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Tuesday SpotlightBack

Financial Times

 

Globalisation ‘unfairly blamed’
A study has debunked the view that globalisation led to stagnating fortunes for the lower middle classes of the rich world, saying it has been unfairly blamed for Brexit and the rise of Donald Trump.

 

Cameron to quit Commons as boundaries redrawn david cameron 2
David Cameron has announced that he is stepping down as an MP, a move that will trigger a by-election in his rock-solid constituency Witney. The news came as the Boundary Commission published proposals to redraw Britain’s electoral map and reduce the size of the Commons to 600 MPs. George Osborne’s Tatton seat with disappear, merged into four constituencies. Only 68 seats in England will remain unchanged.

 

Swiss stock exchange eyes German bridge to EU single market after Brexit
Switzerland stock exchange has turned to Germany for a new bridge into the EU after concluding that its relationship with London would not be sufficient after Brexit. SIX’s chief executive confirmed the talks with Germany’s BaFin to the Financial Times, making his company an early mover. Most financial services groups are still weighing their options after the June referendum result.

 

Companies & Markets

 

Peugeot goes alone peugeot-333637_640
French carmaker Peugeot plans to launch its own standalone vehicle service to rival Uber within the next three years, in a stark rejection of the car-hailing collaborations that other manufacturers have agreed.

 

PSA Peugeot Citroen targets falling China sales
Chief aims to repeat manoeuvre that sparked recovery of his group’s European operations.

 

US oil failures hitting investors
Investors’ losses from US oil and gas company bankruptcies since 2015 have been proportionally greater than in previous downturns as the industry’s debt-fuelled boom has gone into reverse according to Moody’s, the rating agency. In 15 defaults studied by the agency, lenders have recovered just 21 per cent of the face value of their debt on average, compared with 58.6 per cent average recovery for all defaults before 2015.

 


The Guardian

 

From today, everyone can pay with plastic
People around Britain will get their hands on the bank first polymer £5 notes issued by the Bank of England as the smaller, plastic money featuring Sir Winston Churchill goes into circulation.

 

M&S retail chief’s exit puts spotlight on dearth of female FTSE 100 bosses
Marks & Spencer has confirmed that Laura Wade-Gery, one of the UK’s few female FTSE 100 board directors, will not be returning from maternity leave and is to exit the company at the end of September. The departure of Wade-Gery, 51, a former Tesco director who was once tipped as M&S’s next chief executive, comes after she completed a year off at the beginning of this month.
Her exit marks the loss of one of the UK’s few female FTSE 100 board directors and comes as efforts to appoint more women to senior positions at Britain’s biggest companies have stalled. Fewer than 10% of the three most senior positions at FTSE 100 firms are held by women according to a report published in July.

 

Employers keep calm after EU vote but recruiter warns of risks to jobs
Britain’s employers have refused to panic following the referendum vote, but growth in the jobs market could falter as concerns over Brexit talks undermine business confidence. The recruitment agency Manpower said that on the surface, the EU referendum has done little to dampen the immediate recruitment plans of UK businesses… But the jobs market was “skating on thin ice”, with cracks starting to appear in many areas of the economy, analysts said.

 

Ford tries to catch up to Uber and Google in the driverless car game ford auton car

The latest firm to invite journalists to experience its autonomous technology is the epitome of traditional car manufacturing: Ford.

“We’re rethinking our entire business model,” said Mark Fields, Ford’s CEO. “It’s no longer about how many vehicles we can sell, it’s about what services we can provide. We understand that the world has changed from a mindset of owning vehicles to one of owning and sharing them.” While Ford’s car sales are fairly healthy today, Fields foresees a world transformed by driverless cars, Uber and climate change. “You could argue that in major cities, vehicle density will drop because of automated vehicles and congestion charges. Some cities might even outlaw personal use of vehicles.”

One of Ford’s strategies to cope with this is to accelerate its efforts towards a fully autonomous car. Fields now says Ford will have a completely self-driving car, without a steering wheel, an accelerator or pedals, in production by 2021. It will initially be used only for robotic taxi services in restricted urban areas but should be available for consumers to purchase by the middle of the decade.


The Daily Telegraph

 

Brexit will be complicated and frustrating warns Davis brexit image 3
The new minister for Brexit has said the process for leaving the EU will be the most “complicated negotiation of all time”. David Davis, the Secretary of State for Exiting the European Union, warned there will be a “frustrating” period before Theresa May triggers Article 50. His comments to a Lord’s Select Committee appeared to be in direct contrast to statements he made before his was appointed as Minister.

 

The Times

 

Taxi driving test scrapped
Official driving tests for cabbies will be scrapped under government plans to cut waiting times for motorists. The DVLA said that examiners for taxi drivers are being forced to wait up to four months to sit their practical test because of a surge in demand.

Posted by Paul Carpenter on 13/09/2016