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The heads of the Communication Workers Union have acquiesced to Royal Mail’s demand to end six-day-a-week letter deliveries, paving the way for historic cuts to postal services. Royal Mail wants to amend its universal service obligation so that it must only deliver second-class post every other day. Nonetheless, first-class mail would continue to be delivered on Saturday, union sources said. Ofcom has yet to respond to Royal Mail’s proposals. – The Sunday Times
London’s top-flight index will get a boost next month when Chinese online retail giant Shein unveils its plans to list in London. The float has garnered support including from the Chancellor and shadow business secretary Johnny Reynolds. Key to Shein’s decision was the worsening politics for Chinese firms in the States. That had led management to forego the possibility of a New York listing. At one point that had been their preferred option. – Financial Mail on Sunday
The Canary Wharf Group agreed to pay £150m towards a major refurbishment of Morgan Stanley’s 547,000 sq. foot head office. That was the price for the U.S. lender not to exercise the break clause in its contract and remain at its current European headquarters until 20238. Its decision followed a string of high-profile departures. Morgan Stanley was also allowed to walk away from a lease on smaller offices at Westferry Circus in exchange for £27.5m. – The Sunday Times
Rolls-Royce has downsized its plans to construct two new small modular reactor factories in the UK. The decision follows delays to a government design competition. It can no longer proceed with plans to construct a factory to build the pressure vessels for its SMRs in time to meet its goal of manufacturing the first such vessels in the early 2030s. Construction of the second factory on the other hand, which will build the building blocks for the reactors, is still going ahead. – The Sunday Telegraph
