(Bloomberg) -- Here’s the key business news from London-listed companies this morning.

HSBC Holdings Plc: The bank's asset management unit will phase out coal-fired power and thermal coal mining from its listed holdings.

  • The London-based firm added that companies that do not show “credible plans” to transition away from thermal coal within a certain time-frame will lose the support of HSBC Asset Management, including “voting against company chairs at AGMs or, ultimately, divesting”

LXI Reit Plc: The real estate investment trust has exchanged contracts on a £500 million deal to buy a portfolio of Sainsbury's supermarket stores mainly in the south of England.

  • The company will then lease the stores back to Sainsbury’s

Ofcom: The UK’s communications regulator will investigate Google, Amazon and Microsoft’s position in the country’s £15 billioncloud services markets, and whether their dominance is working for customers.

  • The regulator will also look at other digital markets like video calling and smart speakers over the next year

Outside the City

Liz Truss and Joe Biden said during their first in-person meeting they would discuss the unresolved issues related to post-Brexit trade and the Irish border. 

That’s as the UK is trying to lock in long-term supplies of liquefied natural gas from US producers ahead of a winter energy crunch. 

Fracking may offer some contribution to Britain’s energy supply, writes Bloomberg Opinion’s Therese Raphael, but the benefits won’t be felt for some time and won’t be the revolution proponents once hoped. 

In Case You Missed It 

Citigroup Inc. wants to focus its UK retail-banking operation on its wealthiest customers as the Wall Street giant revamps its overseas presence. 

UK pharmacies will be allowed to manage and supply more medicines including contraception without a doctor’s prescription under new government plans to overhaul the creaking National Health Service.

Looking Ahead

The Bank of England will announce its latest interest rate decision at noon. Economists expect the central bank to lift its benchmark lending rate a half percentage point to 2.25%, while investors see a strong chance of a three-quarter-point increase. Stock traders will likely keep a close eye on UK banks’ stocks and other rate-sensitive sectors today. 

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