Marston's selling 137 pubs, IAG to buy Air Europa

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Marston's said it was selling 137 pubs to Admiral Taverns for £44.9m as part of its plan to cut debt through the disposal of non-core assets.

The pubs being sold are smaller wet-led leased, tenanted and franchised pubs, the company said in a statement, adding that the deal is expected to complete before the end of November.

International Consolidated Airlines Group (IAG) has agreed to purchase Air Europa for €1bn through its wholly-owned Iberia airline.

The company, which also owns British Airways and Aer Lingus, said the move will transform its Madrid hub into a true rival for other European airports such as Amsterdam, Frankfurt, London Heathrow and Paris Charles De Gaulle.

Newspaper round-up

Online casinos should be subject to maximum stake limits similar to the £2 limits imposed on fixed-odds betting terminals (FOBTs), according to a report released by a group of MPs who are demanding a “root and branch” overhaul of gambling law. In a wide-ranging report, members of the cross-party group on gambling-related harm – who include high-profile Conservatives such as Iain Duncan Smith – called for a raft of measures to protect vulnerable people. – Guardian

A new coalmine in Cumbria has been given the green light by the government in the same week that the Treasury launched a review into how the UK can end its contribution to global heating. The developer, West Cumbria Mining, said the £165m mine would create 500 jobs. The Cumbrian MP Tim Farron called the decision “a kick in the teeth in the fight to tackle climate change”. – Guardian

Rules designed to restrict the number of people who cash in their final salary pensions could mean savers miss out on £25bn, according to a specialist. Since 2015’s freedom reforms reforms, billions of pounds have flooded out of gold-plated defined benefit (DB) schemes to more flexible modern pension plans. – Telegraph

Saudi Arabia’s state-backed oil giant has launched its long-awaited flotation to widespread scepticism that it can achieve its coveted $2 trillion valuation. Shares in Saudi Aramco will be offered to private investors for the first time in an initial public offering (IPO) that experts believe is likely to value the world’s biggest oil company at closer to $1.5 trillion. – The Times

Business confidence picked up in October as concerns over Britain leaving the European Union eased but the outlook for investment remained poor, according to a series of company surveys. Although optimism in the economy is fragile, companies became more hopeful as the prospect of a no-deal Brexit on October 31 receded, Lloyds Bank’s business barometer found. – The Times

US close

The Dow Jones Industrial Average closed up 1.1% at 27,347.36, the Nasdaq finished 1.1% higher at 8,386.40 and the S&P 500 rose 1% to 3,066.91.