Opening Bell: Taking power from the UK's 'privileged few,' UFC sale, G20's trade concerns

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Theresa May, the frontrunner to become the UK's next Prime Minister has promised to reduce the power of small groups with "vested interests" in the corporate world.

She says that she plans to introduce measures to control executive pay and to put worker representatives on the boards of British companies. 

Ms May promises to create a Britain that works for everyone - not just "the privileged few."

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Ultimate Fighting Championship (UFC) has been sold to WME-IMG - a US talent agency which is backed by private equity firms - for $4bn.

The current owners, casino entrepreneurs Frank and Lorenzo Fertitta bought the then-struggling company for $2m in 2000.

A new TV deal for UFC events in the UK and Ireland is expected to be announced in the coming weeks - the current deal expires at the end of July.

The 23 year-old company's events are aired in 156 countries, and the UFC claims that 45% of its viewers are in the difficult-to-reach millennial age bracket.

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The Group of 20's trade ministers have raised concerns about an increase in protectionism, and have agreed on a strategy to cut trade costs, and to increase policy coordination and make financing easier to obtain.

This is aimed at kick starting global trade, which has been sluggish throughout 2016.

"The global recovery continues, but it remains uneven and falls short of our ambition for strong, sustainable and balanced growth. Downside risks and vulnerabilities persist," the group said in a statement.

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The British Chancellor is due to travel to the US in a bid to strengthen trade links with the country following the UK's Brexit vote.

Chancellor George Osborne will travel to New York where he'll urge some of America's biggest investors to stay with UK suppliers.

Mr Osborne says improving ties with the US is now a "top priority" for Britain, following last month's referendum vote to leave the EU.

 

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