Financial news

• Volkswagen pressed to fix dirty diesel cars in emissions cheat scandal

  25-02-2016 22:24
  
  Automaker has been under fire since revelations last September that it had installed software on diesel cars that allowed them to cheat on pollution testsA federal judge on Thursday pressed Volkswagen to find a way to fix its dirty diesel cars that are still on the roadways.“600,000 vehicles are on the road today, out of compliance,” said US district Judge Charles Breyer at a hearing in San Francisco. “It’s an ongoing harm that has to be addressed, and that gives a sense
  
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• UK Financial Conduct Authority gives blockchain technology breathing space to ... - Brave New Coin

  25-02-2016 22:24
  Brave New Coin
  UK Financial Conduct Authority gives blockchain technology breathing space to ...
  Brave New Coin
  FCA is looking at ways to encourage firms to innovate with technology, including distributed ledgers. Twitter us · Google+ us · Facebook us · LinkedIn us. In 2013, the government of United Kingdom identified a need to replace the Financial Service ...en meer »
  

• BBC culture allowed Savile to commit sex crimes, but top staff unaware - report

  25-02-2016 22:11
  
  LONDON (Reuters) - Britain's globally respected broadcaster, the BBC, was told on Thursday it was guilty of serious failings in its handling of Jimmy Savile, a celebrated TV and radio showman revealed after death to have been one of Britain's most prolific sex offenders.
  
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• Paul Zahra: 'The higher up the ASX 200, the more important diversity is'

  25-02-2016 22:00
  
  Diversity attracts talent, increases productivity and reduces costs, so why are companies still performing so poorly, asks Australia’s first openly gay CEO For Paul Zahra, the idea of putting a date on when he came out as a gay man is a bit of a misnomer. “It is a process that never ends,” he says.
  “I’ve been openly gay for a long time – I came out at 24 – but it still happens. It might be as simple as a tradie coming by the house to fix an appliance and
  
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• Didcot A accident: demolition of power station a first for firm

  25-02-2016 21:53
  
  Hiring of Birmingham demolition firm Coleman defended by RWE npower, as rescue efforts and inquiry continueThe company demolishing the defunct Didcot power station in Oxfordshire, where at least one person died on Tuesday, had not previously worked on a power station.The Birmingham-based Coleman Group was awarded the contract to dismantle the Didcot A coal and gas-fired station by RWE npower. The power station collapsed Tuesday afternoon while its workers were preparing the structure for demolit
  
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• BT's last chance over broadband

  25-02-2016 21:00 via telegraph.feedsportal.com
  
  Telegraph View: Ofcom has spared the company from being broken up, but it urgently needs to improve the way it treats customers
  
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• Kipper Williams on Ofcom's BT report

  25-02-2016 20:40
  
  Regulator tells company to open up cable network to rivals Continue reading...
  
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• Openreach decision is an upgrade for all – as long as Ofcom gets sums right

  25-02-2016 20:37
  
  BT will not be broken up and its rivals have a more level playing field on which to operate, but the pressure is now intense to deliver on the dealHas Sharon White at Ofcom flunked it by declining to order an immediate breakup of BT? No. The argument for liberating Openreach – as advocated by Sky, Vodafone and TalkTalk – was always too full of wishful thinking.There are many reasons to bemoan BT’s performance in broadband but abolishing one monopoly supplier to create another m
  
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• Labour could swing Brexit battle for Cameron

  25-02-2016 20:29
  
  WOLVERHAMPTON (Reuters) - The prime minister's battle to keep his country in the European Union - and save his political future - may depend on the campaigning power of his fiercest rivals: the Labour Party.
  
