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Chapter 1: What is the main topic discussed in this episode?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over £10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News when you want it with Bloomberg News Now. I'm Caroline Hepker. And I'm Stephen Carroll. A UK government-owned investment firm has suspended its relationship with the global ports operator DP World over the CEO's alleged links to Jeffrey Epstein. The move follows a decision by Canada's second largest pension fund to pause future investment plans with the company.
Both actions come after released emails reportedly showed the men exchanging contacts in business and politics, attempting to broker deals for one another and making explicit references to sexual encounters. With more, here is Bloomberg's James Walcock.
The UK's development finance bank, British International Investment and Canadian pension fund, Caisse de dépôt et placement du Québec, took the decision to halt ties with DP World.
They both took that decision after emails released by the US Department of Justice and others obtained by Bloomberg News last summer showed that DP World CEO, Sultan Ahmed bin Sulaim, corresponded with Epstein for more than a decade after Epstein's jail sentence in 2008 on charges that included procuring a minor for prostitution.
A spokesperson for DP World wasn't immediately available to comment. Meanwhile, neither bin Sulaim nor representatives from DP World responded to repeated requests from comment on a Bloomberg News investigation about the email exchanges. In London, James Woolcock, Bloomberg Radio.
The latest revelations come as the fallout from the release of the Epstein files continues to reach across governments, companies and universities. During a congressional hearing on Wednesday, U.S. Attorney General Pam Bondi said that there are pending investigations by the Justice Department related to the probe of the late disgraced financier, but did not elaborate.
During the hearing, New York Congressman Jerry Nadler tried to ask Bondi how many men connected with Epstein have been indicted. How many perpetrators are you even investigating? First, you showed it. How many have you indicted? Excuse me. I'm going to answer the question. Answer my question. No, I'm going to answer the question the way I want to answer the question.
No, you're going to answer the question the way I asked it. Chairman Jordan, I'm not going to get in the gutter with these people, but I'm going to answer the question. How many have you indicted?
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Chapter 2: What recent actions have investment firms taken against DP World?
House of Representatives has passed legislation aimed at ending President Trump's tariffs on Canada. The move signals growing anxiety over the White House's economic agenda ahead of midterm election campaigns that are expected to focus on affordability issues.
President Trump can still veto the bill, meaning that the vote was largely symbolic and a way to get lawmakers on the record regarding their support for tariffs on Canadian goods. Here is our senior U.S. government editor Derek Warbank. these votes sort of represent an increase in political pressure on the president to change course just months before the midterm elections.
They also, though, represent a big difficulty for some swing district Republicans whose districts may be heavily affected by tariffs, but who have to face a very real question about whether or not they want to cross the president on his signature issue.
Derek Warbank was speaking as sources have told Bloomberg that President Trump is privately considering quitting the US-Mexico-Canada trade pact that he signed during his first term. And now to the latest UK growth data. Fourth quarter GDP rising by 0.1% quarter on quarter. The estimate had been for expansion of 0.2%.
The monthly data for December showed growth of 0.1% in line with estimates, but the previous month's figures were revised down to 0.2%. And in other earnings news this morning, the French luxury giant Hermes has reported stronger sales growth than expected in the fourth quarter of almost 10%. That's down to robust demand for its Birkin bags.
Hermes has weathered the demand downturn for luxury products better than its peers. All divisions performed better than expected in the fourth quarter, except for perfume and beauty, where sales fell by almost 15%. So that in breaking earnings news today.
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Chapter 3: What revelations have emerged about DP World's CEO and Jeffrey Epstein?
The British Prime Minister has labelled comments on immigration made by Manchester United's co-owner Jim Ratcliffe as offensive and wrong. A spokesperson for Number 10 also called on the billionaire boss of Ineos Chemicals to apologise for the remarks made during an interview with Sky News. During the conversation, Ratcliffe said the UK couldn't sustain its current population growth.
You can't have an economy with 9 million people on benefits and huge levels of immigrants coming in. I mean, the UK is being colonized. It's costing too much money. It will cause the UK is being colonized by immigrants, really, isn't it? I mean, the population of the UK is 58 million in 2020. Now it's 70 million.
In that interview with Sky News, Jim Ratcliffe went on to argue that Keir Starmer needs to make difficult decisions to get the UK back on track. Data from the Office for National Statistics estimates the UK's population in mid-2025 was 69.4 million versus 66.7 million in 2020.
Several Manchester United supporters clubs have condemned the comments as well as the Kick It Out campaign against discrimination in sport. The leaders of France and Germany are at odds over a made-in-Europe push across the EU. This as European leaders are gathering in rural Belgium to discuss their economic challenges. Bloomberg's Tia Arbaio has more.
We have to preserve and define, by design, European content. Those were the words of French President Emmanuel Macron to a summit of business leaders as he's urging EU countries to prioritise buying from within the bloc in strategic sectors. But his made-in-Europe agenda has a significant opponent.
Germany's Chancellor has warned the approach could be too narrow, arguing that European preference rules should only be used as a last resort. Friedrich Merz's remarks at the same event illustrate the divisions going into today's European leaders' retreat on competitiveness.
Meanwhile, the UK's Rachel Reeves has appealed for any made-in-Europe law to be broadened to include like-minded countries outside the EU. In London, Tiwa Adebayo, Bloomberg Radio. And those are your top stories on the markets. The pound, a tenth of 1% weaker against the dollar after those latest GDP figures, not moving much, 1.3618. The Bloomberg dollar spot index is slightly higher.
The euro is also slightly weaker against the dollar today. In terms of stock futures, Cat Cameron futures up by 1.1%. We'll be watching for share price reaction to those Hermes results. FTSE 100 futures are four tenths higher and Eurostox 50 futures are up by six tenths of 1%. That's news when you want it with Bloomberg News Now. I'm Caroline Hepker. I'm Stephen Carroll. And this is Bloomberg.
As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over £10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
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