Wednesday newspaper round-up: Pump prices, buy-to-let, Brexit costs

Motorists are set to feel the pinch on petrol station forecourts after new figures showed that British fuel prices have hit the highest level in more than a year. The slide in the value of the pound has already sent the average price of unleaded petrol surging to 112.35p a litre, the most expensive since August 24 last year, according to figures from the Department for Business, Energy and Industrial Strategy. - The Times

The buy-to-let market is showing early signs of recovery after the number of investors crashed in April. Online property portal Rightmove reported that inquiries for buy-to-let properties had jumped 30pc since May following a sharp fall in transactions and a short-term dip in interest after stamp duty was hiked by 3pc for buy-to-let properties and second homes. - Telegraph

The British economy will be hit by a “permanent cost” of more than £25bn a year if it decides to withdraw from the EU customs union, a new government adviser on Brexit has said. Raoul Ruparel, who has been hired by David Davis to provide expertise on the process of leaving the EU, said he believed there was no question of the UK staying in Europe’s free-trade bloc. - Guardian

Facebook is fighting back against US tax authorities, which the social network says are asking for too much information over allegations that the company undervalued assets when it transferred them to Ireland. The world’s largest social network has accused the IRS of being “extraordinarily broad” when it issued summonses to obtain documents that may help it establish if Facebook’s accountants undervalued the assets by billions of dollars. - Financial Times

PureGym sent jitters through the new issues market yesterday, after Britain’s biggest fitness club operator put plans to raise £190 million on ice because of fresh post-Brexit volatility. Bankers who had been looking forward to an IPO bonanza as markets stabilised last month are nervous again as prospects for a hard Brexit and currency fluctuations create uncertainty. - The Times

The first face-to-face talks between the boss of Southern Rail and the leader of the RMT union are to be held on Wednesday in an attempt to resolve the six-month-long dispute. Conductors on Southern, which is ultimately operated by Go-Ahead Group, will be on the second day of three consecutive days of action, with a further four 72-hour strikes planned over the autumn. - Guardian

Communities Secretary Sajid Javid has promised a “radical” set of reforms to boost the housing market as he admits that current government policy is barely keeping up with demand. Mr Javid said that the measures the Government had outlined last week, including £5bn of funding to support smaller developers and encourage innovative building methods, were “short term” and that a fundamental reshaping of housing policy was needed. - Telegraph

A leading Wall Street bank has blamed a dearth of market trading for the flash crash that sent the pound tumbling in a matter of minutes last week. Analysts at Bank of America Merrill Lynch blamed “phantom liquidity” for the fall and warned that an increasing shortage of active buyers and sellers in the foreign exchange markets was becoming a significant concern. - The Times

Almost 2,000 British staff face the axe as Japanese IT giant Fujitsu launches a series of cost cuts. One in five of the company’s UK workforce - some 1,800 workers - are set to lose their jobs as it begins a consultation across all areas of the business. - Telegraph

Companies should be fined for trying to dump pensions commitments during takeovers, according to the body that takes control of pension schemes when businesses fail. The Pension Protection Fund has called for stronger anti-avoidance regulation in evidence to MPs on the work and pensions select committee. - The Times

A BT ad campaign fronted by Deadpool star Ryan Reynolds has been banned following a complaint from rival Virgin Media. The big budget campaign, which featured Reynolds parodying his fast-paced Hollywood lifestyle, ran across TV, national press and online. - Guardian

J Sainsbury has revealed its latest look for the “supermarket of the future” — and it resembles a department store. Britain’s second-largest grocery group said that while it was “never going to be a John Lewis”, it was mimicking some aspects of department store retailing to draw shoppers to its new “one-stop-shop” large format. - The Times

Tens of thousands of Uber drivers in the UK could qualify for holiday and sick pay when an employment tribunal reconvenes in London on Wednesday, in what has been heralded as the employment law case of the year. In July lawyers representing 19 drivers contested their status as self-employed workers. - Guardian

The companies owed money by Lehman Brothers when it collapsed eight years ago are set to avoid a tax bill of more than £1bn on their bigger-than-expected refunds, after the bank’s administrators in Europe won a legal fight with HMRC. The High Court criticised HMRC’s “inconsistent” and “confusing” statements about what taxes were due, as it sided with Lehman Brothers International Europe's administrators PwC and ruled that creditors should not pay income tax on the interest they are earning while their money is tied up in the failed bank. - Telegraph