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Good morning! Here’s what you need to know.
1. The value of a Brexit transition deal is “disappearing by the day,” according to a new report from influential financial lobbying group TheCityUK. “EU and UK negotiators cannot delay discussing a transitional deal any longer if they want it to hold any real value,” Miles Celic, TheCityUK’s CEO, said in a statement on Tuesday.
2. Drugmakers and medical devices companies are drawing up plans to protect supply chains in case of a hard Brexit. MeddiQuest, an eight-person consultancy specializing in medical technology regulations, is in the process of moving from outside Cambridge to Ireland.
3. Older iPhone 7 models are outselling the recently launched iPhone 8 ahead of the early November debut of the premium iPhone X, broker KeyBanc Capital Markets said. Traditionally, new editions of the iPhone have sold quickly as fans queue for the latest upgrade and the surveys would add to signs that the iPhone 8 is not proving as popular as its predecessors.
4. China is offering to buy up to 5% of Saudi Aramco directly. Chinese state-owned oil companies PetroChina and Sinopec have written to Saudi Aramco in recent weeks to express an interest in a direct deal, industry sources told Reuters.
5. JPMorgan launched a new payment processing network that uses blockchain technology, in partnership with Royal Bank of Canada and Australia and New Zealand Banking Group. Blockchain, a shared ledger of transactions maintained by a network of computers on the internet, is the technology that underpins cryptocurrency bitcoin.
6. Ukraine filed a World Trade Organization complaint challenging Russian trade restrictions on beer, vodka, juice and wallpaper. The Economy Ministry said it was launching its third trade dispute against Russia in as many years, accusing Moscow of illegal trading practices under WTO rules.
7. German Chancellor Angela Merkel played down suggestions that a regional election defeat for her party had made her job of forming a three-way national coalition harder. Merkel’s conservatives slumped to 33.6% – their poorest showing in Lower Saxony in nearly six decades.
8. Mexico’s Finance Minister Jose Antonio Meade said that the peso’s recent depreciation reflects uncertainty about the NAFTA renegotiation. The peso slipped over 1% on Monday to its weakest level since May 18.
9. Daimler is recalling 400,000 Mercedes-Benz cars in Britain and a few hundred thousand in Germany as part of a global recall caused by a potential airbag safety issue. Conducting paths related to affected vehicles’ steering columns could break and lead to an electrostatic discharge which could unintentionally deploy the driver’s airbag.
10. Digital Asset, a blockchain startup funded by some of the world’s largest banks, has raised $40 million as it expands globally. The funding round was led by Jefferson River Capital LLC, the family office of Tony James, president and chief operating officer of private equity firm Blackstone.