Financial news

• Yahoo cutting workforce by 15% after announcing $4.4bn loss

  02-02-2016 23:23
  
  CEO Marissa Mayer announces a ‘strategic plan’ that includes cutting 1,700 jobs and is expected to lead to the sale of parts of its businessYahoo chief executive Marissa Mayer has announced plans to cut the company’s workforce by 15% and close five foreign offices by the end of 2016.The struggling tech company reported a $4.4bn loss for the last three months of 2015 as it wrote down the value of assets including Tumblr, the blogging site it bought for $1bn in 2013. Continue rea
  
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• Britain says Russia trying to carve out mini-state for Assad in Syria

  02-02-2016 22:42
  
  ROME (Reuters) - Britain said on Tuesday Russia could be trying to carve out an Alawite mini-state in Syria for its ally President Bashar al-Assad by bombing his opponents instead of fighting Islamic State militants.
  
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• Stelios backs his nose for a bargain on the high street

  02-02-2016 22:33 via telegraph.feedsportal.com
  
  The country's first easyFoodStore has opened in London
  
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• Don't bet against new superbookie hitting the front

  02-02-2016 21:46 via telegraph.feedsportal.com
  
  The combination of Betfair and Paddy Power will be a serious threat to dominance of Ladbrokes and William Hill
  
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• Don't bet against new best buddies hitting the front

  02-02-2016 21:46 via telegraph.feedsportal.com
  
  The combination of Betfair and Paddy Power has been met with genuine excitement in the City
  
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• Greene King retirement sees founding family cut ties

  02-02-2016 21:32 via telegraph.feedsportal.com
  
  One of the founding families of 217-year old Greene King is to end its involvement with the company following the exit of veteran chairman
  
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• Controversial Sunday trading powers handed to councils

  02-02-2016 21:32 via telegraph.feedsportal.com
  
  Host of measures to shake-up shop opening hours will be put forward as amendments to the Enterprise Bill
  
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• Privatisations? Who do you think you are kidding Mr Putin?

  02-02-2016 21:28 via telegraph.feedsportal.com
  
  Governments have become 'forced sellers' looking at selling off the family silver right at the bottom of the market
  
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• EDF's union board members to oppose Hinkley Point - sources

  02-02-2016 21:25
  
  PARIS (Reuters) - The six union members on EDF's 18-seat board would vote against the French utility's plans for two nuclear reactors in the UK, but other board members do not want to postpone the project, sources familiar with the situation said.
  
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• BT apologises for broadband outage across much of UK

  02-02-2016 21:12
  
  Service almost fully restored after tens of thousands affected by broadband and phone network failure
  The telecoms giant BT has apologised after tens of thousands of customers had their broadband temporarily cut off.
  The internet provider’s broadband and phone network went down across much of the UK on Tuesday, with customers reporting failures in London, Birmingham, Coventry, Sheffield and Glasgow. Continue reading...
  
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• BP makes record loss and axes 7,000 jobs

  02-02-2016 21:05
  
  £6bn wiped off stock market value of oil company as investors react to losses and increasing Deepwater Horizon liablitiesBP is to axe another 7,000 jobs after reporting an annual loss of $6.5bn (£4.5bn), the worst in its history.Shares in the oil company dived 8.6% to 335p by the end of trading on Tuesday, wiping almost £6bn off the stock market value of the business, and helped drag down the wider FTSE 100 index of leading shares in London.Continue reading...
  
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• Thwarting the European hegemon as sterling wilts amid Brexit fears

  02-02-2016 20:41 via telegraph.feedsportal.com
  
  The EU as it stands is manifestly in deep trouble, but is it really in Britain's interests to deliver the final coup de main?
  
