UK Investigating Drahi’s Stake in BT: The London Rush

Charles Capel and Leonard Kehnscherper, Bloomberg News

The BT Group Plc tower in London, U.K., on Tuesday, Nov. 24, 2020. The U.K. is considering a ban on the installation of Huawei Technologies Co. 5G equipment as soon as next year to appease hawks pushing for tighter restrictions on the Chinese network equipment maker, according to people familiar with the matter. , Bloomberg

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

BT Group: The UK will review French telecom tycoon Patrick Drahi’s increased stake in the British telecommunications company under the National Security and Investment Act 2021, after Business Secretary Kwasi Kwarteng exercised his “call-in power”.

It is the second case of this power being used in as many days, with Nexperia’s deal to buy British semiconductor plant Newport Wafer Fab being called in by Kwarteng on Wednesday

Serco Group Plc: The outsourcing provider boosted its full year expectations despite its lucrative Test & Trace revenues dropping off.

The company said it replaced Test & Trace sales with contracts in Immigration and other work around the world, meaning its underlying trading profit will be “significantly ahead” of the expectations it set out in February

Johnson Matthey Plc: The specialty chemicals provider agreed a sale of part of its battery materials business to EV Metals Group for £50 million cash.

The company chose to exit the competitive battery making industry due to “insufficient returns” as well as the need for “very high capital investments to remain competitive,” the CEO said

Outside The City

Boris Johnson’s government will today set out fresh support for Britons struggling with a record squeeze on living standards, which may prove more threatening to the prime minister’s political future than the damning Partygate report.

Meanwhile, public support for the Northern Ireland Protocol has more than doubled from a year ago, a new survey showed.