BUSINESS LIVE: Inflation dips unexpectedly; Credit Suisse fined £147m

BUSINESS LIVE: Inflation dips unexpectedly; Credit Suisse fined £147m amid corruption scandal; Versace CEO joins Burberry

UK inflation slowed unexpectedly in September with prices rising by 3.1 per cent compared to a 3.2 per cent rise in August, Office for National Statistics data released today shows.

The dip comes amid expectations that inflation will hit 4 per cent before the end of the year, with the Bank of England signalling it may act with an interest rate hike earlier than initially expected.

Credit Suisse has been slapped with a fine of more than £147million by the UK’s Financial Conduct Authority over corrupt loans, which it arranged for Mozambique in the so-called tuna bond scandal.

The troubled Swiss banking giant arranged debt worth more than £940million for the south east African nation, but these loans were ‘tainted by corruption’, the FCA found.

British fashion giant Burberry has hired the current boss of Milan-based Gianni Versace Jonathan Akeroyd as its new chief executive.

The group has been searching for a replacement for Marco Gobbetti since June, with its current CEO set to leave at the end of 2021.

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The Swiss bank has also agreed to write off £145million of debt which it was owed by Mozambique