferation financing assessments

Notice 314 and both sets of guidelines now expressly refer to PF, when they previously did not. Insurers are now expressly required to carry out PF risk assessments, as part of their AML risk assessments. 

In practice, insurers should have already been covering PF risks as part of their existing AML/CFT or sanctions compliance controls. 

Offences under MAS’ sanctions regulations for financial institutions against the proliferation of weapons of mass destruction have been designated as predicate offences for money laundering, under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992.

(B) Amendments to clarify and update the requirements for filing of STRs

(i) Timelines

All persons, including insurers, must file a suspicious transaction report (“STR”) with the Suspicious Transaction Reporting Office (“STRO”), when it knows or has reasonable grounds to suspect that any property represents the proceeds of, was used in connection with or is intended to be used in connection with criminal conduct.³

Under the previous AML/CFT notices and guidelines, insurers were expected to file STRs with STRO promptly.  MAS’ previous expectation was that companies take not more than 15 business days to evaluate internally whether an STR should be filed, from the time the case was first flagged by an employee/officer. 

MAS has now clarified its expectations that:

• The filing of an STR should not exceed 5 business days after the suspicion was first established, unless there are exceptional circumstances.⁴ 
• IIn cases involving sanctioned parties, and parties acting on behalf of or under the direction of sanctioned parties, the STR should be filed as soon as possible, and no later than 1 business day after the suspicion was first established.⁵

MAS has not prescribed timelines for the conclusion of internal investigations, to determine whether there is a suspicion that property represents or is used in connection with criminal conduct. In refraining from setting out such precise timelines, MAS acknowledged the wide-ranging nature and complexity of cases, as well as the range of financial institutions’ profiles, scale and complexity of operation.⁶

(ii) Requirement to provide copies of STRs to MAS

As MAS can already access the STRs filed with STRO directly, MAS has removed the requirement for direct life insurers to extend copies of all STRs filed to MAS for information. However, MAS has clarified that direct life insurers will need to do so upon request by MAS.⁷ 

(C) Changes to the AML/CFT guidelines to clarify and reflect supervisory expectations for direct life insurers when addressing higher ML/TF risks

MAS emphasised its supervisory expectations that financial institutions, including insurers, should implement robust controls and processes to ensure the:

• Timely review of suspicious transactions, and 
• Mitigation of ML/TF/PF concerns.

These supervisory expectations are outlined in MAS’ Consultation Paper⁸, and they are of general application to all financial institutions and variable capital companies.

In addition, specifically for direct life insurers, the Guidelines to MAS Notice 314 has been amended to require direct life insurers to ensure that there are processes in place to:⁹

• Identify and prioritise the review of concerns of higher ML/TF risks;¹⁰
• Ensure that such concerns of higher ML/TF risks are reviewed promptly; and
• Require any such concerns of higher ML/TF risks that cannot be reviewed promptly to be escalated to senior management or a similar oversight body, for appropriate ML/TF risk mitigation measure to be applied. 

We highlight some of the key amendments. 

(i) Screening 

MAS clarified that where necessary, ML/TF information sources used for screening should include pertinent search engines used in countries or jurisdictions closely associated with the person screened, and screening should be conducted in the native language(s) of the person screened.¹¹

(ii) Source of wealth information obtained by a direct life insurer

Source of wealth generally refers to the origin of the customer’s and beneficial owner’s entire body of wealth (i.e. total assets). MAS has clarified in the Guidelines to Notice 314 that a customer’s source of wealth includes seed money and gifts. 

The source of wealth information obtained by the direct life insurer should give an indication about:

• the entire body size of wealth that the customer and beneficial owner would be expected to have; and 
• how the customer and beneficial owner acquired the wealth.

