Weekend News Summary THE SUNDAY TIMES INDICES THIS MORNING Current (%) 1W% Change Insurance companies are called to account over unfair price policies: Value Change* Car and household insurers face being blocked from imposing annual FTSE 100 7,151.8 -0.05% -3.6% price rises on loyal customers unless they come up with reforms of DAX 30 11,997.6 -0.1% -3.0% their own in the next six weeks, under a crackdown proposed by the CAC 40 5,481.8 -0.1% -2.7% City regulator. DJIA** 26,573.7 - -0.9% Helena Morrissey leaves L&G as Bank governor rumours swirl: Dame S&P 500** 2,952.0 - -0.3% Helena Morrissey, one of the most senior women working in the City, NASDAQ Comp.** 7,982.5 - 0.5% is leaving Legal & General to pursue other projects. Nikkei 225 21,375.3 -0.2% -2.1% Hang Seng 40** 25,821.0 - -0.5% Jobs figures take pressure off Fed to cut interest rates: Shanghai Comp*** 2,905.2 - Unemployment in the United States has fallen to its lowest level in 50 -0.9% Kospi 2,021.7 0.1% years, casting doubt on whether the U.S. Federal Reserve will cut -1.4% interest rates this month. BSE Sensex 37,718.5 0.1% -3.0% S&P/ASX 200 6,563.6 0.7% -3.0% Hong Kong to sweeten London Stock Exchange deal: The Hong Kong Current Values as at 10:15 BST, *%Chg from Friday Close, ** As on Friday Close, ***As on 30 September 2019 stock exchange is expected to improve the terms of its £32 billion takeover bid for the London Stock Exchange next week after receiving encouragement from some shareholders. ABOUT GOODMAN MASSON Car sales increase but stay in slow lane: A small bounce in car sales in the key month of September has given the motor trade little cheer With bases in London, Düsseldorf and New York, because a far bigger rise had been expected after a 20% slump in we are a Finance and Technology recruitment registrations in the same month last year. company who hold annual revenues exceeding £42 million. It’s not all about profits however and Harrods Chief fears Jeremy Corbyn will scare away wealthy’s cash: A boasting one of the highest staff retention rates in Jeremy Corbyn-led government would lead to exchange controls the city, we’ve been voted Best Workplace being reintroduced to stop the flow of money overseas, the Managing Environment, Best Employee Benefits Director of Harrods has claimed. Programme and Best UK Workplace. ‘Shotgun’ warning for auditors over standard of work: The City grandee leading a government-backed review of audit work has warned the profession that it needs to do “better” work if it wants to avoid being a “shotgun” target when there is a corporate problem. CONTACT US Sensyne Health failed to declare bonus for Lord Drayson: A healthcare technology company founded by Lord Drayson failed to 120 Aldersgate Street London disclose £1 million of bonuses paid to the former science minister EC1A 4JQ and its finance head. 020 7336 7711 [email protected] www.goodmanmasson.com page 1 of 9 goodmanmasson.com Energy stocks light up with Brussels poised to approve anti-blackout plan: U.K. power stocks surged on reports that the European Commission is set to reinstate a multibillion-pound scheme called the GB capacity market — the main government policy for “keeping the lights on”. Ex-Clarks Chief Mike Shearwood loses unfair dismissal claim: The former Chief Executive of Clarks Shoes has lost his claim for unfair dismissal after being sacked for making sexist, racist and homophobic comments to colleagues. Aircraft owner takes back its jets from Thomas Cook: The break-up of Thomas Cook’s airline continued when the leasing company that owns two of its newer aircraft confirmed that it had taken back possession of them. Big deals in fashion for boutique investment bank PJT Partners: Fees have surged at the British division of a leading boutique investment bank after it advised on a series of huge deals last year. Sir John Kingman out of race for top job at Bank of England: Sir John Kingman is being lined up to be Chairman of Tesco Bank, in a surprise move that would rule him out as a candidate to run the Bank of England. Domino’s Pizza puts Greene King Chief Rooney Anand on the menu: Greene King’s former Chief has been tapped for the chairmanship of Domino’s Pizza as the delivery outfit seeks to settle a dispute with its powerful franchisees. Curtain up for £500 million sale of Ambassador Theatre Group: The owner of West End theatres including the Apollo Victoria and the Lyceum is rehearsing for a £500 million sale. American private equity firm Providence plans to put Ambassador Theatre Group (ATG) on the block, six years after taking control of the company in a £350 million deal. Aston Martin Chief Andy Palmer urged to shake up boardroom: Aston Martin is under