Thursday newspaper round-up: Exporters, UK car industry, Phoenix Group

Britain’s exporters have seen their overseas trade stagnate over the past year despite strong growth in domestic demand for their products and booming export markets, according to a survey. The British Chambers of Commerce (BCC) said that a survey of 2,600 exporters found a quarter had suffered a fall in exports and another 46% reported no change. – Guardian

The UK car industry has said it will not be able to produce a million vehicles a year until 2025, two years later than expected, after the global sector was hit by a string of crises. Russia’s invasion of Ukraine, Covid-19 lockdowns in China and continued shortages of computer chips have all combined to stall the recovery in car-making, leaving manufacturers unable to supply enough cars to willing buyers. – Guardian

A Saudi Arabian prince has taken a £190m stake in Britain’s biggest pension provider as the Gulf state expands its foothold in the City of London. Saudi royal Alwaleed bin Talal Al Saud revealed he had taken a stake of just over 3pc in Phoenix Group through his Kingdom Holding Company. The investment makes the Saudi royal the sixth biggest investor in Phoenix. – Telegraph

British courts will have the power to award damages in Bitcoin under new proposals to bring the legal system into the crypto era. The Law Commission has told the Government English law needs a new category of property to cover crypto assets, including digital currencies such as Bitcoin and non-fungible tokens (NFTs). – Telegraph

The owner of Facebook and Instagram has suffered its first drop in revenue as it struggles with a global advertising slowdown, stronger dollar and mounting competition. Meta Platforms fell short of Wall Street’s expectations in the latest quarter and forecast another drop in sales in the next. Shares in the world’s largest social media group retreated by 4.1 per cent, or $6.88, to $162.70 during after-hours trading in New York last night. – The Times