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Monday newspaper round-up: Credit report, Uber, drug spat, Canyon Bridge

Market Buzz

Monday newspaper round-up: Credit report, Uber, drug spat, Canyon Bridge

Mon, 25 September 2017
Article viewed 1001 times
Monday newspaper round-up: Credit report, Uber, drug spat, Canyon Bridge

(ShareCast News) - Britain's biggest banks are braced for new restrictions on consumer lending as the Bank of England today prepares to unveil the results of its review of the booming sector. Credit cards, unsecured loans and car finance deals have all surged in popularity over the past year, leading Mark Carney and his colleagues on the powerful Financial Policy Committee (FPC) to investigate if there are any growing risks in the sector. - Telegraph
The far right stormed into the German parliament for the first time in more than 50 years yesterday as it capitalised on fears about the influx of migrants under Angela Merkel, who held on for a fourth term as chancellor. More than five million voters ignored appeals from Mrs Merkel and other mainstream leaders not to back the Alternative for Germany (AfD) as it came third with 13 per cent of votes and about 90 seats in parliament. In the former East Germany it came second. - The Times

Germany's federal elections, whatever coalition Angela Merkel forms after the victory of her CDU party, are unlikely to make much difference either to Brexit or, ultimately, the European project. Analysts and commentators say Brexit campaigners' hopes that with the vote behind her, Merkel - especially if her government included the pro-business Free Democratic party (FDP) - would back a favourable deal for the UK were always misplaced. - Guardian

Uber has hired top barrister Thomas de la Mare to lead the ride-hailing app's appeal against its London ban, picking a QC who has successfully fought Transport for London (TfL) before. The company, which on Friday received notice from the capital's transport regulator that its operating licence would not be renewed, has also drafted in law firm Hogan Lovells. - Telegraph

The credibility of an expert witness put up by the pharmaceuticals industry has been shot down by a NHS watchdog in a legal row over drugs pricing. Court papers obtained by The Times show that the National Institute for Health and Care Excellence (Nice) has dismissed evidence from drugs companies as "plainly not independent". - The Times

The boss of the Chinese-backed private equity firm behind a proposed £550m takeover of Imagination Technologies is already eyeing further acquisition opportunities in the UK. Ray Bingham, partner at Canyon Bridge, told The Daily Telegraph that there are other British technology businesses that it is looking at and the firm is in the process of raising more money from investors. "There are UK companies in other technology areas that are still consistent with our strategy", he vowed. - Telegraph

Deliveroo has been valued at more than $2 billion in its latest investment round, more than 1,300 times the gross profit it achieved last year. The London-based food service, which had losses greater than the £128.5 million it generated in revenues in 2016, has secured $385 million of new funding from backers of companies such as Facebook, Airbnb and Tesla. - The Times

The fierce battle for dominance among online estate agents has led to a surge in the number of complaints upheld against them for misleading adverts. The Advertising Standards Authority has upheld 45pc more complaints against property companies in the first nine months of this year alone ­compared with the whole of 2016, with much of the increase blamed on online agents. - Telegraph

Apple and Google have been named the world's most valuable brands for the fifth consecutive year. Interbrand raised the value of Apple's brand to $184 billion last year. Amazon, Facebook and Netflix also crept higher in its rankings. - The Times

An app that hopes to do for motoring what Airbnb did for accommodation has entered a partnership with local government to enable employees to drive each other's cars for work trips rather than use council-owned vehicles. Hiya Car is taking on traditional hire businesses and car clubs with its peer-to-peer service, which lets people rent out their cars when not using them. - The Times