Financial news

• Mark Carney must hone diplomacy skills – but he's innocent of EU bias

  08-03-2016 23:42
  
  Bank of England governor didn’t say much at Treasury select committee – but still managed to enrage Eurosceptics Mark Carney is not very skilled at sounding neutral. The governor of the Bank of England enraged Brexit-ers in his testimony before the Treasury select committee on Tuesday. He called a transition out of the EU in the event of a leave vote “the biggest domestic risk to financial stability”. He mused that UK assets could be perceived by foreign investors as more
  
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• Kipper Williams on Paddy Power's £850m revenues

  08-03-2016 20:53
  
  Bookmaker earned enough in three hours last year to cover recent ‘voluntary payment’ for encouraging problem gambling Continue reading...
  
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• Jailed Libor trader blocked from supreme court appeal

  08-03-2016 20:38
  
  Briton Tom Hayes, serving 11-year jail term, fails in attempt to overturn his conviction for conspiring to rig interest ratesTom Hayes, a former UBS and Citigroup trader serving an 11-year jail sentence for conspiring to rig Libor global interest rates, has been blocked from appealing to the supreme court against his conviction.Hayes, the first person tried by jury after a global inquiry into allegations of Libor-rigging, has redoubled efforts to overturn his conviction since six former brokers
  
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• Withhold bankers' bonuses for a decade, says Barclays man

  08-03-2016 20:17
  
  Move would give managers a longer-term view of their business, opines new deputy chairman Sir Gerry GrimstoneBankers’ bonuses should be withheld for up to a decade to give managers a longer-term view of their business, the new deputy chairman of Barclays has said.Sir Gerry Grimstone said he wanted to move “to a system where a large part of variable remuneration are shares that you hold in the organisation for five years or 10 years”. Continue reading...
  
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• Paddy Power's pre-merger revenues hit £850m

  08-03-2016 20:05
  
  Bookmaker earned enough in three hours to cover recent ‘voluntary payment’ for encouraging problem gamblingBookmaker Paddy Power took less than three hours last year to bring in enough money to cover its recent £280,000 donation to good causes after encouraging problem gambling and failure to prevent money laundering.The Irish firm’s 2015 results, its last before a £5bn merger with Betfair, reveal that it pulled in revenues of €1.09bn (£850m) in 2015. Con
  
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• Public v private: what next for the ownership of Britain's railways?

  08-03-2016 20:04
  
  Nicola Shaw’s review, published next week, looks set to shake up the structure of railway ownership and bring back the privatisation v nationalisation debateThe man charged with being the voice of rail passengers is peering over a locked gate to an empty platform at Alton station in Hampshire, now the end of the branch line.In the 1970s, the track onwards to Winchester was deemed surplus to requirements and closed by British Rail; today, when the industry is clamouring for more capacity, t
  
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• A third of £1m-plus homes paid for in cash since 2011, study shows

  08-03-2016 20:01
  
  Retirement lending advisory firm says cash buyers spent more than £63bn in total on such properties in England and WalesAbout a third of homes sold for £1m or more have been paid for in just cash in the last five years, as property millionaires splashed out more than £63bn, according to research.Analysis of Land Registry data from retirement lending advisory firm Bower Private Clients (BPC) is further evidence of the widening gap between the housing haves and have-nots. It says
  
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• Biggest fall in Chinese exports in seven years hits mining shares

  08-03-2016 19:50
  
  Drops in import and export figures reverse recent rally in oil and metal prices and rekindle concerns about China’s slowdownShares in mining companies fell heavily in the City on Tuesday after the biggest fall in China’s exports in almost seven years rekindled concerns about the impact of a slowdown in the world’s second-biggest economy on the rest of the world.Official figures released in Beijing showed that exports in February were down 25.4% on a year earlier, the worst perf
  
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• Pensions system favours the richest | Letters

  08-03-2016 19:49
  
  Polly Toynbee’s theory (Opinion, 8 March) that the chancellor caved in on reform of pension tax relief to a selfish pension industry suffers from one small problem – it isn’t borne out by the facts. It is certainly true that the “pension Isa” option initially favoured by the chancellor and by the right-leaning Centre for Policy Studies would have caused major problems for pension savers. It would have abolished their upfront tax relief but left them dependent on fut
  
