Financial news

• Firms plan to quit UK as City braces for more post-Brexit losses

  26-06-2016 23:40
  
  Chancellor to make morning statement to reassure markets as survey reveals negative business impact of EU voteBritish businesses have warned that Brexit will trigger investment cuts, hiring freezes and redundancies as the consequences of leaving the European Union threaten to destabilise markets further this week.Related: Brexit live: George Osborne tries to calm markets with early-morning speechContinue reading...
  
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• City of London expecting further post-Brexit losses when trade reopens

  26-06-2016 23:40
  
  Chancellor to make morning statement as survey shows majority of businesses view referendum result in negative lightBritish businesses have warned that Brexit will trigger investment cuts, hiring freezes and redundancies as the consequences of leaving the European Union threaten to destabilise markets further this week. The survey by the Institute of Directors (IoD), which found that the majority of businesses believed Brexit was bad for them, comes amid fears that investors will wipe billions m
  
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• Steeling ourselves to the economic shock | Letters

  26-06-2016 20:24
  
  We in the UK do not make anything. We make neither ships nor cars; we no longer even make the steel that makes these things. We do not make white goods, or black goods. We do not make textiles. We cannot heat, fuel, clothe or even feed ourselves. The only thing we had to offer for these essentials were our financial services – supplied to a trading bloc on which we have now deliberately turned our backs and to a rest of the world that only dealt with us because we were a member of that tra
  
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• Tata Steel near deal to save Port Talbot plant despite Brexit vote

  26-06-2016 19:33
  
  Campaigners have said steel industry faces new crisis after vote to leave EU, but sterling’s slump could boost prospectsTata Steel is close to a deal to save its Port Talbot plant despite Britain’s vote to leave the EU, as sterling’s slump potentially boosts the industry’s survival prospects.MPs and trade unions have said the steel industry faces a new crisis after the referendum result, with bidders for Tata Steel UK ready to pull out of the process, according to reports
  
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• Debt-fuelled growth could trigger financial crash, governments told

  26-06-2016 19:22
  
  The Bank for International Settlements warns central banks’ reliance on near-zero interest rates threatens global economyThe Bank for International Settlements has warned that governments need to abandon debt-fuelled growth and shift to more sustainable expansion plans as a “risky trinity” of low productivity, high debt and lack of central bank firepower stalks the global economy.In its annual report, the BIS – which is known as the central bank of central banks – s
  
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• Get ready for more market reaction to Brexit

  26-06-2016 19:04
  
  Sterling and the stock market are only likely to settle once the UK’s new relationship with Europe has taken shapeA lame-duck prime minister; a (so far) silent chancellor; an opposition party in turmoil; a possible general election in the autumn that could produce a hung parliament; and the threat of a second referendum in Scotland. Do not be surprised if financial markets take a second look at Brexit and decide that Friday’s initial response was too tame.The $2tn (£1.5tn) of s
  
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• Jack Wills may seek further investment as backer looks to pull out

  26-06-2016 18:54
  
  Inflexion Private Equity is looking to sell its 27% stake in the UK fashion brand for teens following years of falling salesJack Wills, the British fashion brand, could bring in new investors after it was reported that its private equity backer is keen to sell its minority shareholding.Inflexion Private Equity, which has a 27% stake in the company, has been discussing a possible sale to other City buyout firms, according to the Sunday Times.Continue reading...
  
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• MPs to scrutinise Sir Philip Green's link with influential banker

  26-06-2016 18:40
  
  Parliamentary committee investigating collapse of BHS will this week question Michael Sherwood of Goldman Sachs The relationship between one of Britain’s most influential bankers and Sir Philip Green will be thrown into the spotlight this week as MPs deepen their investigation into the collapse of BHS.Michael Sherwood, the vice-chairman of Goldman Sachs, will appear before a parliamentary committee on Wednesday to answer questions about his ties with Green. Continue reading...
  
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• How will Brexit affect Britain's trade with Europe?

  26-06-2016 18:29
  
  From the possibility of a new trade deal to higher tariffs and quotas, here are the key issues that will impact British businessesBritain will have to reach a new trade agreement with the European Union following its decision to sever links with Brussels. The task will be complex and will have to be carried out under the pressure of a two-year deadline. Here are some of the key issues. Continue reading...
  
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• Market turmoil fears likely to force Mark Carney to abandon ECB meeting

  26-06-2016 17:45
  
  Bank of England governor may cancel Portugal visit as City expects further stock market battering on Monday over BrexitBank of England governor Mark Carney is expected to abandon plans to fly to Portugal for a summit of central bankers, amid fears of further turmoil when markets open on Monday. With expectations that the FTSE 100 index could open almost 3% lower on Monday, the governor was weighing up whether to stick to his plans to attend the European Central Bank’s annual summit in Port
  
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• Can Walmart's food labels make a dent in America's $29bn food waste problem?

  26-06-2016 17:00
  
  The retail giant will now require its suppliers to use a new date label designed to ease safety worries and prevent food from being tossed away too early If you’ve ever paused before tossing a can of food in the trash after seeing the date on the label, you’re not alone.Whether it’s because of habit, cultural norms or a genuine fear of getting sick, most consumers err on the safe side and avoid foods that have passed the date stamped on their labels. As a result, an enormous am
  
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• How midlife internships are helping workers back into top jobs after a long career break

  26-06-2016 16:14 via theguardian.com
  
  Schemes aim to bridge the gap between former professionals and companies who want to increase diversity among their staffFormer professionals, some of whom have spent over a decade away from the workplace, are being enticed back by the growing popularity of midlife internships.The schemes aim to help highly qualified and experienced workers get back into top jobs after a long career break, typically – but not exclusively – taken for childcare reasons. Continue reading...
  
