Thursday newspaper round-up: Fiat Peugeot, British Airways, AJ Bell
Britain’s largest trade union is seeking assurances over about 2,600 manufacturing jobs at Vauxhall after the carmaker’s parent company, PSA, announced a £38bn (€45bn) merger with Fiat Chrysler that will create the world’s fourth-biggest carmaker. Vauxhall’s workforce includes 1,100 staff at its Ellesmere Port plant in Wirral and around 1,500 people making the Vivaro van in Luton. PSA, which also owns Peugeot, and Fiat Chrysler confirmed there would be no plant closures as part of €3.7bn in cost savings targeted from the deal, but the Unite union immediately raised concerns. – Guardian
British Airways has taken a nosedive in UK passengers’ opinions and is now rated just above Ryanair at the bottom end of the airline rankings. The flag carrier was among the worst rated for food, seat comfort and value for money on both short and long-haul services in the annual Which? poll. BA questioned the accuracy of the survey, which is based on 6,500 readers’ opinions rather than comprehensive data, and found the best short-haul airline to be Aurigny Air, a small Channel Islands turboprop operator. – Guardian
The founder of investment platform AJ Bell insisted he remains committed to the business after selling £23m worth of shares to raise “a few quid to go and play with”. Andy Bell, chief executive of the firm he co-founded in 1995, reduced his stake from 25pc to 24pc and will remain the company’s largest shareholder. – Telegraph
A flurry of profit warnings rocked London’s junior market yesterday, prompting concerns that political uncertainty and a global economic slowdown have hit smaller British businesses. Five companies listed on Aim admitted that results for this year would not meet the expectations of their bosses or investors. – The Times
The City has broadly welcomed sweeping changes to the audit process proposed by a government review that is expected to have far-reaching implications for corporate governance. The review by Sir Donald Brydon, 74, yesterday called for the creation of an audit profession independent from accountancy and governed by its own standards. He put forward a redefinition of audit that adds greater value to stakeholders than simply confirming and verifying financial statements. – The Times