Shadow international trade secretary says Sir John Rose ‘is not fit to hold his knighthood’ if he was aware of the actions during his reignLabour called for the former chief executive of Rolls-Royce to lose his knighthood, after the company admitted “extensive systemic bribery and corruption” during the period in which he ran the manufacturer of jet engines.
Sir John Rose held the job between 1996 and 2011 at the Derby-based corporation, which was forced on Tuesday to adm
- Two mistakes from the US educational publisher would be understandable. Their confidence three months ago? Less soForecasting is difficult, especially about the future, as the old line goes – but is it quite as hard as John Fallon, chief executive of Pearson, makes it seem?Two errors in 2016 were understandable, or at least not unique. Most big US educational publishers were too optimistic about the numbers of students enrolling in US colleges and the number of students who would opt to re
- There will not be great anxiety in the EU if Theresa May suggests the UK uses tax to “regain competitiveness” in the context of Brexit (Tax haven threat starts week of talking tough, 16 January). The UK is already a tax haven, and oversees large quantities of tax dodging. Of the 15 worst tax havens identified by Oxfam’s recent report, Britain is responsible for four, including the top two of Bermuda and the Caymans.We also need to know if what the chancellor said to Welt am Son
- Rolling coverage of the second day of the World Economic Forum in DavosUS vice-president Joe Biden: 1% not pulling their weightBiden defends Nato, hits out at PutinGerman minister: Europe must spend more on defenceLagarde: middle classes in crisisLondon Mayor in Davos to fight hard Brexit6.47pm GMTThe official Davos sessions are now over for the day, although there are plenty of working dinners taking place (most off the record, alas). 6.35pm GMTIt wouldn’t be Davos without a dose of euroz
- The US government has continually mined the bank for some of its top posts despite its role in the 2008 financial crisis – and protests are popping up across the country again in response to Donald Trump’s cabinet picksIn a persistent drizzle on 17 January, a group of protesters swathed in green ponchos unfurled tarps and sleeping bags on the sidewalk in front of Goldman Sachs’ high-rise building on the West Side highway in New York City. A few of them wore handmade swamp creat
- It’s meaningless to bundle up countries like China and Saudi Arabia with poorer economies such as Bangladesh and EthiopiaA comment piece published earlier this week calculated that for every $1 of aid that developing countries receive, they lose $24 in net outflows. The piece by Jason Hickel, which draws on a report by Global Financial Integrity (GFI), concludes that “poor countries don’t need charity. They need justice.” Rich countries, he argues, should act to stop the
- Premier Foods, which also owns Ambrosia and Oxo, blames post-Brexit-vote slide in pound and rising commodity prices Shares in Premier Foods, the maker of Mr Kipling cakes, Ambrosia rice pudding and Oxo stock cubes, have fallen sharply after it warned profits would be hit by rising costs linked to the fall in the pound since the Brexit vote. After a tough quarter in the run-up to Christmas, Premier said annual trading profits would be 10% lower than previously expected. City analysts had pencille
- Bank allegedly charged black and Hispanic mortgage customers moreJP Morgan denied wrongdoing, saying prices were set by independent brokers Related: JP Morgan Chase to pay $264m over Chinese 'princelings' bribery scheme JP Morgan Chase agreed to pay $55m to settle charges that the bank discriminated against “thousands” of minorities seeking home loans by charging them higher rates and fees. Continue reading...
Donâ€™t be fooled â€“ Theresa Mayâ€™s Brexit plan wonâ€™t appease the markets for long | David BlanchflowerThe announcement that parliament will get a vote on a final deal was welcome. But the prime minister’s speech does nothing to lift the fog of uncertaintyThe big fear with Theresa May’s Brexit speech was that the pound would tank and that the markets would respond as negatively as they had to most of her previous utterances. The opposite happened, and it rose to $1.24, up almost 3% on the day, after it had already risen on Tuesday morning on news that inflation had reached a two-year
- No access to EU’s single market and replacement deals potentially decades away heightens uncertainty for UK businessesTheresa May’s speech on Tuesday was the government’s first informative announcement on what the UK will look like after Brexit.
