Tuesday newspaper round-up: Quindell, UK supermarkets, Japan...

18th Nov 2014 06:42

Insurance claims processor Quindell has ousted founder and chairman Rob Terry from its board "in a dramatic attempt to restore investor confidence", writes the Financial Times. The company is expected to announce the news on Tuesday morning, the paper said, citing people familiar with the situation.Goldman Sachs has claimed that the "only viable option" for the UK's largest supermarket chains to turn around their performance is to close one in five of their shops, reports The Telegraph. Goldman said that the "major decisions that will shape the future of the UK grocery market are yet to be taken".Japan unexpectedly sank into recession in the third quarter, reports The Guardian, contracting by 0.4%. The economy shrank at an annual rate of 1.6%, compared with analysts' forecasts for 2% growth, "raising the prospect of a snap election as the country's prime minister, Shinzo Abe, attempts to secure a mandate to breathe life into the world's third biggest economy", the paper said.House prices in China declined for the second consecutive month in October, the Financial Times has said. Prices fell by an annual rate of 2.5%, the worst year-on-year fall since the current data series started in 2011.Music equipment firm Focusrite is set to float on AIM, according to The Times. The company, which makes studio gear under the Saffire and Scarlett brands, is expected to be valued at £80m.According to The Times, national utility group Saudi Electric is in talks with EDF Energy about taking at least a 10% stake in the £24.5bn development at Hinkley Point in Somerset, "Britain's first nuclear reactor for a generation".Industry figures have warned that Mark Carney's plans to make bankers pay back their salaries if they are found to have acted improperly might clash with the EU's bonus cap, writes The Telegraph.