Friday newspaper round-up: Deliveroo, Jes Staley, Lloyds

Relations between the world’s two largest economies have hit “a new high”, Donald Trump’s commerce secretary has claimed, announcing a “herculean” trade deal between Washington and Beijing in the latest sign of warming ties. Trump frequently lashed out at China on the campaign trail, describing Beijing as an “enemy” of the United States. - Guardian

Deliveroo, the takeaway delivery company that relies on 15,000 self-employed couriers, has made changes to its contracts for riders following pressure from parliament. The gig economy company has removed a controversial clause in its “supplier agreement” that couriers could not challenge their self-employed status at an employment tribunal. – Guardian

The chief executive of Barclays, Jes Staley, has fallen victim to an email prankster pretending to be the bank’s chairman. In an embarrassing development, Mr Staley, who is under investigation from City regulators for twice trying to uncover the identity of a whistle-blower in contravention of bank rules, replied to emails pretending to be from chairman John McFarlane. – Telegraph

British virtual simulation firm Improbable has raised $502m (£390m) in a funding round led by Japan's SoftBank, in one of the largest investments ever made in an early stage European tech firm. Improbable said the investment would give SoftBank a "non-controlling" stake, meaning the funding round values Improbable at more than $1bn. - Telegraph

Lloyds Banking Group is set to pay millions of pounds in compensation to thousands of customers who were mis-sold investment products as “low risk” that turned out to be highly complex. The lender is writing to more than 7,000 customers of the bank and Scottish Widows, its investment arm, offering money to those who bought structured investments, which have been the subject of growing anger among consumer groups because the products were said to be too complex and performed poorly. – The Times

House of Fraser has picked the man behind the Goodwood Revival and Festival of Speed to run the department store business in an effort to boost the “experience” of shopping at its stores. In a surprise appointment, Alex Williamson, chief executive of the Goodwood Estate in West Sussex, will join House of Fraser in the same role at the end of July. – The Times