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The pound slumped before recovering on a volatile morning in the currency markets as confidence about the chances of the EU and UK reaching a Brexit deal vacillated during another round of talks today.
It comes as Whitehall's spending watchdog warns that a no-deal Brexit would mean delays to goods, more crime and fewer checks on migrants.
50 Swiss flights grounded amid Airbus A220 safety fears
The national airline of Switzerland has cancelled at least 50 flights on Wednesday because its entire fleet of Airbus A220 jets has been grounded.
It follows the failure of an engine on three different flights on the Geneva-Heathrow route.
Swiss is telling passengers: “The ongoing technical inspections of several aircraft will restrict our flight operations. As a result many flights will be cancelled.”
The cancelled flights include two round-trips between both Geneva and Zurich and Heathrow.
Swiss is the world’s biggest operator of the Airbus A220, with 29 of the jets.
Labour demands apology from CBI for incorrect estimate on renationalisation costs
Labour is demanding an apology from the CBI after it emerged that its “eye-watering” estimate of the cost of the party’s renationalisation programme included an incorrect assumption about its plans for the rail industry.
Shadow transport secretary Andy McDonald said that the error threw into doubt the £196 billion price tag put by the CBI on the overall programme to bring the rail network, water, energy and mail back under public control.
In an email exchange, the CBI’s principal economist told the party that the figure included an estimate for the cost of buying rail rolling stock currently owned by leasing companies.
“We have assumed the rolling stock would be bought into public ownership as the trains are currently owned by the private sector and therefore full-scale nationalisation of rail would require this,” said the email. “However, we recognise that this isn’t official Labour policy on nationalising the rail industry.”
Top London fund manager accused of groping and sexual harassment
One of London’s top money managers, responsible for overseeing billions of pounds of assets at M&G Prudential, is alleged to have sexually harassed female colleagues over several years.
The senior fund manager targeted women in junior positions at the firm’s London headquarters and barraged them with sexually explicit text messages, inappropriate comments and unwanted physical contact, according to people who experienced or witnessed his behaviour and asked not to be identified for fear of retaliation.
One woman who frequently dealt with the manager said he would often put his hand on her bottom, fondle her thighs or give her unsolicited shoulder massages. When she asked him to stop, she said, he would refuse and complain she was being uptight, or say he had touched her by accident. A second woman said he did similar things to her.
The first woman said she complained about the behaviour to the firm’s human resources department. It isn’t known what, if any, action the company took, but the manager has remained in his position.
“We consider the allegations that you have raised with us to be very serious matters which merit a full investigation,” Alexandra Ranson, a spokeswoman for M&G, said in an email to Bloomberg News. “We want our people to feel safe where they work, and expect all our employees to treat each other with dignity and respect. If it is found that any individuals in the employment of M&G Prudential have breached our very clear policies relating to conduct and behaviour, we will take the appropriate disciplinary action.”
Yet more evidence that the youngest are hardest hit
"The latest set of labour market figures provided yet another example of City economists being overly optimistic about the future.
"Official figures for June-August reveal that the unemployment rate came off a 45-year-low to land at 3.9 per cent. In real numbers, that’s 1.3m people out of work, a rise of 22,000.
"Some other numbers: the number of people in work fell 56,000, or 0.2 percentage points, to 32.7 million. The difference between the two can be explained by the fact that there was also a rise in the number of “economically inactive” people."
The GMB union has presented Asda with thousands of customers' letters in support of staff who are being told to sign a new "flexible" contract or lose their jobs.
Asda Colleagues are to be sacked upon 3rd November due to them having second jobs, having childcare responsibilities and wishing to have a personal life, the GMS says
Keith Dixon, GMB Regional Organiser wrote to Asda:
"During discussions with those customers GMB London Region spoke at length upon the way in which Asda Colleagues were being threatened with the sack and are having your ‘Contract 6’ forced upon them. A contract as you know is flexible purely for Asda’s benefit.
"This flexibility will clearly provide financial savings for the business and is one of the key parts which the business failed to discuss or disclose during the consultation period. This we feel is underhand and deceives your colleagues.
"Your customers were disgusted with the way your loyal colleagues are being treated and as such have willingly signed the letters and agreed for them to be presented to you. Most of your customers have included a home address or an email address for you to respond directly. The rest have requested that a response is forwarded to my office.
"In conclusion, Asda used to be a well-respected company where colleagues were proud to wear the Asda badge. This has changed and the change is not one for the better.
"You have the power and the authority to correct the direction the business has driven Asda to; however, you have an uphill battle to win back the respect and trust your employees had of Asda.
"It’s time to return to the negotiating table and work with GMB upon pay, terms and conditions to continue to keep the business successful and give your colleagues the respect and pride they used to have."
Next Labour government will end profiteering by energy companies
"From electricity and gas, to mobile phone contracts and council tax, it can feel like keeping track of bills is a job in itself," says shadow business secretary Rebecca Long-Bailey.
"With many people across Britain working the longest hours on average of any country in Europe, it’s no surprise that nearly a quarter of us have never taken the time to switch our energy provider."
Asos profits slump by 70 per cent as push to expand in US and Europe takes its toll
Asos has reported a nearly 70 per cent plunge in annual profit as it has grappled with running a vastly expanded number of warehouses.
Pre-tax profit fell 68 per cent to £33.1m in the year ending in August, the online fashion retailer said. The UK company blamed its “disappointing” performance on the challenges of expanding both in the US and the EU simultaneously.
“With the benefit of hindsight, we were not adequately prepared for the additional complexities of planning and trading across our expanded warehouse footprint,” Asos said in a statement, adding that it lost focus on some of its core tasks.
Caroline Gulliver, a retail analyst at Jefferies, made a similar assessment.
“The complications of trying to do both projects at the same time meant they took their eye off the ball with regards to being best in class for products and fashion and customer experience in the UK and globally,” she said.
Investment business in Kevin McCloud's property empire collapses into liquidation
Hundreds of small investors are nursing heavy losses after three companies in Grand Designs presenter Kevin McCloud’s property empire collapsed into liquidation.
Creditors of HAB Land rejected rescue plans and voted to put the company and two related entities into voluntary liquidation on Tuesday.
Just under 300 small investors put in an average of around £8,000 through minibonds, almost all of which will now be lost.
Simon Bullock, one of HAB Land’s directors, said just 22 per cent of minibond holders had voted for plans to raise additional finance, leaving no choice but to liquidate the company.
James Bennett of KPMG, who is handling the process, said delays and higher costs on HAB Land’s building projects had resulted in “significant” cash-flow problems.
Jessops to call in administrators and shut stores
Dragon's Den star Peter Jones is fighting to secure the future of camera chain Jessops on the high street as he prepares to call in administrators for the stores.
JR Prop Ltd - the leasehold property estate manager - has filed a notice of intention to appoint Resolve as administrators in a move that raises the spectre of closures among the 46 Jessops stores.
It is understood Mr Jones is looking to secure a company voluntary arrangement (CVA) rescue deal with creditors to shut unprofitable sites and slash rents across the chain.
But the holding company of the retail operations - Jessops Europe - remains unaffected by the planned administration.
Jessops, which employs around 500 staff in the stores, has suffered widening losses, reporting a pre-tax loss of £13m for the year to the end of April 2018.
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