Watchdog opens first stage of merger process to examine whether deal would lead to less competition

• Business live – latest updates

The UK competition regulator has launched an inquiry into the £2.9bn takeover of Virgin Money by the rival lender Nationwide Building Society.

The Competition and Markets Authority (CMA) said it had opened the first stage of its merger process to look at whether the deal – one of the largest transactions in the banking sector since the 2008 financial crisis – would lead to substantial lessening of competition.

Federal Aviation Administration will meet company weekly and tells it to transform its safety culture

Boeing faces continued limits on the number of planes it manufactures as well as increased safety inspections after the US aviation regulator called on it to transform its safety culture.

The Federal Aviation Administration (FAA) held a three-hour meeting on Thursday with senior Boeing executives, who outlined the US aircraft maker’s plan to resolve problems with safety and quality control.

Publisher said to be working with another investor in sale that would be largest of its kind, according to Bloomberg

Sony Music is in talks to buy Queen’s music catalogue, which includes songs such as Bohemian Rhapsody and Radio Gaga, in a potential $1bn (£800m) deal, according to Bloomberg.

Sony is said to be working with another investor on the transaction that would be the largest sale of its kind and include merchandising and other business opportunities, according to the Bloomberg report, which said talks were continuing and might not result in a deal.

Economic downturn, changing viewing habits and Hollywood strikes prompt questions about whether bubble has burst

The latest series of the Devil’s Hour starring Peter Capaldi and Jessica Raine may be a supernatural thriller but it is being filmed in more prosaic surroundings: not far from the M25 in Surrey.

Shepperton studios, part of Pinewood Group, is now the second-largest film studio in the world after a new extension opened earlier this year.

UK regulators fine bank £61.6m over 2022 trader blunder that prompted flash crash in European stocks

Citigroup has been fined £61.6m by financial regulators after its internal systems failed to prevent a fat-fingered banker causing a flash crash by erroneously placing more than £1bn of orders.

The trader had intended to sell equities to the value of $58m (£46m) on 2 May 2022. However, the banker made an inputting error while entering the transaction into Citigroup’s order management system, so a giant equities basket of $444bn was created – and $1.4bn was then sold into the market.

Former chief executive is to give evidence at inquiry into Horizon IT scandal this week

It is a moment wrongly convicted post office operators have waited years for. From Wednesday the former Post Office chief executive Paula Vennells will appear before the long-running inquiry into how hundreds were pursued in the courts, fined and jailed over accounting shortfalls that were actually the fault of the Horizon IT system.

Vennells, who held the top job between 2012 and 2019, has become the highest-profile face of the scandal since the ITV drama Mr Bates vs the Post Office galvanised public opinion when it was screened in January – despite her keeping a low public profile in the past decade.

Finance chief gives evidence on Paula Vennells and says company looked like ‘corporate bullies’ in how it dealt with branch operators

The former Post Office chief executive Paula Vennells did not believe there had been miscarriages of justice, the Horizon inquiry has heard, as the current finance boss said the company looked like “corporate bullies” in the way it dealt with branch operators.

Alisdair Cameron, the Post Office chief financial officer who joined the board in 2015, told the inquiry on Friday that Vennells had been “clear in her conviction” that nothing had gone wrong with Horizon.