Financial news

• No jobs and growth joy for Coalition in latest investment figures | Greg Jericho

  26-05-2016 21:58
  
  Sharp falls in capital expenditure continue in March quarter, marking record 14 quarters in a row of declining investmentWith an election based around jobs and growth and a budget largely dependent on that growth delivering revenue, the government would have been looking for some good news from the capital expenditure figures. Alas there is very little joy to behold with the sharp falls in investment continuing. For those wanting good news, the best you can say is that things don’t look to
  
  Read more

• U.K. Counts Possible Financial Losses In Case Of Brexit - «Market Leader» - news and previews making you rich.

  26-05-2016 21:32
  «Market Leader» - news and previews making you rich.
  U.K. Counts Possible Financial Losses In Case Of Brexit
  «Market Leader» - news and previews making you rich.
  More and more experts and observers start speculating on the possible fate of the United Kingdom in case of the so-called Brexit, which stands for the British exit from the European Union. They keep on trying to predict the financial losses awaiting ...en meer »
  
  Read more

• Tweaking pensions law to save Tata Steel UK would be a risky move

  26-05-2016 21:19
  
  Viewed in isolation the idea looks like a reasonable fudge but once obligations are changed where does the process stop?How far will the government – a month before a referendum, and facing accusations of being asleep to the crisis in the steel industry – go to save Tata Steel UK? Here’s one answer: it could change the law to allow the company’s pension fund liabilities to be indexed at a lower rate of inflation, thereby making it more likely that a buyer will appear or t
  
  Read more

• Portuguese-backed consortium close to deal for BHS

  26-05-2016 20:45
  
  Party said to be funded by wealthy Soares dos Santos family nearing agreement to buy all the ailing retailer’s storesA Portuguese-backed consortium is closing in on a deal to rescue BHS and its 11,000 employees.The consortium, which is led by Greg Tufnell, the brother of former England cricketer Phil Tufnell, is understood to have already paid part of the sale proceeds to show its determination to complete a deal. Continue reading...
  
  Read more

• Advertisement

• U.K. financial regulator urges capping exit fees for plan participants - Pensions & Investments

  26-05-2016 20:36
  Telegraph.co.uk
  U.K. financial regulator urges capping exit fees for plan participants
  Pensions & Investments
  Exit fees for existing contract-based pension plans should be capped at 1% of the value of an account, said the U.K.'s financial watchdog. The Financial Conduct Authority said Thursday it will look at capping fees for participants who want to withdraw ...
  UK's Financial Conduct Authority Proposes Cap On Early Exit ChargesExchange News Directalle 55 nieuwsartikelen »
  
  Read more

• Shell says it will limit solar investment until it proves profitable

  26-05-2016 20:35
  
  Chief executive Ben van Beurden tells shareholders the firm wants to gradually increase its operations in clean energyShell will avoid investing too heavily in solar or other technologies until they can make financial profits, its chief executive has said.Ben van Beurden told a meeting of shareholders in London that the oil company was already established in windfarms, a carbon capture plant, and wanted to gradually increase its operations in clean energy. Continue reading...
  
  Read more

• UK Financial Regulatory Developments - May 2016 #14 - JD Supra (press release)

  26-05-2016 20:21
  
  UK Financial Regulatory Developments - May 2016 #14
  JD Supra (press release)
  The Working Group on Sterling Risk-Free Reference Rates (RFR) has published an interim report and work plan. It is focusing on: finalising the process to be followed for the RFR decision, including final selection criteria, which it should complete in ...
  
  Read more

• MPs tell Mike Ashley they will not visit Sports Direct head office

  26-05-2016 20:03
  
  Billionaire had said he would only attend select committee if its members visited HQ but MPs say they still expect him to appearMPs investigating controversial business practices at Sports Direct have told its founder, Mike Ashley, they will not visit the company’s headquarters before next month’s select committee hearing and made it clear they still expect him to show up at Westminster.The billionaire had attached the condition to his appearance in a verbose exchange of letters with
  