This is to enable the direct life insurer to make an assessment as to whether a customer or beneficial owner present a higher risk for ML/TF.¹²

(iii) Corroboration of information regarding the source of wealth and source of funds 

Direct life insurers are expected to corroborate the information regarding source of wealth and source of funds. In this regard, direct life insurers should take a risk-based approach and focus on the more material and riskier sources, and exercise prudence in the use of non-independent sources of information such as customer representations, assumptions and benchmarks.¹³

(iv) Ongoing monitoring where risks have increased 

For direct life insurers, MAS expects that, where there are indications that the risks associated with existing business relations have increased (e.g. anomalies in the control or conduct of an account or discrepancies relating to a customer’s source of wealth), the direct life insurer should promptly implement commensurate risk mitigation measures, including enhanced ongoing monitoring such as:¹⁴

• enhanced monitoring of transactions (including pre-transaction checks); and 
• impositions of restrictions on the account. 

The direct life insurer should also request additional information and conduct a review of the customer’s risk profile in order to determine if further measures are necessary.

(v) Processes regarding indicators of fraudulent or tampered data

In relation to processes regarding fraudulent or tampered data, documents or information, MAS expects a direct life insurer to ensure that:¹⁵

• Staff are provided with adequate guidance on how to identify indicators of fraudulent or tampered data, documents or information.
• Processes are in place to ensure that such indicators are escalated.
• Processes are in place to ensure that the appropriate ML/TF risk mitigation measures are applied in a timely manner. 

Examples of indicators of fraudulent or tampered data, documents, or information set out by MAS include:¹⁶

• significant discrepancies in a customer’s representations (e.g. relating to material sources of wealth or significant transactions) that are found when these representations are checked against independent sources of information, such as corporate data reports;
• anomalies in financial statements that are not in line with the direct life insurer’s understanding of the customer’s profile; and
• lack of sign-off by relevant certifying parties such as an auditor or notary public.

The recent amendments to MAS’ AML/CFT Guidelines demonstrate MAS’ continued effort to strengthen Singapore’s AML/CFT regime, to ensure it remains clear and aligned with international standards. Financial institutions should keep an eye on future updates and check that their present policies, processes and controls are in line with MAS’ expectations. 

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¹For direct life insurers, the relevant documents are: (a) MAS’ Notice 314 on the Prevention of Money Laundering and Countering the Financing of Terrorism – Direct Life Insurers, dated 30 June 2025 (“Notice 314”); and (b) MAS’ Guidelines to MAS Notice 314 on Prevention of Money Laundering and Countering the Financing of Terrorism, dated 1 July 2025 (“Guidelines to Notice 314”).

²For other MAS licensed insurers (under s 11 of the Insurance Act 1966), foreign insurers operating in Singapore under a foreign insurer scheme, and direct life insurers writing accident and health policies, the relevant document is the MAS’ Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism – Direct General Insurance Business, Reinsurance Business and Direct Life Insurance Business (Accident & Health Policies), dated 1 July 2025 (“Guidelines for non-life insurers”).

³S 45(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992.

⁴For Non-Life Insurers, see Guidelines for non-life insurers at paragraph 7.6. For Life Insurers, see Guidelines on Notice 314, paragraph 12-1.

⁵For Non-Life Insurers, see Guidelines for non-life insurers at paragraph 7.6. For Life Insurers, see Guidelines on Notice 314, paragraph 6-15-2.

⁶MAS Consultation Paper on Proposed Amendments to AML/CFT Notices and Guidelines, paragraph 2.13.

⁷Notice 314, paragraph 12.2.

⁸MAS Consultation Paper on Proposed Amendments to AML/CFT Notices and Guidelines at paragraph 2.13.

⁹Guidelines to Notice 314, paragraph 12-A.

¹⁰MAS has also amended the Guidelines to Notice 314 to include characteristics of higher-risk shell companies that require enhanced customer due diligence, see Guidelines to Notice 314, paragraph 8-2.

¹¹Guidelines to Notice 314, paragraph 6-15-3.

¹²Guidelines to Notice 314, paragraph 8-5-6.

¹³Guidelines to Notice 314, paragraph 8-5-8.

¹⁴Guidelines to Notice 314, paragraph 6-10-3.

¹⁵Guidelines to Notice 314, paragraph 6-5-5A.

¹⁶Guidelines to Notice 314, paragraph 6-5-5A.