Financial news

• City News: Co-op, ASOS, Flybe, Sainsbury's

  07-04-2016 21:19 via feedproxy.google.com
  
  CO-OP boss Richard Pennycook’s request for a 60 per cent pay cut should provide a “wake-up call” to help restore trust in British business, according to the Institute of Directors.
  
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• M&S boss out to arrest slide

  07-04-2016 21:02 via feedproxy.google.com
  
  NEW Marks & Spencer chief executive Steve Rowe has vowed to leave “no stone unturned” to try to reverse a near-constant five-year slide in clothing sales after branding its latest quarterly fashion flop “unsatisfactory”.
  
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• Cameron urges young Britons to vote against Brexit

  07-04-2016 19:25
  
  LONDON (Reuters) - Prime Minister David Cameron urged young Britons on Thursday to make sure they vote in a June 23 referendum on membership of the European Union, warning that leaving the bloc would hit them the hardest.
  
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• Cheap flats and rampant sexism: postwar life was simpler, but hardly better | Emma Brockes

  07-04-2016 19:05
  
  If present-day London makes you nostalgic for the past, Elizabeth Jane Howard’s memoir will act as a salutary correctiveFew of us need the Panama Papers as a reminder that these are dark days for London, in which tycoons have turned the capital into a large branch of Foxtons. Against this backdrop it is easy to feel a certain wistfulness for earlier eras, when the city’s principal attraction wasn’t its investment profile but its shabby charm and affordability.I have b
  
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• Ex-Barclays trader alleged top bosses knew of Libor requests, London court hears

  07-04-2016 18:42
  
  LONDON (Reuters) - A former trader at Barclays, one of five on trial on charges of conspiracy to manipulate financial benchmark interest rates, alleged that top bosses at the bank approved and condoned the practice, a London court heard on Thursday.
  
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• ​The U.K.'s Mature Financial Disruption: What the Rest of Us can Learn - Equities.com

  07-04-2016 18:39
  Equities.com
  ​The U.K.'s Mature Financial Disruption: What the Rest of Us can Learn
  Equities.com
  I've spent a lot of time in the UK lately, and it's been on my mind even more. I was just there for the AltFi Europe Summit, and for the launch of The World's First Fintech Book (I happen to be one of the authors), and while I learned plenty, what ...
  

• EDF engineers say confident Hinkley Point can be built on time

  07-04-2016 18:07
  
  PARIS (Reuters) - A group of some 100 EDF engineers and managers in its nuclear business said they were convinced the French utility could build the British Hinkley Point nuclear project on time.
  
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• Customer fury as Sainsbury's axes brand match vouchers

  07-04-2016 17:06 via feedproxy.google.com
  
  SAINSBURY'S shoppers have reacted with anger after the supermarket announced an end to its 'brand match' price vouchers, which give shoppers money off their next shopping trip.
  
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• Rare Shakespeare First Folio found on Scottish island

  07-04-2016 17:05
  
  ISLE OF BUTE, Scotland (Reuters) - A nearly 400-year-old copy of a first edition of William Shakespeare's collected plays has been found in a vast aristocratic house on the Isle of Bute, off the western coast of Scotland.
  
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• Liberty's Gupta says has resources to back UK steel ambitions

  07-04-2016 17:01
  
  MUMBAI (Reuters) - Sanjeev Gupta, the boss of metals trader Liberty House Group who wants to buy Tata Steel Ltd's loss-making British operations, says he has the financial resources to match his ambitions.
  
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• Home production economy worth £1tn a year

  07-04-2016 16:24
  
  Value put on informal childcare soars but British households doing less cleaning, DIY and gardening, says ONSThe value of childcare in British homes, washing and feeding families, DIY, cleaning, and collecting children from school contributes to a “home production” economy that is worth more than £1tn , according to official government figures. But while the value put on informal childcare has soared, British households are doing less cleaning, DIY and gardening, according to t
  
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• First female master tailor opens own shop in London's historic Savile Row

  07-04-2016 16:01
  
  LONDON (Reuters) - Kathryn Sargent made history on Wednesday by becoming the first female master tailor to open her own shop in London's prestigious Savile Row.
  
