Thursday newspaper round-up: Factory workers, Four Seasons, China steel dumping

Michele Maatouk WebFG News | 09 Nov, 2017 07:22 | | |


A shortage of factory workers is starting to push up pay rates but wage rises in the services sector remain rooted at around 2%, according to the latest feedback from the Bank of England’s regional agents. The central bank said its agents, which are based in offices across the country, found that shortages this month across the manufacturing sector were leading to a “slight increase in pay growth” that would take average rate of pay rises up by half a percent, from 2-3% this year to 2.5%-3.5% in 2018. – Guardian

Struggling care home provider Four Seasons, which is responsible for 17,000 elderly and vulnerable people, is set to be taken over by a US hedge fund in a complex rescue deal being closely monitored by regulators. Four Seasons has buckled under the pressure of state funding cuts, a shortage of EU nurses since the Brexit vote, higher costs after the introduction of the national living wage and meeting repayments on a debt pile of £525m. – Guardian

21st Century Fox's quarterly revenue topped market estimates on Wednesday as higher advertising sales and revenue from traditional and online distributors boosted its cable business. The company’s shares were up nearly 1pc in extended trading. The results come after CNBC reported on Monday that Fox had, in the last few weeks, held talks about selling most of its film and television assets to Walt Disney. The two sides are not currently in discussion, CNBC had reported. - Telegraph

Tom Hayes, the former trader serving 11 years in jail for Libor rigging, has won his battle to have a lifetime ban from the finance sector paused while he fights to overturn his conviction. Mr Hayes appeared in court via a video link in September to argue thatthe so-called prohibition order that was imposed by the Financial Conduct Authority (FCA) last December, but only made public on Wednesday, should be put on hold while the Criminal Cases Review Commission (CCRC) review his case. – Telegraph

British jobs would be put at risk by government plans not to match the EU’s tough stance on dumped imports after Brexit, the steel industry has warned. The government this week outlined its plan for a trade remedies authority, to investigate claims about imports unfairly priced below what they cost to produce. However, an official said that it would not toughen its trade defence measures even if the EU 27 do. – The Times

An American bear raider has launched a scathing attack on a biotech company heavily backed by Neil Woodford, claiming that a key treatment is likely to prove a failure. The assault by Kerrisdale Capital, a New York-based short-seller, is made in a damning report on the prospects of Prothena Corporation, a $2 billion-plus company in which Mr Woodford’s Patient Capital Trust investment vehicle is the biggest shareholder. – The Times

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