The $75bn takeover of Cambridge-based chip designer Arm by its rival Nvidia is in jeopardy after US regulators followed the UK and Europe in moving to block “the largest semiconductor chip merger in history”. The Federal Trade Commission has sued to stop the takeover of Arm, which has ballooned in value from $40bn to $75bn since the offer was made last September due to a stock market surge in the chip sector, as seemingly almost insurmountable opposition now mounts after regulator action in Europe and the UK. – Guardian
Hotels in the UK have been hit by a wave of Christmas cancellations as business customers call off parties and events amid concerns about the spread of the Omicron variant of Covid-19. The Best Western Hotel Group, a franchise operator, said mixed messaging from ministers had already damaged trade, with concerns Christmas 2021 would have to be “written off”, while one independent hotelier in Devon pleaded with government not to “hang hospitality out to dry”. – Guardian
A major North Sea oil project which it was claimed would help secure UK energy supplies has been plunged into crisis after Shell pulled out citing doubts about its viability, amid a lack of political support in Westminster and Holyrood. The Cambo oil field off the Shetland Islands was set to create an estimated 1,000 jobs and produce more than 170m barrels of oil equivalent in a boost to the UK’s oil and gas industry even as it moves towards greener energy. – Telegraph
The government’s efforts to tackle fraudulent attacks on the £47 billion bounce back loan scheme are “inadequate” and have been “implemented too slowly to be effective”, the public spending watchdog has warned. The National Audit Office has criticised the Department for Business, Energy and Industrial Strategy for what it says was a lack of action to mitigate the billions of pounds of losses that are set to arise from the scheme. – The Times
Rolls-Royce continues to expand its share of the tugboat propulsion market in Brazil after supplying eight 16V 4000 M63 mtu engines to the Rio Maguari shipyard. The engines, each with an output of 2,000 kW, will power four new tugboats that the shipyard is building for Svitzer, a leading tugboat shipping company, to be used at ports around the country. The engines will be delivered by May next year. – The Times
