The 10 biggest business stories on Monday October 19

China's economic growth slows to 6.9%; Deutsche Bank restructures business; Amazon sues 1000 'fake reviewers'

Zlata Rodionova
Monday 19 October 2015 09:09 BST
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A man hangs Chinese national flags as decorations at a park, ahead of China's National Day, in Beijing
A man hangs Chinese national flags as decorations at a park, ahead of China's National Day, in Beijing

1. Deutsche Bank has announced a radical restructuring in a move to restore its reputation and boost profitability. The bank will combine its corporate finance and global transaction units, and split off its private client and asset management arm. Several key executives will leave.

2. Chinese leader Xi Jinping arrives for a state visit in the UK as figures show slowing growth in China. China’s growth slowed to 6 per cent in the third quarter, the weakest rate since the global financial crisis.

3. US retail giant Amazon has filed a lawsuit against more than 1,000 people it says have posted fake reviews on its website.

4. A £25 billion ($38.6 billion) plan to build two nuclear reactors in the UK is at a crossroads. A consortium led by EDF (Electricite de France) is expected to make a final decision soon on whether to invest in the gigantic project at Hinkley Point in southwest England.

5. Yahoo 's chief development officer, Jacqueline Reses, is leaving the company to join mobile payments company Square, Bloomberg reported, citing people familiar with the matter.

6. Air France is cutting jobs. The company will cut almost 1,000 jobs in 2016, under the first part of a restructuring plan at the struggling airline that has triggered violent protests, the chief executive of Air France-KLM said Sunday.

7. ITV has confirmed the £100 million takeover of Belfast-based UTV Media’s television channels.

8. A Chinese investor is said to be closing in on a deal to buy the UK’s most famous toy store Hamleys in the coming weeks.

9. Police seized documents and computer hardware from Volkswagen offices in Paris and northern France over an investigation into the company's use of software to cheat on emissions tests.

10. Offices in La Defense in Paris, which is Europe biggest business district, have been blighted by low rents and high vacancies. Rents are at their lowest since 2007, while about 12 per cent of offices in district are standing empty. Private-equity investor Carlyle Group, which is currently spending at least 70 million euros ($80 million) refurbishing the district’s 19-story Tour Arago building, says it’s in the market for more properties, while Goldman Sachs Group Lone Star Funds, Perella Weinberg Partners and AEW Europe, also bought properties to fix up.

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