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Saturday Papers: Volkswagen to axe 30,000 jobs worldwide

And Deutsche Bank chief says bank rules benefit US only as  concerns mount ahead of Basel negotiations to harmonise standards.

Saturday Papers: Volkswagen to axe 30,000 jobs worldwide

Top stories

  • The Guardian: Volkswagen is to axe 30,000 jobs as part of a restructuring designed to help the German carmaker recover from the diesel emissions scandal.
  • Financial Times: John Cryan, chief executive of Deutsche Bank, says global banking rules are “only for the benefit of the US” - in the latest sign of mounting concern in Germany over a meeting to harmonise transatlantic standards.
  • The Times: Fund managers face 18 months of uncertainty after the City watchdog said that it was considering recommending a competition investigation into the industry, amid concern that savers are getting a raw deal.
  • Financial Times: Theresa May will put billions of pounds of investment in infrastructure, science and research next week at the heart of an “unashamedly pro-business” agenda, as she seeks to repair strained relations with corporate Britain.
  • Financial Times: China’s domestic stock markets look set to be denied entry into international benchmarks for the fourth year in a row next year unless Chinese regulators remove “major obstacles” before June.

Business and economics

  • The Times: Bankers will flock to Saudi Arabia this weekend to pitch for a role in the multitrillion-dollar listing of the state-owned oil giant.
  • Financial Times: British investors in actively managed investment portfolios are losing out on close to half the returns made by simpler, market tracking funds over a 20-year period owing to the high fees being levied in the asset management industry.
  • The Guardian: Google has reversed its decision to disable the accounts of customers who resold the company’s new Pixel phone, after a chorus of complaints over the company’s imposition of a “digital death penalty” for a minor infraction.
  • The Times: Vodafone has found itself the unwitting victim of a 15-year feud between Indian billionaire brothers as the company’s foray into the world’s second-largest mobile phone market continues to struggle.
  • Financial Times: Nationwide revealed it is pulling out of commercial real estate lending to focus on less risky business as it reported a drop in profit following pressure from record low interest rates.
  • The Times: Rolls-Royce faces further questions after the world’s largest long-haul airline complained of technical problems in its engines weeks before they were due to enter service.
  • Financial Times: Police have made three arrests following the theft of hundreds of new handsets and a data breach at Three, the UK’s fourth-largest mobile operator, which resulted in the illegal accessing of more than 133,000 of its customers’ accounts.
  • Financial Times: Fuller Smith & Turner, the UK brewer and pub operator, has reported improved revenues and profits but warned that a “storm” of factors may force it to raise prices next year.
  • Daily Mail: Shares in Greek shipping company DryShips – which is listed in the US – soared 1,500% in the days after president-elect Trump's victory as worried hedge funds dumped their bets that the troubled business was about to go bust.
  • Daily Mail: Celebrity-favourite footwear and accessories brand Jimmy Choo continues to buck the trend of a slowdown in the luxury industry as it benefits from a weaker pound.
  • The Daily Telegraph: The Rio Tinto executive sacked by the mining group over a bribery scandal has quit his board role at Rolls-Royce; the engineering group used a regulatory statement on Friday lunchtime to announce Alan Davies had resigned from his non-executive directorship with immediate effect.

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