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00:00Hello and welcome to the latest Business Brief on Wednesday 14th May.
00:05Burberry says it could cut around 1,700 jobs worldwide over the next two years.
00:10The move's part of a wider cost-cutting plan after the brand slipped into a £3 million loss.
00:15Retail sales fell 12%, with a sharp drop in Asia hitting performance.
00:19The company says it's still early in its turnaround, but remains optimistic.
00:23The UK competition watchdog is investigating Aviva's £3.7 billion takeover of DirectLine.
00:31The CMA wants to know if the deal could reduce competition in the insurance market.
00:35It's now asking for views, with responses due on May 29th.
00:39Its findings will be reported on 10th July.
00:42China has hit out at the UK-US trade deal, warning it targets third countries unfairly.
00:48Beijing says such pacts shouldn't harm other nations' interests.
00:51The deal includes a clause aimed at curbing trade with non-market economies like China.
00:57The global biopharma company GSK has announced to the stock market
01:00it's buying a new liver disease treatment in a £950 million deal.
01:05The drug, efemosphamine, has shown promise in reversing liver fibrosis.
01:09It targets a certain type of liver disease, which affects 5% of people worldwide.
01:14GSK hopes to launch the treatment by 2029 as a new standard of care.
01:19The British multinational tobacco company Imperial Brands has posted a rise in earnings and cash flow.
01:25It's been helped by strong tobacco pricing and growth in next-gen products.
01:29The group gained market share in key regions and lifted its dividends by nearly 80%.
01:34Next-gen revenue rose over 15% with strong demand in the US and Europe.
01:39And housebuilder Persimmon is selling its FiberNest broadband arm to BUUK Infrastructure
01:45in a deal worth around £100 million.
01:48The move frees up capital for Persimmon to invest in its growth plans.
01:52Customers will gain access to up to 18 internet providers under BUUK.
01:56Its sale is expected to complete within three months, pending approval.
02:00That's all for today.
02:02Thank you for listening.