The IT infrastructure and data centre provider Equinix is to buy Telecity Group. Established in 1998, Telecity operates 39 data centres across twelve European cities. The £2.35bn deal strengthens Equinix’s position in the fast growing Western European data centre market.
Romanes Media Group has been acquired by Newsquest. Romanes publishes one daily, 19 weekly paid-fors and nine weekly frees in Scotland, Berkshire and Northern Ireland. Newsquest publishes more than 200 newspapers, magazines and trade publications.
Amazon is to start paying UK corporation tax on the profits it makes from its retail business in the UK. The US etailer has previously recorded its UK sales in the low tax regime of Luxembourg. The move follows the introduction of the Diverted Profits Tax, which imposes a 25% levy on profits generated in the UK by non-UK resident businesses.
The Financial Conduct Authority has imposed a financial penalty of £284,432,000 on Barclays Bank for failing to control business practices in its foreign exchange business. This is the largest financial penalty ever imposed by the FCA or its predecessor the Financial Services Authority. The FCA says that between 2008 and 2013 Barclays employees put Barclays’ interests ahead of those of its clients, other market participants and the wider UK financial system by sharing information about clients’ activities and attempting to manipulate currency rates in a way that could disadvantage those clients and the market. Last year the FCA fined Citibank, HSBC Bank, JPMorgan Chase Bank, Royal Bank of Scotland and UBS for similar failings.
George Osborne has announced that there will be a Budget on 8 July. The unusual move to hold a second Budget just four months after the last comes in the wake of this month’s General Election, which brought in a majority Conservative government. Osborne is expected to use the 8 July Budget to outline his plans to cut £12bn from welfare spending.
The rate of inflation has gone into negative territory for the first time since 1960. The Consumer Prices Index fell by 0.1% in the year to April 2015, compared to no change (0.0%) in the year to March 2015. The largest contributions to the downward movement were price falls in air and sea travel fares.
Javelin Group, a provider of retail strategy consulting and digital transformation services, has been acquired by Accenture.
Palatine Private Equity has backed the £13m management buyout of The Alchemist. Established in 2010, The Alchemist is a bar and restaurant brand with venues in Manchester, Leeds and London.
Endless has backed the secondary management buyout of the television shopping channel operator High Street TV, a company best known for bringing products such as Nutribullet, X-Hose, Zumba, Genie Bra and Shakeweight to the UK market.
Redhall Group has sold Redhall Engineering Solutions (RES) to Cape for £6m. RES is a £30m turnover business which specialises in providing maintenance services to the oil and gas industries.