British High Street bank TSB is being sold off by its Spanish-owner to rival Santander in a deal worth up to £2.9bn.
The sale still has to be agreed by Sabadell’s shareholders, but if TSB does change hands, it will be the second time it has been sold in a decade.
Santander declined to comment on whether the TSB brand – which can trace its roots back more than 200 years – will remain.
TSB has 175 branches in the UK while Santander has around 349 banks in Britain, but it has been shutting branches, saying more customers want to do their banking digitally.
DLA Piper advised Cantor Fitzgerald & Co., as sole book-running manager, in the US$253 million initial public offering of Oxley Bridge Acquisition Limited.
Oxley Bridge Acquisition Limited is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
The deal team was led by Partner Stephen Alicanti (New York) and included Of Counsel Christie Lehr (Raleigh) and Associates Andrew Wolfe and Alexander Grynszpan (both New York).
DLA Piper’s global capital markets team represents issuers and underwriters in registered and unregistered equity, equity-linked and debt capital markets transactions, including initial public offerings, follow-on equity offerings, equity-linked securities offerings, and offerings of investments grade and high-yield debt securities.
PADUA, Italy and LONDON, July 1, 2025 /PRNewswire/ — Safilo Group – one of the eyewear industry’s key players in the design, manufacturing and distribution of prescription frames, sunglasses, outdoor eyewear, goggles, and helmets – and Victoria Beckham, Creative Director and Founder of her eponymous brand, announce today their new ten-year global licensing agreement for the design, manufacturing and distribution of the Victoria Beckham branded eyewear collections until December 2035.
PHOTO CREDIT: Hippolyte Petit
The full eyewear range – both optical and sun – will be unveiled for the Spring-Summer 2026 season, hitting the market in January 2026.
“We are excited to welcome to our portfolio one of the industry’s most iconic creative directors. Together, we aim to strengthen the brand’s position as a global eyewear reference in women’s fashion, offering uniquely designed and beautifully crafted pieces that stand out for their attention to detail, minimal design, and sophisticated aesthetics – a luxury proposition empowered by the influence and legacy of Victoria Beckham, who has successfully built and affirmed her brand within the fashion industry” – declared Angelo Trocchia, CEO of Safilo Group. “This collaboration will further enhance the women’s portfolio within Safilo’s brand architecture and strengthen our presence in the luxury segment”.
“I’m thrilled to be working with Safilo to take Victoria Beckham Eyewear to the next level. Their expertise in the field is unparalleled, with a long-standing reputation for exceptional quality and craftsmanship. With their global reach and industry-leading capabilities, I’m excited about the opportunities ahead and can’t wait to bring our shared vision to life,” said Victoria Beckham, the brand’s Creative Director.
About Safilo Group
Safilo is a global player in the eyewear industry that has been creating, producing, and distributing for over 90 years sunglasses, prescription frames, outdoor eyewear, goggles and helmets. Thanks to a data-driven approach, Safilo goes beyond the traditional boundaries of the eyewear industry: in just one company it brings together Italian design, stylistic, technical and industrial innovation, and state-of-the-art digital platforms, developed in its digital hubs in Padua and Portland, and made available to Opticians and Clients for an unmatched customer experience. Guided by its purpose, See the world at its best, Safilo is leading its Group legacy, founded on innovation and responsibility, onwards towards the future.
With an extensive global presence, Safilo’s business model enables it to monitor its entire production and distribution chain. From research and development in five prestigious design studios, located in Padua, Milan, New York, Hong Kong and Portland, to its company-owned production facilities and network of qualified manufacturing partners, Safilo Group ensures that every product offers the perfect fit and meets high quality standards. Reaching approximately 100,000 selected points of sale worldwide with an extensive wholly owned network of subsidiaries in 40 countries and more than 40 partners in 70 countries, Safilo’s well-established traditional wholesale distribution model, which encompasses eyecare retailers, chains, department stores, specialized retailers, boutiques, duty free shops and sporting goods stores, is complemented by Direct-to-Consumer and Internet pure player sales platforms, in line with the Group’s development strategies.
