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Thursday newspaper round-up: Unemployment, British Steel, Metro Bank

By Michele Maatouk

Date: Thursday 17 Oct 2019

Thursday newspaper round-up: Unemployment, British Steel, Metro Bank

(Sharecast News) - Millions more people in Britain are without a job than shown by official unemployment figures, according to a study that suggests the jobless rate should be almost three times higher. According to research from the Organisation for Economic Co-operation and Development (OECD) and the Centre for Cities thinktank, large levels of "hidden" unemployment in towns and cities across Britain are excluded from the official government statistics. - Guardian
Trade union officials and MPs have voiced fresh concerns about the prospect of British Steel being sold to the Turkish military pension fund. Ataer Holdings, owned by the Turkish army retirement fund Oyak, is in exclusive talks to buy British Steel out of liquidation, with the result of discussions likely to be announced within weeks. If it goes ahead, the takeover is expected to secure the future of a site in Scunthorpe, one of the UK's last two blast furnace steelworks, as well as the jobs of more than 4,000 staff. - Guardian

The next Bank of England Governor must be positive about Britain's future, encourage Government investment and keep interest rates above zero, Dame Helena Morrissey has said. She is a Brexiteer, star fund manager and potential candidate to replace Mark Carney, though she has not commented on her own chances of getting the job. - Telegraph

Metro Bank is under pressure from the Bank of England to hire an industry veteran as its next chairman, as the troubled lender braces for another set of gloomy financial results. The lender is understood to be facing demands to hire an experienced insider in place of Metro founder Vernon Hill, who is stepping down as chairman following a disastrous year in which a major accounting gaffe left investors nursing huge losses. - Telegraph

The chairman and founder of Berkeley Group has banked almost £80 million in the past three months after selling shares in the housebuilder. Tony Pidgley, 72, sold a million shares in the FTSE 100 company for £42 million this week, on top of the million shares he sold for £37.2 million in July. The latest sale reduced his stake in the business by a quarter. He now holds a 2.1 per cent stake that was worth more than £120 million at last night's share price close of £44.54. - The Times


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