Financial news

• Rainwater harvesting and rooftop solar: world's greenest shopping centre could be Australian

  17-03-2016 23:02
  
  Design competition asks architects, environmentalists and school kids to imagine a sustainable retail centre that generates energy for communities Shopping centres are not the first thing to come to mind when thinking about sustainability. Those palaces of consumerism chewing through water and electricity, while shoppers wander along brightly-lit walkways; always buying, buying, buying. But what if their energy usage could be slashed and they were transformed into sources of renewable energy, wi
  
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• Telstra offers second free-data day after millions hit by nationwide outage

  17-03-2016 21:25
  
  Australia’s largest telco apologises and seeks to make amends after second significant network disruption in a little over a monthTelstra boss Andy Penn has apologised for the telco’s latest massive outage that affected about 8 million customers for up to four hours, and has offered another free-data day. Related: Telstra says system shutdown was due to 'embarrassing human error'Continue reading...
  
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• Telstra apologises after 8 million customers hit by nationwide outage

  17-03-2016 21:25
  
  Australia’s largest telco suffers significant network disruption for second time in a little over a monthTelstra boss Andy Penn has publicly apologised for the telco’s latest massive outage that affected about 8 million customers for up to four hours.Scores of customers took to social media to vent their frustration about problems accessing Telstra’s mobile and data networks from about 6pm on Thursday. Continue reading...
  
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• GSK's wisdom is its dullness – there's no need for a break-up

  17-03-2016 20:57
  
  Departing Andrew Witty has been wise with GlaxoSmithKline. Neil Woodford is making the wrong call hereGlaxoSmithKline must be addicted to exciting succession scraps. Back in 2007, when the now departing Sir Andrew Witty landed the chief executive’s job, the affair was long and bloody. Three internal contenders were invited to pitch their ideas in a semi-public shoot-out. Witty, the youngest and most junior executive, won and the disappointed duo wouldn’t stay for love nor share optio
  
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• Telstra restoring services after nationwide mobile phone outage

  17-03-2016 20:46
  
  Outage that began on Thursday evening wreaks havoc on customers using mobile phones and internetTelstra was restoring mobile services across Australia on Thursday night after a massive outage that wreaked havoc on customers using their mobile phones and internet.Scores of customers took to social media to vent their frustration about problems accessing the telco’s mobile and data networks from about 6.30pm (AEDT) on Thursday. Continue reading...
  
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• Coca-Cola and other soft drinks firms hit back at sugar tax plan

  17-03-2016 20:31
  
  Drinks makers say Osborne’s new levy will not reduce obesity, while analysts suggest it could be hidden in smaller pack sizesCoca-Cola and other soft drinks companies targeted by George Osborne’s sugar tax have warned that the chancellor’s new levy will not reduce obesity.Analysts said prices were likely to rise for shoppers as a result of the tax, announced in a surprise budget measure on Wednesday, but suggested that the new tax could be hidden in smaller pack sizes or reduce
  
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• Sainsbury's set to raise bid as Argos takeover deadline approaches

  17-03-2016 20:26
  
  Supermarket locked in battle with South Africa’s Steinhoff International as price for catalogue-based retail chain expected to hit £1.5bnInvestors expect Sainsbury’s to offer as much as £1.5bn for Argos on Friday, as the supermarket considers trumping a rival South African bid for the catalogue shop ahead of a 5pm deadline. Sainsbury’s and Steinhoff International have been set a timescale by the takeover panel to announce a firm intention to bid for Home Retail Grou
  
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• France agrees bailout for EDF to proceed with Hinkley Point C

  17-03-2016 20:26
  
  Money will be made available to help build nuclear plant, says economics minister, as union repeats call for project to be shelvedThe French government has promised a financial bailout for cash-strapped energy group EDF so that it can proceed with the £18bn plan to build the first nuclear reactors in Britain for 20 years.France’s economics minister, Emmanuel Macron, said it would be a mistake for the 85% state-owned company not to build a new Hinkley Point C power plant in Somerset a
  
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• The doomsayers are wrong – our debt is well-regulated, and sound | Stephen Koukoulas

  17-03-2016 20:13
  
  Provisions of bad debts and non-performing loans remain at near-historic lows, meaning Australia’s debt market, at least for householders, is healthyIf debt is such a threat to global economic stability, why don’t we all pay it off? Get rid of it. Eliminate the source of financial sector instability.Related: How Australian households became the most indebted in the worldContinue reading...
  