A customs union with the EU has been ruled out so the UK can negotiate trade deals with countries outside the EU. This hard Brexit would mean that, after we leave, the UK will trade with the EU and the rest of the world under World Trad
- Little-known scheme could put thousands of pounds back into pensions of grandparents who take time off work to look after grandchildren under 12
As many as 100,000 grandparents are missing out on national insurance credits that could boost their state pension by thousands of pounds over the course of their retirement, a former minister has claimed.The former Liberal Democrat MP Steve Webb, now director of policy at mutual insurer Royal London, said a freedom of information request to HM Revenue
- John Fallon has presided over a string of mishaps at the educational giant and a plunge in the share priceForecasting is difficult, especially about the future, as the old line goes – but is it quite as hard as John Fallon, chief executive of Pearson, makes it seem?Two errors in 2016 were understandable, or at least not unique. Most big US educational publishers were too optimistic about the numbers of students enrolling in US colleges and the pace at which all students would opt to rent,
- Pamphlet distributed to members who own 1,276 permanent seats offers advice on maximising resale profits on ticketing sitesRoyal Albert Hall members have exchanged detailed advice on how to sell their seats on ticket touting sites, prompting the venue’s former president to label its stewardship a “national disgrace”. The members, about 330 individuals who own 1,276 permanent seats in the 5,272 capacity venue, were sent a document offering tips on how to use online resale sites.
- Some financial firms using network want to reduce fees they pay to allow charge-free withdrawals from most of 70,000 ATMsThousands of Link cash machines could start charging for withdrawals as a result of a row about fees among members of the ATM network.The dispute centres on a move by some of the financial firms which use the Link network to reduce the fees they pay to allow their customers to withdraw cash from most of Link’s 70,000 cash machines across the UK. Continue reading...
- Education giant plans sale of stake in Penguin Random House to Bertelsmann as it cuts payout to shareholdersAlmost £2bn was wiped from the stock market value of Pearson after the beleaguered FTSE 100 company issued profit warnings for the next two years and said it would cut its payout to shareholders.The group is also putting up for sale its 47% stake in publisher Penguin Random House.Continue reading...
- Shoppers travel from all regions of the world to stock up on luxury goods as sterling’s fall makes money go furtherThe Brexit vote and the slump in sterling that followed the referendum has delivered a big boost to sales at luxury label Burberry – powered by overseas shoppers who have flocked to the UK to stock up on branded goods.The classic British label, famous for its beige check design, said sales in the UK surged by 40% in the final three months of 2016, boosted by strong deman
- IMF head wins support from outgoing US vice-president Joe Biden as she uses American term for working people in demanding action over rising inequalityThe head of the International Monetary Fund, Christine Lagarde, has called for urgent action to tackle a “middle-class crisis” hitting working people as she warned that inequality, distrust and a lack of hope were fuelling growing populism.Speaking at the World Economic Forum in Davos, Lagarde said she had first highlighted the dangers
- New Economics Foundation prepares to pilot co-produced nurseries in effort to tackle London’s ‘failing’ childcare modelIn one corner of the large, light room a two-year-old carefully dollops red paint on to an egg box. Elsewhere kids play together, or chat to one of the several adults present, and occasionally a young girl in a long yellow dress sweeps past.This is Grasshoppers in the Park, an east London nursery where professional staff and parents work together to create chil
- Fewer people are in work and wage growth has slowed, latest figures showBritain’s labour market showed signs of slowing in November as the number of people in work declined and wage growth slowed for the first time since August.The number of people in employment fell by 9,000 to 31.8 million while month-on-month wage growth, including bonuses, dropped from 2.9% to 2.8%. Continue reading...
- Company announces restoration of normal timetable after Aslef calls off three strikes next week and overtime ban is liftedSouthern will restore a full train service from next Tuesday after industrial action by drivers was suspended. The company said it would not be possible to reintroduce a full timetable before then because work rosters were issued before Aslef called off three strikes next week and lifted an overtime ban.Continue reading...
- Trade has led to higher living standards in Asia and elsewhere. Are globalisation’s critics against eradicating global poverty?I was recently in beautiful Chile for a Futures Congress, and I had a chance to travel south to the very tip of Latin America. I also recently made a BBC radio documentary called Fixing Globalisation, in which I criss-crossed the UK in search of ideas for improving certain aspects of it and discussed topical issues with well-known experts. In both cases, I saw thin
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- UK’s biggest mobile phone company has been unable to identify all the users who were billed inaccuratelyMobile phone company EE has been fined £2.7m by Ofcom for overcharging tens of thousands of customers.