Safilo Group’s portfolio encompasses home brands – Carrera, Polaroid, Smith, Blenders, Privé Revaux and Seventh Street. The perpetual license Eyewear by David Beckham. Licensed brands include: BOSS, Carolina Herrera, Dsquared2, Etro, Fossil, HUGO, Isabel Marant, Juicy Couture, Kate Spade New York, Kurt Geiger, Levi’s, Liz Claiborne, Love Moschino, Marc Jacobs, Missoni, Moschino, Pierre Cardin, PORTS, Stuart Weitzman, Tommy Hilfiger, Tommy Jeans and Under Armour.
The parent company, Safilo Group S.p.A., is listed on the Euronext Milan organized and managed by Borsa Italiana (ISIN code IT0004604762, Bloomberg SFL.IM, Reuters SFLG.MI). In 2024, Safilo Group recorded net revenues for Euro 993.2 million.
About Victoria Beckham
Launched in 2008 with a collection of dresses celebrated for their cut and fit, today Victoria Beckham’s eponymous label brand forms the basis for the modern woman’s wardrobe with perfectly executed silhouettes rooted in a sophisticated ease. A considered blend of classic British luxury and contemporary flair, the brand’s offering is developed at the Victoria Beckham HQ atelier in London and has expanded over the years to include everything from expertly crafted ready-to-wear, accessories and leather goods to award-winning beauty.
Fuelled by a longtime obsession with art and film, worlds from which she often draws inspiration, the transition from designer’s muse to Creative Director of her own brand was a natural one for Victoria Beckham, thanks in part to her meticulous attention to detail and a distinctly luxurious sensibility.
With offices in London and New York and a flagship store in Mayfair, the brand has won critical acclaim alongside multiple industry awards. In addition to victoriabeckham.com, Victoria Beckham is carried in 230 stores in 50 countries worldwide, with dedicated personalised spaces in key department stores.
Contacts:
Safilo Group Investor Relations Barbara Ferrante [email protected] Ph. +39 049 6985766 https://www.safilogroup.com/en/investors
Safilo Group Press Office Elena Todisco [email protected] Mob. +39 339 1919562
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AstraZeneca’s chief executive Pascal Soriot has reportedly said that he would like to shift the company’s stock market listing from the UK to the US.
The boss of Britain’s most valuable listed company has spoken privately about a preference to move the listing to New York, the Times reported. It added that he had also considered moving the company’s domicile.
The FTSE 100 company’s share price rose by 2.8% on Tuesday, with most of the increase happening after the story was published.
A shift in AstraZeneca’s listing would deal a major blow to the London Stock Exchange, which has already had to deal with a series of departures by companies seeking higher valuations. Among those who have left the FTSE 100 in recent years are equipment rental company Ashtead, Paddy Power bookmaker owner Flutter Entertainment, building materials supplier CRH and packaging company Smurfit Westrock.
A shift by AstraZeneca would almost certainly face opposition by the UK government, although it would not have the power to formally block a move. Labour made life sciences one of its key growth sectors in its industrial strategy published last month.
A spokesperson for AstraZeneca declined to comment.
AstraZeneca is thought to have expressed frustrations privately with the rejection of its breast cancer drug, Enhertu, by the NHS on cost grounds. Earlier this year, the company, headquartered in Cambridge, caused consternation in government by pulling out of a £450m project to produce vaccines in Speke, Liverpool, while saying that the business case did not make sense without more financial support from government.
Soriot has overseen the market value of AstraZeneca more than tripling since he took over in October 2012. The company has overtaken oil company Shell – also seen as a contender for a move to the US – and HSBC, a bank, with a market value of £157bn.
