10 things you need to know in markets today

Good morning! Here’s what you need to know on Wednesday.

1. British Steel has emerged from the UK’s steel crisis with its first international acquisition, less than 18 months after Tata abandoned the troubled business, the Telegraph reports. British Steel’s owners have announced its first deal to buy FN Steel, which employs around 300 people in the west of the Netherlands, where it makes premium wire rods used by many major European car makers.

2. Uber is looking to hire a UK chairman, it emerged Tuesday evening, after just last week being stripped of its licence to operate in London and as arch-rival Lyft eyes a move into the market, the Telegraph reports. The ride-hailing firm has hired The Inzito Partnership to conduct the search.

3. The finance director of Northgate has been sacked after he was convicted of assault, the Times reports. Northgate said in a statement to the London stock exchange that Paddy Gallagher, 54, had been “summarily dismissed due to his conviction for the summary offence of common assault.

4. Thousands of jobs could be at risk in Northern Ireland after a US adjudication against the aircraft manufacturer Bombardier, Sky News reports. America’s Department of Commerce has made a “preliminary finding” that the Canadian company had received unfair state subsidies and sold below cost.

5. A cluster of ‘superfunds’ created by pooling £1.5trn of assets in existing retirement schemes offers the best route to mitigate Britain’s growing pensions crisis, a City taskforce will say this week. Sky News reports that a committee established by the Pensions and Lifetime Savings Association (PLSA) will follow up an earlier report by warning that the current system with thousands of smaller defined benefit (DB) schemes operating independently is “placing the retirement savings of millions…at risk”.

6. The ousted boss of Airbus UK has landed at Cobham, the troubled quoted aerospace group, the Times reports. Paul Kahn was forced out of the Franco-German planemaker in the summer after less than three years in the job in a barely disguised falling out over Brexit and the future of Airbus’s substantial interests in the UK.

7. Asian markets fell on Wednesday, with MSCI’s broadest index of Asia-Pacific shares outside Japan off 0.1% at three-week lows following bellicose statements by Trump and North Korean leader Kim Jong Un.

8. The former boss and chief operating officer of Afren, a London-listed oil and gas exploration business, are to be charged with criminal offences in relation to an alleged £45 million fraud that led to the collapse of the £2 billion company, the Guardian reports. Osman Shahenshah, 55, the ex-chief executive, and Shahid Ullah, 58, formerly chief operating officer, appeared in Westminster magistrates court on Tuesday charged with two counts of money laundering and two counts of fraud. They will face the charges formally on Wednesday.

9. The chief executive of embattled credit agency Equifax announced his retirement on Tuesday, in the wake of a massive data breach that exposed the personal information of 143 million people, the Guardian reports. Richard Smith, 57, retired with immediate effect, becoming the third senior executive to leave since the breach was reported earlier this month. Equifax’s chief information officer and chief security officer have also left the company.

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