Financial news

• Ukrainian oligarchs settle $2-billion dispute days before London court hearing

  22-01-2016 23:59
  
  LONDON (Reuters) - A $2 billion (1 billion pounds) legal dispute in London over ownership of a Ukrainian iron ore factory involving three of Ukraine's richest men was settled out of court on Friday, a spokesman for one of the oligarchs said.
  
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• Google to pay UK £130m in back taxes

  22-01-2016 23:47 via telegraph.feedsportal.com
  
  US internet giant has often been accused of failing to pay its fair share of taxes in Europe
  
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• 'Middle-class savers' pensions under threat', finance bosses warn

  22-01-2016 22:31 via telegraph.feedsportal.com
  
  The Government's draconian pension tax crackdown and last week's global stock market rout are bad news for savers trying to build comfortable retirement funds
  
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• Why much cheaper oil isn't all good news

  22-01-2016 21:18 via telegraph.feedsportal.com
  
  UK markets have become more dependent on energy and commodity firms, partly thanks to London's attractiveness to global capital
  
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• REFILE-UPDATE 1-Monte Paschi 'does not need capital increase' - chairman

  22-01-2016 20:54
  
  MILAN, Jan 22 (Reuters) - Banca Monte dei Paschi di Siena does not need a cash call and has a very strong liquidity position, the Italian bank's chairman was quoted as saying in a newspaper interview on Friday, as the bank brought forward the date for its results.
  
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• UPDATE 2-White House turns to Pentagon in major background checks overhaul

  22-01-2016 20:46
  
  WASHINGTON, Jan 22 (Reuters) - The U.S. government will set up a new agency to do background checks on employees and contractors, the White House said on Friday, after a massive breach of U.S. government files exposed the personal data of millions of people last year.
  
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• AmEx shares slump after forecast raises doubts about growth

  22-01-2016 20:38
  
  Jan 22 (Reuters) - American Express Co's shares are on track for their worst day in more than six years as the company's disappointing earnings forecast for the full year raised doubts about the viability of its business model.
  
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• UPDATE 4-GE doubles down on restructuring to combat slow growth

  22-01-2016 20:33
  
  Jan 22 (Reuters) - General Electric Co said on Friday that it would double its 2016 budget for restructuring spending to fight the effects of low oil prices and slow global growth that pummeled its earnings last year.
  
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• China's banking stress looms like Banquo's Ghost in Davos

  22-01-2016 20:30 via telegraph.feedsportal.com
  
  China is trapped. The more it burns through foreign reserves to defend the currency, the more it tightens domestic credit
  
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• China's banking crisis looms like Banquo's Ghost in Davos

  22-01-2016 20:30 via telegraph.feedsportal.com
  
  Unwinding of the 'debt supercycle' means China could become the next big domino to fall, forcing Beijing into a devaluation
  
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• Energy price wars? E.ON cuts new tariff just two days after launch

  22-01-2016 20:04 via telegraph.feedsportal.com
  
  In 48 hours E.ON, SSE and Extra Energy have all launched cheap new tariffs. But what can we expect from the rest of the big six?
  
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• UPDATE 2-Court filing offers rare peek at finances of Android

  22-01-2016 20:03
  
  Jan 22 (Reuters) - Google Inc paid Apple Inc $1 billion in 2014 to keep its search bar on the iPhone, Bloomberg reported, citing a transcript of court proceedings related to a copyright lawsuit filed by Oracle Corp against the search giant.
  
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• UPDATE 3-U.S. blocks Philips' $3.3 bln sale of Lumileds to Asian buyers

  22-01-2016 19:54
  
  * Philips will push ahead with Lighting sale, or IPO (Adds reaction from GO Scale Capital and U.S. experts on possible reason for the block)
  
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• UPDATE 2-Virginia reaches $63 mln pact with 11 banks in mortgage bond fraud suit

  22-01-2016 19:46
  
  Jan 22 (Reuters) - A group of 11 banks agreed to pay more than $63 million to settle allegations that they misled the Commonwealth of Virginia and its retirement system about residential mortgage backed-securities, Attorney General Mark R. Herring said on Friday.
  