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• BP's dividend is less of a worry than the damage from cuts and job losses

  02-02-2016 20:37
  
  BP can afford to wait a while yet before cutting its dividend, but the real problem seems to be its other cuts“Oil prices continue to be challenging in the near term,” says BP. You bet. The oil major fell to a record loss of $6.5bn (£4.5bn) last year, and that period included a final quarter in which the oil price averaged $44 (£30.50) a barrel. Brent now stands at $33 (£22.90) a barrel. How much pain can BP take before cutting its dividend?There’s no need to
  
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• Bank’s forecasts will be vindicated, like stopped clock is right twice a day

  02-02-2016 20:27
  
  Blanchflower and Machin argue labour market must tighten further before pay growth picks up, something Bank of England consistently fails to acknowledgeEven a stopped clock is right twice a day so there will come a point when the Bank of England’s forecasts for rising wage inflation will be vindicated. But not for a while.That’s the main conclusion of the latest paper from Danny Blanchflower and Steve Machin, which argues that the labour market will need to tighten substantially furt
  
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• FTSE 100 tumbles as oil dips below $33 and miners suffer rating cuts

  02-02-2016 20:18 via telegraph.feedsportal.com
  
  Market Report: Hikma a rare winner as economic woes hit global markets
  
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• According to Chinese whispers, I'm about to cut off my children...

  02-02-2016 20:18 via telegraph.feedsportal.com
  
  A Radio Times article has set the cat among the pigeons. But don't believe the hype
  
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• Martin Shkreli hires famous New York lawyer in Ponzi scheme case

  02-02-2016 20:16
  
  The ‘pharma bro’ will be in court with Ben Brafman, who has defended Jay Z and Dominque Strauss-Kahn, before facing Congress over price-gouging Aids drugMartin Shkreli, the pharmaceutical boss dubbed “the world’s most hated man” after he increased the price of an HIV drug by 5,000%, has hired Sean “Diddy” Combs’ lawyer. Related: Martin Shkreli arrested by FBI over hedge fund investigationContinue reading...
  
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• French finance minister blasts UK's £130m Google tax deal

  02-02-2016 19:58
  
  Michel Sapin’s comments add pressure to European commission to launch investigation into settlementPressure is mounting on the European commission to launch a full state aid investigation into the UK’s £130m tax settlement with Google after France’s finance minister attacked the deal. Michel Sapin said HMRC’s settlement, which allows Google to continue booking £5bn of UK sales via Ireland, “seems more the product of a negotiation than the application of
  
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• Ocado management set to receive £8m in share bonuses

  02-02-2016 19:53
  
  Second year of profits at online grocer leaves 100 managers in line to share nearly £8m payoutOcado’s management team is in line to receive nearly £8m in share bonuses after the online grocer delivered its second year of profits.About 100 managers, including chief executive Tim Steiner and finance director Duncan Tatton-Brown, will share the £7.8m payout – up 54.5% year on year – after the company made a pretax profit of £11.9m in the 12 months to 29 Nov
  
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• BP looks ahead to $60 oil after $5.2bn annual loss

  02-02-2016 19:49 via telegraph.feedsportal.com
  
  The oil major reported its worst loss in more than 20 years in the wake of the oil price collapse, but expects the market to 'rebalance' by the year end.
  
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• Questor share tip: Sell BP shares as oil price heads lower

  02-02-2016 19:14 via telegraph.feedsportal.com
  
  The FTSE 100 oil giant has outlined a clear plan to keep paying dividends to investors, but they don't look sustainable at current prices, says Questor
  
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• Britain rules out sending combat troops to Libya

  02-02-2016 19:07
  
  ROME (Reuters) - Britain does not plan to deploy combat troops in Libya but will instead seek to give strategic and intelligence support to its new government, Foreign Secretary Philip Hammond said on Tuesday.
  
