THE DAILY BRIEFING

PAIR JAILED Two fraudsters have been jailed for stealing £7.5m from 193 vulnerable and elderly people by selling them worthless land.

Drew Hales, 32, and James Byrne, 59, worked for a business called Paramount Land which persuaded victims to hand over their life savings.

They were locked up respectively for four years and three months, and 18 months.

OIL FLOAT Russian billionaire Oleg Deripaska’s EN+ has set its IPO at $14 per share – the lower end of its guidance.

The power-to-aluminium company wants to raise around £750m at a valuation of around £6bn, to help pay down debt.

It will be the first IPO by a Russian company in London since Moscow’s annexation of Crimea, which triggered sanctions from the West.

REVENUE RISES Surging sales across its luxury division helped boost cosmetics giant L’Oreal.

Sales grew 5.1pc in the three months to the end of September to £5.4bn – driven by sales in the luxury division which was up 11.2pc.

PROFITS SOAR The owner of the New York Stock Exchange made a £427.6m profit in the three months to September 30 – up 21pc on a year earlier. Bosses at Intercontinental

Exchange launched a £919m share buyback offer for investors.

SOVEREIGN CASH Singapore’s sovereign wealth fund is investing £90m in business lender Oaknorth in exchange for a 10pc stake.

The bank last month raised £154m from The Clermont Group, Toscafund and Coltrane.

TECH INVESTMENT Currency business Transferwise has raised £214m from investors including Silicon Valley venture capital firm IVP – an early backer of tech titans Netflix, Twitter and Snap.

LICENCE BID Pre-paid card company Cashplus is seeking a banking licence from the Financial Conduct Authority to boost its profits.