Rolling coverage of the latest economic and financial news
- Latest: 996 overtime policy illegal
- New proposals for how algorithms used
- Algorithms must comply with law, social ethics and fairness…
- No disrupting public order, unfair pricing, or harming minors
Earlier:
- WSJ: China may ban companies with large amounts of sensitive consumer data from US floats
- New rules could thwart China tech firms from listing in the US
- Markets await Jackson Hole symposium
- Furlough ‘cliff edge’ at Liberty Steel could put jobs at risk
Energy news: British Gas will freeze the direct debits of 2m households over the winter to help customers manage the highest cap on standard energy bills since the regulatory measure was introduced in 2019.
The UK’s largest energy supplier confirmed it would raise the price of its default dual fuel tariff in line with the industry price cap, which will climb by 12% to an average of £1,277 a year.
Related: British Gas to delay rise in standard tariff direct debits until next year
The US multinational technology company Nvidia has said it will answer “any concerns” raised by the European Commission as regulators appeared set to launch an investigation into the firm’s proposed $54bn (£39bn) purchase of the British chip designer Arm.
The world’s leading maker of graphics and artificial intelligence chips is expected to notify the commission early in September of its plan to purchase Arm, when regulators would probably undertake a preliminary review.
“This transaction will be beneficial to Arm, its licensees, competition, and the industry. We are working through the regulatory process and we look forward to engaging with the European Commission to address any concerns they may have.”
Related: Nvidia vows to counter any EU concerns over $54bn Arm takeover