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• J Walter Thompson CEO resigns in wake of lawsuit accusing racism and sexism

  17-03-2016 20:06
  
  Gustavo Martinez, head of the major ad agency, left ‘by mutual agreement’ after suit alleged he made ‘racist and sexist comments … and other unlawful conduct’The chief executive of one of the world’s leading ad agencies resigned on Thursday in the wake of a discrimination lawsuit accusing him of racist and sexist behavior.
  J Walter Thompson CEO and chairman Gustavo Martinez left “by mutual agreement” and “in the best interest” of the c
  
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• Osborne's fiscal illusion exposed as a house of credit cards

  17-03-2016 19:51
  
  The chancellor’s sums could only be made to add up by some rather blatant accounting tricks, disapprovingly debunked by thinktanks and observersGeorge Osborne had a plan when he arrived at the Treasury in May 2010. He would take on the task of repairing the hole in the UK’s public finances and complete the job within a single parliament. It was an ambitious plan: too ambitious as it turns out.Austerity was extended into a second five-year parliament and as a result of the chancellor&
  
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• Glencore reports seven dead in mining accident

  17-03-2016 19:43
  
  Switzerland-based mining company gives up looking for survivors after wall collapses at open pit mine in the Democratic Republic of Congo Glencore’s efforts to reduce fatalities among its staff have suffered a setback with the announcement that the death toll from an accident at a Congolese mine has risen to seven.Rescuers have been searching for survivors for 10 days, after the wall of an open pit mine owned by a Glencore subsidiary, Katanga, collapsed on employees performing upgrade work
  
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• North Sea oil industry down but not out, insists lobby group

  17-03-2016 19:39
  
  Oil & Gas UK fends off critics after watchdog predicts sector will need Treasury handouts to ensure survivalThe oil industry is fighting off lame duck claims as forecasts from a financial watchdog show the once powerful sector needs subsidies from the Treasury for survival over the next five years. Related: Oil price plunge 'will lead to £1bn burden on taxpayers'Continue reading...
  
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• Demand for homes fuels 30% rise in mortgage lending

  17-03-2016 18:36
  
  Mortgage lenders report strong year-on-year growth, buoyed by government schemes and competitive dealsMortgage lending leapt by 30% in the 12 months to February to hit £17.6bn, according to the latest figures from banks and building societies.Despite a 5% fall from January’s figure, the Council of Mortgage Lenders reported strong year-on-year growth, after low mortgage rates and demand for homes fuelled lending.Continue reading...
  
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• Libor scandal: convicted City trader could lose £1.7m home

  17-03-2016 18:01
  
  Court told that Tom Hayes and wife Sarah Tighe could be forced to give up home as fraud office seeks £2m in assetsThe wife of a City trader convicted of Libor rate rigging has told a court that she put their £1.7m family home on the market after her husband had a breakdown and lost all their money.
  Solicitor Sarah Tighe was giving evidence at the Old Bailey as the Serious Fraud Office (SFO) sought an order to seize more than £2m in assets from her husband, Tom Hayes. Continue r
  
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• US dollar slides and oil leaps after dovish Fed - as it happened

  17-03-2016 17:54
  
  All the day’s economic and financial news, as the Bank of England decides to leave interest rates at 0.5% yet againUK interest rates on hold yet againBoE warns about global growthShares fall after Norwegian rate cutLast night: Federal Reserve cuts rate expectations4.54pm GMTAfter a volatile day, the London stock market has closed higher tonight thanks to a surge in natural resource companies.Silver produced Fresnillo, mining giant Antofagasta and commodity trading group Glencore all surged
  
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• Budget 2016: Chancellor blasted for 'kick in the teeth' to landlords

  17-03-2016 17:53 via feedproxy.google.com
  
  GEORGE Osborne's 2016 Budget was another blow for landlords - hitting the retirement prospects and income for millions of middle class families, experts have blasted.
  
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• Mum feeds family GONE OFF food to cut shopping bills - and calls for others to do the SAME

  17-03-2016 17:35 via feedproxy.google.com
  
  A BUDGETING mother feeds her family almost nothing but out of date food to slash her shopping bill.
  
