Thursday newspaper round-up: Apple, Vauxhall, business rates, Uber

Apple has shrugged off a record run of declining iPhone sales and the brewing Chinese trade war to post an increase in revenues as its fast-growing wearable technology division plugged the gap. Shares rose as much as 3pc following the news, with Apple appearing to break clear of Microsoft as the world’s most valuable listed company. - Telegraph

Trade union leaders are demanding urgent talks with PSA, the French owner of Vauxhall’s Ellesmere Port car plant, as the group negotiates a potential merger with Fiat Chrysler worth almost $50 billion. Unite warned of a “deeply unsettling” time for British car workers after the two companies confirmed that they were discussing a transatlantic tie-up that would create one of the world’s biggest carmakers. - The Times

The government must urgently examine alternatives to business rates instead of “sticking plasters” on a system in need of reform, a group of MPs has warned. The Treasury select committee said that the tax placed an unfair burden on struggling high street retailers and that the system of reliefs was too bureaucratic and complex to function well. It called on the government to consider alternatives including a land value tax, an online sales levy or a profits tax. - The Times

Transport for London made Uber promise to verify drivers’ identities and ensure their documents are genuine in exchange for a temporary licence to operate, in a deal that drew an incredulous response from the trade body for black-cab drivers. The ride-hailing firm was granted a two-month extension to its licence in September after TfL refused to issue it with a full permit to operate in the capital amid concerns over the company’s attitude towards the safety of passengers. - Guardian

A former director of QuickQuid’s owner continued to sit on an influential committee at the City regulator as the payday lender headed for administration amid mounting claims for compensation from customers sold-high interest loans. Nick Lord joined the Financial Conduct Authority’s regulatory decisions committee (RDC) in 2017, two years after he became a non-executive director of CashEuroNet UK, whose best-known brand was QuickQuid. - Guardian