Tuesday newspaper round-up: Bluesky, British Steel, FRC
By Michele Maatouk
Date: Tuesday 12 Nov 2024
(Sharecast News) - Social media platform Bluesky has picked up more than 700,000 new users in the week since the US election, as users seek to escape misinformation and offensive posts on X. The influx, largely from North America and the UK, has helped Bluesky reach 14.5 million users worldwide, up from 9 million in September, the company said. - Guardian
The owners of British Steel are to keep the blast furnaces at its Scunthorpe site running past Christmas amid talks over government support for a switch to less polluting technology. The government is thought to be considering aid for British Steel at the same level or even higher than the £500m pledged to Tata Steel, which closed its two blast furnaces in Port Talbot in September. However, no decisions on the shape of a package have been made. - Guardian
Rachel Reeves's tax raid risks turning high streets into "ghost towns" for much of the week, as pubs, restaurants and shops prepare to shut earlier and open on fewer days. Retail and hospitality chiefs said they were actively looking at reducing opening hours in response to Ms Reeves's decision to raise employers' National Insurance contributions. It raises fears that the Budget will worsen problems for Britain's high streets and leave town centres largely shuttered outside the busiest shopping days of the week. - Telegraph
Herbert Smith Freehills is planning to merge with its US rival Kramer Levin to create one of the 20 largest law firms in the world. The combined operation will have more than $2 billion of annual revenue and 2,700 lawyers, including 640 partners across 25 offices. The merger is designed to accelerate growth in the US across sectors including energy, infrastructure, mining and technology. - The Times
The Financial Reporting Council is looking to remove the mention of "the environment and society" from its definition of good stewardship for institutional investors. Currently, the accounting watchdog describes stewardship as "the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society". - The Times
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