The US is the world’s biggest pharmaceutical market, with by far the highest spending per person on medicines despite having a lower life expectancy than several other countries. UK executives have long complained that their companies are undervalued compared with American counterparts.
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Soriot has emphasised the company’s ambitions to grow in the US. In November, he told investors that “we want to see even more growth in the US over the next few years as part of our 2030 ambition,” according to a transcript from data company Alphasense. The “US is, of course, a very important market and that supports innovation, and we will continue to invest to grow fast in this part of the world,” Soriot said.
The chief executive’s pay has increased in line with AstraZeneca’s market value. He has been the highest-paid chief executive on the FTSE 100 for two years running, receiving £16.85m for 2023, up from £15.3m in 2022.
LONDON (Reuters) -Trading of derivatives contracts that provide investors with protection against UK company defaults jumped almost 50% in the first quarter of 2025 to more than $2 trillion, an International Swaps and Derivatives Association report showed on Tuesday.
WHY IT’S IMPORTANT
Credit default swaps trading reported in the UK rose by 47% to $2.3 trillion, from $1.5 trillion in the first quarter of 2024, trade body ISDA reported.
The volume of insurance protection investors took out on UK corporate bonds in the first quarter illustrates the scale of unease ahead of U.S. President Donald Trump’s announcement of sweeping import tariffs on April 2.
While a UK/U.S. trade deal has since been signed, tariff uncertainty is a headwind for corporates globally as a July 9 U.S. deadline for other countries to strike deals looms.
The effective U.S. tariff rate based on announced policies has climbed to 13% from 3% at the start of the year, Goldman Sachs analysts said last week.
Even if some of the harshest levies are rolled back, higher effective tariffs this year could still drive up inflation and cut into company profits and consumer spending.
KEY QUOTE
“Single-name CDS activity was particularly prevalent in the UK, making up 98% of European traded notional, compared to 2% in the EU,” the ISDA report said.
This week, trade tensions topped a list of investor concerns alongside deepening worries over a potential global recession, a Bank of America investor survey showed on Monday.
BY THE NUMBERS
Notional European CDS trading rose 28% to $3 trillion in the first quarter compared to $2.3 trillion in the first quarter of 2024, driven by heightened activity in index CDS, ISDA said.
UK-reported trades represented roughly 75% of total European CDS notional trading, and almost 82% of the total trade count, while the EU accounted for around 25% and 18%, respectively, the report said.
GRAPHIC
(Reporting by Nell Mackenzie. Editing by Dhara Ranasinghe and Mark Potter)
The Federal Reserve would have cut interest rates by now if President Donald Trump’s tariffs weren’t so substantial, central bank chief Jerome Powell said Tuesday.
Trump’s ever-changing tariff agenda has caused months of deep uncertainty for global markets and businesses. Many have struggled to make predictions and plan ahead for duties that have shifted, sometimes with no warning other than social media posts by the president.
“Chair, would the Fed have cut [rates] more by now if it weren’t for the tariffs?” Bloomberg News anchor Francine Lacqua asked Powell at the European Central Bank’s annual forum in Sintra, Portugal.
“So I do think that’s right,” Powell responded. “In effect, we went on hold when we saw the size of the tariffs, and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs. We didn’t overreact. In fact we didn’t react at all, we’re simply taking some time.”
The Fed chair’s comments underscored a stance he has stuck to despite unrelenting, norm-shattering attacks by Trump and his top allies urging the central bank to lower interest rates. The pressure campaign has led Powell to repeatedly defend the central bank’s independence from political influence — a position the Supreme Court appeared to bolster in a ruling last month — along with the decision to hold rates steady.
“As long as the U.S. economy is in solid shape, the prudent thing to do is to wait and learn more and see what the effect might be,” Powell said Tuesday. “We haven’t seen effects much from tariffs, and we didn’t expect to by now. We have always said the timing, amount and persistence would be highly uncertain.” He added that the import taxes’ ultimate impact on the economy could wind up being either greater or less than currently anticipated.
