Thursday Newspaper Roundup: Exporters, UK Auto Industry, Phoenix Group

UK exporters have seen their foreign trade stagnate over the past year despite strong growth in domestic demand for their products and booming export markets, a survey has found. The British Chambers of Commerce (BCC) said a survey of 2,600 exporters found a quarter had suffered a decline in exports and 46% reported no change. – Guardian

Britain’s auto industry has said it won’t be able to produce one million vehicles a year until 2025, two years later than expected, after the global sector was hit by a series of crises. Russia’s invasion of Ukraine, China’s Covid-19 lockdowns and the continued shortage of computer chips have all combined to stall the recovery of car manufacturing, leaving automakers unable to supply enough cars to buyers volunteers. – Guardian

A Saudi prince has taken a £190m stake in Britain’s biggest pensions provider as the Gulf state expands its presence in the City of London. Saudi royal Alwaleed bin Talal Al Saud has revealed that he took a stake of just over 3% in Phoenix Group through his Kingdom Holding Company. This investment makes the Saudi royal family the sixth largest investor in Phoenix. – Telegraph

UK courts will have the power to award Bitcoin damages under new proposals to bring the legal system into the crypto age. The Law Commission has told the government that English law needs a new class of property to cover crypto assets, including digital currencies such as Bitcoin and non-fungible tokens (NFTs). – Telegraph

The Facebook and Instagram owner suffered its first revenue drop as it grapples with a global advertising slowdown, a stronger dollar and growing competition. Meta Platforms fell short of Wall Street expectations in the last quarter and expects sales to decline further in the next. Shares of the world’s largest social media group fell 4.1%, or $6.88, to $162.70 in after-hours trading in New York last night. – The temperature