Bank chiefs boycott Saudi conference, UK wages rise at fastest rate since the financial crisis, and more top news

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Banking chiefs at HSBC and Standard Chartered have pulled out of Saudi Arabia’s Future Investment Initiative. The executives are protesting the disappearance of Washington Post columnist Jamal Khashoggi, a Saudi journalist and prominent government critic. Uber, BNP Paribas and JPMorgan Chase are among those who have withdrawn from the event, dubbed “Davos in the Desert”. Sir Richard Branson has also halted talks over a ￡756m Saudi investment in Virgin space firms.

Pay packets rose at their fastest pace since the financial crisis during the three months to the end of August, as the number of people in work remains near a record high. The Office for National Statistics reported average weekly earnings, excluding bonuses, were 3.1% higher in the year three months to August than in the same period a year earlier. Just last week Bank of England chief economist Andy Haldane said he saw signs of a "new dawn" for wage growth.

Royal Mail's decision to award its new chief executive a ￡5.8m tax-free joining fee has been criticized by UK MPs. Rico Back, who took over leadership of Royal Mail in April, was awarded the sum despite 70% of shareholders in the company coming out against it. In a letter to the head of Royal Mail's remuneration committee, MPs asked why Back would be receiving 17% more than his predecessor, Moya Greene. Back's ￡5.8m payment is exempt from tax as the division from which he is joining, GLS, is headquartered in the Netherlands.

John Lewis is offering a “private shopping” service for big spenders willing to fork out an eye-watering ￡10,000. The service is one of 20 new offerings at the retailer’s new Cheltenham outlet. Wealthy shoppers will be able to shop after normal hours in a luxury experience akin to at its Bond Street stores. John Lewis hopes new services and the introduction of experience desks, where a concierge helps book appointments for treatments such as a blowdry or manicure, will help it compete with online retailers.

KPMG could be facing a record ￡7m penalty for misconduct. The Financial Reporting Council has alleged misconduct in KPMG’s audits of Equity Red Star, a Lloyd’s home and motor insurance underwriter. If granted, the ￡7 million fine will be a UK record, topping the ￡6.5 million paid by PWC over its audits of collapsed retailer BHS. Meanwhile, Patisserie Valerie has called an emergency shareholder meeting, just days after reports emerged the cafe chain is considering suing auditor Grant Thornton for failing to spot a ￡40 million “black hole” in its finances.

This article has been updated. From earlier: Aid workers are set to face rigorous background checks as the UK trials a new online vetting platform.

Idea of the Day: You can learn important business lessons from playing video games, writes author Bernard Marr.

“Use the momentum you get after a success … to catapult you forward. You become incredibly vulnerable when you let the success diminish your attention to detail or cloud your judgement.”

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— Natalie MacDonald