PRESS DIGEST- Financial Times – Oct 22

Oct 22 (Reuters) – The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

– Volkswagen fined by UK regulator for treatment of customers in financial trouble

– Nigeria rejects Shell’s planned sale of $1.3 bln onshore production unit

– UK will provide $3 bln towards G7 loan for Ukraine

– UK workers’ rights reforms to cost businesses 5 bln pounds a year

– Serious Fraud Office probes £112mn hotel built by leading UK trade union

Overview

– UK’s financial regulator, the Financial Conduct Authority, on Monday fined Volkswagen Finance, the motor lending arm of the car manufacturer, 5.4 million pounds ($7 million) for unfairly treating financially-stretched customers between 2017 and 2023.

– Nigeria has rejected Shell’s proposed $1.3 billion sale of its onshore oil production unit, dealing a blow to the oil major’s plans to exit the troubled shallow water sector in the Niger Delta region.

– The UK will provide $3 billion as part of a G7 loan to Ukraine, leaving only the US and Japan to agree their contributions to the $50 billion lending package, which will be repaid with profits generated from frozen Russian state assets.

– Labour’s package of workplace reforms will cost UK businesses up to 5 billion pounds ($6.49 billion) a year as companies get to grips with the new rules, the government said in an analysis of its employment rights bill.

– The UK Serious Fraud Office is investigating a hotel and conference centre in Birmingham built by Britain’s second largest trade union Unite Union and has been valued at tens of millions of pounds below its construction cost.

(1 British pound = $1.2987) (Compiled by Bengaluru newsroom)

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