(Bloomberg) -- The government plans to keep in place its Energy Profits Levy for the next five years while oil and gas prices remain higher than historic norms. It has also set a floor for the windfall tax. So far the tax has raised about £2.8 billion, money the government said has helped them contribute to household bills.

Here’s the key business news from London this morning:

In The City

Energy Profits Levy: The government said its windfall tax on energy companies will remain in place until March 2028, adding a new mechanism that will cut the marginal rate of tax on North Sea oil and gas production, once commodity prices hit a certain level.

  • The mechanism will help “protect domestic energy supply” and protect jobs in the sector, according to a Treasury statement
  • The tax rate, which has been at 75% for the companies since last year, will return to 40% if average energy prices fall to $71.40 a barrel for oil and 54 pence a therm for gas for two consecutive quarters

Network International Plc: The payments processing company agreed a takeover deal with Brookfield Asset Management, valuing the UAE-based company at around £2.2 billion.

  • The deal was agreed at 400p per share and is a 10% premium to its closing price on June 8

WANdisco Plc: The software company plans to raise up to $30 million, in an attempt to turn around its fortunes following the discovery of false purchase orders.

  • The company plans to change its name, and hopes the suspension on its shares will be lifted around the end of June 

Liontrust Asset Management Plc: The Swiss asset manager GAM Holding AG said Liontrust now expects to publish both the circular and offer prospectus around June 13. The new date come as an investor group led by French billionaire Xavier Niel attempts to oust the board as part of its opposition to the sale.

  • GAM agreed a $121 million sale to Liontrust in May, creating a $66 billion global asset manager

In Westminster

Rishi Sunak leaves Washington after a two-day visit, armed with President Joe Biden’s backing for his efforts on artificial intelligence and agreements for closer economic cooperation to shore up green industries and supply chains. The two leaders agreed to start work on an accord that could ultimately give British-based manufacturers access to the massive package of US subsidies and tax breaks enshrined in Biden’s signature Inflation Reduction Act.

In Case You Missed It

Some of the world’s largest investment banks have started distancing themselves from hedge fund manager Crispin Odey, hours after the publication of fresh allegations of sexual assault against women over several decades. That’s as the UK’s financial watchdog conducts a two-year investigation into the asset manager that, according to a person familiar with the matter, may be widened to encompass the latest allegations.

Morgan Stanley has begun the process of terminating its prime-brokerage relationship with his namesake firm, Odey Asset Management, while JPMorgan Chase & Co. and Goldman Sachs Group Inc. are reviewing their relationships in light of the claims, people with knowledge of the matter said.

Odey Asset Management responded to the allegations, saying it does “not recognise” the picture painted by the Financial Times investigation. The firm is in discussions with service providers about continuing to work with the asset manager, Chief Executive Officer Peter Martin said in a letter to investors dated Thursday, adding there are no concerns about the returns that have been generated for clients.

Looking Ahead 

Next week’s agenda is loaded with macroeconomic indicators in the UK, including fresh labor and GDP data that might be key for the Bank of England’s next meeting later in June.

Britain’s unemployment rate is seen at 4% in April, according to analysts surveyed by Bloomberg, compared with 3.9% in prior reading. The UK Office for National Statistics discloses the jobs report at 7 a.m. on Tuesday. Signs of a sustained cooling in the jobs market may give the BOE headroom to pause its hiking cycle. The ONS is also due to report GDP and industrial production numbers on Wednesday morning.

On the the corporate front, online fashion retailer Asos Plc is due to issue an update on its performance in the three months to May 31 on Thursday followed by Tesco Plc’s first-quarter results the day after. 

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