pressure to shake up its board and bring in directors with more experience at listed companies after a disastrous first year on the stock market. Spending watchdog probes Carillion PFI rescue: The rescue of Carillion’s private finance initiative (PFI) hospital projects is being investigated by the government’s spending watchdog, after patients were left in limbo and taxpayers were landed with huge bills. Barclays trio, led by Roger Jenkins, face fraud trial over Qatar funding: Three former Barclays Executives will appear in court on charges of fraud connected with Qatar’s role in the bank’s emergency fundraising during the financial crisis. MPs to grill Facebook over encrypted messaging fears for children: An influential committee of MPs is gearing up to grill Facebook amid concerns that the social media giant could endanger children if it encrypts messages across all its platforms. M&S Finance Chief Humphrey Singer paid price for troublesome cash call: Marks & Spencer’s Finance Director was pushed out by Chairman Archie Norman over a botched rights issue that caused the retailer to drop out of the FTSE 100. Burford Capital cheered by win over oligarch Farkhad Akhmedov: A New York court has provided a rare lift for the under-fire litigation funder Burford Capital by rejecting a case brought by a Russian oligarch against his ex-wife. Mayfair club owner Marlon Abela faces bankruptcy: Mayfair mogul Marlon Abela, owner of the private members’ club Morton’s, has been served with a bankruptcy petition by his lawyers, Boodle Hatfield. Airbnb’s £400,000 U.K. tax bill on £300 million sales: Airbnb paid less than £400,000 in U.K. tax last year despite enjoying sales of more than £300 million in Britain and growing its profits. page 2 of 9 Warning from venture capitalist Chamath Palihapitiya on SoftBank’s payments to investors: SoftBank is under fire, with a prominent Silicon Valley venture capitalist querying the way the $97 billion (£79 billion) mega-fund behind the WeWork debacle proposed to pay investors returns. Sir David and Sir Frederick Barclay see Ritz profits dip: The billionaire Barclay brothers have seen pre-tax profits almost halve at the Ritz hotel in London, while its casino lost £8.9 million last year. BT needs to keep a line open to Downing Street: Less than a week after becoming Prime Minister, Boris Johnson invited BT Chief Executive Philip Jansen to 10 Downing Street. Behind the black door, Jansen laid out his plan for meeting Johnson’s target of spreading full-fibre broadband across Britain by 2025. Sirius Minerals axes 300 to keep moors mine project alive: About 300 workers have been let go by Sirius Minerals as the North Yorkshire fertiliser mine developer slashes costs to preserve cash. Made.com may move into rental furniture: Made.com is exploring a move into rental furniture as the retailer focuses on Generation Rent and the rising number of people who cannot afford to buy a home. Chefs still reach for Michelin stars, says David Moore: The stress of winning and retaining Michelin stars, let alone trying to turn a profit, has driven chefs and restaurateurs to drink, divorce, bankruptcy and even, in the case of the celebrated French chef Bernard Loiseau, suicide. Simon Townsend, Chief of Ei Group pubs, denies business rate claim: The Chief of Britain’s largest pub company has been drawn into a row over whether it unduly influenced the way the industry is taxed. ‘Legal issues’ delay hunt for tobacco Chief: A new Chairman has been lined up at Imperial Brands to lead the struggling tobacco company out of its slump, but the appointment is being held up by legal issues. Government unlikely to recoup Monarch repatriation cash from Greybull Capital: The government is unlikely to recoup money from Greybull Capital for the tens of millions of pounds spent repatriating Monarch Airlines customers. Mike Ashley poised to close the doors on House of Fraser: Mike Ashley’s Sports Direct is believed to be preparing to shut down almost every House of Fraser store at the end of the crucial Christmas trading period as the entrepreneur prepares to call time on his doomed investment in the department stores. Vodafone aims to shut out rivals with radio mast tech it is developing with chip giant Intel: Vodafone has begun testing a new technology that could reduce its reliance on Huawei, the Chinese telecoms equipment supplier. THE FINANCIAL TIMES Manny Roman on the rejuvenation of bond giant Pimco: Pimco’s raid of Man Group for its Chief Executive three years ago caught many in the fund industry off guard — not least Manny Roman, who remembers receiving the call that would lead to him making the 5,500-mile switch from London to Newport Beach.