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• Brexit vote would affect UK's top credit score, says Standard and Poor

  25-02-2016 20:28
  
  Ratings agency says downgrade would push up UK’s government borrowing costs and hurt its standing in international marketsThe UK would lose its top credit score if the public voted to leave the EU in June’s referendum, ratings agency Standard & Poor’s said in a fresh warning on Thursday.The only big credit ratings agency to award the country the highest AAA ranking renewed its warning over the UK’s economic prospects outside the EU after the prime minister David Camer
  
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• Brexit vote would affect UK's top credit score, says Standard & Poor's

  25-02-2016 20:28
  
  Ratings agency says downgrade would push up UK’s government borrowing costs and hurt its standing in global marketsThe UK would lose its top credit score if the public voted to leave the EU in the 23 June referendum, ratings agency Standard & Poor’s said in a fresh warning on Thursday.The only big credit ratings agency to award Britain the highest AAA ranking renewed its warning over the UK’s economic prospects outside the EU after David Cameron fired the starting gun on re
  
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• Canadian consortium buys London City airport for £2bn

  25-02-2016 20:14
  
  Group led by Ontario Teachers’ pension fund and HS1 investor Borealis, saw off strong competition to purchase the capital’s smallest airport London City Airport has been sold to a Canadian consortium for around £2bn.The airport in Docklands largely serves a clientele of business executives and has been bought by a consortium led by the Ontario Teachers’ pension fund and Borealis, the pairing whose UK infrastructure investments include HS1.Continue reading...
  
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• PPI payouts knock down Lloyds profits but boost British shoppers

  25-02-2016 19:48
  
  About 12 million consumers have claimed a payout since 2011 and most people spend the windfall immediatelyIt is difficult to remember a year when the British consumer was forced to cope without the proceeds from a mis-selling scandal.The payment protection insurance (PPI) scandal has proved to be the most lucrative, punishing banks with fines of £22.5bn and administrative costs of another £8-9bn for attaching the expensive insurance cover to credit cards and loans without consumers&r
  
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• Britain heading for power cuts next winter, say 60 local authorities

  25-02-2016 19:42
  
  All-party alliance says National Grid needs to act now to fill supply gap, and wants ministers to look at level of carbon taxesA group representing 60 local authorities has warned that recent closures of large power stations have left Britain heading for power cuts next winter, despite assurances to the contrary from the government.The Industrial Communities Alliance (ICA), an all-party association of councils from across Britain, said National Grid needed to act immediately to fill the supply g
  
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• The state of your office desk can reveal lot about your personality

  25-02-2016 19:35 via telegraph.feedsportal.com
  
  Want a shortcut to deciphering someone's personality? Look at where they work
  
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• UK Financial Regulatory Developments - February 2016 #15 - JD Supra (press release)

  25-02-2016 19:02
  UK Financial Regulatory Developments - February 2016 #15
  JD Supra (press release)
  EBA has published its final guidelines on cooperation agreements between deposit guarantee schemes (DGS) under the revised DGS Directive. The Guidelines set out the objectives and minimum content of these agreements; include a multilateral framework ...
  

• David Cameron boasts of 'brilliant' UK arms exports to Saudi Arabia

  25-02-2016 18:47
  
  PM talks of government role in selling BAE defence equipment as EU parliament votes for arms embargo on countryDavid Cameron has boasted of his efforts to help sell “brilliant things” such as Eurofighter Typhoons to Saudi Arabia on the day the European parliament voted for an arms embargo on the country over its bombardment of Yemen.The prime minister talked of the UK government’s role in selling equipment made by defence company BAE Systems to Saudi Arabia, Oman and other coun
  
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• RSA's Hester announces £523m profit and warns against Brexit

  25-02-2016 18:39
  
  Turnaround plan complete with better-than-expected results, as insurer’s CEO and former RBS boss reiterates support for staying in EuropeStephen Hester, the chief executive of insurer RSA, has warned about the impact of Brexit on the insurer’s business as he declared that his turnaround plan has been largely completed.Operating profits of £523m beat expectations and the shares raced up almost 10% to 433p, making them the second largest riser in the FTSE 100. Continue reading...
  
