The following are the top stories on the business pages of
British newspapers. Reuters has not verified these stories and
does not vouch for their accuracy.
The Times
- The Insolvency Service is targeting businesses that fail
to follow proper procedure when making staff redundant during an
administration, marking a serious development for company
directors. The government body has begun criminal proceedings
against three directors at City Link, the courier company that
collapsed last Christmas Day, and the chief executive of Sports
Direct International PLC SPD.L over the failure of its fashion
retailer USC in January.
- Hundreds of workers at HSBC Holdings PLC's HSBA.L
investment banking division in London have had their pay cut by
10 percent and been ordered to take two weeks of unpaid leave by
the end of the year. The bank, which is under intense pressure
to reduce costs, broke the news to staff last week and
instructed managers that there would be "0 percent exceptions".
The Guardian
- The latest official snapshot of the jobs market, covering
June to August, showed a 79,000 decline in unemployment to 1.77
million, taking the jobless rate to 5.4 percent, the lowest
since 2008. The employment rate, at 73.6 percent, was the
highest since records began in 1971.
The Telegraph
- EDF EDF.PA and its Chinese partners are on the brink of
a deal to build the Hinkley Point nuclear power plant and are
preparing to sign a heads of terms agreement during next week's
visit by Chinese president Xi Jinping. Although the deal is not
yet done, with negotiations expected to go to the wire, sources
say they are optimistic they will be ready to unveil a major
pact that will make clear the first new United Kingdom nuclear
plant in a generation will go ahead.
- Anheuser-Busch InBev SA ABI.BR is exploring a potential
exit from SABMiller PLC's SAB.L American joint venture in a
deal that could be worth $10 billion. It is understood that the
Belgian-Brazilian giant has started to gauge the interest of
SABMiller's partner, the American-Canadian brewer Molson Coors,
about taking full control of MillerCoors.
Sky News
- Volkswagen (DE:VOWG) AG VOWG_p.DE says its 2016 diesel models have
suspect software that could help exhaust systems run cleaner
during government tests. Europe's largest car manufacturer said
the issue involved the vehicles' "auxiliary emissions control
device". It operates differently from the "defeat" device that
last month triggered the cheating scandal engulfing the
carmaker.
- Barclays PLC BARC.L , Lloyds Banking Group PLC LLOY.L ,
Royal Bank of Scotland RBS.L and Santander (MC:SAN) UK PLC SANS_p.L
will be told on Thursday that they need to find billions of
pounds of additional capital as part of industry reforms
designed to shield taxpayers in a future industry crisis. The
fresh bombshell will be delivered by the Bank of England in a
consultation paper to be published on the implementation of the
new ring-fencing framework that will be introduced in 2019.
The Independent
- Marks and Spencer Group PLC MKS.L has come under fire
for refusing to cut its prices in hospital shops despite
criticism from an MP, who said vulnerable people were being
ripped off. The retail giant, led by its millionaire chief
executive Marc Bolland, charges more in hospitals for popular
items such as flowers than it does on the high street, a tactic
critics say preys on the emotions of people visiting loved ones.