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• Millennials are swimming against the economic tide | Letters

  08-03-2016 19:48
  
  While your in-depth quantification of the economic betrayal of “generation Y” (Millennials, 8 March) is timely and welcome, setting it as an opposition between the young and pensioners is to miss the real issue. A cursory reading of Thomas Piketty’s Capital in the Twenty-First Century would lead one to expect such a transitional effect. As the balance of power between returns on capital and income shifted back towards the owners of wealth, it disproportionately hit those enteri
  
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• Mark Carney Says Brexit Is Biggest Domestic Risk to UK Financial Stability - Wall Street Journal

  08-03-2016 19:34
  Wall Street Journal
  Mark Carney Says Brexit Is Biggest Domestic Risk to UK Financial Stability
  Wall Street Journal
  LONDON—The Bank of England waded into the highly charged debate on the nation's membership in the European Union, saying the possibility that Britain chooses to leave the bloc represents the biggest domestic risk to the stability of the U.K. financial ...
  Brexit is the 'biggest domestic risk' to UK financial stability says Bank of England ...Mirror.co.uk
  UK central bank
  

• More than six MILLION workers now auto enrolled into pension schemes

  08-03-2016 19:20 via feedproxy.google.com
  
  MORE than six million workers are now saving for their old age for the first time after being automatically enrolled into a workplace pension scheme.
  
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• Water-poor Saudi Arabia moves farming venture to drought-stricken California

  08-03-2016 19:00
  
  Almarai, the largest dairy business in Saudi Arabia, has purchased land in California to grow alfalfa for its cattle – and it’s rubbing some people the wrong wayIf you are the largest dairy producer in Saudi Arabia and you are running out of water to grow cattle feed, there’s only one thing to do if you want to stay in business: go shopping.Which is exactly what dairy giant Almarai has done, undertaking a global search for land and water to grow alfalfa to feed its dairy cows.
  
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• Sunderland Chief Executive Byrne resigns over Johnson

  08-03-2016 18:12
  
  LONDON (Reuters) - Sunderland Chief Executive Margaret Byrne has resigned over her role in the decision to allow Adam Johnson to continue playing for the team despite confessing to kissing a 15-year-old schoolgirl, the English Premier League club said on Tuesday.
  
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• Lowest ever 10-year mortgage launched - should you fix your rate for a DECADE?

  08-03-2016 17:16 via feedproxy.google.com
  
  A DECADE-long mortgage at a record low rate has been revealed this week, as lenders' fight for customers ramps up a gear.
  
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• Thomas Cook extends Sharm el Sheikh holiday cancellations to October

  08-03-2016 16:23
  
  LONDON (Reuters) - Holiday company Thomas Cook extended its cancellation of holidays to the Egyptian resort of Sharm el Sheikh until Oct. 31, meaning the destination will have been closed to British arrivals for almost a year.
  
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• Bank of England boss savaged by MP over 'speculative' and 'damaging' pro-Europe claims

  08-03-2016 15:44 via feedproxy.google.com
  
  THE Bank of England chief has been accused of making "speculative" pro-Europe claims, which have damaged the institution and his own reputation.
  
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• George Osborne could STILL raid pensions in the Budget after tax relief cuts u-turn

  08-03-2016 14:31 via feedproxy.google.com
  
  GEORGE Osborne has promised not to take an axe to relief next Wednesday, but experts have warned he could slash benefits instead in a bid to save money.
  
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• First BoE hike delayed until 2017, third move in two months - Reuters poll

  08-03-2016 14:31
  
  LONDON (Reuters) - The Bank of England won't raise rates until early 2017, economists polled by Reuters said, pushing back expectations for the third time this year, which would mean eight years of record-low borrowing costs.
  
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• Mark Carney: We will NOT tell people how to vote on EU as he pumps BILLIONS into banks

  08-03-2016 11:18 via feedproxy.google.com
  
  BANKS will be able to tap up the Bank of England for billions of pounds of cash in June amid fears the referendum could spark a crisis for the firms.
  
