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Former Glencore executives Alex Beard and Andrew Gibson have pleaded not guilty to charges arising from a Serious Fraud Office investigation into alleged corrupt payments in Africa. Gibson faces five conspiracy charges, including allegations involving government officials and oil company staff in Nigeria, Cameroon and the Ivory Coast, plus falsifying documents. Beard faces two charges concerning alleged payments in Nigeria and Cameroon. Four other defendants previously pleaded not guilty, and all six are due to stand trial in October 2027 on 16 charges. Helen Taylor of Spotlight on Corruption described the hearing as “a major milestone in one of the biggest bribery investigations of the last decade”. Beard, a prominent former commodities trader, joined Glencore in 1995 and led its oil operation from 2007 until retiring in 2019.

 

The Guardian

The Times

American businesses are increasingly hesitant to invest in the UK, with confidence levels dropping to 6.4, according to the BritishAmerican Business (BAB) transatlantic business confidence index. This follows Labour's perceived failure to deliver on growth promises, including lower energy bills and increased housing. Duncan Edwards, BAB chief executive, commented: "The reality is that the marginal benefits in the UK are either narrowing or disappearing." Meanwhile, UK companies show improved confidence in the US, rising from 7.5 to 8.1. Overall foreign direct investment in the UK fell by £14bn last year.

 

The Daily Telegraph

UK productivity may be entering its strongest period since the financial crisis, with revised measures showing output per job rising 1.4% in the year to June and alternative estimates pointing to faster gains since late 2024. Economists disagree over the cause, but some believe artificial intelligence is beginning to lift output, particularly in information and technology industries. John van Reenen of the London School of Economics called the improvement a "remarkable turnaround" that could represent "the first macroeconomic flowers of the AI boom". UK workers appear especially inclined to use AI to augment knowledge-based work rather than replace employees, although evidence from the US suggests productivity gains may also emerge through slower wage growth. Economists caution that forthcoming official measurements will be crucial in determining whether the recovery is sustained.

 

The Times

The hacker group Rhysida stole sensitive data from Berlin's government, including employee files and official documents, and attempted to extort the city for 30 bitcoins, approximately €2m. After the city refused to pay, the data was published on the dark web, affecting two departments and around 1.4m records. Mayor Kai Wegner stated: "The State of Berlin will not give in to blackmail." Experts warn that the breach could have serious implications for individuals, as it includes personal data and information on critical infrastructure. The Berlin Senate is coordinating a response to the incident.

 

Deutsche Welle (EN)

Hospitality leaders warn that a new tourism tax could lead to the loss of 33,000 jobs in England. The Labour party's proposal allows mayors to impose an uncapped levy on overnight stays, which could cost the industry up to £1.6bn. Whitbread, owner of Premier Inn, and Butlin's have urged the government to reconsider, stating that the tax could undermine investment and job creation. Jon Hendry Pickup, chief executive of Butlin's, noted that the tax could make family holidays less affordable, impacting demand and hiring. Angela Rayner, Communities Secretary, defended the tax as a means to support local services.

 

Daily Express

Linklaters has reduced its trainee solicitor intake from 100 to 60, leading to a 1.7% drop in overall trainee numbers across 109 law firms, according to the Legal Cheek Firms Most List. While 25 firms increased their trainee numbers, 24 firms decreased them. The rise of solicitor apprenticeships is influencing these changes, as firms like Linklaters expand their apprenticeship programmes. Despite the decline, some US firms are increasing their trainee intakes in London. Meanwhile, Linklaters has poached Mark Gordon from Wachtell, He joins in November as managing partner of its Americas business and co-chair of global M&A.

 

Financial Times

Legal Cheek

Labour's planned mansion tax faces concerns over delivery as HMRC and civil service unions dispute office attendance requirements for staff preparing the scheme. Officials must revalue about 2.4m homes before annual charges begin in April 2028, with properties worth more than £2m facing bills of up to £7,500. A temporary four-day office requirement was dropped after union opposition, although HMRC is still reviewing hybrid working. PCS representative Kim Hendry said HMRC leadership had found "no difference in productivity between home-working and office-based" and warned the union could consider industrial action. Conservatives said the dispute showed the policy was in disarray, while HMRC insisted flexible working would not threaten implementation and said higher office attendance could still be required where necessary.

 

The Daily Telegraph

Employment Tribunal cases in England and Wales reached a record 70,000 from April to June this year, according to the Ministry of Justice (MOJ). With the Employment Rights Act 2025 beginning to bite, Single Employment Tribunal Receipts rose by nearly 30% compared to the previous year, while open caseloads increased by 51%. Michelle Morgan, head of employment at Gardner Leader, said: "The latest Employment Tribunal figures show that...the Government is failing to adequately resource an already overstretched system." Over half a million claims are currently pending, leading to longer waits and increased costs for both employees and employers.

 

City AM

Barclays could be liable for up to £37m due to its involvement in a collapsed Ponzi scheme linked to Denaro, a company that operated from 2013 until its closure last year. Denaro attracted nearly 1,000 investors, promising a 3% monthly return on loans. The founders allegedly misused Barclays accounts to transfer funds and pay returns, leading to significant losses for creditors. Liquidators Begbies Traynor argue that Barclays' banking services enabled the scheme. A judge has allowed the case to proceed, despite Barclays' attempts to dismiss it.

 

City AM

Former employees of Rockstar North have initiated an employment tribunal, claiming unfair dismissal linked to their trade union activities. Represented by the Independent Workers' Union of Great Britain (IWGB), 23 of the 34 dismissed workers are participating in the tribunal. Rockstar contests the claims, asserting that the dismissals were due to breaches of confidentiality, not union involvement.

 

London Evening Standard

Volkswagen is facing a potential €16bn crisis as it plans to cut 100,000 jobs globally, including an additional 50,000 on top of previous announcements. The closures of four production plants in Germany will incur costs of €10bn in redundancy payments and €6 bn for plant closures. Annual profits fell 44% to €6.9bn last year, largely due to competition from Chinese manufacturers and tariffs on US exports. Chief executive Oliver Blume noted that the workforce is about 15% too large and highlighted issues of duplication within the company.

 

The Times

Administrators of collapsed litigation funder Woodville Consultants are investigating at least £37m of lending to connected parties as they assess losses for investors owed an estimated £299m. Kroll said connected-party transactions were a “significant focus” and raised questions over their purpose, commercial rationale and recoverability. Administrators also cited poor records, limited co-operation from directors and uncertainty over loans to law firms, including borrowers that have failed. Much of Woodville’s recorded loan book comprised accrued interest, while security over several borrowers appears limited.

 

The Times

The Bank of England paid a record £35m in staff bonuses last year, with around 95% of its 5,500 employees receiving a performance award. Bonuses have increased 38% in three years, while 751 staff received more than £10,000 each. The payments come amid criticism of the Bank over persistent inflation, relatively high interest rates and cost-of-living pressures. A spokesman said bonuses are designed to “attract, retain and motivate a highly skilled workforce” and reflect individual performance. Under Governor Andrew Bailey, staff have received almost £168m in bonuses across six financial years.

 

The Daily Telegraph

HSBC is searching for a new chief financial officer following the announcement of Pam Kaur's retirement in 2027. Kaur, who has been with HSBC for 13 years, will not seek re-election but will continue in an advisory role. The bank is considering both internal and external candidates for her successor. Following the news, HSBC's shares fell by 1.4%, resulting in a loss of approximately £3.7bn in market value.

 

Financial Times

City AM

Daily Mail

Almost 40% of Ryanair shareholders have voted against a pay deal that could yield a €150m payout for its boss Michael O’Leary.

 

Financial Times