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• Vodafone resumes talks with 'cable cowboy' John Malone's Liberty Global

  02-02-2016 19:03 via telegraph.feedsportal.com
  
  Mobile company reveals it is in talks over a possible swap of assets in Holland, but that a full-blown merger would not be part of the deliberations
  
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• Oil slowdown to trigger 'supply crisis' by 2020, warns bank

  02-02-2016 18:48 via telegraph.feedsportal.com
  
  UBS says a global shortfall is looming as the oil rout crushes new investment
  
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• Revealed: the 16 smartest start-up businesses to launch in 2016

  02-02-2016 18:37 via telegraph.feedsportal.com
  
  So you want to be an entrepreneur? If you're launching a new venture this year, these are the hot industries to focus on, according to new research from Startups.co.uk
  
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• BT suffers temporary network problems

  02-02-2016 18:03
  
  LONDON (Reuters) - Britain's BT Group said large numbers of its customers had lost connection to the Internet on Tuesday, but most were back online in a matter of hours and there were no indications that the failure was due to a malicious attack.
  
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• Will easyFoodstore be the next easyJet – or the next easyCruise?

  02-02-2016 17:56
  
  Grocery shop charging 25p per item aims to lure customers from discounters, but they will only stick around if the quality is good, say analystsIt’s a grey and dismal morning on a grim stretch of London’s congested North Circular road in the borough of Brent, and easyFoodstore, Sir Stelios Haji-Ioannou’s first budget grocery shop, has thrown open its doors, with every item priced at 25p.Prices will eventually rise, most probably to about 50p, but the plan is to launch a new pla
  
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• More central bank rate cuts coming before any hike

  02-02-2016 17:52
  
  FRANKFURT (Reuters) - Global interest rates are likely to go even lower before they rise as financial market volatility and the spectre of deflation raise fresh doubts about central banks' ability to fulfil their mandates, policymakers and economists said.
  
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• British Gas to cut 500 jobs as it shuts insulation business

  02-02-2016 17:34 via telegraph.feedsportal.com
  
  Supplier seeks cost efficiency by shutting down energy efficiency division
  
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• How large is the UK's national debt, and why does it matter?

  02-02-2016 17:29 via telegraph.feedsportal.com
  
  George Osborne has made it his mission to start paying down the Government's debts - why is he so devoted to this cause?
  
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• Analysis - EU designs permanent outer circle to keep Britain in

  02-02-2016 17:18
  
  LONDON (Reuters) - The European Union formally abandoned on Tuesday the founding principle that all of its members are heading towards ever closer integration, only at different speeds.
  
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• Oil price crash: markets slump as Opec resists Russian calls for emergency meeting

  02-02-2016 17:15 via telegraph.feedsportal.com
  
  Moscow's foreign minister says Russia is ready to talk as country's oil production reaches post-Cold War high
  
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• Prudential shares spooked by Chinese capital crackdown

  02-02-2016 17:02 via telegraph.feedsportal.com
  
  Financial giant's stock falls 8pc on reports that China will limit offshore insurance sales
  
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• UK green bank shields environmental aims with new structure

  02-02-2016 16:57
  
  LONDON (Reuters) - Britain's Green Investment Bank said it will create a "special share" structure whereby an independent company will have to consent to any changes to its environmental aims.
  
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• Tesco unveils 3pc pay rise for workers - but cuts overtime rates

  02-02-2016 16:28 via telegraph.feedsportal.com
  
  Supermarket giant says 85pc of shop staff will get a wage increase, but scraps double pay for overtime and bank holidays
  
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• FTSE 100 tumbles as oil dips below $33 and miners suffer rating cuts - live

  02-02-2016 16:25 via telegraph.feedsportal.com
  
  A steep fall in oil prices hits European stock markets, while insurers slump as China imposes restrictions on buying insurance products overseas
  
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• Google overtakes Apple to become most valuable firm in the world amid anger over tax deal

  02-02-2016 15:43 via feedproxy.google.com
  
  GOOGLE owner Alphabet has overtaken Apple to become the most valuable firm in the world with a staggering worth of £386BILLION, just days after the tech giant sparked outrage by paying only £130million of tax in Britain to cover the last 10 years.
  
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• House prices: how much does it cost to live near your Tube stop?

  02-02-2016 15:28 via telegraph.feedsportal.com
  
  Despite strikes and delays, the Tube is central to London life - including property prices. How much is the average house at your stop?
  
