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In the Papers - Jackpotjoy, Mercedes-Benz, Netflix, Footasylum

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Newspaper Summary

The Times

Bank ‘forced analyst to change critical report’: The City watchdog is investigating an American investment bank over claims that senior managers improperly interfered with the work of analysts in its research department, an employment tribunal was told.

China bids to take stake in Saudi oil producer: Chinese state oil companies have written to Saudi Aramco offering to buy up to 5% of its shares and bypass its planned stock market float.

Nigeria corruption charge threat looms over former Shell Executive: One of Royal Dutch Shell’s most senior former Executives is due to learn within weeks whether he will face trial in Italy on corruption charges.

Number is up for Jackpotjoy Chief Executive as he heads for exit: Only nine months after its London listing, Jackpotjoy said that Mr. McIver would be stepping down at the end of January. Neil Goulden, the group’s Chairman, who joined at the same time as Mr. McIver, will take the reins as Executive Chairman.

Banks order Interserve to bring in accountants: Interserve will report to the stock market on the depths of its financial crisis after it emerged that it had brought in restructuring accountants from EY, sending its shares to record lows.

Jenny Knott leaves her post as Nex looks to recover from profit warning: Nex Group, the electronic trading business run by Michael Spencer, the City veteran, has announced the surprise departure of the head of its key post-trade division, weeks after issuing a profit warning for the unit.

Big order for Bombardier train unit: Bombardiers’ train assembly plant in Derby has emerged as the big winner in an order for rolling stock in Birmingham and on the main line to London.

Data protection fines loom over ‘unprepared’ U.K. companies, warns Institute of Directors: Companies remain worryingly unprepared for new data protection rules that will impose huge fines on organisations that mishandle the personal data of customers, users, employees and associates, the Institute of Directors has warned.

Copper prices break through $7,000-a-tonne mark for first time in three years: Copper prices broke through the $7,000-a-tonne mark for the first time in three years as economic data, including from China, fuelled optimism about demand.

The Independent

Mercedes-Benz recalls 400,000 cars over airbag fault: Daimler is recalling 400,000 Mercedes-Benz cars in the U.K. over faulty airbags after reports that they had been prematurely deploying.

Vauxhall worker unions seek urgent talks after car giant plans to cut 400 jobs: Unions are seeking urgent talks with the Government and Vauxhall after describing plans to cut 400 jobs at the car giant as a “major blow”.

City firms ready for ‘irreversible’ relocations unless transition is agreed: Financial firms will pull the trigger on “irreversible” Brexit job relocations in the new year unless the Conservatives agree a transition deal imminently, a City lobby group has warned.

Gender pay gap: U.K. women are now working ‘for free’ for the rest of the year: According to Eurostat, the gap between male and female salaries in the U.K. is 20%. The disparity means that by 16 October men have already been paid the amount it would take a woman doing the same job a whole year to earn.

Brexit: Pound sterling could fall to parity against the euro if U.K. fails to secure EU trade deal, analysts say: A ‘no-deal’ Brexit could see the pound will fall to parity with the euro for the first time ever and slump as much as 17% against the dollar, analysts have warned.

The Daily Telegraph

Dutch giant Abellio to invest £1 billion in U.K. train network: Theresa May will receive a much-needed Brexit boost as plans are unveiled for a £1 billion investment in the West Midlands train network.

Legal & General to snap up pet insurer Buddies: Insurance giant Legal & General has agreed to buy pet insurer Buddies with the hope of cashing in on Britain’s love for cats and dogs.

Little-known metal palladium turns star performer as diesel declines: Palladium, a silvery metal used in catalytic converters for petrol cars, has become one of the star commodities of the year, hitting $1,000 an ounce for the first time since 2001.

Millennium & Copthorne shareholder urges management to think again over ‘undervalued’ offer: A major shareholder in Millennium & Copthorne hotels has accused the firm’s independent Directors of settling for a knock-down price for the business after an offer to take it private emerged last week.