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• What the 2016 budget means for you, plus a home that raises the bar

  17-03-2016 16:10
  
  Also, the non-EU workers who will face deportation for earning less than £35,000, and Tony and Cherie Blair’s £27m property empireWednesday saw the 2016 budget, revealing the chancellor’s plans for the nation’s finances. We talk to some readers about what the announcements mean for them, and outline the impact on your pocket, plus Patrick Collinson gives his verdict.Continue reading...
  
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• Budget 2016: IFS savages tax claims as 'rhetorical nonsense'

  17-03-2016 16:06
  
  Institute for Fiscal Studies calls Osborne’s points about lower income jobs disingenuous and slams fuel duty freezeThe Institute for Fiscal Studies has criticised George Osborne for a misleading budget pledge to help Britain’s lowest paid workers, and warned that the chancellor’s new soft drinks tax could backfire by raising sugar consumption.The respected thinktank used its closely watched post-budget analysis to highlight “disingenuousness” in Osborne’s clai
  
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• Budget 2016: Osborne's policies help the rich and hurt the poor, says thinktank - Politics live

  17-03-2016 15:58
  
  Rolling coverage of all the day’s political developments as they happen, including George Osborne’s morning interviews and the Institute for Fiscal Studies’ briefing on the budgetGeorge Osborne’s morning interviews - SummaryJohn McDonnell’s morning interviews - SummaryResolution Foundation says Osborne’s policies will help rich and hurt poorInstitute for Fiscal Studies budget briefing - SummaryBudget highlights - Video 2.58pm GMTThe IFS briefing is now over.Th
  
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• Osborne might have to raise taxes or slash spending to hit target - IFS

  17-03-2016 15:34
  
  LONDON (Reuters) - Chancellor George Osborne may have to resort to big tax hikes or a new round of deep spending cuts to meet his target of turning Britain's budget deficit into a surplus by the end of the decade, the head of a leading economic think tank said on Thursday.
  
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• God Save the Queen? No future for England's punk dream, McLaren's son says

  17-03-2016 15:34
  
  LONDON (Reuters) - The son of former Sex Pistols manager Malcolm McLaren is to burn his 5 million pound collection of punk memorabilia after saying the subversive music genre had been appropriated by the mainstream.
  
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• Interest rates remain FROZEN as Bank of England warns of referendum risks

  17-03-2016 14:56 via feedproxy.google.com
  
  THE Bank of England has kept interest rates on hold as it warns of a rising uncertainty in the economy ahead of June's in or out referendum.
  
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• Banking scams push up UK financial fraud 'by more than 25%'

  17-03-2016 14:30
  
  Remote banking fraud increased the most in 2015, costing consumers more than £168m, according to Financial Fraud Action UKFraudsters managed to steal £755m from British consumers and financial institutions during 2015 – a 26% increase on the year before. Financial Fraud Action UK said the biggest growth area was remote banking fraud, which typically sees fraudsters posing as bank staff in a bid to con people into sending them money via online banking.Continue reading...
  
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• In sweet-toothed Britain, sugary soda levy may have limited impact

  17-03-2016 13:59
  
  LONDON (Reuters) - With its surprise move to tax sugary drinks, Britain joins several Western countries battling a key suspect in rising rates of obesity and diabetes, but health and industry experts say the levy is limited and its effect may be small.1
  
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• One in three UK workers are in the wrong job, ONS figures claim

  17-03-2016 13:58
  
  Data shows one in six staff are overqualified for their role with a further one in six undereducatedAlmost one in three workers are either overqualified or underqualified for their jobs, according to new figures that deal a fresh blow to hopes that the UK can lift its productivity growth out of the doldrums.Data from the Office for National Statistics shows the proportion of workers “matched” to their job has dropped steadily in recent years. Continue reading...
  
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• Record number of children arrested for terrorism offences in UK

  17-03-2016 13:26
  
  LONDON (Reuters) - British police arrested a record number of children for terrorism offences last year and the number of women detained also soared, official figures showed on Thursday.
  
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• Bank of England leaves interest rates on hold and warns of Brexit uncertainty - business live

  17-03-2016 13:09
  
  All the day’s economic and financial news, as the Bank of England decides to leave interest rates at 0.5% yet againLatest: UK interest rates unchanged, again Shares fall after Norwegian gloomIntroduction: Bank of England interest rate decision today
  Last night: Federal Reserve cuts rate expectations12.09pm GMTHappy 7th Birthday 0.5% Bank of England Interest Rate12.07pm GMTThe Bank of England has warned that rising Brexit uncertainty could hit economic demand in the UK.
  In the minutes of to
  
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• Television magician Paul Daniels dies

  17-03-2016 13:04
  
  LONDON (Reuters) - British television magician Paul Daniels has died at the age of 77, after being diagnosed with an incurable brain tumour last month.
  