  Read more

• Advertisement

• Indians largest skilled migrant workers group in UK - Financial Express

  26-05-2016 19:39
  
  Financial Express
  Indians largest skilled migrant workers group in UK
  Financial Express
  Indian nationals accounted for the largest number of migrants being granted skilled visas to work in the UK in the last year, latest statistics said today. By: PTI | London | Published: May 26, 2016 11:07 PM ...en meer »
  
  Read more

• Revealed: 9% rise in London properties owned by offshore firms

  26-05-2016 19:21
  
  Land Registry data of past 10 months shows 40,000 properties – from entire apartment complexes to wine cellars and car parks – registered in tax havensForty thousand properties across London are owned by secretive offshore companies, an increase of 9% over the past 10 months, the Guardian can reveal.An analysis of Land Registry data shows that entire developments from the East End to Knightsbridge have been sold to anonymous owners shielded by companies in tax havens including Panama
  
  Read more

• Tata Steel pension chief backs controversial cuts

  26-05-2016 19:16
  
  Critics say rushed changes to cut liabilities could open floodgates to bosses wanting to abandon pension promisesGovernment plans to overhaul the pension scheme behind Tata Steel have been supported by the trustees despite warnings that the move would set a dangerous precedent.Allan Johnston, chairman of the board of trustees of the British Steel pension scheme, welcomed the government’s decision to consult on a shakeup of the scheme as it would be a better outcome for members than enterin
  
  Read more

• McDonald's CEO: robots won't replace workers despite tech opportunities

  26-05-2016 19:15
  
  Steve Easterbrook’s comments came days after one of the fast-food giant’s former US CEOs suggested that a higher minimum wage could lead to using robotsMcRobots are not coming to a McDonald’s near you just yet, according to Steve Easterbrook, the company’s chief executive officer. His comments came two days after one of the fast-food giant’s former US chief executives suggested that a minimum wage of $15 an hour could lead to McDonald’s replacing its workers w
  
  Read more

• MPs demand reassurances from Sajid Javid over British Steel pensions - as it happened

  26-05-2016 19:02
  
  Full coverage as parliament discusses whether to cut the benefits due to Britain’s steel workers, to help Tata find a buyerSnap summary: MPs fear a dangerous precedentSajid Javid’s statement - highlights start hereAngela Eagle demands more detailsEarlier:UK growth slows to 0.4% as business investment fallsEconomists blame world economy and Brexit 6.02pm BSTTime to wrap up. A quick recap:MPs have urged Sajid Javid to treat cautiously, after the business secretary confirmed that the go
  
  Read more

• Oil price rises above $50 a barrel

  26-05-2016 18:58
  
  Data suggests global glut is easing due to fall in US output and supply disruption in Canada, Libya and NigeriaOil prices have broken through the $50 per barrel mark for the first time in almost seven months after storage figures suggested that the glut in global crude supplies was easing. Many analysts have predicted that the recovery, which will help the North Sea oil industry and could steady the global economy but hurt motorists through higher petrol costs, could be short-lived.The price of
  
  Read more

• The British pop talent crash: where have all the new acts gone?

  26-05-2016 18:49
  
  With the charts dominated by North American titans such as Beyoncé and Drake, it is getting harder and harder for the UK’s rising stars to break in. Will we ever see another Adele? Imagine a UK music chart with almost no UK acts in it. A Top 40 comprising North Americans, Scandinavians and, down at the bottom reaches, a British outlier or two. That is the gloomy prediction being made in some corners of the British music industry because of two problems: the difficulty of finding new
  
  Read more

• Dong Energy IPO to value windfarm operator at £11bn

  26-05-2016 18:42
  
  Danish firm that is major investor in UK offshore windfarms expects to sell up to 17% of shares in year’s biggest float so far Danish-based Dong Energy, a major investor in British offshore windfarms, is heading for the world’s biggest stock market flotation so far this year with a price tag for the entire business of 106.5bn kroner (£11bn).The group, which has been a flag carrier for companies moving from fossil fuels to renewable energy, expects to sell up to 17% of its share
  
  Read more

• Why have France's labour reforms proved so contentious?