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• Tesco store staff to get 3.1% extra pay – but cuts to bonuses

  02-02-2016 15:23
  
  Supermarket says 85% of workers will be better off, but terms and conditions remain behind those of Sainsbury’s, Aldi and LidlNearly a quarter of a million Tesco store staff will receive a 3.1% increase in basic pay this year under a new deal that will also mean cuts to holiday and night-time bonuses. In a similar move, as businesses try to offset costs ahead of the introduction of the national living wage in April, retailer Wilko is considering cutting Sunday, holiday and overtime bonuses
  
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• easyFood! EasyJet founder launches MEGA discount foodstore selling EVERYTHING for 25p

  02-02-2016 15:04 via feedproxy.google.com
  
  BRITAIN's first easyFoodstore is offering customers the chance to buy all products at a cut price of just 25p each – for a month.
  
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• Nutmeg cuts prices amid arrival of cheaper roboadvisers

  02-02-2016 15:02 via telegraph.feedsportal.com
  
  The online wealth management says the cut is worth £13,374 on a £100,000 portfolio over two decades of investing
  
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• Nutmeg cuts fees amid arrival of cheaper 'roboadvisers'

  02-02-2016 15:02 via telegraph.feedsportal.com
  
  The online wealth management says the cut is worth £13,374 on a £100,000 portfolio over two decades of investing
  
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• EU proposals give UK more autonomy on financial rules - Reuters

  02-02-2016 14:40
  FX News Call
  EU proposals give UK more autonomy on financial rules
  Reuters
  LONDON Feb 2 British financial regulators could have more leeway to impose higher capital requirements on the country's banks under proposals to keep Britain in the European Union. European Council President Donald Tusk presented several proposals ...
  UK More Independent On Financial Rules Thanks To EU ProposalFX News Callalle 2.100 nieuwsartikelen »
  

• Sainsbury’s takes on Amazon as it bids £1.3bn for Argos – sparking store closure fears

  02-02-2016 14:33 via feedproxy.google.com
  
  SUPERMARKET giant Sainsbury's has offered to buy Argos owner Home Retail Group for £1.3billion, in what is tipped as a move to fight against Amazon huge online dominance.
  
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• Sanofi spearheads hunt for Zika vaccine as disease fears grow

  02-02-2016 14:24 via telegraph.feedsportal.com
  
  The virus spreading across Latin America has been linked to serious birth defects in newborns
  
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• 'One North' economy crucial for UK - but civil servants 'need arms twisted' on devolution

  02-02-2016 14:15 via telegraph.feedsportal.com
  
  The Northern Powerhouse must be supported, argues former CBI director-general John Cridland, as Lord Haskins calls for radical moves to decentralise Government
  
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• Northern Ireland's sole nuclear bunker goes up for sale

  02-02-2016 14:15
  
  Heavily fortified underground shelter built to host 235 VIPs in event of Soviet attack has asking price of £575,000
  Northern Ireland’s sole nuclear fallout bunker, which was built at the end of the cold war, has been put up for sale at £575,0000. Continue reading...
  
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• St Modwen boss announces retirement as profits surge at property developer

  02-02-2016 14:08 via telegraph.feedsportal.com
  
  Bill Oliver is stepping down after 13 years in the top job
  
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• BP in crisis as profits collapse amid crashing oil prices

  02-02-2016 13:57 via feedproxy.google.com
  
  BP has reported its worse loss in 20 years after nosediving into the red by a staggering £3.6billion last year, as fears over plunging oil prices and the global economy gather pace.
  
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• Scottish Power to cut gas prices by 5.4%

  02-02-2016 13:49
  
  Energy firm says that changes will take effect from March, as it becomes the third of the big suppliers to announce a price drop this year Scottish Power has said it will cut gas prices for existing customers by 5.4% on 15 March, becoming the third of the big suppliers to do so this year.The company said a million of its 3.2 million customers – those on its standard gas tariff – will see their bills fall by an average of £32 a year. The cut will not affect those on fixed-rate,
  
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