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• UK growth confirmed at 0.5% thanks to consumer spending - as it happened

  25-02-2016 18:37
  
  Comsumer spending helped Britain’s economy grow in the last quarter, but exports failed to keep pace with importsPositive US factory and jobs dataUK growth confirmed at 0.5%Service sector growth strongly, but manufacturing stallsTrade deficit hits £16.6bn in last quarterConsumers keep economy motoringIMF: governments must act to spur growth5.37pm GMTDespite continuing falls in oil prices, the rally in European markets stayed the course. Putting aside worries about China, faltering gl
  
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• Brexit would lead to more expensive flights and holidays, Cameron says

  25-02-2016 17:50
  
  Prime minister says a referendum vote to leave EU would risk higher prices in UK shops and jeopardise military partnershipsDavid Cameron has ramped up his warnings about the cost of leaving the EU, telling workers their jobs could be at risk and the prices of holidays and basic goods could rise.
  The prime minister made the prediction on his third campaign visit since striking a deal to give the UK a new relationship with Brussels and naming the date of the EU referendum last Saturday. Continue r
  
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• Interest-only 'prisoners' growing as borrowers refused new mortgages

  25-02-2016 17:25 via feedproxy.google.com
  
  THE interest-only mortgage time bomb is ticking more urgently, as growing numbers of borrowers are being refused new home loans as a result of tougher lending rules, according to experts.
  
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• UK growth confirmed at 0.5% thanks to consumer spending - business live

  25-02-2016 17:12
  
  Comsumer spending helped Britain’s economy grow in the last quarter, but exports failed to keep pace with importsPositive US factory and jobs dataUK growth confirmed at 0.5%Service sector growth strongly, but manufacturing stallsTrade deficit hits £16.6bn in last quarterConsumers keep economy motoringIMF: governments must act to spur growth4.10pm GMTThe price of crude continues to slide. Earlier, data from the US showed stockpiles at the Cushing hub in Oklahoma for oil deliveries has
  
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• UK proposes tougher penalties for financial sanction violations - Out-Law.com

  25-02-2016 16:40
  UK proposes tougher penalties for financial sanction violations
  Out-Law.com
  Stacy Keen of Pinsent Masons, the law firm behind Out-Law.com, was commenting on draft legislation published by the UK government as part of the new Policing and Crime Bill. If passed in its current form, the bill would increase the maximum prison ...
  

• Cash-strapped hospitals ask for £1.5bn tax rebate

  25-02-2016 16:26
  
  Eighty NHS trusts in England have written to local authorities claiming they are eligible for an 80% discount on business ratesCash-strapped hospitals are trying to avoid paying taxes and win a £1.5bn rebate in a move that could have a major impact on the finances of local authorities.At least 80 NHS trusts in England have written to local authorities claiming they are eligible for an 80% discount on business rates through a loophole in the tax system. The number of applications represents
  
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• UK finance ministry says no contingency plans for Brexit

  25-02-2016 15:55
  
  LONDON (Reuters) - Britain's finance ministry is not putting together plans on how it would deal with fallout on markets if Britain voted to leave the European Union, a senior government official said on Thursday.
  
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• Money Talks: beat the burglars, and could selfies replace online passwords?

  25-02-2016 15:42
  
  Plus, homes that are perfect for shoppers, and buyers snap up basements that are yet to be excavated
  Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed. Continue reading...
  
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• Flying Scotsman steam train puffs again, thrilling enthusiasts

  25-02-2016 15:23
  
  YORK, England (Reuters) - Legendary British steam train The Flying Scotsman returned to the tracks on Thursday after a 10-year, 4.2-million-pound ($5.9-million) refit, billowing smoke over train enthusiasts as it thundered from London to the northern city of York.
  
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• Growing danger of WORLDWIDE RECESSION, says top bank as IMF also sounds alarm

  25-02-2016 15:20 via feedproxy.google.com
  
  THE world is looking more likely to fall into a recession said a top investment bank, as the International Monetary Fund warned more needs to be done to prevent another global financial crisis.
  
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• Lloyds dishes out £350million in bonuses amid profit drop

  25-02-2016 14:38 via feedproxy.google.com
  
  TAXPAYER-BACKED Lloyds Banking Group today announced it would dole out more than £350million in bonuses and give another £2billion to shareholders, despite posting a drop in annual profits.
  