  26-05-2016 18:15
  
  The government’s plan to adopt employment laws more in line with those in the UK has plunged the country into strike chaosScuffles and smoke bombs as protesters step up fight against labour billThe reforms that have plunged France into strike chaos this week are aimed at simplifying and relaxing the country’s labour laws, mainly by giving individual companies greater leeway to make more decisions about hiring, firing, pay and working hours according to economic conditions, rather tha
  
  Read more

• UK plans unique pensions deal for Tata Steel UK - Financial Express

  26-05-2016 17:37
  
  Financial Express
  UK plans unique pensions deal for Tata Steel UK
  Financial Express
  Seeking to overcome the biggest stumbling block in securing a deal for Tata Steel, the UK government today unveiled a unique pensions compromise scheme to secure the sale of the Indian conglomerate's loss making UK assets and save thousands of jobs.en meer »
  
  Read more

• Scuffles and smoke bombs as protesters step up fight against French labour bill

  26-05-2016 17:33
  
  Protesters storm La Havre square and clash with police in Paris as French PM says legislation will standFrench protesters scuffled with police, dock workers set off smoke bombs and union activists disrupted fuel supplies and nuclear plants on Thursday in the biggest challenge yet to François Hollande’s government as it tries to give employers more flexibility.On a day of nationwide strikes and protests, the prime minister, Manuel Valls, opened the door to possible changes in the con
  
  Read more

• Sir Denys Henderson obituary

  26-05-2016 16:30
  
  ICI chairman who oversaw the split of the company into chemicals and pharmaceuticals businessesDenys Henderson, who has died aged 83, was the man who oversaw the brave decision to break Britain’s best known industrial icon, ICI, into two: a chemicals business, later sold off piecemeal; and an increasingly successful bioscience operation, which, as AstraZeneca, became one of Britain’s two world-class pharmaceutical companies.Henderson would later recall that, as he pondered the decisi
  
  Read more

• Debenhams poaches Amazon's Sergio Bucher as new CEO

  26-05-2016 16:14
  
  Vice-president of online giant’s European fashion business will start in October, with a brief to revive high-street stalwartDebenhams has poached an Amazon executive to be its new chief executive, tasked with reviving the high street retailer.Sergio Bucher, who will take up the job in October, has been vice-president of Amazon’s European fashion business since 2013. He previously worked at Puma, where he was general manager of retail and e-commerce worldwide. Before that, Bucher hel
  
  Read more

• Number of UK 'Neets' increases for second consecutive quarter

  26-05-2016 16:04
  
  Proportion of young people not in education, employment or training jumps to 12%, but total is down over five yearsThe number of young people in Britain not in education, employment or training increased for a second consecutive quarter between January and March, to 865,000.The proportion of so-called Neets among 16- to 24-year-olds edged up 0.1 percentage points – or 2,000 people – to 12%, compared with the previous quarter, according to the Office for National Statistics. Continue
  
  Read more

• Ticket touts could be licensed, plus the chance to snap up a towering folly

  26-05-2016 15:47
  
  Also, a backlog in safety checks means nurses and teachers can’t work, and how tiny scratches can lead to huge car hire bills
  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...
  
  Read more

• UK GDP growth – beware the march of the spenders

  26-05-2016 15:41
  
  George Osborne once pledged a balanced economy, with growth based on a march of the makers but instead a shocking imbalance of payments loomsLet’s hear it for the British consumer. The trade figures are dire. Business investment is looking a bit wobbly. Manufacturing is in a slump. But out there in the high street or in the private world of online shopping, it is spend, spend, spend. That’s the inescapable message from the government’s second stab at estimating the growth rate
  
  Read more

• Bank of England rejects claim it has watered down ringfencing plans

  26-05-2016 15:38
  
  Sir John Vickers accused Bank of stepping back from proposals on how much capital banks should hold to endure heavy lossesThe Bank of England has rejected criticisms from the architect of banking reforms that it has watered down its approach to ensuring the UK’s banking system is strong enough to withstand heavy losses.Sir John Vickers – appointed by the 2010 coalition government to design ways to avoid another taxpayer bailout of the system – has argued that Threadneedle Stree
  