EE is owned by telecoms giant BT, which acquired the mobile operator last year in a £12.5bn deal.Continue reading...
- Midwives and teachers will see real pay drop by more than £3,000 by 2020 if 1% limit on rises is enforced, says union bodyNurses, teachers and firefighters’ pay will drop by thousands of pounds in real terms by the end of the decade unless the government softens its stance on public sector salaries, the TUC has said in a new analysis.The trades union organisation calculated that midwives, teachers and social workers will see their real pay, which accounts for the impact of inflation,
- Why not hunker in a bunker as the world winds to an end Continue reading...
- The departure signs were not updated and the flight was called after the gate was closedMy husband was supposed to join me at a friend’s wedding in France on an easyJet flight to Toulouse. He never made it because the departure boards at Gatwick airport were not updated to show the flight was delayed. The new departure time was not posted and the flight was not called until after the gate had closed.Continue reading...
Libor scandal: the bankers who fixed the worldâ€™s most important number | Liam Vaughan and Gavin FinchWith arrogant disregard for the rules, traders colluded for years to rig Libor, the banks’ lending rate. But after the crash, the regulators wereon their trailAt the Tokyo headquarters of the Swiss bank UBS, in the middle of a deserted trading floor, Tom Hayes sat rapt before a bank of eight computer screens. Collar askew, pale features pinched, blond hair mussed from a habit of pulling at it when he was deep in thought, the British trader was even more dishevelled than usual. It was 15 Se
- Chinese president defends globalisation at WEF in Davos, saying there will be no winners in a trade warChina’s president, Xi Jinping, has delivered a strong defence of globalisation, serving notice to Donald Trump that Beijing will seek to usurp America’s traditional role as the champion of free trade and open markets.Xi used an hour-long address to the World Economic Forum (WEF) to take a number of sideswipes at the US president-elect, attacking Trump’s protectionist views wit
- The travel agent is cancelling all flights to Gambia until 20 January, thanks to ‘potential military intervention’Are you being affected by the political situation in Gambia?Thomas Cook is to fly almost 1,000 UK customers out of the Gambia, following a change in Foreign Office advice due to unrest in the country.The west African nation has become a political battleground following presidential elections last month, with incumbent leader Yahya Jammeh unwilling to hand over power to th
- The engineering giant has admitted the scale of the scandal in court – but we must still ask who knew what, and whenFor Rolls-Royce, the company, the book is now almost closed. It has apologised “unreservedly” in court for the bribery and corruption in its midst in the period 1989 to 2013. It will pay £671m in penalties, the lion’s share in the UK. It has changed its senior management. And, under the terms of the deferred prosecution agreement (DPA) with the Serious
- Sterling makes biggest one-day gain against dollar since 1998, but analysts say rally likely to be temporaryThe pound has clocked up its biggest one-day gain against the dollar since 1998 as traders seized on Theresa May’s pledge that parliament would vote on any Brexit deal and welcomed some clarity on the government’s plans for leaving the EU.The FTSE 100 headed in the other direction, recording its biggest daily fall since the immediate aftermath of the Brexit vote in June. The sh
- Settlement of £671m means engineering giant will avoid being prosecuted by anti-corruption investigators in UK, US or BrazilThe engineering giant Rolls-Royce has apologised after it was found to have paid bribes including a luxury car and millions of pounds’ worth of cash to middlemen to secure orders in six countries, including Indonesia, Russia and China.Britain’s leading multinational manufacturer made the admissions on Tuesday at the high court in London, a day after it was
- Theresa May is only at the start of discussions about trade, immigration and investment. We speak to a number of experts about what happens nextThe prime minister could not have given a clearer message. But a departure from the single market is a defeat for businesses that have been lobbying for as free and easy an access to the single market as possible. Continue reading...
- Union members had planned three-day walkout next week that would have brought Southern’s services to a halt A strike by train drivers on Southern rail planned for next week has been suspended and talks announced, raising fresh hopes of a resolution to the long-running dispute.The TUC will host talks from Wednesday between Southern’s owner, Govia Thameslink Railway (GTR), and the train drivers’ union Aslef. Continue reading...
