Global Business Shifts: Tech Approvals, Retail Stake Changes, and Leadership Transitions

The UK establishes a new Regulatory Innovation Office to expedite technology approvals. Saudi Arabia's PIF acquires a 40% stake in Selfridges. Private equity saves TGI Fridays in the UK. John Lewis CEO Nish Kankiwala to step down for Jason Tarry. TenneT seeks IPO advisors for its German unit.

The United Kingdom is initiating a new Regulatory Innovation Office (RIO) to streamline the approval process for breakthrough technologies, including artificial intelligence, with the goal of fostering growth in sectors such as healthcare and space. This move represents a significant step in Britain's economic strategy to maintain a competitive edge in technology.

In the retail sector, Saudi Arabia's Public Investment Fund has secured a 40% stake in Selfridges, a renowned British luxury store chain, while the remaining 60% will remain under the ownership of the Thai-based Central Group. This deal exemplifies the growing international investment interest in the UK retail market.

Meanwhile, major leadership changes are underway at the John Lewis Partnership as CEO Nish Kankiwala transitions to a non-executive role, paving the way for Jason Tarry to lead both the executive team and partnership board. Additionally, TenneT progresses towards a significant initial public offering for its German power grid unit by engaging global banking giants for strategic advice.

(With inputs from agencies.)