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• Bank of England keeps rates steady, says sterling hit by EU vote

  17-03-2016 13:02
  
  LONDON - Bank of England policymakers said sterling had been dealt a big hit by uncertainty in the run-up to the referendum on EU membership and that growth could slow, after voting unanimously to keep rates steady.
  
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• Britain's in and out EU campaigns level, 28 percent undecided - TNS poll

  17-03-2016 13:00
  
  LONDON (Reuters) - Support for Britain to stay in the European Union was level with that for a withdrawal from the 28-member bloc at 36 percent, an online TNS opinion poll suggested on Thursday.
  
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• 'President Trump' as big a threat as jihadi terror to global economy - EIU

  17-03-2016 12:07
  
  Republican frontrunner could damage trade and increase Middle East instability if he wins US presidency, say analysts
  The prospect of Donald Trump winning the race to the White House has joined China’s slowing economy, the Greek debt crisis and Britain’s EU referendum as a major threat to the global economy, according to a respected risk analysis firm.The Economist Intelligence Unit said the Republican frontrunner could prove a dangerous world leader, damaging global trade, stirring
  
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• Gas prices are down but that isn't fuelling Americans' optimism

  17-03-2016 12:00
  
  Many factors are conspiring to make the US public fearful despite the low oil price but investors should recall that markets tend to climb a ‘wall of worry’The latest season of House of Cards got a lot of things right except (small spoiler alert) the price of gas. Francis Underwood, our sociopathic slimeball in chief, is facing an economic crisis thanks to sky-high gas prices. In the real world gas prices haven’t been this low for close to a decade. In January there was a stati
  
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• Ted Baker profits rocket by 20%

  17-03-2016 11:47
  
  Fashion chain pushes ahead with overseas expansion after sales rise 13% and pretax profit jumps to £58.7mTed Baker has reported a 20% rise in annual profits with further expansion plans boosted by well-received spring and summer ranges.The British clothing chain, which has 448 stores and concessions worldwide, is outperforming many rivals and is pushing ahead with overseas store openings. The company was also one of few high street retailers to report strong sales over Christmas. Continue
  
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• Budget 2016: Osborne says Britain on verge of getting Brussels agreement to scrap tampon tax - Politics live

  17-03-2016 11:18
  
  Rolling coverage of all the day’s political developments as they happen, including George Osborne’s morning interviews and the Institute for Fiscal Studies’ briefing on the budgetGeorge Osborne’s morning interviews - SummaryJohn McDonnell’s morning interviews - Summary 10.18am GMTNicky Morgan, the education secretary, has published the “Educational Excellence Everywhere” white paper. It contains plans to turn every school in England into an academy, but
  
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• Rio Tinto boss Sam Walsh to retire

  17-03-2016 11:14
  
  Jean-Sébastien Jacques to take over as mining group continues to cut costs amid plunging commodity pricesRio Tinto’s chief executive, Sam Walsh, is to retire and be replaced by Jean-Sébastien Jacques in July, the mining group has said.Walsh, who has led the Anglo-Australian company for just over three years and overseen a cost-cutting drive as the mining sector faces plunging commodity prices, will leave Rio’s board at the same time. Continue reading...
  
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• Stamp duty calculator

  17-03-2016 11:13
  
  Stamp duty land tax is payable on the purchase of all homes in England and Wales. From 1 April 2016 anyone buying a second home will pay a higher rate of tax. Use our calculator to find out how much your bill will be.Continue reading...
  
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• Job fears dominate as British workers argue over EU referendum

  17-03-2016 11:07
  
  PRESTON, England (Reuters) - Arguments on the merits of the European Union and whether workers should gamble with their jobs by voting to leave the bloc are becoming something of an obsession on factory floors across Britain.
  