  Read more

• BIS confirms Sheffield office will close with jobs moving to London

  26-05-2016 15:34
  
  Department informs 247 staff they will lose jobs or face move to capital when largest office outside of London closes in 2018The Department for Business, Innovation and Skills (BIS) has confirmed that it will close its biggest office outside of London, leaving nearly 250 civil servants without a job.Initial plans to close the BIS office in Sheffield by 2018 were announced in January, prompting criticism that the decision contradicted the rhetoric surrounding the chancellor’s “norther
  
  Read more

• I kicked a bin: losing your temper in the office

  26-05-2016 15:05
  
  In the creative industry, people slam doors, throw scalpels and swear to high heaven. But does it really help? Some years ago I kicked a bin halfway across the office. It tumbled gracefully through the air, discarding crumpled balls of A4, sweet wrappers and empty smoothie bottles on the way. Young account managers glanced up nervously from their screens. I knew immediately that I looked a fool. All the more so when I reflected on what had prompted my outburst. A courier company had failed to de
  
  Read more

• Lalit Modi extradition: India to soon send request to UK - Financial Express

  26-05-2016 14:45
  
  Financial Express
  Lalit Modi extradition: India to soon send request to UK
  Financial Express
  India is all set to request the UK to extradite former IPL chairman Lalit Modi, facing money laundering probe, with the Enforcement Directorate... By: PTI | New Delhi | Published: May 26, 2016 6:10 PM ...en meer »
  
  Read more

• Ticket touts face licensing threat

  26-05-2016 13:02
  
  Government review of secondary-ticketing websites recommends licensing and enforcement action if rules on reselling continue to be flouted
  Touts and others who sell large numbers of tickets to concerts and other events at inflated prices may have to be officially licensed if laws on resales continue to be flouted, a government-commissioned review has suggested.
  It has also recommended that secondary-ticketing websites – a sector dominated by Seatwave, Viagogo, Get Me In and StubHub –
  
  Read more

• Boris Johnson says near record migration figures show 'scandalous' government failure - live

  26-05-2016 12:48
  
  Rolling coverage of all the day’s political developments as they happenMigration figures - Summary 11.48am BSTA majority of voters in Northern Ireland believe believe the UK would be in a weaker position if it left the EU, the first major survey of opinion on Brexit in the region has found.Up to 44% of people in the province feel Northern Ireland and Britain would be worse off if there is a Brexit vote on 23 June.11.43am BSTThe Department for Business has now published its written statemen
  
  Read more

• UK economy grew at 0.4%, ONS confirms

  26-05-2016 11:41
  
  Increases in business services and government spending propped up growth with worrying fall in business investment blamed on Brexit fearsBritain’s economy grew at 0.4% in the first three months of the year, despite a slump in manufacturing and construction output that has dragged down GDP growth over the last year.Tumbling business investment, which recorded its first annual fall in three years, also restricted growth and fuelled concerns that businesses are holding back on plans to expand
  
  Read more

• Tata steel: ministers warned pensions plan could weaken protections for other workers - live

  26-05-2016 10:07
  
  Rolling coverage of all the day’s political developments as they happen 9.07am BSTThis is the statement Owen Smith, the shadow work and pensions secretary, put out last night when news emerged of the government’s plans to change pensions law to help facilitate the sale of Tata. He said:Dealing with the Tata pension scheme must be a central part of any government package to save our steel industry, so it will be totally inappropriate for ministers to rush out this vital announcement,
  
  Read more

• Pension exit charges to be capped at 1% under FCA proposals

  26-05-2016 09:57
  
  Regulator wants to limit charges for people cashing in pots before retirement age, and ban exit fees in future pension contractsThe Financial Conduct Authority has proposed a 1% cap on exit charges for people cashing in their pensions before retirement age along with a ban on exit fees in future pension contracts.Britain’s financial watchdog is taking action after the chancellor, George Osborne, pledged in January to tackle the “rip-off” charges levied on people aged 55 and ove
  
  Read more

• Gina Rinehart's children win right to fight case against her in open court

  26-05-2016 09:46
  
  Billionaire’s eldest children, Bianca Rinehart and John Hancock, are seeking a larger stake in the mining empire Gina Rinehart’s two eldest children have won the right to have the next stage of their family’s long-running dispute over mining profits heard in open court.Bianca Rinehart and John Hancock are fighting for a larger stake in the family’s mining empire, claiming their billionaire mother wrongly transferred valuable mining assets away from a family trust set up t
  
  Read more

• Kipper Williams on London's population explosion

  26-05-2016 09:35
  
  Cor blimey! A surge in London – especially the East End – will bring the capital’s population to nearly 10m in eight years Continue reading...
  