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• UPDATE 1-Who's next? Asia investor activism set to grow after BlackRock public campaign

  08-03-2016 10:29
  
  * BlackRock campaign fails, but overall success rates rising (Adds result of vote paragraph 3)
  
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• UPDATE 1-Jain quits Vontobel to go it alone, shares plunge

  08-03-2016 10:21
  
  ZURICH, March 7 (Reuters) - Bank Vontobel will lose star fund manager Rajiv Jain in May after his resignation signalled the departure of a man credited with driving much of the Swiss private bank's growth over the past two decades.
  
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• European shares touch 1-week low as miners derail rally

  08-03-2016 10:14
  
  LONDON, March 8 (Reuters) - European shares slipped to a one-week low on Tuesday, with a drop in industrial metals prices following poor trade data from China, the world's top metals consumer, putting pressure on the mining sector.
  
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• UPDATE 1-Insurer esure's pretax profit up, driven by motor premiums

  08-03-2016 10:05
  
  March 8 (Reuters) - British insurer esure Group Plc reported a near 30 percent increase in full-year pretax profit, boosted by higher prices for motor insurance, but lowered its full-year dividend to retain capital.
  
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• SOHO China says to sell Shanghai office building this month

  08-03-2016 10:03
  
  HONG KONG, March 8 (Reuters) - Commercial property developer SOHO China Ltd said on Tuesday it will put up for sale a Shanghai office building this month to tap surging demand for property in the city.
  
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• UPDATE 1-Worldpay Group earnings climb 8 pct in debut annual results

  08-03-2016 09:38
  
  * First interim dividend due late 2016 (Recasts, adds share price performance, company comments)
  
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• Chevron's Gorgon start-up to hurry along Asian spot LNG trade

  08-03-2016 09:26
  
  SINGAPORE, March 8 (Reuters) - Chevron has started up its massive Gorgon LNG project in Australia and will soon be shipping more of the super-chilled fuel into an oversupplied market, eroding producer revenues but also likely hastening the advent of a liquid Asian spot market.
  
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• Weaker miners drag down European shares to one-week low

  08-03-2016 09:14
  
  LONDON, March 8 (Reuters) - European shares slipped to a one-week low on Tuesday, with a drop in industrial metals prices following poor trade data from China, the world's top metals consumer, putting pressure on the mining sector.
  
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• Hong Kong shares fall as investors become cautious

  08-03-2016 09:06
  
  March 8 (Reuters) - Hong Kong shares were soft on Tuesday, as the mood of many Asia investors turned cautious in the wake of a month-long rally.
  
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• India banks ask top court to ban liquor baron Mallya from overseas travel

  08-03-2016 09:05
  
  NEW DELHI, March 8 (Reuters) - A group of Indian banks asked the Supreme Court on Tuesday to restrain the founder of Kingfisher Airlines, liquor baron Vijay Mallya, from leaving the country because of the hefty debt the now defunct company owes, two lawyers said.
  
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• Sweden's Castellum confirms interest in Norrporten; shares to resume trading

  08-03-2016 08:41
  
  STOCKHOLM, March 8 (Reuters) - Castellum, one of Sweden's biggest listed real estate companies, is evaluating a potential acquisition of the property portfolio of peer Norrporten, it said on Tuesday.
  
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• French luxury group SMCP takes step towards IPO

  08-03-2016 08:29
  
  PARIS, March 8 (Reuters) - French firm SMCP, the company behind fashion brands Sandro, Maje and Claudie Pierlot, said on Tuesday that it had submitted documents to financial regulator AMF that open the way for a possible stock market listing.
  
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• StanChart says China interbank bond quota scrapped for all investors

  08-03-2016 08:27
  
  HONG KONG, March 8 (Reuters) - China has scrapped investment quota for all eligible foreign asset managers to enter its interbank debt market and the implementation details are expected to be finalized this month, Standard Chartered said on Tuesday.
  
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• Insurer esure's pretax profit up, driven by motor premiums

  08-03-2016 08:21
  
  March 8 (Reuters) - British insurer esure Group Plc reported an increase in full-year pretax profit, driven by a rise in motor premiums.
  