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• Fears for elderly without internet access as HUNDREDS of bank branches to close this year

  07-04-2016 15:58 via feedproxy.google.com
  
  THOUSANDS of people could be left without access to vital money services, as hundreds of Britain's bank branches are marked for closure.
  
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• Financial watchdog demands action from UK banks and businesses after ... - ITV News

  07-04-2016 15:04
  ITV News
  Financial watchdog demands action from UK banks and businesses after ...
  ITV News
  The UK's financial watchdog has ordered banks and businesses to check whether they have any links to a law firm at the centre of the Panama Papers leak. Banks and financial firms have until April 15 to check their records Credit: PA. According to a ...en meer »
  

• UK watchdog tells asset managers to be clear on strategy

  07-04-2016 14:00
  
  LONDON (Reuters) - Some asset managers have been failing to tell investors they have been following a stock benchmark rather than managing their money more actively, Britain's Financial Conduct Authority said on Thursday.
  
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• UK productivity falls by most since financial crisis - Financial Times

  07-04-2016 13:41
  Financial Times
  UK productivity falls by most since financial crisis
  Financial Times
  Productivity in Britain has deteriorated by the most since the financial crisis, adding to concerns about the economy's underlying strength. The productivity of UK workers — measured by their economic output per hour — fell 1.2 per cent between the ...
  UK productivity plummets in fourth quarter at fastest rate since financial crisisReuters UKalle 4 nieuwsartikelen »
  

• Scrap inheritance tax and tackle Cameron’s hypocrisy head-on | Polly Toynbee

  07-04-2016 13:40
  
  No wonder Cameron protected offshore trusts from the EU. Taxing earned and unearned income the same would break this link between privilege and powerYet another secret is out: while David Cameron promised tax transparency, he was privately preventing EU moves to force open secretive trusts, in which Britain uniquely abounds. He protested against “£122bn of property in England and Wales owned offshore bought with plundered or laundered cash”, yet time and again it emerges that t
  
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• 10 common mistakes Britons make with their pensions 

  07-04-2016 13:31 via feedproxy.google.com
  
  PENSION mistakes could cost you dearly when you get older and reach retirement. But what are the most costly and common mistakes made by Britons?
  
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• 10 biggest MISTAKES Britons make with their pensions 

  07-04-2016 13:31 via feedproxy.google.com
  
  PENSION mistakes could cost you dearly when you get older and reach retirement. But what are the most costly and common mistakes made by Britons?
  
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• UK productivity plummets in fourth quarter at fastest rate since financial crisis

  07-04-2016 13:19
  
  LONDON (Reuters) - British economic productivity fell late last year at the fastest pace since the depths of the financial crisis, raising fresh doubt about the economy's underlying health after government forecasters cut their long-run outlook last month.
  
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• How to retire at 55 - Eight top tips

  07-04-2016 13:11 via feedproxy.google.com
  
  MANY workers dream of retiring at the age of 55 but simply can’t afford the luxury. Here are eight top tips on how to retire early.
  
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• SUMMER HOLIDAY BLOW: Britons warned as pound tipped to plunge by massive 15 per cent

  07-04-2016 13:08 via feedproxy.google.com
  
  BRITISH holidaymakers could see their spending power take a huge hit this summer with the pound's value forecast to dive by as much as 15 per cent, according to experts.
  
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• Former HSBC boss tried to avoid tax on £8m Kensington house

  07-04-2016 13:00
  
  Panama Papers show Michael Geoghegan, a leading Brexit campaigner, has used offshore firms to manage his wealthThe leading Brexit campaigner Michael Geoghegan is not resident in the UK for tax purposes, the Guardian can reveal.According to documents, the former chief executive of HSBC held his £8m Kensington townhouse through an offshore company – and planned to avoid tax by effectively renting the property to himself. Continue reading...
  
