Good morning! Here’s what you need to know.
The legal challenge to triggering Article 50 starts today. The battle over Brexit reaches the High Court on Thursday in a legal challenge to Prime Minister Theresa May’s right to start negotiations for Britain to leave the European Union.
Lloyds is cutting jobs. State-backed Lloyds Banking Group said it planned to ax 1,230 jobs as part of a three-year restructuring plan aimed at cutting costs and improving returns for shareholders.
Oil production is increasing. OPEC reported an increase in its oil production in September to a multi-year high and raised its forecast for 2017 non-OPEC supply growth, pointing to a larger surplus in the market next year despite the group’s deal to cut output.
Robots are coming. Global turnover of service robots – which include robots that can mow the lawn or clean windows – is forecast to increase to about $46 billion in the 2016-2019 period, compared with about $7 billion in 2015, the International Federation of Robotics said.
France lashed out. French President Francois Hollande accused the United States of abusing its power by demanding multi-billion dollar fines from European companies while shielding its own firms.
You’ll be able to pay by nodding in China. Alibaba Group Holdings’ finance arm demonstrated a payment service that will allow virtual reality shoppers to pay for things in future just by nodding their heads.
There’s no help for Italian banks. Italian Economy Minister Pier Carlo Padoan ruled out any state intervention or a so-called “bail-in” to support the troubled lender Banca Monte dei Paschi di Siena.
Germany is considering tougher laws for migrants. EU citizens arriving in Germany without a job will have to wait five years before they can claim unemployment benefits, according to a new law approved by the German government.
The pound will keep falling. Deutsche Bank analysts said that, despite crashing almost every day for the last two weeks, sterling actually still remains substantially overvalued, pointing to even more drops in the pound’s value.
China bought more jets. China Southern Airlines, the country’s largest carrier by fleet size, has signed an agreement with Boeing to buy a dozen B787-9 jets worth $3.3 billion in the latest sign of booming Chinese demand for air travel.
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