Hours after Powell’s remarks, Trump renewed his rebukes of him, telling reporters in Florida that “anybody” would be better than him as head of the central bank.
Powell declined to weigh in on the likelihood of a July rate cut: “It’s going to depend on the data.”
Asked about the impact of Trump’s insult-laden criticism, Powell said, “I’m very focused on just doing my job.” He said the only two things that matter to him and fellow rate-setting officials are full employment and price stability — the two sides of the Fed’s so-called “dual mandate.” The ECB conference attendees applauded his response.
Trump has expanded his attacks on Powell to the committee that sets interest rates, saying on Monday that its members should be “ashamed” of current U.S. monetary policy. “The Board just sits there and watches, so they are equally to blame. We should be paying 1% Interest, or better,” Trump posted on social media.
In fact, the Federal Open Market Committee members vote during each of their meetings on whether to adjust interest rates after spending a day deliberating. Afterward, many voting members often explain their rationale for supporting or opposing the committee’s decision, including in speeches or written papers.
Trump appointed Powell to lead the Fed during his first term in office. He also named two of its current board members, Michelle Bowman and Christopher Waller.
Asked in Sintra how she would handle political pressure akin to what Powell has faced, European Central Bank President Christine Lagarde said, “I think we would do exactly the same thing as our colleague Jay Powell does.” Other panelists, who included governors of the central banks of Korea and Japan, said they agreed with Lagarde, drawing further applause.
Last week, Treasury Secretary Scott Bessent said administration officials have discussed appointing the next Fed chair to the earliest board seat available. The term of Biden-appointee Adriana Kugler ends in January 2026, meaning “an October, November” nomination, according to Bessent.
Powell would not say Tuesday whether he planned to remain on the board of the Federal Reserve System after his term as chair ends in May 2026. He could remain as a board member until January 2028, if he chooses to.
“I want to hand over to my successor an economy in good shape,” Powell said.
CORRECTION (July 1, 2024, 1:40 p.m. ET): A previous version of this article misstated when Powell’s term ends as Fed chairman. It is in May 2026, not May 2025.
PARIS (Reuters) -New car registrations in France slid 6.7% in June from a year earlier to 169,504 vehicles, data from French car body PFA showed on Tuesday.
Tesla sales fell 10.04% to 3,646 vehicles last month. Since the beginning of the year, Tesla’s sales have slumped by 39.59% while the French market overall has shrunk by 7.94% over the same period.
(Reporting by Makini Brice, Editing by Dominique vidalon)
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Ken Griffin’s hedge fund Citadel has been outshone by smaller rivals so far this year, as the firm was stung by the market volatility unleashed by Donald Trump’s trade war.
Citadel’s flagship Wellington fund gained 2.5 per cent in the first half of 2025, according to a person familiar with the matter. Balyasny and ExodusPoint were up 7.3 per cent and 9.3 per cent respectively, according to people who have seen the figures.
Citadel, which manages around $66bn, is one of the dominant players among so-called multi-manager funds, a sector that has sucked in billions of dollars from the world’s largest investors. Balyasny and ExodusPoint manage roughly $25bn and $11bn respectively.
Multi-manager firms have legions of trading teams known as “pods”, which trade a variety of strategies in asset classes including equities, fixed income and commodities. They borrow large sums from banks to juice returns and adhere to strict risk management to control losses, making them attractive to big investors such as pension funds that desire stable returns.
Citadel was wrongfooted by Trump’s tariff policies earlier this year, with Griffin saying in May that the firm had to “tear apart and re-examine the portfolio . . . and ask yourself in what ways we have positioned or mispositioned ourselves against the reality that the odds of a recession have gone higher”.
Last year, Citadel eclipsed most rivals as it delivered 15.1 per cent to investors. It’s annualised net return since the firm was founded 35 years ago is roughly 19.2 per cent.
