Friday newspaper round-up: Nigel Farage, diesel prices, Kraken Technology

(Sharecast News) - Chancellor Rachel Reeves is to announce a new City "skills compact" that will commit firms such as Barclays and Lloyds to retraining thousands of financial sector workers for the AI revolution. The financial services skills compact will be launched on Tuesday, during what is likely to be Reeves's final Mansion House speech to City bosses before Andy Burnham's expected takeover of No 10. The government-backed initiative will commit employers to improving workers' skills and helping them "keep pace" with significant technological changes that have prompted fears of mass redundancies. - Guardian Police are investigating donations worth £500,000 made to Reform UK by the mother of a convicted fraudster and ally of Nigel Farage. The investigation concerns two donations of £250,000 made by Fiona Cottrell, whose son George has often accompanied Farage to Reform events and media appearances. The May 2024 donations are under investigation over whether they were intended to conceal a donation by an impermissible donor. - Guardian

Drivers are braced for higher diesel prices after Russia triggered a global supply crunch by halting exports. The wholesale price of diesel jumped by almost 14pc in the wake of the Kremlin's announcement on Wednesday, which threatens to drive up costs at the pump. Diesel prices in the UK are already up by 8p since the start of the month, pushing the average cost of a litre to 164.8p. - Telegraph

The City regulator says it has slashed the time it takes to handle some cases from hours to a matter of minutes after bringing in artificial intelligence technology. The Financial Conduct Authority is turning to AI to boost the efficiency of its staff, like many of the tens of thousands of financial services businesses that it oversees. - The Times

A British defence start-up whose uncrewed vessels support military and defence operations has secured unicorn status after raising $175 million from investors including the British Business Bank. Kraken Technology, based in Fareham, Hampshire, has been valued at $1 billion in an investment round led by Digital Transformation Capital Partners, a German investor, which also included backing from the Nato Innovation Fund and Rheinmetall, the German defence group. - The Times