Afternoon Press Round-Up
Below are the key headlines from today’s updated papers, featuring the Financial Times, The Times, The Telegraph, The Daily Mail & more - see the full Press section here.
Car crash for Nissan as chairman Carlos Ghosn fired for pay ‘misconduct’. One of the car industry’s most feted executives — Nissan chairman Carlos Ghosn — was stunningly fired on Monday for “serious misconduct” including under-reporting his salary and misuse of company funds. The 64-year old — the first foreigner to lead a Japanese company — is chairman of Nissan, Renault and Mitsubishi after building a strategic alliance of the three car-making giants nearly 20 years ago. Combined sales by the trio reached 10.6 million cars last year, or one-in-nine passenger cars sold worldwide. Shares in Renault, where Ghosn is also chief executive, plunged 13% and Nissan’s Europe-traded stocks slumped 12% amid reports of Ghosn’s arrest in Tokyo after a probe by Japanese prosecutors.
Troubled TSB hires veteran Debbie Crosbie to replace outgoing boss Paul Pester as bank tries to turn fortunes around after IT debacle. Debbie Crosbie has been appointed chief executive of TSB as the bank looks to move on from an IT debacle which caused trouble for thousands of customers. The chaos ultimately led to the departure of boss Paul Pester in September. Crosbie will take up the role in 2019 and joins after 20 years at rival CYBG, most recently as chief operating officer. Chairman Richard Meddings said under the new leadership the bank will focus on ‘putting things right for customers’.
Diploma starts to stockpile parts ahead of Brexit. has started building inventory levels of parts ahead of Brexit, the engineering firm which supplies components for Formula 1 cars said on Monday. The FTSE 250 firm is stockpiling some of its “faster-moving product lines” in the UK. That includes wires and fasteners used by motor and aerospace clients. Although the UK only accounts for 26% of the group’s overall revenues, Diploma warned it could be hit when Britain leaves the bloc. Executive chairman John Nicholas said a “prolonged disruption at the UK’s borders” could affect its supply chain here. It is hoped that increasing inventory will mitigate the hit from any potential significant disruption after March 2019.
Apple chief says tougher data regulation is inevitable. The chief executive of Apple has said that tighter regulation of big technology companies is inevitable following recent scandals over the use of personal data. Tim Cook said that he had been a supporter of self-regulation but that had changed after “deeply personal” data became “weaponised” by companies. “Generally speaking, I am not a big fan of regulation,” he told the website Axios. “I’m a big believer in the free market. But we have to admit when the free market is not working. And it hasn’t worked here. I think it’s inevitable that there will be some level of regulation. Last month he called for the United States to introduce tough EU-style data protection laws. He believes that Congress will have to pass legislation to tighten up the use of personal data at some point.
Noel Edmonds likely to file £60m Lloyds lawsuit on Wednesday. TV star, expected to join I’m a Celebrity this week, says gains will fund charity to help banking victims. The TV and radio star Noel Edmonds, who is expected to join ITV’s I’m a Celebrity … Get Me Out Of Here jungle camp this week, is also likely to fire the starting gun on a £60m lawsuit against . The Deal or No Deal star has also pledged to use a portion of any gains from the pending lawsuit to fund a charity for banking victims. Edmonds’ lawyers are expected to serve Lloyds Bank with a pre-case letter this Wednesday, although the formal claim may not be filed until early December. Lloyds Bank said: “We are still waiting for Mr Edmonds to file his legal claim. If he does file his claim, it will be contested.”
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