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:
Joe Kaeser, the chief executive of Siemens, has warned that the Paris terrorist attacks and political instability in Europe are making companies more reluctant to invest. Click here for more.
The RAC claim that petrol prices could fall to under £1 a litre. Click here for more information
Desmond claims that the merger between Ladbrokes and Coral was a “wrong deal”. Click here for why he thinks this.
1. INFLATION FIGURES
The UK’s inflation rate as measured by the Consumer Prices Index remained at -0.1% in October, the Office for National Statistics has said. The news will further dampen expectations of a rise in interest rates any time soon. (BBC News)
2. PUBLIC SECTOR BORROWING
Public sector net borrowing rose £1.1bn in October compared with the same month a year ago to £8.2bn, official figures show. That is the highest level of borrowing in October in six years. These figures mean Chancellor George Osborne will need to restrict borrowing to just £15bn between now and April. While not impossible – January usually sees a surplus thanks to an influx of self-assessment income tax receipts – it remains unlikely that the chancellor will meet the £69.5bn forecast without severe cuts at this week’s Autumn Statement. (BBC News)
3. JUNIOR DOCTORS STRIKE ACTION
Junior doctors in England have overwhelmingly voted in favour of going on strike in their dispute with ministers over a new contract. Some 98% voted in favour of a full strike and 99% in favour of action just short of a full strike. The first walk-out will start on 1 December with another two dates earmarked for later in the month. (BBC News)
4. MARRIOT ACQUISITION
US hoteliers Marriott International and Starwood Hotels have agreed a $12.2bn (£8bn) deal to create the world’s biggest hotel company. The two firms have more than 5,500 hotels with 1.1 million rooms and $2.7bn in revenue. Marriott will pay $11.9bn in stock and the rest in cash, and hopes to have the acquisition completed by mid-2016. (BBC News)
5. BARCLAYS FOREX FINE
Barclays has just been fined an additional $150m (£98m) fine for its manipulation of the Forex markets by the New York State Department of Financial Services. It comes on top of a $2.4bn fine for the same issue in May. Barclays was one of five major banks fined this summer for manipulating foreign exchange markets. JP Morgan, Citibank, RBS and UBS were fined a total of $5.7bn. (City A.M)
Greece has secured a tentative deal with the eurozone to unlock the latest tranche of financial aid. The eurozone countries insisted on the measures before releasing €2bn (£1.4bn) in loans and up to €10bn in support for the banks. The agreement will help pave the way for further payments under the country’s third bailout. The eurozone has agreed to provide Greece with up to €86bn in total. (BBC News)
7. PARABIS GOES INTO ADMINISTRATION
Legal services group Parabis will be broken up and sold next week after being put into administration. Parabis became the first private equity-backed law firm to be given approval to operate under an Alternative Business Structure as part of a liberalisation of the legal services market. Parabis is to be broken up and sold next week after succumbing to growing pressure on litigation fees. (Sky News)
8. SQUARE IPO
Mobile payments company Square launched its initial public offering this week. Its share price closed up 45 percent on Thursday, valuing the company at about $4.2 billion. It rose as much as 64 percent in early trading after selling shares at $9 apiece, below the planned range of $11 to $13. Match Group also launched their IPO on Thursday (see below). (Bloomberg)
For analysis on how Square’s IPO valuation will affect the tech sector, click here.
9. MATCH GROUP IPO
Match Group, the owner of dating app du jour Tinder, match.com and OK Cupid, has made its stock market debut, with shares rising as much as 12.5 per cent. (City A.M)
10. DEUTSCHE BANK JOB CUTS
Deutsche Bank could be about to cut 1,000 more jobs in London as it further scales back on it’s investment bank. Traders, back-office staff and fixed income specialists at the bank could be given redundancy notices in the new year. (City A.M)