EXCLUSIVE: GM cancels deal with new US rare-earth magnet plant, documents say - Reuters

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• Chancellor plans to cut 'pointless paperwork' to save businesses up to £800m

  The Chancellor aims to cut "pointless paperwork" to save businesses up to £800m, part of a broader effort to support businesses amid rising costs. The Treasury targets a 25% reduction in regulation by the end of the current Parliament. The Confederation of British Industry (CBI) Chief Executive Rain Newton Smith welcomes the plans, while the shadow chancellor argues the unemployment act has worsened the situation.

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• Rare steel watch estimated at $240,000 sells for $1.016m in New York

  A rare stainless-steel watch by independent watchmaker Kari Voutilainen sold for $1.016 million at a Phillips auction in New York, exceeding its highest estimate of $240,000. The timepiece, a Voutilainen 28Sport Limited Edition numbered 5 of 8, was offered by its original owner and sold for more than four times its upper estimate. The watch featured a blue guilloché dial surrounding a black onyx centre and came with its certificate and original presentation box.

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• Japan to change tax-free shopping rules for tourists from Nov 1

  Japan will implement new tax-free shopping rules for tourists, requiring upfront payment of consumption tax and claiming a refund upon departure, aiming to prevent resale of tax-exempt goods. This change aims to prevent visitors from purchasing tax-exempt items and reselling them within Japan.

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