Friday newspaper round-up: Pound, Snapchat, Saudi Aramco

A “fat finger” error by a trader or computerised chain reaction was thought responsible as the pound plunged to a new three-decade low during early trading in Asia on Friday – adding to the huge losses sterling had already suffered amid speculation that Britain is heading for a “hard Brexit”. The pound fell almost 10% at one point to US$1.1378, prompting confusion among traders who were struggling to identify any news or market event that could have been to blame. - The Guardian

Snap, the company behind the popular messaging app Snapchat, is laying the groundwork for a $25 billion flotation next year. It is drawing up paperwork for an initial public offering that could take place as early as March, according to The Wall Street Journal. Snapchat users share photos and short videos with each other. The images, or snaps, self-destruct within a time frame picked by the sender. Snap makes money from posting advertisements on Snapchat. - The Times

Saudi Aramco is expected to publish its full annual accounts for the first time, as the state-controlled oil producer seeks to boost transparency in preparation for an initial public offering. The company, which pumps more than 10 per cent of the world’s crude oil, is preparing to list 5 per cent of its shares in 2018, offering international investors the chance to own a stake in what is easily the world’s biggest oil company. - The Times

Heathrow is hoping an 11th-hour push pegged to Brexit will secure approval to build a third runway, with a final verdict from the government expected within a fortnight. A government committee chaired by the prime minister, Theresa May, is understood to be on the verge of deciding whether new runway capacity will be added at Gatwick or Heathrow, and industry insiders expect a verdict on 18 October. - The Guardian

Deutsche Bank is slashing another 1,000 jobs in Germany as the beleaguered lender battles to convince investors it has a solid future. The reduction is on top of 3,000 German job losses announced in June. Almost half of the latest cuts will hit the company’s head operating office and the rest will be spread over several other departments. - The Daily Mail

The chief executive of private equity firm SVG Capital is set to pocket up to £8.1million following a fierce bidding war to take over the business. Goldman Sachs and Canada Pension Plan Investment Board have launched a £1.1billion joint bid to buy SVG. Their proposal is supported by the board and is likely to beat a rival £1billion offer from US competitor HarbourVest. - The Daily Mail