RATCLIFFE CHOOSES FRENCH OPTION

A billionaire Brexit supporter and Britain’s richest man, has announced that his company will build its new Grenadier cars in France after previously promising to build them in Wales. In September last year, Sir Jim Ratcliffe who owns Ineos, the major chemicals company, announced plans to set up a factory in Bridgend, Wales and build the cars there, saying “the decision to build in the UK is a significant expression of confidence in British manufacturing, which has always been at the heart of what Ineos stands for.” The new factory was expected to create around 500 jobs. SOURCE: Business Insider

BT TO SELL TO ITALIANS

Telecom Italia (TIM) has signed a preliminary agreement with BT to buy two of the British telecoms group’s business units in Italy, the companies said in a joint statement on Thursday. The two units serve Italy’s public administration and small and medium businesses and had combined revenues of about 90 million euros ($109 million) in the fiscal year ending in March, less than 20% of BT’s annual sales in the country. SOURCE: Reuters

XAVIER NIEL GOES ORGANIC

Shares in a special purpose firm, or Spac, backed by French billionaire Xavier Niel and two other partners, have surged on its debut in Paris after raising €300m to seek out acquisitions potentially across Europe for organic food.  Mr Niel is best known here for the significant control he has over Eir, which he has strengthened since 2018 through his French telecoms firm Iliad and his own NJJ investment firm. He is also a stakeholder in Le Monde newspaper. SOURCE: Irish Examiner

CHINA LICENCE FOR DEUTSCHE BANK

Deutsche Bank’s China business has received a domestic fund custody licence from the China Securities Regulatory Commission, the bank said on Thursday, showing how international financial services companies are keen to enter the country’s fast-growing fund market. Source: Reuters

FILE PHOTO: The Ineos Grenadier