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• US stock market and Brexit: a toxic blend of uncertainty and complacency

  26-06-2016 13:00
  
  As global stock markets tumbled and sought ‘safe heavens’ in reaction to the referendum vote, US is left with a formidable set of unknown risks to stabilityWelcome to Brexit bedlam. Within minutes of it becoming clear that Britons had voted to end a 43-year-old marriage to what started off as the Common Market and evolved into the European Union, virtually every financial market in the world was tumbling. The exception: currency and debt markets outside Europe, as investors sought re
  
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• Brexit is a rejection of globalisation

  26-06-2016 12:41
  
  The EU has failed to protect its population from a global economic model that many believe is not working for themThe age of globalisation began on the day the Berlin Wall came down. From that moment in 1989, the trends evident in the late 1970s and throughout the 1980s accelerated: the free movement of capital, people and goods; trickle-down economics; a much diminished role for nation states; and a belief that market forces, now unleashed, were unstoppable.There has been push back against glob
  
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• Our leap into the unknown threatens both Europe and the world economy

  26-06-2016 08:00
  
  Alan Greenspan is not known for his pessimism about capitalism. But even the bullish former Fed chair recognises Brexit as a major threatAlan Greenspan has seen more than a few dicey days on global markets in his time. So it was telling when the 90-year-old former chairman of the US Federal Reserve described the market chaos sparked by Britain’s leave vote as “the worst period I recall”.“There’s nothing like it, including the crisis – remember 19 October 1987,
  
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• Brexit may blind us to BHS’s bankers

  26-06-2016 08:00
  
  Goldman Sachs’s top man in Europe will be appearing in front of MPs this week – if anyone can be bothered to watchGoldman Sachs was one of the big backers of the failed campaign to stay in the EU but some of its bankers might just be relieved the UK voted for Brexit next week.In a rare public outing for the US investment bank’s top operators, MPs will question Michael Sherwood, Goldman’s top man in London, and two colleagues about their role in the sale of BHS before it c
  
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• Attempt to cancel my DW Fitness gym membership was a real workout

  26-06-2016 08:00
  
  I could only terminate by telephone but no one ever answeredMy gym, DW Fitness, claims that you can only give notice to terminate your membership by telephone – you have to call a 0344 number, which no one ever answers. Can this company really say I am in breach of my contract if I serve my notice in writing to their head office and my gym branch under the notice terms (one month)? SU, by emailWe were slightly bemused that a gym would insist that members call it to cancel rather than deal
  
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• First the Suez crisis, then the invasion of Iraq. And now this referendum

  26-06-2016 07:59
  
  In the catalogue of catastrophic misjudgments made by prime ministers, what David Cameron has done to Britain ranks very high‘Here we are, and the question is: where do we go from here?” Thus spoke one of David Cameron’s (and my) political heroes, after a crisis that bore little comparison with the ordeal that our prime minister has recently put us all through.The speaker was Harold Macmillan, a true one nation Tory; Cameron claims to be one too, but he has often been sidetrack
  
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• Worst of Brexit-induced falls may be over for Australian markets, analysts say

  26-06-2016 03:04
  
  Markets likely to open flat on Monday after heavy losses on Friday in the wake of the UK vote to leave the European UnionBritain’s decision to depart from the European Union caused convulsions in the Australian sharemarket on Friday but the worst is likely to be over, some analysts say.More than $55bn was wiped off the Australian bourse as worried investors considered the economic fallout of Brexit both domestically and in Britain. Continue reading...
  
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• UK credit rating outlook downgraded as financial world reels from Brexit - Herald Scotland

  26-06-2016 01:21
  
  Herald Scotland
  UK credit rating outlook downgraded as financial world reels from Brexit
  Herald Scotland
  FRANKFURT AM MAIN, GERMANY - JUNE 24: (Editors Note: This picture is taken with the in-camera multiexposure mode.) Trader sit at his desk under the day's performance board that shows a dive in the value of the DAX index of companies at the Frankfurt ...
  Brexit: Moody's assigns UK a negative credit outlookFinancial Express
  Brexit Decision 'Credit Negative' for UK Financial, Corporate Sec
  
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• Personal finances post Brexit: Keep calm and carry on until Britain settles down

  26-06-2016 01:01 via feedproxy.google.com
  
  WHEN news erupted that Britons had voted to escape the failed EU project, the City panicked as global stock markets crashed, sterling collapsed to a 31-year low against the dollar and traditional safe haven gold soared at its fastestever rate against the pound.
  
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• Growth outlook is hit by Brexit shock: Pound falls as FTSE 100 slumps before rallying

  26-06-2016 01:01 via feedproxy.google.com
  
  BRITAIN’S growth outlook has been slashed due to the shock Leave campaign victory, with economists and investors predicting that GDP will weaken for two years and even flirt with recession.
  
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• City news: Incanthera, HMRC penalty and My Local

  26-06-2016 01:01 via feedproxy.google.com
  
  CANCER treatment firm Incanthera is close to sealing a £5million investment deal that will enable it to start human trials of its new “smart-bomb” drug.
  
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• City grandee fronts £1bn pension rescue bid for Tata UK

  26-06-2016 01:01 via feedproxy.google.com
  
  CITY grandee Edi Truell is fronting a £1billion rescue bid for the British Steel Pension Scheme that will preserve members’ benefits and enable Tata to sell its UK steel operations.
  
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