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:
Many oil companies are ignoring the issue of climate change. Click here for the Economist’s view on the future of the oil industry.
Does the U.K. risks losing banks to cities such as Singapore and Hong Kong. Click here for the debate.
Legal market experts predict that Big Four accountancy giants will soon challenge top law firms. Click here for more.
The president of the European Council has warned that “time is running out” for Europe’s open border system. Click here for why he believes this.
1. PARIS ATTACKS
On Friday night in Paris, gunmen and suicide bombers hit a concert hall, a major stadium, restaurants and bars, almost simultaneously – leaving at least 129 people dead and hundreds wounded. The attacks have been described by President Francois Hollande as an “act of war” organised by the Islamic State (IS) militant group. For more information about the attacks click here.
Global stocks are set for a short-term sell-off today in response to the events. For more on the financial impact of the attacks click here.
2. CAMERON PUTS FORWARD EU DEMANDS
Prime Minister David Cameron began his formal renegotiation of Britain’s membership of the EU on Tuesday with a speech in London. He put forward a number of demands in his speech and for a list of the key points of the speech and their genuine meanings according to Bloomberg, click here.
For the debate on whether Cameron’s demands go far enough click here.
3. UK EMPLOYMENT AND PAY
The UK unemployment rate fell to a seven-year low of 5.4% in the three months to August, figures have shown. The number of people out of work was 1.77 million between June and August, down 79,000 from the previous quarter. Furthermore, in the three months to August, workers’ total earnings, including bonuses, were up 3% from a year earlier – slightly less than expected. Rising pay is a factor used by the Bank of England in considering when to start raising interest rates. (BBC News)
Some analysts however, claim that these figures are unlikely to trigger an interest rate rise in the near future. Click here for more.
4. OIL PRICES
Oil slumped again last Friday, extending the week’s loss to the largest in eight months, as swelling storage of crude on both land and sea pressured prices. Brent, the global benchmark for oil, settled down 1 percent and less than $2 from a new 6-1/2-year low. The International Energy Agency (IEA) said there was a record 3 billion barrels of crude and oil products in tanks worldwide. (Reuters)
Oil majors have cancelled a total of 80 projects across the globe this year because of low oil prices and cut capital expenditures by as much as $22 billion (£15 billion) (Reuters)
5. JAPAN’S ECONOMY SHRINKS
Japan’s economy shrank 0.8% on an seasonally adjusted basis in the third quarter, marking a technical recession in the world’s third largest economy. (BBC News)
6. ASTRAZENECA CANCER PILL GETS INITIAL APPROVAL
A new lung cancer pill from AstraZeneca, designed for patients whose disease has worsened after treatment with other therapies, won early U.S. approval, in a boost for the British drugmaker. The firm forecast the drug could eventually sell as much as $3 billion a year. A spokeswoman said AstraZeneca would make Tagrisso available to eligible U.S. patients as soon as possible and its price would be “comparable to other oral cancer therapies”. (Reuters)
7. TOMTOM SECURES UBER DEAL
Dutch maker of navigation software TomTom agreed to provide maps and traffic data to Uber Technologies Inc. drivers globally. TomTom’s shares closed at the highest level in more than six years. The deal will boost TomTom’s licensing orders, and lead to significant revenue growth in the coming years. An advantage TomTom has over its competitors such as Google is that its independence. Customers aren’t required to share substantial personal information with other companies. Financial details of the deal have not been disclosed. (Bloomberg)
8. STANDARD CHARTERED SETTLEMENT
Standard Chartered Bank’s Swiss unit will pay a $6.3 million penalty as part of a deal it reached with the U.S. Justice Department to avoid possible prosecution for helping Americans evade taxes, the department said on Friday. Standard Chartered settled under a voluntary program the Justice Department launched in 2013 to allow Swiss banks to resolve potential criminal charges by disclosing cross-border activities that helped U.S. account holders conceal assets. (Reuters)
9. FOSSIL ACQUISITION
Watchmaker Fossil, which owns the Fossil and Skagen brands, yesterday agreed to buy wearable tech company Misfit for $260m as it expands into the smartwatch and wearables space. (City A.M)
10. AMAZON LAUNCH PANTRY SERVICE
In a bid to take home a bigger slice of the £177.5bn UK grocery market, Amazon has launched a new service named Pantry. Pantry will offer Amazon Prime customers next-day delivery on over 4,000 “everyday essentials”, including major food and drink brands, household supplies, child and pet care, and health and beauty. (City A.M)