Sunday newspaper round-up: Ukraine, Ultra Electronics, British Airways

Ultra Electronics's private equity buyer Advent has promised to create separate boards in the US and UK in order to quell national security fears. Indeed, the Business Secretary has asked the Competition and Markets Authority to scrutinise the transaction precisely due to that risk. CMA is due to report back on 18 January with a government decision on whether to allow the purchase to proceed or to launch an in-depth probe set to follow. Cobham, which is owned by Advent, had agreed to pay £2.57bn for Ultra, which manufactures components for the submarines that make up the UK's nuclear deterrent. - Financial Mail on Sunday

Airlines have been lobbying the government to scrap what travel restrictions remain in place as they look to repair their finances. All of the UK's largest carriers, including British Airways, easyJet, Virgin Atlantic and Jet2, were understood to have sat down with the Chancellor and the Transport Secretary on Tuesday to discuss their removal. They want the requirement for fully-vaccinated passengers to take lateral flow tests on the second day after arrival to be dispensed with and passenger locator forms to be ditched. - Financial Mail on Sunday

Britain's Rockley Photonics has been forced to shelve the sale of its communications unit to the Chinese joint venture that it runs with Hengtong. Hengtong, China's largest cable manufacturer, was blacklisted by the US Commerce Department in December, when it was added to Commerce's entity list. The reason was added to the list "for acquiring and attempting to acquire US-origin items in support of military modernisation for the People's Liberation Army". The basis of the Chinese conglomerate's partnership with Rockley are fibre optic data lines with Hengtong also being a manufacturer of power, railway and undersea cables. The world's undersea cable infrastructure handles much of global internet traffic. Rockley is building the health sensors for Apple's next generation of smartwatches and planned to focus on them after selling its communications arm. - Sunday Telegraph