- From May, your old money won’t be legal tender and may not be accepted in shops. Here’s what to do if you are stuck with someYou may be hanging on to your rumpled old fivers out of affection for a simpler time when you didn’t have to worry about the meat content of your wallet. But that time is up, folks. You must spend those retro paper £5 notes now or, come May, face the kind of shame usually reserved for those who try to spend Scottish notes south of the border.On Frid
- Train maps no longer specify stations where passengers needing assistance can turn up and travelSouthern rail users with disabilities face delayed journeys or the prospect of no longer being able to board some trains after the company said there was no “cast-iron guarantee” that assistance would be available at all stations.Southern has admitted it may have to book taxis for disabled travellers who cannot complete their journey because the only member of staff on the train is the dri
- Older British homeowners are withdrawing nearly £6million worth of property equity every day to bolster their retirement spending.
- One passenger recovered half his season ticket cost from Amex. We examine the chances of others following himSeason ticket holders on strike-hit train lines could be in line for thousands of pounds in compensation after one commuter successfully claimed £2,400 back from his credit card company.The regular commuter on Southern trains, known only as “Sean”, applied to American Express for a 50% refund claiming non-delivery of the service. But how did he manage it, and does this m
- The two-year window in which pay rises briefly outstripped inflation is well and truly over. Time to brace for higher prices and static wages Inflation is about to do at home what currency movements have done to your holiday money abroad – devalue the pound in your pocket.Rising air fares, more expensive food and a bump in the cost of fuel at the pumps pushed inflation to 1.6% in December, effectively ending a brief two-year period when wages outstripped price rises by a wide margin. Conti
- MOVES-HSBC hires Maskell for financial sponsors role
London South East (registration) (blog)
LONDON, Jan 17 (IFR) - HSBC has hired Alexis Maskell from Deutsche Bank to head its account coverage within its financial sponsors group. HSBC said in a memo to staff seen by IFR that Maskell will report to Gilles Collombin, head of its financial ...en meer »
- THE pound leapt against the dollar and the euro amid a pivotal Brexit speech by Theresa May, marking the currency's largest jump since July, but the FTSE 100 has stumbled.
- US president-elect’s protectionism and populism stir debate and soul-searching as a sense of change fills the Alpine airHamlet without the prince. That, bluntly, is how Davos feels this year.The usual caravan of business leaders, academics, clerics, journalists and celebs has trekked up into the high Alps for their annual January get-together, but the man everyone is talking about is 3,000 miles away awaiting his inauguration in Washington later this week. Continue reading...
- Financial Reporter
East of England drives November house price growth: UK HPI
House prices rose by 6.7% in the year to November 2016, up from 6.4% in the year to October 2016, according to the latest UK House Price Index from the ONS and Land Registry. The average UK house price was £218,000 in November 2016. This is ...en meer »
- THE cost of living in Britain has jumped to its highest level in two and a half years, thanks to the rising price of food and air fares.
- THE price of gold has jumped by more than one per cent as nervous traders pile into the investment safe haven ahead of a speech by the Prime Minister.
- BRIEF-UK subprime lender Provident Financial sees FY results in-line with ...
... * Group expects to report results for 2016 in line with market expectations, with each business meeting its internal forecast. * Vanquis Bank delivered Q4 new account bookings ahead of prior year. * Total new account bookings for 2016 were 406,000 ...
- While startups use many strategies to get in front of the buyers of major retailers, knowing the market inside out is essential
When a major retailer lists a startup’s products, it can be the turning point. Sudden exposure to a much larger audience often provides a catalyst for next-stage business growth. However, the stumbling block for many aspiring entrepreneurs is making the initial connections with those all-important big brand buyers.“Buyers do want to engage with interesting s
- I’ve called and emailed but it can’t be bothered to respondPlease help me get an explanation for the non-delivery of a Christmas bouquet from Debenhams Flowers. I am on a mailing list and there was a half-price offer (£25 rather than £50), so I bought a festive centrepiece. On 25 November I placed the order, which was to be delivered two days before Christmas. I received an email saying it had been despatched, including a link to delivery company DX, but the flowers did n
- Financial Tribune
UK Worst for Jobs, Pay, Living Standards
Britain ranks one of the worst advanced countries for employment opportunities, pay, living standards and social inclusion. That is according to the World Economic Forum, which released a major new report entitled “WEF Inclusive Growth and Development ...en meer »
- DUNHILL and Lucky Strike firm British American Tobacco has agreed a £40.8 billion takeover of US rival Reynolds in a deal creating the world's largest listed tobacco company.
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