Financial news

• Volkswagen to settle emissions cheating scandal for more than $10.2bn

  23-06-2016 22:27
  
  Sources say agreement would compensate 482,000 owners but automaker still has to settle foreign suits as US justice department conducts separate inquiryVolkswagen has agreed to pay US vehicle owners an average of about $5,000 apiece to settle claims from its diesel emissions cheating scandal, two people briefed on the matter said on Thursday. The total price tag for the repayments and other fines is said to exceed $10.2bn.
  The company will still have to settle foreign suits over allegations that
  
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• Why was Dominic Chappell so relaxed about the hole in BHS’s pension fund?

  23-06-2016 21:09
  
  The problems with Philip Green’s Project Thor ought to have been a deal-breaker for Retail Acquisitions’ purchase of BHSThat’s some twist of the knife. The board of BHS had already called Dominic Chappell a “mythomaniac” and “Premier League liar”. Now BHS chief executive Darren Topp has written to parliament about Chappell’s attempts to put family flights to the Bahamas on the company’s travel budget and use a £90,000 loan from the comp
  
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• Dominic Chappell accused of treating BHS money as his own

  23-06-2016 20:34
  
  Former owner claims CEO Darren Topp is ‘deliberately lying to discredit me’ with allegations made in submission to MPs Dominic Chappell, the former owner of BHS, tried to pay for a family holiday to the Bahamas on company expenses and took a £90,000 loan from the department store chain to pay a personal tax bill, according to evidence submitted to MPs. Related: Why was Dominic Chappell so relaxed about the hole in BHS's pension fund?Continue reading...
  
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• Jailed JJB Sports boss Chris Ronnie let off £105,000 payment

  23-06-2016 20:26
  
  The discount on the confiscation order of £633,000 was agreed after a house belonging to the fraudster did not achieve the expected sale priceFormer JJB Sports boss Chris Ronnie has obtained a £105,000 discount on a confiscation order issued after he was convicted of fraud in 2014.In December, Ronnie was given three months to pay £633,000 after being convicted of fraud in 2014 or have an additional five years added to his four-year sentence. He was later given an extension to t
  
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• Tesco boss forced to defend bank chief's taxi bill before shareholders

  23-06-2016 20:13
  
  Scrutiny of executive pay comes as retailer reports second consecutive quarter of UK underlying sales growthThe boss of Tesco has been forced to defend the taxi habit of its bank chief, Benny Higgins, at a stormy shareholder meeting that highlighted the disparity between executive and shopfloor pay.In May the Guardian revealed that Higgins spent more than £18,000 on London taxis in just eight months last year being driven to upmarket restaurants, private members’ clubs and the superm
  
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• China and Japan help ranks of the super-rich swell to more than 15m

  23-06-2016 18:43
  
  Asia-Pacific region overtakes North America for first time both in number of rich people and wealth held by themThe ranks of the world’s super-rich swelled to more than 15 million last year, led by Japan and China, where wealthy individuals appear to have prospered despite 2015’s stock market turmoil.The Asia-Pacific region has for the first time overtaken North America both for the number of rich people and the wealth held by them, according to the annual world wealth report from co
  
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• Lightning strikes lead to claims spike, says insurer

  23-06-2016 17:40
  
  Direct Line has received more than 200 claims since the beginning of June rather than the 10-20 it normally sees every month
  Stormy weather in June has led to a surge in insurance claims for damage caused by lightning strikes, one of the UK’s largest insurers has said. Direct Line said that since the start of the month it had received more than 200 home insurance claims for lightning damage, when it usually receives between 10 and 20 a month. Continue reading...
  
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• Holidays that are cheap – and safe, plus why cash trumps shares for top returns

  23-06-2016 16:42
  
  Also, asking prices hit record high in England and Wales, and spilling the beans on fund managers both sides of the pond
  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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• Ikea recalls child safety gates following accidents

  23-06-2016 14:47
  
  Reports of children falling down stairs after gates opened unexpectedly prompts Swedish retailer to stop selling the Patrull range
  Ikea has withdrawn child safety gates from sale and urged parents who bought them to stop using them immediately, following reports that children had fallen down stairs when they opened unexpectedly.The Swedish retailer said it knew of six children who had needed medical attention as a result of incidents involving its Patrull range of safety gates. A third-party inv
  
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• A basic income could be the best way to tackle inequality

  23-06-2016 14:47
  
  In this precarious environment of work and welfare, universal income could guarantee a basic standard of living previously promised by bothBritain isn’t the only European country to hold a referendum this month. On 5 June, Swiss voters overwhelmingly rejected, by 77% to 23%, the proposition that every citizen should be guaranteed an unconditional basic income (UBI). But that lopsided outcome doesn’t mean the issue is going away anytime soon.The idea of a UBI has made recurrent appear
  
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• Hitachi and Canon not doing enough to tackle forced labour, says new report

  23-06-2016 13:24
  
  Tech companies are vulnerable to modern slavery in their supply chains. A new benchmarking report says many must do more to address itSome of the world’s largest ICT companies including Hitachi, Canon and Samsung must step up their efforts to address the risk of forced labour in global supply chains, according to a new report. KnowTheChain, a US supply chain accountability initiative, benchmarked 20 global ICT companies on their efforts to ensure there is no forced labour, a form of modern
  
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• Warren would give a middle finger to Wall Street as Clinton's vice-president

  23-06-2016 13:00
  
  Elizabeth Warren would bring strength to the Democratic ticket where it’s lacking – which may be bad news for fundraising but great news for galvanizing votersHillary Clinton is turning her attention to picking a running mate. Countless factors will weigh in that decision – from personal chemistry to party politics – but one of the most important will involve money, more specifically Wall Street money. And that leads, inexorably, to the consideration of Elizabeth Warren.
  
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• Tesco buoyant as supermarket giant reveals sales are on best run in FIVE YEARS

  23-06-2016 11:32 via feedproxy.google.com
  
  SUPERMARKET giant Tesco has seen sales grow for the second quarter in a row for the first time in five years.
  
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• Calm before the storm: Stock markets braced for Friday mayhem

  23-06-2016 10:19 via feedproxy.google.com
  
  BANKS and investors are gearing up for huge levels of volatility set to be unleashed by the result of the European Union referendum.
  
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• I want to sell a flat I own with my brother, but don't know how to split the profit

  23-06-2016 08:00
  
  He moved out after getting married and hasn’t paid a penny towards it for eight years. What would be a fair way of calculating his share?
  Q In 2005 I bought a flat with my brother. We had a small inheritance from our grandparents and we put this in equally. We both put time, effort and money into revamping it in the first two years. In 2010 my brother got married and he and his wife bought a family home. She had made money on the sale of her flat so my brother didn’t need to ask me t
  
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• More than 100,000 to be told they don't qualify for state pension: Are YOU affected?

  23-06-2016 07:40 via feedproxy.google.com
  
  MORE than 100,000 over-50s are to be told they will not qualify for the state pension when they reach retirement age.
  
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