Wednesday newspaper round-up: Flash crash, insurance, immigration, StanChart

The UK investigation into October’s “flash crash” in sterling has focused heavily on the Japanese trading operations of Citigroup, which fired off repeated sell orders that exacerbated the pound’s fall, according to bankers and officials involved in the inquiry. Citi’s traders are not believed to have started the slide in the currency in thin Asia trading but its Tokyo desk played a key role in sending the pound to its lowest levels in 31 years, bankers and officials said. - Financial Times

The ability of the global insurance industry to manage society’s risks is being threatened by climate change, according to a new report. The report finds that more frequent extreme weather events are driving up uninsured losses and making some assets uninsurable. - Guardian

The new president of the trade body that represents the UK pharmaceutical industry says she will make access to breakthrough medicines a key focus of her tenure. Lisa Anson, who is head of AstraZeneca in the UK, was named president of the Association of the British Pharmaceutical Industry at the trade body's annual general meeting last night. - Telegraph

The British economy will see its growth hampered by a fall in immigration from Europe following the Brexit vote but low-paid workers in some sectors will see a “modest boost” to their income, according to the National Institute of Economic and Social Research. In a new report Niesr predicts that in the case of a “middle-range Brexit”, where EU immigration falls by as much as 91,000 a year, the growth of gross domestic product per capita will be 3.4 per cent lower by 2030 than it would have been otherwise. - Financial Times

Standard Chartered, the FTSE 100 emerging markets-focused bank, is looking at setting up a legal base in either Dublin or Frankfurt to ensure it can continue doing business in the European Union following Brexit. Banks based in the UK are fearful that they will lose their so-called passporting rights, which allow them to sell their services across the EU, once Britain leaves Europe.

One of the companies behind the continuing Southern rail fiasco is expected to be revealed as the new operator of the Manchester Metrolink tram network. An announcement from Transport for Greater Manchester is due as early as next week and industry sources insist that it will involve Keolis, a British division of the French state railway SNCF. - The Times

The US Supreme Court has thrown out an order forcing Samsung to pay Apple $399m (£314m) for copying key parts of the iPhone, a victory for the Korean group in the long-running dispute between the two smartphone giants. The ruling is likely to further reduce the amount that Samsung ultimately owes Apple after a verdict in 2012 that its Galaxy smartphones infringed on patents related to the iPhone. - Telegraph

Donald Trump sold all of his shares in companies in June, aides said on Tuesday, a move that may have raised substantial cash ahead of the presidential election and if confirmed could ease some, but not all, concerns about potential conflicts of interest. Trump’s stock portfolio included shares of companies including Apple Inc, Microsoft Corp, JPMorgan Chase & Co and a host of others, according to a financial disclosure form filed in May. - Guardian

The British chief operations officer of Lego has been selected to lead the company after the biggest organisational shake-up in its 84-year history. Bali Padda, who has been with the company for 14 years, will become the first non-Dane chief executive of the toymaker, replacing Jorgen Vig Knudstorp, who rescued the brand from near-financial collapse in 2004. - The Times