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• UK housebuilding hits seven-year high

  25-02-2016 14:25
  
  Construction on 37,080 new homes began between October and December 2015, up 23% on a year earlierThe number of new-build homes being started and finished in England is at its highest level since 2008, according to government figures.Construction on approximately 37,080 new homes was started between October and December 2015, up 23% on a year earlier, while 37,230 were completed, marking a 22% increase on the same quarter in 2014.Continue reading...
  
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• Sterling fall a 'foretaste' of leaving EU - Foreign Secretary

  25-02-2016 14:01
  
  LONDON (Reuters) - Weakness in the sterling currency is a "foretaste" of what the impact would be if Britain voted to leave the European Union at an upcoming membership referendum, Foreign Secretary Philip Hammond said on Thursday.
  
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• UK GDP spurred on by services sector, but the growth is built on cheap labour

  25-02-2016 13:57
  
  We are simply using new technologies spawned by the internet to run faster for very little gainThe internet saved the economy. Or at least the British consumers’ obsession with all things internet. Oh, and a property boom that has filled estate agents’ pockets.That’s the only conclusion one can draw from the figures for GDP growth in the final quarter of 2015, which show that galloping services sector output more than made up for the damage done to factory orders by the downtur
  
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• Ofcom tells BT to open up cable network to rivals

  25-02-2016 13:33
  
  Openreach should be run at ‘arm’s length’, regulator says in review, but BT should keep control of network – for nowBT has been told to help rivals use its infrastructure to lay fibre cables that are faster than its own copper network, as part of a review of Britain’s broadband needs by the regulator Ofcom.In a once in a decade review, the regulator stopped short of recommending that BT be forced to split off Openreach, the division that owns the broadband infrastru
  
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• What will Ofcom's review of BT's cable network mean for broadband users?

  25-02-2016 13:29
  
  BT has been told to open up its Openreach cable network to rivals. What problems are consumers having? Are they entitled to compensation?BT is under pressure to open up its network infrastructure to allow rivals to lay their own ultrafast fibre-optic broadband lines, after a review by the telecoms regulator.The move was announced on Thursday as part of Ofcom’s once in a decade review of the telecoms market. It has been considering whether to push BT to spin off its Openreach subsidiary, wh
  
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• As EU vote looms, immigration rise piles pressure on Cameron

  25-02-2016 13:22
  
  LONDON (Reuters) - Net migration to Britain from the European Union rose nearly 9 percent in the year to September 2015, official data showed on Thursday, putting pressure on Prime Minister David Cameron in the run-up to a vote on membership of the European Union.
  
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• UK economic growth reaches 0.5% but slowdown fears persist

  25-02-2016 13:03
  
  Business spending fell at sharpest pace for two years in final quarter, compounding anxiety about unstable recoveryThe UK economy grew by a solid 0.5% in the final quarter of 2015, official figures have confirmed, but news of a surprise drop in business spending fanned fears of a slowdown in the months ahead.Figures released by the Office for National Statistics on Thursday left estimates for GDP growth unrevised. But fresh details on what was driving the economy underscored the precarious natur
  
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• Adele steals the show at 2016 BRIT Awards

  25-02-2016 12:37
  
  LONDON (Reuters) - British singer Adele stole the show on Wednesday evening at the 2016 BRIT Awards in London, making a triumphant return to the star-studded ceremony as she picked up four trophies, including the coveted "album of the year" award.
  
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• Robust consumer spending again sustains UK growth in fourth quarter

  25-02-2016 12:29
  
  LONDON (Reuters) - Britain's economy relied again on consumer spending to drive its growth at the end of last year, outweighing a sharp fall in business investment and a drag from trade, official data showed on Thursday.
  
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• Merlin Entertainments to be prosecuted over Alton Towers crash

  25-02-2016 12:18
  
  LONDON (Reuters) - British visitor attractions group Merlin Entertainments is to be prosecuted for breaching UK health and safety laws after a rollercoaster crash at its Alton Towers theme park in June last year.
  