Capita staff to stage nine-day strike over pensions: Staff at Capita are planning to stage a nine-day strike over pension terms after talks between the company and the union broke down.

Ask and Zizzi owner’s sales rise on back of Deliveroo boost: The group behind the Zizzi and Ask Italian restaurant chains has posted a 12.5% rise in annual sales on the back of new openings and a boom in takeaway orders, despite warnings about the health of the casual dining sector.

The Guardian

‘No-deal’ Brexit likely to hit low-income families hardest: Leaving the European Union without a trade deal would likely result in a sharp increase in prices for food and other goods, costing the average U.K. household £260 and hitting low-income families hardest, according to new research.

Automation will affect one in five jobs across the U.K., says study: Workers in the constituency of shadow Chancellor John McDonnell are at the highest risk of seeing their jobs automated in the looming workplace revolution that will affect at least one in five employees in all parliamentary seats, according to new research.

Airbus and Bombardier to partner in aircraft programme: European aircraft giant Airbus is buying a majority stake in Bombardier’s C Series programme.

World petrol demand ‘likely to peak by 2030 as electric car sales rise’: World petrol demand will peak within 13 years thanks to the impact of electric cars and more efficient engines, energy experts have predicted.

Young people are borrowing to cover basic living costs, warns City watchdog: The head of Britain’s financial regulator has warned that a growing number of young people are having to borrow to cover basic living costs.

The Weinstein Company in talks on possible sale: The Weinstein Company is in talks to sell to a private equity company in the wake of the sexual harassment and assault allegations against its co-Founder Harvey Weinstein.

Mike Ashley puts Newcastle United up for sale and seeks exit by Christmas: Mike Ashley, the owner of Newcastle United, has formally confirmed he is actively attempting to sell the club.

Monarch owner should help to fly tourists home, says Chris Grayling: The investment firm behind the collapsed Monarch airline should help repay the £60 million cost of the repatriation of its customers, the transport secretary has told MPs.

Daily Mail

Car loan slumps could leave Lloyds £12 billion exposed according to JPMorgan analysts: A car finance lending binge by Lloyds has left it dangerously exposed to a downturn in the market, experts warn. Britain’s banks collectively have £24 billion of exposure to motor loans, and Lloyds has been the most enthusiastic adopter.

Italian restaurant chain owner serves up sales of £262.8 million in the last year: Azzurri, which owns the three brands as well as pizzeria Radio Alice, saw its sales jump 12.5% to £262.8 million in the year to July 2. Earnings increased 8.6% to £38 million.

Netflix boldly goes to record high as it adds 5.3 million viewers thanks to shows such as Star Trek Discovery: Netflix shares hit a record high last night as it added 5.3 million subscribers globally. Revenues rose to £2.3 billion in the third quarter after hit shows Stranger Things, Narcos and Orange is the New Black helped drive up subscription numbers.

Million-dollar celeb mobile phone firm Vertu plots a comeback despite going bust owing more than £42.6 million: Luxury smartphone maker Vertu is plotting a comeback despite going bust owing more than £42.6 million to 327 creditors and amid an investigation over transferred assets.

Now Apple and Amazon are trying to steal payments business from banks, warns Barclays Boss: Amazon, Apple and other tech titans are seeking to steal payments business from banks, the Boss of Barclays has said.

Accountancy firm Ernst and Young fined £1.8 million for botched audit of tech firm: Ernst & Young has been fined £1.8 million by Britain’s accounting watchdog for failures in its audit of a tech company.

Daily Express

Lloyds braced as £600 million damages trial set to start: Shareholders are gearing up for a long-awaited trial this week as they seek £600 million in damages from Lloyds Banking Group and five former Executives over claims they were misled during the acquisition of HBOS.

‘Pensions timebomb’ for Britain’s middle-aged workers: Britain’s middle-aged workers are sleepwalking into retirement poverty, experts warned. Four in ten people aged 40 to 65 are unable to estimate their total pension savings at retirement.