  Read more

• DMGT issues profit warning after double-digit fall in print ads

  26-05-2016 09:11
  
  Publisher says division housing Daily Mail, Mail Online and Metro will miss its full-year targetsThe owner of the Daily Mail has issued a warning to investors after reporting a 29% fall in profits, driven by a double-digit decline in print advertising, at its newspaper operation in the six months to the end of March.Daily Mail & General Trust, the parent company of the Daily Mail and Mail Online, said that overall financial results for the business are “broadly in line with expectation
  
  Read more

• Payday loan complaints to financial ombudsman nearly triple in a year

  26-05-2016 08:01
  
  PPI remains most complained-about financial product and more consumers are unhappy about fee-charging bank accounts, review finds
  Complaints to the financial ombudsman about payday loans have almost tripled in a year, despite tougher regulation of the controversial sector, figures show. Continue reading...
  
  Read more

• My house has negative equity – can I sell it and switch to a new mortgage?

  26-05-2016 08:00
  
  The value of my house is less than my mortgage, what should I do if I want to sell the house and move the shortfall over to a new mortgage?Q I want to sell my terraced house. It is valued at £45,000 but my mortgage is over £65,000 so if I sold my house would I be able to carry the amount over to a new mortgage? What is the best way to go forward? I have talked to mortgage advisers but don’t seem to get anywhere and feel like I’m stuck. CSA Because your house is worth less
  
  Read more

• My house has negative equity, can I sell it and switch to a new mortgage?

  26-05-2016 08:00
  
  The value of my house is less than my mortgage, what should I do if I want to sell the house and move the shortfall over to a new mortgage?Q I want to sell my terraced house. It is valued at £45,000 but my mortgage is over £65,000 so if I sold my house would I be able to carry the amount over to a new mortgage? What is the best way to go forward? I have talked to mortgage advisers but don’t seem to get anywhere and feel like I’m stuck. CSA Because your house is worth less
  
  Read more

• Is a PayPal payment protected?

  26-05-2016 08:00
  
  I want to book a Spanish villa and this is the suggested method of paymentI’m thinking of booking a villa in Spain for a week in July. It’s advertised through a third-party website and I am advised that payment to the owner can be made by credit card using PayPal.Can you advise what protection is afforded to me if I choose to use this method. JH, Gloucester Continue reading...
  
  Read more

• Descent of the machines: Volvo's robot mining trucks get rolling

  26-05-2016 08:00
  
  Driverless lorries designed to work specifically in underground tunnels are becoming a reality. How long before they appear on roads?In a disused military aircraft hangar buried deep in a granite hillside, Johan Tofeldt flicks a switch on the future of mining.“Look, no hands!” he beams, as the truck lurches backwards and executes a precise reverse. “It’s a little heavy on the clutch, but then it’s not designed for driver comfort.” Continue reading...
  
  Read more

• Eurostar launches £25 fare for those who don't mind when they travel

  26-05-2016 07:01
  
  Passengers who book Snap ticket will be told only 48 hours in advance what time of day their train is leavingEurostar is to reward last-minute holidaymakers for their spontaneity with a new fare aimed at people who don’t mind what time of day they travel.The Snap ticket will allow travellers to get to Paris or Brussels for £25 each way, but time of travel will only be given 48 hours in advance. Continue reading...
  
  Read more

• Can Sadiq Khan stand up to bike bashers and make London a cycling city?

  26-05-2016 07:00
  
  More than half a million bike trips a day are now made in London as business increasingly sees the benefit of helping cities compete on liveabilityMy regular bike commute to work comes in two very distinct parts, a split which epitomises the rapid changes to cycling in London. The beginning and the end – Walworth Road and Farringdon Road for those who know the city – are an experience familiar to cyclists in the capital for many years: a slightly gung ho rush of mingling with the bus
  
  Read more

Follow @financialnwsUK on Twitter!