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• End of housing boom: Prices at market peak and now set to FALL, warn experts

  07-04-2016 12:57 via feedproxy.google.com
  
  HOUSE prices in Britain jumped by 10.1 per cent in the year to March but experts have warned this is the peak of the market and to expect a slowdown in growth in the coming months.
  
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• Is equity release the only way to raise cash for our travelling lifestyle?

  07-04-2016 12:25
  
  We are considering raising money from our home at some point in the future, but I know equity release has its downsidesQ: I am a fit 77-year-old and my wife is 72. We have a house which is worth about £325,000. We also have around £70,000 in premium bonds and shares.So at the moment, my estate would attract inheritance tax. Continue reading...
  
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• UK supermarket Sainsbury's scraps 'brand match' price scheme

  07-04-2016 12:13
  
  LONDON (Reuters) - Britain's second-largest supermarket group Sainsbury's said on Thursday it was abandoning a price matching scheme on branded goods introduced five years ago to focus on lower regular prices.
  
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• Numen Capital hires ex-Egerton investment analyst to lead new fund

  07-04-2016 10:55
  
  LONDON (Reuters) - London-based credit-focused hedge fund firm Numen Capital has hired Egerton Capital investment analyst Marcello Sallusti to launch a new fund, three sources told Reuters.
  
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• UK house prices pick up pace with 10.1% annual increase

  07-04-2016 10:54
  
  Cost of average home hits £214,811 but mortgage lender Halifax warns Brexit fears could curb housing market activityUK house price growth has picked up to hit an annual rate of 10.1%, a one and a half year high, but could ease in coming months amid Brexit fears, according to the country’s biggest mortgage lender. The price of an average home rose to £214,811 in March, up 2.6% from the month before, Halifax said. House prices in the three months to March were 2.9% higher than in
  
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• Mega-deal collapse a Q2 wake-up for merger-arb hedge funds

  07-04-2016 10:54
  
  LONDON (Reuters) - Hedge funds which bet on mergers and acquisitions were hurt by the collapse of a $160 billion tie-up between pharmaceutical companies Pfizer and Allergan - although the effects could have been even worse.
  
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• Mega deals morph into mega problems for Wall Street

  07-04-2016 10:53
  
  NEW YORK/LONDON (Reuters) - If 2015 was a dream year for Wall Street's top dealmakers, 2016 is starting to take a nightmarish turn.
  
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• UK house prices rise at fastest annual pace since mid-2014 - Halifax

  07-04-2016 10:09
  
  LONDON (Reuters) - British house prices rose in March at the fastest pace in seven months, bringing price growth on an annual basis back into double digits for the first time since mid-2014, mortgage lender Halifax said on Thursday.
  
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• URGENT-Malaysia's 1MDB board offers resignations after parliament report

  07-04-2016 09:49
  
  KUALA LUMPUR, April 7 (Reuters) - Malaysian state fund 1Malaysia Development Berhad (1MDB) said on Thursday its board of directors have collectively offered their resignations to the finance ministry following a parliamentary inquiry into the fund.
  
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• BUZZ-Worldpay: slumps as top shareholder sells 13.8 pct stake

  07-04-2016 09:49
  
  ** Payments processor Worldpay's shares down 3.5%, bottom of the FTSE, after a majority shareholder sells part of stake
  
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• UPDATE 2-Australia's Arrium in administration, highlighting pressure on small miners

  07-04-2016 09:45
  
  * Not alone in borrowing big during boom (Recasts, adds quotes, context)
  
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• European shares open slightly higher led by healthcare, miners

  07-04-2016 09:24
  
  MILAN, April 7 (Reuters) - European shares were slightly higher in early deals on Thursday led by gains in mining and healthcare stocks, but gains were capped by some stocks such as Daimler going ex-dividend.
  
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• BUZZ-Dunelm: best day since Feb on solid Q3 update

  07-04-2016 09:23
  
  ** Homewares retailer Dunelm +4.5%, biggest one-day rise since mid Feb
  
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• China stocks fall as investors await March economic data

  07-04-2016 09:13
  
  SHANGHAI, April 7 (Reuters) - China stocks fell more than 1 percent on Thursday, as investors awaited a slew of Chinese economic data and stayed cautious on signs of increasing default risks in the country's corporate bond market.
  