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• FTSE 100 posts first weekly gain of 2016 as oil rallies

  22-01-2016 19:43 via telegraph.feedsportal.com
  
  Market Report: Antofagasta enjoys double rating upgrade
  
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• UPDATE 2-U.S. govt suspends enrollment in Cigna Medicare Advantage, drug plans

  22-01-2016 19:39
  
  Jan 22 (Reuters) - The U.S. government has suspended new enrollment in Cigna Corp's Medicare Advantage health insurance and prescription drug plans, saying Cigna had "widespread and systemic failures" that prevented patients from accessing medical services.
  
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• FTSE 100 posts first weekly gain of 2016 as oil rallies - live

  22-01-2016 19:38 via telegraph.feedsportal.com
  
  Market Report: Antofagasta enjoys double rating upgrade
  
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• Top 3.2pc 'expected' rate from new Sharia fixed-term account

  22-01-2016 19:37 via telegraph.feedsportal.com
  
  A new Sharia compliant five year fixed term deposit account from Milestone Savings is offering an expected profit rate of 3.2pc
  
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• WRAPUP 2-Strong U.S. housing data offers ray of hope for slowing economy

  22-01-2016 19:27
  
  WASHINGTON, Jan 22 (Reuters) - U.S. home resales rebounded strongly in December from a 19-month low and prices surged, indicating the housing market recovery remained intact despite signs of a sharp deceleration in economic growth in recent months.
  
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• UK watchdog 'deeply concerned' about leak of official statistics

  22-01-2016 19:22
  
  LONDON (Reuters) - Hundreds of British civil servants received unauthorised access to potentially market-sensitive data earlier this week before it was officially released, the country's statistics watchdog said on Friday.
  
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• Higher inflation is the price we will pay for a falling pound

  22-01-2016 19:18 via telegraph.feedsportal.com
  
  Headline inflation is likely to end 2016 much closer to 2pc than to the current rate of 0.2pc.
  
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• Nice way to travel by bus to the Alps | Letters

  22-01-2016 19:05
  
  Are there any bus companies in the UK that charge a flat fare of just over a pound (Opinion, 21 January)? The ones in Nice do, enabling you even to take a two-hour trip up into the Alps. The same sort of practice also applies in other parts of France. I don’t know how they can afford it, but it’s good news for travellers.
  Brian Saperia
  Harrow, Middlesex• The High Holborn public lavatory (Letters, 21 January) was not demolished – it was simply filled with hard-core and pati
  
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• Raise a Toast and help tackle the problem of food waste

  22-01-2016 18:46
  
  Hackney Brewery and food waste charity Feedback link up to launch quality pale ale that’s made from surplus loaves of breadIts makers joke that it is the best thing since sliced bread, as the first UK-produced beer made from discarded crusts and unsold loaves launches this weekend.Toast ale, made entirely from surplus bread that would otherwise by thrown away by bakeries, delicatessens and supermarkets is the brainchild of Tristram Stuart – who has linked up with Hackney Brewery to p
  
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• Legg Mason gets a foothold in campaign to re-engineer ETFs

  22-01-2016 18:44
  
  NEW YORK, Jan 22 (Reuters) - Legg Mason Inc said on Friday it bought a stake in a company re-engineering exchange-traded funds in the hope of improving the performance of the popular investment products.
  
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• Bankruptcy law for Puerto Rico counterproductive -insurers association

  22-01-2016 18:44
  
  NEW YORK, Jan 22 (Reuters) - The Association of Financial Guaranty Insurers (AFGI) said on Friday that granting bankruptcy protections to the government of Puerto Rico, which is struggling to pay its debts, would jeopardize its ability to reach a consensual debt restructuring.
  
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• Companies spend millions to gauge Brexit impact

  22-01-2016 18:43
  
  DAVOS, Switzerland, Jan 22 (Reuters) - Companies are spending millions of dollars to get ready for a British exit from the European Union and, with little idea of what that would look like, are preparing for higher costs and moving their headquarters from Britain.
  
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• UPDATE 1-Morgan Stanley still sees 20 pct chance of U.S. recession

  22-01-2016 18:40
  
  NEW YORK, Jan 22 (Reuters) - Morgan Stanley economists are clinging to their forecast of a 20 percent chance the U.S. economy will slip into recession in 2016 on evidence of contraction in the factory sector and signs of slowing among services industries.
  
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• FTC probes Turing over drug prices, Shkreli's lawyer says

  22-01-2016 18:34
  
  NEW YORK, Jan 22 (Reuters) - The Federal Trade Commission is investigating Turing Pharmaceuticals for possible antitrust violations following the company's decision to raise the price of a life-saving medicine, a lawyer for former Chief Executive Martin Shkreli wrote on Friday.
  
