The 10 biggest business stories on Wednesday November 25
George Osborne to deliver Autumn Statement and Spending Review; Thomas Cook confident on 2016 after strong winter demand; UK Mail boss Guy Buswell is to leave with immediate effect
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Your support makes all the difference.1. George Osborne to deliver the Spending Review and the Autumn Statement to parliament today. The Chancellor will give a five-year forecast of how it will spend around £4 trillion of taxpayers' money. He is expected to announce more budget cuts in order to fix public finance.
2. Toyota on Wednesday said it was reissuing a recall for around 1.6 million cars in Japan to check for possible faulty airbag inflators.
3. British holiday company Thomas Cook said strong demand for winter holidays gave it confidence for 2016, as it set out plans to grow core earnings by over 120 million pounds in the coming years. The group reported its first profit in five year, with profit after tax of £19 million in the 12 months ended 30 September.
4. United Utilities plans to accelerate its capital expenditure programme for the next five years and invest up to 800 million pounds in its current financial year, the British water supplier said.
5. Russia's Gazprom said on Wednesday it was halting gas supplies to Ukraine until it makes an upfront payment. Gazprom said Ukraine had received all gas it had paid for, adding it saw serious risks to secure gas transit to Europe via Ukraine in winter due to the stoppage.
6. Rolls-Royce's chief executive has said the company will be more transparent about the risks it faces and will cut up to £200 million of costs a year, the BBC reports.
7. UK Mail boss Guy Buswell is to leave with immediate effect, as shares in the delivery company he led have lost more than 43 per cent of their value since February.
8. The US economy grew more than expected in the third quarter, according to revised data from the Commerce Department on Tuesday, rising at an annual rate of 2.1 per cent, stronger than the 1.5 per cent pace initially estimated.
9. Deutsche Bank AG’s Swiss unit agreed to pay $31 million to receive a non-prosecution agreement in a US probe of banks in Switzerland that helped Americans evade taxes, Bloomberg reports.
10. Three mid-level bankers in Goldman Sachs' technology investment banking group in San Francisco have left to take positions at ride service company Uber in recent months, people familiar with the matter told Reuters.
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