End to Redstone family’s involvement in media group, which also owns CBS, Nickelodeon and the UK’s Channel 5

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Paramount Global, one of Hollywood’s best-known companies, has agreed to a merger with the independent film studio Skydance, in a deal that ends its links with the Redstone family.

The Paramount chair, Shari Redstone, whose father, Sumner, bought the company in 1994, has given the green light to the sale of the family’s controlling stake in the company behind classic films such as The Godfather, Titanic and Breakfast at Tiffany’s.

Ministry will discuss investigation into claims that European producers are selling goods below market rates

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China has ramped up its anti-dumping investigation into European brandy imports in what appears to be a retaliatory move as the EU imposed higher tariffs on imports of Chinese electric vehicles from Friday.

The commerce ministry in Beijing said it would hold a hearing on 18 July to discuss an investigation into claims that European brandy producers are selling products in China below market rates.

Sales average £288,455 in June but recent cuts in mortgage rates offer hope for market, says Halifax

House prices have remained “subdued” for a third month in a row, according to a leading lender, but a recent run of mortgage rate reductions is offering hopes of improvement in the market.

The average house price hit £288,455 in June, Halifax reported, down only 0.2% on the £288,931 recorded in May, as a shortage of properties kept prices high. House price growth on an annual basis remained unchanged at 1.6%.

Investment bank Stephens hired to find suitors for business, which wants to expand overseas operations

The high-end steakhouse chain Hawksmoor has been put up for sale in a deal that could value it at about £100m.

The restaurant chain has hired the investment bank Stephens to start looking for potential suitors for the business, which is hoping to expand its overseas operation.

Dropoff in government approvals put billions of investment in offshore wind schemes at risk, ports bodies warn

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The UK’s transition to net zero is under threat as delays in approving new infrastructure put billions of pounds of investment in offshore wind schemes and other vital upgrades at risk, big ports have said.

The British Ports Association (BPA) has written to the government and Labour calling for action to clear the backlog of harbour orders, the legislation needed for ports to make infrastructure changes to support offshore wind projects.