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• UPDATE 1-Jeff Ubben's ValueAct no longer AmEx shareholder - CNBC

  22-01-2016 18:32
  
  Jan 22 (Reuters) - Activist hedge fund ValueAct Capital Management LP, managed by Jeff Ubben, is no longer a shareholder in credit card issuer American Express Co, CNBC reported, citing sources. (http://bit.ly/23jsXaJ)
  
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• European shares see biggest rally since Oct, first weekly rise of 2016

  22-01-2016 18:32
  
  * Energy, mining shares lead advance as commodity prices rise
  
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• UPDATE 1-Italy says talks with EU on bad loan management going well

  22-01-2016 18:31
  
  DAVOS, Jan 22 (Reuters) - Talks between Italy and the European Union on how to manage a mountain of bad loans clogging up Italian banks are going well, Economy Minister Pier Carlo Padoan said on Friday.
  
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• Jeff Ubben's ValueAct no longer AmEx shareholder - CNBC

  22-01-2016 18:04
  
  Jan 22 (Reuters) - Activist hedge fund ValueAct Capital Management LP, managed by Jeff Ubben, is no longer a shareholder in American Express Co, CNBC reported, citing sources. (http://bit.ly/23jsXaJ)
  
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• California’s pioneering anti-slavery law lacks punch, report says

  22-01-2016 17:52
  
  A new report has found that only 14% of Californian companies comply with a law that aims to combat human slavery practices among global supply chainsLast month, the Guardian reported on Seuy San, a Cambodian construction worker who was kidnapped and forced to work in the Thai fishing industry. While harrowing, the details of San’s ordeal have becoming increasingly familiar since 2014, when the Guardian first broke the story of slavery in Southeast Asia’s seafood industry. And, as th
  
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• New savings allowance means Pensioner Bonds will now be tax free

  22-01-2016 17:45 via telegraph.feedsportal.com
  
  The new personal savings allowance will allow tens of thousands of "pensioner bond" holders to receive their interest tax-free at maturity, it has emerged.
  
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• UK Financial Regulatory Developments - January 2016 #6 - JD Supra (press release)

  22-01-2016 17:42
  UK Financial Regulatory Developments - January 2016 #6
  JD Supra (press release)
  The Commission has reported to EP and the Council on the effect of the revised International Accounting Standard (IAS) 19 on employee benefits, on the volatility of own funds of credit institutions and investment firms. The revision of IAS 19 led to ...
  

• REFILE-McKay seeks to keep financial misdeeds topical in "The Big Short"

  22-01-2016 17:41
  
  LONDON, Jan 22 (Reuters) - As turmoil in world markets revives memories of the 2007-2009 financial crisis, "The Big Short" director Adam McKay says he wanted to tackle the misdeeds of Wall Street in an entertaining but hard-hitting way, to ensure they are not forgotten.
  
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• Davos 2016: Sheryl Sandberg says 'toddler wage gap' is driving gender inequality - live

  22-01-2016 17:37
  
  Rolling coverage of the third day of the World Economic Forum in DavosLatest: wage inequality starts with chores, says Facebook COOCanadian PM: Reward non-macho companies, and don’t be scared of feminismLagarde has ‘energy’ for second IMF termOsborne tells businesses: my door is always openFull story: Draghi says refugees are an opportunity 4.13pm GMTCanadian PM Justin Trudeau is living up to his reputation as a 21st century leader (complete with a gender-balanced cabinet).Trud
  
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• Let’s move to Farnham, Surrey

  22-01-2016 17:30
  
  A handsome market town, straight off an old tin of Quality Street, it’s resisting the urban sprawl now blighting much of SurreyWhat’s going for it? Once upon a time, Surrey was lovely. This is the original Stockbroker Belt, where you escaped the Great Wen to live the rural dream. These days, its countryside – Surrey Hills excepted – is essentially one great suburb, while its towns, once cute as a button, now gasp for air under ringroads and malls. Then you visit Farnham:
  
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• Bank of England policies contributed to fall in overseas lending - BoE's Forbes

  22-01-2016 17:15
  
  LONDON, Jan 22 (Reuters) - Bank of England policies aimed at making banks safer and encouraging them to lend more at home played a noticeable role in reducing global cross-border lending, a central bank policymaker said in a research paper on Friday.
  