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• Apple co-founder criticises company over Apple Watch

  17-03-2016 10:40
  
  Steve Wozniak said device has taken firm into ‘jewellery market’ and that it is no longer ‘the company that really changed the world a lot’ The Apple co-founder Steve Wozniak said he no longer recognises the company he built, thanks to creations such as the Apple Watch.He wrote in an interview on Reddit: “I love my Apple Watch, but - it’s taken us into a jewellery market where you’re going to buy a watch between $500 or $1,100 based on how important you
  
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• Canada pension funds hold back on UK deals ahead of Brexit vote

  17-03-2016 10:36
  
  TORONTO (Reuters) - Some of Canada's top pension funds, among the world's biggest investors in British real estate and infrastructure, are holding back on UK deals until after Britons vote on whether to leave the European Union, according to senior executives.
  
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• GSK chief Andrew Witty to leave drugmaker

  17-03-2016 10:35
  
  Chief executive, whose total pay package rose to £6.66m last year, fended off calls last month for break up of multinationalGlaxoSmithKline’s chief executive, Sir Andrew Witty, is to leave the drugmaker next March after collecting a £6.7m pay package last year. GSK said it had started looking for a successor to Witty, who joined the company in 1985 from university and has been at the helm since 2008. Continue reading...
  
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• Business News: Ted Baker, GlaxoSmithKline, Imagination Technologies, Rio Tinto

  17-03-2016 10:21 via feedproxy.google.com
  
  TED Baker has more international expansion in store after fashioning a 20 per cent rise in annual pre-tax profit to £58.7million.
  
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• One of Britain's biggest mining projects could start in 2021 with £2.4bn bid

  17-03-2016 09:57 via feedproxy.google.com
  
  ONE of Britain’s biggest mining projects for decades could be under way by 2021 as plans were set out to dig up to 20 million tonnes of potash a year out of the North Yorkshire moors.
  
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• Telstra customers hit by nationwide outage

  17-03-2016 09:53
  
  Australia’s largest telco suffers significant network disruption for second time in a little over a monthTelstra customers across the country have been hit by another widespread outage, wreaking havoc on mobile services.Customers have taken to social media to vent their frustration about problems accessing the telco’s mobile network. Continue reading...
  
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• Budget 2016: Osborne 'has only 50-50 chance' of hitting surplus target

  17-03-2016 09:46
  
  Chancellor will have to raise taxes or make further cuts if OBR downgrades its forecasts again, IFS thinktank saysGeorge Osborne has only a 50% chance of fulfilling his plans to deliver a £10bn surplus on the public finances by 2020, the director of the Institute for Fiscal Studies (IFS) has said.On Wednesday, Osborne was forced to acknowledge in his budget statement that a sharp deterioration in the growth forecasts published by the Office for Budget Responsibility (OBR) meant the public
  
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• UK asset managers face retail cost hit after any messy EU exit

  17-03-2016 08:43
  
  LONDON (Reuters) - Some British asset managers face a rise in costs to keep selling one of Europe's most lucrative mutual funds to wealthy investors on the continent and beyond if the country votes to quit the European Union.
  
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• George Osborne's budget 2016 giveaways 'mask £56bn black hole'

  17-03-2016 08:10
  
  Chancellor announces eye-catching measures including sugary drinks levy and tax cuts, but Office for Budget Responsibility warns of fiscal holeGeorge Osborne’s attempt to woo voters ahead of Britain’s EU referendum has come under immediate and intense scrutiny after he used a range of accounting devices to disguise a looming £56bn “black hole” in the government’s finances and deliver a promised surplus by the end of the decade.Despite being faced with a marked
  
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• Don't play by the rules: how to reignite women's fire in the workplace

  17-03-2016 08:09
  
  It’s time to stop following outdated models of leadership and embrace a culture that works for women, not just menWomen leaders lack self-confidence, right? Well, yes and no. Certainly it seems every woman wants more of it. It is universally the main desired outcome from the women in leadership programmes we run. And I’d be rich if I had a pound for every time a woman says sorry. Perhaps it’s just a British thing but apologising for speaking seems to have become a national fema
  
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• Thrifty holiday car hire turns out to be an expensive mistake

  17-03-2016 08:00
  
  When we had a breakdown we lost two days of a week-long breakI hired a car through Thrifty at Tenerife airport in December, and paid for fully comprehensive insurance. While we were driving up a steep road the engine cut out and the car had to be pushed to safety. Thrifty told me to bring the car back – a round trip of more than 200km, which meant two days of our week-long holiday was ruined. I’ve tried to get redress, but this has been refused. SS, Montgomery Hertz, which owns Thrif
  
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