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Monday MuseBack

BBC

 

Toyota agrees to $3.4bn rust dispute settlement in US toyota pick up

The world’s biggest carmaker, Toyota, has agreed to settle a US Federal class action for up to $3.4bn (£2.7bn). It was brought by US owners of pickup trucks and SUVs whose claimed their frames could rust through. The proposed settlement covers 1.5 million Tacoma compact pickups, Tundra full-size pickups and Sequoia SUVs. Court papers alleged that the vehicles had received inadequate rust protection, and that corrosion could jeopardise their structural integrity. Lawyers for the plaintiffs estimated the cost of frame replacements at about $3.375bn.

 

May: Britain has ‘historic chance’ to give leadership to world

Post-Brexit Britain has a historic opportunity to take on a new role as the global champion of free trade, Theresa May will say. The prime minister will make her first foreign policy speech at the Lord Mayor’s banquet in the City of London. Mrs May is set to say that leaving the EU shows “how a free, flexible, ambitious country can step up to a new global role”.

 

 

The Financial Times

 

EU bill set to surge after fall in sterling eu payments

Weaker pound could see extra £700m required to meet budget contribution. Britain’s contribution is set to rise by hundreds of millions of pounds next year due the drop in sterling. Even though the British bill will rise, contributions will decline in euro terms because a weaker pound means Britain’s economy appears smaller.

 

Importers face £1.2bn jump in costs after leaving bloc

Importers face an extra £1.2bn in costs after Britain leaves the EU and loses access to free-trade deals with more than 50 countries, according to an analysis by Open Britain. The UK faces individual renegotiations for each of the 54 deals signed between the bloc and countries such as Turkey, South Korea and South Africa, the pro-EU campaign group said. The UK is already facing the prospect of import duties from the EU itself. In the absence of any post-Brexit deal or interim arrangement, UK trade with the EU would be subject to the latter’s terms at the World Trade Organisation.

 

Audi petrol car emissions being probed, VW confirms 

Volkswagen confirmed over the weekend that US and European regulators have been investigating emissions irregularities in petrol-engine cars made by Audi, its luxury unit. The investigations focus on Audi vehicles that are not part of the diesel emissions scandal — involving 11m cars worldwide — that the German carmaker admitted to in September 2015.

 

Rolls-Royce book-keeping shift weighs on profit hopes rolls engineering

Rolls-Royce management is expected to tell investors this week that profits would have been more than £700m lower last year if lucrative revenues from long-term service contracts had not been pulled forward.

 

 

 

The Times

 

Tories split over Farage role in deal with Trump farage trump

Theresa May is under fire from senior Conservatives for refusing to use Nigel Farage to build links with Donald Trump after the Ukip leader became the first foreign politician to meet the US president-elect. Downing Street is refusing to use Mr Farage to build bridges before Brexit after Mr Trump’s victory last week. There are now signs of a split within the government over this Mr Farage’s treatment.

 

Buying a pass to enter Europe ‘would help combat terrorism’

Britons would have to pay a fee to visit Europe after Brexit under plans for an EU version of the US visa waiver to be announced this week. The move is an attempt to bolster the fight against terrorism and aims to help to spot suspects before they arrive at the border. Sir Julian King, European commissioner for the security union, said that plans to introduce an electronic system for travel authorisation, would help to identify potential troublemakers before they arrived at border control gates.

 

$250m taxi startup tycoon had faced bankruptcy suits

The founder of the collapsed taxi-hailing startup Karhoo had been the subject of a second bankruptcy petition from his Kensington landlord months before the company was claimed to have raised $250m. The company, which was created to challenge Uber, collapsed last week costing about 200 jobs and triggering a backlash from staff and suppliers.

 

‘Free ports’ would boost UK industryport

Britain could create 68,000 jobs, reinvigorate manufacturing and navigate the choppy waters of Brexit better if it operated a system of US-style “free ports”, a report for the Centre for Policy Studies. In the report, Rishi Sunak argues that leaving the European Union could provide Britain with an opportunity to develop free trade zones that are otherwise “almost impossible” because of the bloc’s customs union and state aid laws. Free ports are areas that, while inside the geographic boundaries of a country, are considered to be outside it for customs purposes. That allows imported goods to be held or processed free of the usual customs procedures or tariffs before being re-exported, so incentivising local manufacturing.

 

 

 

The Daily Telegraph

 

Business optimism deteriorates ‘out of all recognition’ in UK after Brexit vote job vacancies

British businesses are bullish about the economy outlook over the next year, despite uncertainty surrounding the vote to leave the EU, a survey shows. Hays, the recruitment company, said 93% expected higher or stable activity in the next 12 months, down only slightly from 94% before June’s referendum. Also, two thirds of employers said they planned to take on more staff over the coming year. Hays surveyed 17,000 employees and employers.

 

Japan warns that taxes in the channel could badly dent Nissan in the UK

Nissan and other big Japanese manufacturers can only work in the UK if they are free to import parts from the EU, the country’s ambassador said, warning the government not to slap taxes on the trade post-Brexit. Factories can only work efficiently if there are not arduous border checks holding up trade, Koji Tsuruoka said. So far the debate around Nissan’s future in the UK – with its major plant in Sunderland – has focused on the factory’s ability to export cars to the EU without taxes.

 

UK spending holds firm after EU referendum spending

Consumer spending has continued to hold firm after the EU referendum, according to new data from Visa. On annual basis, spending rose by 2.5% in October up from 2.3% in September, with the strongest rate increase in six months. British Retail Consortium shows that footfall in the nation’s shops fell by 0.4% compared with last year.

 

 

Daily Express

 

Inflation at new high after fuel price rise Inflation

Inflation is expected to hit a two-year high when official figures for October are published tomorrow.

The Consumer Price index (CPI) measure of inflation is expected to have reached 1.2% in October, up from 1% in September. Economists are predicting that a jump in petrol and diesel prices will push up the cost of living.

 

 

Daily Mail

 

Shell Sale shell

Shell is understood to be considering a sale of tis £2.4bn Norwegian business. The oil giant may sell part of its assets as pressure from shareholders mounts. Investors want the company to pay down the debt from its £35bn takeover of BG. Shell’s debt climbed to £68.3bn at the end of September.

 

Porsche’s Panamera limo is a car fit for diplomats and the super rich that should make any exec want to discard the chauffeur and take to the wheel porsche limo

  • Prices to start from £76,000 for the V6 Panamera 4 Executive
  • Range-topper is a 540bhp Turbo model that costs in excess of £120,000
  • Extra 15cm legroom, reclining seats and 10.1-inch screens in the back
  • It also has soft-close doors and private-jet-style tray table
  • Porsche makes some of the finest drivers’ cars in the world. The 911 has been at the cusp of four-wheel performance for decades, the Cayman is arguably one of the most beautifully balanced models on sale today and even the Macan has proved that an SUV can handle like a sports car. So it might come as a surprise to many that Porsche’s latest model, due to be officially unveiled next week, is designed to be enjoyed from the back seats instead of behind the wheel.

Posted by Paul Carpenter on 14/11/2016