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• China stocks reverse hefty losses, rise for a 6th straight day

  08-03-2016 08:17
  
  SHANGHAI, March 8 (Reuters) - China stocks reversed losses and rose for a sixth straight session on Tuesday, as a sharp course-change for start-up board ChiNext and a late rally in banking stocks pulled main indexes out of negative territory in the last few minutes of trading.
  
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• Watch live: Mark Carney addresses Parliamentary committee on Brexit

  08-03-2016 08:00 via telegraph.feedsportal.com
  
  Mark Carney, Governor of the Bank of England, will speak to the Treasury Select Committee about a potential "Brexit" live at 9.15am
  
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• Mark Carney: Bank will not make recommendation on EU

  08-03-2016 08:00 via telegraph.feedsportal.com
  
  The Governor of the Bank of England, Mark Carney, says his organisation will not be making any recommendations on whether Britain should remain in the European Union or not
  
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• SE Asia Stocks-Down tracking weak Asia; Indonesia falls ahead of holiday

  08-03-2016 07:50
  
  BANGKOK, March 8 (Reuters) - Southeast Asian indexes retreated on Tuesday tracking weakness in Asia, as investors in the region's emerging markets cashed in on recent gains. Singapore's key Straits Times Index was down 0.6 percent, extending Monday's decline. The fall was led by recently rallying banks, including DBS Group Holdings which shed 1 percent. Asian shares, led by China , fell as investors took profits after a month-long rally and ahead of major central bank meetings, with the
  
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• Final nail in the coffin: Greece faces financial meltdown AGAIN amid threat of end of Euro

  08-03-2016 07:40 via feedproxy.google.com
  
  GREECE is heading towards another financial meltdown in a repeat of last summer’s fiasco that could see them crash out of the euro.
  
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• Who's next? Asia investor activism set to grow after BlackRock public campaign

  08-03-2016 07:28
  
  HONG KONG, March 8 (Reuters) - Following a rare public campaign, BlackRock Inc voted against a deal planned by a Hong Kong firm that the world's biggest asset manager partly owns, revving up investor activism in Asia after it roared ahead in 2015.
  
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• Australia shares see winning streak end, NZ hits another record

  08-03-2016 07:03
  
  SYDNEY, March 8 (Reuters) - Australian shares ended a week-long winning streak and fell on Tuesday as investors took profits on banks and miners, while New Zealand shares rose to a new record.
  
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• Dubai developers keep building despite weak market and echoes of 2008

  08-03-2016 07:01
  
  * Prices, sales volumes fell in 2015, further declines expected
  
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• UPDATE 2-Toshiba to pick suitor for medical unit; Canon, Fujifilm lead -sources

  08-03-2016 06:42
  
  * Canon, Fujifilm in the lead with bids of over $5.3 bln- sources
  
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• Heidrick Names UK Financial Services Practice Leader - Hunt Scanlon Media (press release)

  08-03-2016 02:17
  Hunt Scanlon Media (press release)
  Heidrick Names UK Financial Services Practice Leader
  Hunt Scanlon Media (press release)
  In her new role, Ms. Hibbert will have responsibility for managing the firm's U.K. financial services business, overseeing a team of approximately 40 individuals with a focus on providing executive search and leadership counsel to top-tier financial ...
  

• TUC analysis highlights 'pay penalty' for women having children early

  08-03-2016 01:01
  
  Those who become mothers before 33 earn 15% less than peers who do not, finds study marking International Women’s Day Women who become mothers before 33 earn 15% less than their peers who have not had children, the Trades Union Congress is to say as it calls for better childcare support to tackle the “motherhood pay penalty”.The TUC’s analysis to mark International Women’s Day on Tuesday says the disparity is down to younger mothers being more likely to have had a s
  
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• PENSIONS CRISIS: Millions of 'confused' workers are IGNORING their savings

  08-03-2016 01:01 via feedproxy.google.com
  
  MILLIONS of workers are ignoring the performance of their pension pots either because of ignorance or confusion, experts have warned.
  
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