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• Judge attacks Mike Ashley for abusing legal system against Rangers boss

  22-01-2016 17:11
  
  Mr Justice Peter Smith brands Sport Direct founder’s tactics ‘deplorable’ for using courts in bid ‘to intimidate’ Scottish club’s chairman Dave King Mike Ashley, the founder of Sports Direct, has been abusing the legal system to “intimidate” Dave King, the chairman of Rangers football club, and pursue a vendetta against his rival, a high court judge has said.The comments are the latest setback for the billionaire, who on Tuesday was chastised by th
  
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• Mapped: are you living in a burglary claims hotspot?

  22-01-2016 17:01 via telegraph.feedsportal.com
  
  More burglary claims were made in affluent Dulwich than anywhere else in the UK. The village of Hanbury and Derry in Northern Ireland saw the least
  
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• Czech PM moots 'emergency brake' as solution to Britain's EU migration headache

  22-01-2016 17:01
  
  PRAGUE (Reuters) - Czech Prime Minister Bohuslav Sobotka on Friday put forward the first alternative to Britain's contentious European Union welfare reform plan - saying the idea of an "emergency brake" to cut migration might be acceptable to the Czech Republic.
  
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• Humanitarian aid increasingly comes from public-private partnerships

  22-01-2016 16:54
  
  As the world’s leaders descend on Davos, Switzerland, for the World Economic Forum, they should remember that addressing the refugee crisis is in the interest of all – including the private sector, which knows that business cannot thrive in societies that failThe global refugee crisis unfolding across Europe, Africa and the Middle East proves that people’s destinies across the planet are inextricably intertwined. Violent conflict in one part of the world can no longer be ignore
  
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• Transport for London moves to clamp down on rickshaw riders

  22-01-2016 16:46
  
  Government backs new regulations that would give transport regulator ‘a measure of control’ over capital’s pedicab industryRickshaw riders, rather than the multibillion pound app-hailing minicab firm Uber, were among the main targets of new regulations proposed for London’s private hire industry this week.
  Transport for London (TfL), which was widely expected to clamp down on Uber in its latest proposals for London’s private hire industry, turned its firepower inste
  
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• Bright light Britain will keep a 'cool' head amid global economic panic says Osborne

  22-01-2016 16:15 via telegraph.feedsportal.com
  
  Chancellor calls on business leaders to ensure Britain's economic prosperity as he hails the economy as the sole bright light in a gloomy world
  
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• Bright light Britain will keep a 'cool' ahead amid global economic panic says Osborne

  22-01-2016 16:15 via telegraph.feedsportal.com
  
  Chancellor calls on business leaders to ensure Britain's economic prosperity as he hails the economy as the sole bright light in a gloomy world
  
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• Save the Children: hackathons could help fight child inequality crisis

  22-01-2016 16:01
  
  Charity boss calls for much-needed help from tech firms as it faces the biggest child poverty and refugee crisis in decadesSave the Children International is calling on the world’s largest tech firms to provide expertise to help fight the worst child crisis in decades.
  The head of the charity, Janti Soeripto, is pushing the IT industry to help combat child poverty and inequality, during her visit to the World Economic Forum. Continue reading...
  
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• My parents-in-law have gone back on a promise to give us their house

  22-01-2016 16:00
  
  I’m angry that they have so much space and a garden while we struggle in a poky, rented London flatWe are a lovely and mostly happy family of four renting a smallish two-bed flat with no garden in London. Last summer we were supposed to move to the Midlands, into my in-laws’ home. They had agreed we could move into their three-bed house and that we would rent them somewhere smaller in the area. Last year, I went up to stay with them and it soon became apparent they had changed their
  
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• World stock markets bounce back after turbulent week

  22-01-2016 15:54
  
  Shares in Asia and Europe recover from week’s heavy losses after ECB indicates further stimulus and oil price risesGlobal stock markets have bounced back at the end of a tumultuous week, as oil prices recovered and the European Central Bank president, Mario Draghi, raised hopes of further stimulus measures.It was a week that involved panic selling in global markets, pushing several of them, including London and Japan, into bear market territory, as oil prices tumbled to 13-year lows below
  
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• Davos: 'Monstrous' Russian authorities driving companies out of business

  22-01-2016 15:26 via telegraph.feedsportal.com
  
  Alexei Kudrin, Russia's former finance minister, says authorities there are strangling companies as deputy prime minister Yury Trutnev admits country must reform to haul itself out of crisis
  
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