Good morning! Here’s what you need to know.
1. Uber’s head of operations, Ryan Graves, a long-time ally of former chief executive Travis Kalanick, is stepping down from his full-time job at the company. Graves will, however, continue to serve on Uber’s board.
2. The UK Serious Fraud Office said it expects to decide next year whether it will file criminal charges in bribery investigations related to drugs giant GlaxoSmithKline and aero engine company Rolls-Royce. The SFO launched an investigation into GSK and its subsidiaries in 2014. Britain’s biggest drugmaker has already been fined a record 3 billion yuan ($US452 million) by Chinese authorities for paying bribes to doctors to use its drugs.
3. Mexico could pull back on cooperation in migration and security matters if the United States walks away from talks to renegotiate the North American Free Trade Agreement, the Mexican economy minister said. Ildefonso Guajard told the Reforma daily that new tariffs on Mexican exports to the United States were unacceptable.
4. Oil prices fell on concerns of lingering global oversupply as Russia considered a future output resumption and OPEC boosted its July production numbers. Russian oil producer Gazprom Neft considers it “economically feasible” to resume production in mature fields after a global agreement among OPEC and non-OPEC expires, a representative of the company said.
5. Akzo Nobel does not have to let shareholders vote on the position of its chairman, a Dutch court ruled on Thursday, handing the Dutch paint company another victory in its continuing battle with activist investor Elliott Advisors. Elliott, Akzo’s largest shareholder with a 9.5% stake, holds Chairman Antony Burgmans responsible for Akzo’s rejection of a €26 billion ($US30.5 billion) takeover proposal from US rival PPG Industries.
6. Wells Fargo non-executive Chairman Stephen Sanger is expected to step down before the bank’s shareholder meeting next spring, the Wall Street Journal reported. Elizabeth Duke, vice chair of Wells Fargo’s board, is expected to replace Sanger, the Journal reported, citing people familiar with the matter.
7. Ford’s division in Germany said that all its vehicles and engines, including its latest diesel motors, comply with current emissions guidelines. Germany’s WirtschaftsWoche magazine reported earlier that the Mondeo model was being inspected by the German vehicle authority KBA for the possible use of cheating devices.
8. In areas served by Uber, Lyft and other ride services operate, consumers may buy fewer cars and take fewer trips, according to a new study. The study, compiled by the University of Michigan Transportation Research Institute, Texas A&M Transportation Institute and Columbia University, focused on Austin, Texas, where on-demand services like Uber and Lyft pulled services due to a local ordnance.
9. Barclays named former Citigroup banker Barry Rodrigues as the head of its Barclaycard International credit card division. Rodrigues, formerly the head of Citi’s digital payments business, will be based in New York in his new role and will start in early November, the bank said.
10. Chinese news aggregator Toutiao, backed by Sequoia Capital and CCB International, is raising at least $US2 billion at a valuation of over $US20 billion, Reuters reported. The fundraising comes after the startup raised $US1 billion at a $US11 billion valuation towards the end of 2016, according to two of the people.