Lidl plans to create 500 jobs at new warehouse in Peterborough: Lidl U.K. has unveiled plans for a new warehouse in Peterborough in a move that will create 500 jobs.

Businesses braced for £1.2 billion tax hike as shock number of companies hauled to court: Businesses in England and Wales are bracing themselves for a £1.2 billion tax hike next year, while a staggering number of companies are being dragged to court for failing to keep up with climbing payments.

U.K. universities ‘generate almost £100 billion a year for the economy’: Universities generate almost £100 billion a year for the U.K. economy, according to a report. Higher education institutions also support nearly a million jobs, equivalent to about 3% of all U.K. employment, it says.

The Scottish Herald

Warning issued over scope of RBS redress scheme: The retired judge installed as the independent arbiter of Royal Bank of Scotland’s Global Restructuring Group compensation scheme is being warned that he will only be able to help a tiny fraction of the businesses that were wronged by the unit because the rules imposed on the scheme are so onerous.

MBM Veritas points to shortcomings of RBS compensation scheme: A Scottish business set up to help companies navigate a Royal Bank of Scotland compensation scheme is writing to the retired judge appointed to oversee related complaints to highlight how few claims he is likely to have to consider.

Fears over Brexit hit to finances greatest in Scotland: People in Scotland are the most worried in the U.K. about the impact of Brexit on their ability to borrow and on their overall finances, a survey has revealed.

Leading tech guru in gender rallying call: The Co-Founder of tech unicorn Blippar has called for the growing movement in London which is encouraging more women in Scotland to aspire to senior positions, launch their own business or move into technology to spread its influence north of the Border.

Fashion chain Footasylum announces London listing: Premium sports retailer Footasylum has announced its intention to float on the London Stock Exchange in a move that could value the firm at £150 million.

Duncan Bannatyne’s group plans to create ‘hundreds of jobs’ with £50 million investment: The Bannatyne Group has embarked on a £50 million investment drive creating “hundreds of jobs” after successfully pumping up profits.

The Scotsman

Former Ipsos Mori Boss Mark Diffley sets up own firm: The former Director of Ipsos Mori Scotland is launching his own eponymous research and consultancy firm, it has been revealed.

Scots brewer turns craft lager into water for thousands: Scottish beer brand Brewgooder and supermarket chain Asda are celebrating the first anniversary of selling the former’s Clean Water Lager having helped bring drinking water to more than 5,000 people in Malawi during that time.

Scotland sees steepest drop in footfall in 15 months: Last month saw Scotland experience its biggest year-on-year drop in footfall since June 2016, exceeding the U.K.-wide fall, as consumers continue to tighten their purse strings.

Aim flotation sees housebuilder raise £25 million with IPO: Housebuilder Springfield Properties has this morning seen its shares start trading on the Alternative Investment Market (Aim), raising £25 million with the initial public offering (IPO).

City A.M.

The Law Society partners with Seedrs to support legal sector innovators: The Law Society seems to be trying to dispel the legal sector’s association with dusty tomes and robes, announcing that it has partnered with startup investment platform Seedrs.

Lufthansa and Easyjet flag interest in struggling Italian airline Alitalia: Germany’s largest airline Lufthansa put in an offer for parts of failing Italian operator Alitalia, while Easyjet expressed an interest in acquiring parts of the ailing airline.

Law firm Berwin Leighton Paisner in talks to merge with U.S.’s Bryan Cave: City law firm Berwin Leighton Paisner (BLP) revealed this afternoon that it is in talks to merge with Missouri-headquartered Bryan Cave.

Indian fashion brand Koovs sews up deal with Simply Be for U.K. expansion: Indian e-tailer Koovs is making its first move into the U.K. market through a collaboration with clothing site Simply Be.

French ski resorts top alpine property price ranking as Swiss chalets sag: Chamonix leapfrogged Val d’Isere and Gstaad to take the top spot in a ranking of Alpine ski resort property prices.

London office sales smash through £13 billion barrier after German investment boost: A surge in investment from German and U.K. property firms has pushed London office transactions past the £13 billion barrier.

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