Below are our top 10 stories that you need to know about. Be sure to check our twitter page for regular posts of important headlines. Click on the links for full stories.
Opinion articles of the week:
Anthony Watson, a former Barclays and Citi executive claimed that nothing has changed in the banking industry since the 2008 crash and that “it’s disgusting”. Click here for more.
European Commission President John Claude Junker has said that the UK does not need the EU but the EU needs the UK. Click here for more.
A report this week claims that staying in the EU could add £58bn a year to the British economy. Click here for more.
1. NEGATIVE INFLATION IN THE UK
Inflation figures were released on Monday and they show the consumer price index falling to -0.1 per cent in the year to September. According to the ONS, the fall was due to a smaller than usual rise in clothing prices and falling motor fuel prices. The pound fell to $1.52 in response to the news but rose up to $1.54 by Sunday. (City A.M)
2. BREWING MEGA-MERGER GETS THE ALL CLEAR
Anheuser-Busch InBev NV closed in on the biggest corporate takeover in U.K. history after proposing to pay almost $106 billion for SABMiller Plc to create a brewer selling one in every third beer worldwide. AB InBev will pay 44 pounds a share in cash for a majority of the stock. For everything you need to know about the acquisition click here.
The Economist looks at the deal in more detail and questions whether Coca-Cola could be next on AB InBev’s acquisition list.
3. DELL’S $67 BILLION ACQUISITON
Computing giant Dell have announced plans to acquire corporate software company EMC for $67bn. This is the largest tech deal in history and signifies the completion of Dell’s transition from consumer PC business to an IT solutions provider for companies (CNN).
Business Insider claims the acquisition is riddled with issues in a variety of areas. They also claim despite the size of the acquisition, the deal will not harm Amazon’s growth of its cloud computing business but will potentially harm start-up companies in this sector.
4. WORLDPAY IPO
Payments processing company Worldpay has announced plans to launch its initial public offering. Its shares will sell at 240p per ordinary share, meaning the company will be valuation of £4.8bn. This is the largest UK floatation this year and Worldpay will raise £947.8 million from the offering. (City A.M)
5. UBER SALES UP AFTER HIGH COURT HEARING
The High Court ruled on Friday that Uber’s taxi hailing app was lawful in the UK. The court had been asked to decide whether the company’s smartphones were considered meters, which are outlawed for private hire vehicles. The judge held that that taximeters do not operate in the same way as the app as they do not depend on GPS signals or include the app’s other new-tech characteristics to calculate fares. (BBC News)
Despite all the controversy surrounding Uber, UK sales are up tenfold in the past year as they reported a turnover of £11.3m last year. (City A.M)
6. DEUTSCHE BANK RESTRUCTURE
Germany’s largest bank, Deutsche Bank has announced its plans for a radical restructuring as part of a drive to restore its reputation and profitability. It recently announced losses of £4.5 billion and was fined earlier of £1.7bn for its role in the Libor-rigging affair. The restructure aims to simplify the management structure. (BBC News).
7. APPLE LOSES PATENT LAWSUIT
Apple Inc was ordered to pay $234 million in damages after a U.S. jury on Tuesday found the iPhone maker used technology owned by the University of Wisconsin-Madison’s licensing arm without permission in chips found in many of its most popular devices such as the iPhone 5s, 6 and 6 plus. (Wall Street Journal)
8. AMAZON LAWSUIT AGAINST FAKE REVIEWERS
Amazon launched legal proceedings against over 1000 Fiverr.com freelancers offering to write fake product reviews. According to Amazon the fake reviews give sellers an unfair advantage. They also claim these fake reviews mislead Amazon customers “and tarnish Amazon’s brand.” (Business Insider).
9. TESCO PROPERTY DEAL
Supermarket giant Tesco is selling off more than a dozen sites to Meyer Bergman, a property investment company in a £250m deal. 10,000 homes could be built on the sites in London, the South East and Bath. (City A.M). This news comes soon after Chief Executive Dave Lewis announced plans to restructure following poor financial results.
10. MATCH IPO
Match group, the owner of dating apps and websites such as Tinder, has filed for an initial public offering. The company plans to list its shares on the NASDAQ. Match indicated an offering size of $100 million in the filing, though that number is typically a placeholder that will increase before the IPO. (Business Insider)