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• The Panama Papers: what's been revealed so far?

  07-04-2016 09:01
  
  The unprecedented leak of 11.5m files is causing upheaval across the globe. Here is what has been revealed by the GuardianThe leak of 11.5m files from the Panama-based law firm Mossack Fonseca continues to create upheaval around the world. The documents were leaked to the German daily Süddeutsche Zeitung, which shared them with the Washington-based International Consortium of Investigative Journalists, the Guardian, the BBC and other media organisations.This is a list of principal revelatio
  
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• RPT-Indian banks reject Mallya's loan repayment offer, say need more

  07-04-2016 09:00
  
  NEW DELHI, April 7 (Reuters) - A group of Indian banks has rejected an offer by embattled liquor baron Vijay Mallya to repay part of the $1.4 billion loans his defunct Kingfisher airline owes them, a lawyer for the lenders told the Supreme Court on Thursday.
  
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• Euro zone banks should skip dividends to increase lending - BIS

  07-04-2016 09:00
  
  * Dividends during crisis should be "concern" for central banks
  
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• Indian banks reject Mallya's loan repayment offer, say need more

  07-04-2016 08:58
  
  NEW DELHI, April 7 (Reuters) - A group of Indian banks has rejected an offer by embattled liquor baron Vijay Mallya to repay part of the $1.4 billion loans his defunct Kingfisher airline owes them, a lawyer for the lenders told the Supreme Court on Thursday.
  
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• UPDATE 1-Austrian bank's CEO quits after Panama Papers reports

  07-04-2016 08:55
  
  VIENNA, April 7 (Reuters) - The chief executive of Hypo Landesbank Vorarlberg, an Austrian lender mentioned in the massive "Panama Papers" data leak, has become one of the first top bankers to quit over reports based on those files.
  
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• Banca Popolare Vicenza starts sounding out investors for fundraising

  07-04-2016 08:54
  
  MILAN, April 7 (Reuters) - Italian lender Banca Popolare di Vicenza said on Thursday it had started sounding out investors about its plans to raise capital.
  
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• Australia shares close higher, NZ shares fall shy of record

  07-04-2016 08:48
  
  MELBOURNE, April 7 (Reuters) - Australian shares rose 0.37 percent on Thursday, as a cautious tone by the Federal Reserve and rising oil prices underpinned risk assets.
  
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• UPDATE 1-Trelleborg agrees to sell Vibracoustic to Freudenberg Group

  07-04-2016 08:38
  
  * Expects deal to be completed in Q2 (Adds further detail, background)
  
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• UPDATE 2-OCBC grabs Barclays Asia wealth business after poaching concerns spook rival

  07-04-2016 08:21
  
  * OCBC agrees to buy Barclay's Singapore and Hong Kong operations
  
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• Japan's low rates raise corporate pension burdens, cut valuations

  07-04-2016 08:20
  
  * Record low debt yields increase corporate pension liabilities
  
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• A power of attorney has split my husband and his sister

  07-04-2016 08:00
  
  A legal agreement to manage the financial affairs of parents could end up in the hands of lawyersMy husband has joint power of attorney with his sister over their parents’ financial affairs. Unfortunately, it was set up so that my husband and his sister can act independently of each other. Their father died recently and his sister, who lives in the parents’ house as a carer, refuses to speak to my husband and will not share any information with him regarding their parents’ bank
  
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• Parliamentary report says govt had $5.2 bln exposure to 1MDB as of Oct

  07-04-2016 07:58
  
  KUALA LUMPUR, April 7 (Reuters) - Malaysian government's risk exposure if troubled state fund 1MDB fails to pay off its debt was estimated at around 20.31 billion ringgit ($5.2 billion) in October, a parliamentary report said on Thursday.
  
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• UPDATE 1-BOJ keeps to rosy view of regional Japan, warns on capex outlook

  07-04-2016 07:55
  
  * Gov Kuroda says ready to ease more if needed (Adds details, background)
  
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