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• Brexit business fears overblown, says Merlin chief

  25-02-2016 12:06
  
  Operator of Legoland, London Eye and Madame Tussauds says weaker pound is good for UK tourism and concerns over leave EU vote are misplacedWarnings by business leaders about the damaging consequences of a vote to leave the EU are overblown and the debate would be improved if bosses stayed out of the fray, the chief executive of Merlin Entertainments has said.Nick Varney said anguish over the falling value of the pound as the referendum approached was misplaced and that a lower rate of sterling a
  
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• Lloyds hands chief executive £8.5m pay package

  25-02-2016 11:40
  
  António Horta-Osório’s deal comes as bank reports 7% fall in profits, owing to rise in PPI mis-selling chargeLloyds Banking Group has handed its chief executive an £8.5m pay deal and ignited its share price by announcing a special dividend – despite reporting a 7% fall in profits.António Horta-Osório’s pay was disclosed alongside 2015 financial results showing profits had been knocked to £1.6bn by a further £4bn charge for mis-selling p
  
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• More families are renting and fewer people expect to ever own a home

  25-02-2016 11:19
  
  Seven things we’ve learned from the 2016 English housing survey about how tenures have changed in the past 10 yearsThe latest English Housing Survey has highlighted a number of trends in housing, including the leap in the number of families renting privately, the rise of people in work claiming housing benefit, and many people’s thwarted dreams of home ownership. Continue reading...
  
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• UPDATE 2-Insurer RSA warns over Brexit impact

  25-02-2016 11:11
  
  * Brexit could have negative impact on revenue, investment returns
  
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• The way insurers lock out people with court convictions is bizarre

  25-02-2016 11:11
  
  Mainstream home and car insurers have a blanket ban on people with unspent convictions – these kinds of policies are unfair and sometimes illegalTo many of the 1.2 million people convicted in court each year, it comes as a surprise to find that if they try to take out home insurance, or renew their existing policy, they’ll probably struggle. Every mainstream home insurer has a blanket ban on people with unspent convictions.
  They say that ex-offenders are higher risk, citing vigilanti
  
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• UPDATE 1-Uber's China rival Didi Kuaidi seeks $1 bln in new funding round-sources

  25-02-2016 11:08
  
  * Didi Kuaidi seen using funds for new businesses (Adds sources confirming funding round, use of funds)
  
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• UPDATE 1-China to reform SOEs using investment firms, asset managers -Xinhua

  25-02-2016 11:03
  
  BEIJING, Feb 25 (Reuters) - China has appointed two central government firms to become industrial asset managers and will transform a handful of state-owned enterprises (SOEs) into pilot investment firms as it looks to overhaul weaker areas of its economy as growth cools to 25-year lows.
  
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• Mansion sales and discount dining: oil rout hits Houston's rich

  25-02-2016 11:00
  
  HOUSTON, Feb 25 (Reuters) - Prices for mansions in Houston's swankiest neighborhood have tumbled in lock step with crude prices. The Houston Opera has offered free season tickets to patrons who lost their jobs in the oil bust. A fancy restaurant offers cut-price dinners.
  
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• FTSE jumps nearly 2% after Wall Street rally but Capita slides

  25-02-2016 11:00
  
  Outsourcing group leads fallers after mixed set of full year figuresLeading shares have shrugged off a 6% fall in Shanghai shares, preferring to concentrate on a late rally on Wall Street as oil prices recovered.But with key economic data due, the G20 meeting in China from tomorrow, and another fall in crude as investors worried about Saudi Arabia suggesting there would be no production cuts, the mood remains volatile. Continue reading...
  
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• Australian bank exit from remittances sends money transfers underground

  25-02-2016 10:52
  
  SYDNEY, Feb 25 (Reuters) - The decision by Australia's major banks to quit the country's $35 billion a year remittance business is driving fund-transfers underground, a trend exposing the country as a weak link in the global fight against money laundering and financial crime.
  
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• Japan considers making bitcoin a legal currency

  25-02-2016 10:44
  
  Proposed changes would bring bitcoin, dogecoin and other cryptocurrencies under definition of currencyJapan’s governing Liberal Democratic party is planning to propose legal changes that would define bitcoin and other cryptocurrencies as currencies.The changes would mean bitcoin could be more tightly regulated and taxed, and are likely to lead to more investment in developing cryptocurrency infrastructure in Japan. Continue reading...
  
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