Financial news

• Britain credit rating downgraded as markets suffer more Brexit losses - as it happened

  27-06-2016 23:48
  
  Rating agency S&P says EU referendum result is a ‘seminal event’ that means Britain no longer deserves a top credit ratingLatest: Fitch downgrades UK to AAS&P downgrades UK from AAA to AAFTSE 100 fell by another 156 points todayPound hit a new 31-year low 10.48pm BSTOK, time to wrap up for tonight. A quick reminder of the key points.Britain has lost its final gold-plated AAA rating, following Standard & Poor’s decision to downgrade the country by two notches, to AA.
  
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• S&P cuts UK sovereign rating from AAA to AA - Financial Express

  27-06-2016 20:29
  
  Financial Express
  S&P cuts UK sovereign rating from AAA to AA
  Financial Express
  Ratings agency Standard & Poor's hit Britain with a two-notch downgrade to its credit rating on Monday and warned it could cut it further after Britons voted to leave the European Union last week. By: Reuters | Published: June 27, 2016 11:52 PM ...en meer »
  
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• UK loses triple-A credit rating after Brexit vote

  27-06-2016 20:24
  
  Standard & Poor’s issues downgrade and pound hits 31-year low despite chancellor’s attempts to soothe marketsThe UK has been stripped of its last AAA rating as credit agency Standard & Poor’s warned of the economic, fiscal and constitutional risks the country now faces as a result of the EU referendum result.The two-notch downgrade came with a warning that S&P could slash its rating again. It described the result of the vote as “a seminal event” that wou
  
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• George Osborne's reassuring words fail to comfort the markets | Nils Pratley

  27-06-2016 19:58
  
  With a lame-duck chancellor and Boris Johnson in the land of make-believe, the financial positives are few and far between Stay calm, said the chancellor. Markets paused for half an hour and then resumed their falls. George Osborne cannot be surprised. He spent the referendum warning of the hell and damnation that would befall the British people if they voted for Brexit. Words of reassurance are not credible from the mouth of an author of Project Fear.Lord King, a former governor of the Bank of
  
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• Small investors go on a bargain hunt after Brexit share slump

  27-06-2016 19:09 via theguardian.com
  
  Housebuilders and banks have been hit by Thursday’s vote, but high trading volumes show buyers embracing the volatile marketBargain-seeking small investors were out in force on Monday as the fallout from Brexit sent many popular shares tumbling for a second day – attracted by price drops last seen following the credit crisis in 2008. In the three days before last week’s referendum, small investors were preloading their trading accounts with cash at twice normal levels, say brok
  
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• Leave camp's biggest donor loses more than £400m in aftermath

  27-06-2016 18:42
  
  Peter Hargreaves is upbeat about economy despite share slump and says fall in sterling will help to stimulate businessThe biggest individual donor to the Brexit campaign has lost more than £400m in the share price meltdown that has hit stock markets since the result of the EU referendum was revealed.Peter Hargreaves, the billionaire founder of financial advice firm Hargreaves Lansdown who gave £3.2m to the Leave.EU campaign, has seen the value of his shareholding in the FTSE-100 list
  
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• Regulator to investigate accountants over BHS and HBOS failures

  27-06-2016 17:13
  
  PwC audit of high street chain and KPMG audit of bank’s 2007 accounts are scrutinised by Financial Reporting CouncilThe regulator that monitors UK financial reporting is to investigate two of the big four accountancy firms over their role in the failures of the retailer BHS and the banking group HBOS.The Financial Reporting Council, responsible for overseeing UK accounting standards, began an investigation into PricewaterhouseCoopers over its audit of the collapsed high street chain BHS wh
  
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• Steelworkers urge government to resolve concerns over Tata sale

  27-06-2016 17:10
  
  EU referendum result could put off bidders spooked by potential impact of Brexit, says Community union The steelworkers’ union Community has urged the government to resolve “question marks” over the sale of Tata Steel’s UK business in the light of the vote to leave the European Union. Related: Pound hits new 31-year low, as Brexit fears grip markets – business liveContinue reading...
  
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• No immediate financial impact on PH – UK envoy - The Manila Times

  27-06-2016 15:53
  
  No immediate financial impact on PH – UK envoy
  The Manila Times
  BRITAIN'S controversial exit from the European Union (EU), the so-called Brexit, is a source of uncertainty for the Philippines and its financial markets, but should not have an immediate or significantly negative effect, the UK's envoy to the ...en meer »
  
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• UK politicians say no sense of financial crisis developing - Canadian HR Reporter

  27-06-2016 15:32
  U.S. News & World Report
  UK politicians say no sense of financial crisis developing
  Canadian HR Reporter
  WASHINGTON (AP) — U.S. Treasury Secretary Jacob Lew says that the decision of British voters to leave the European Union is ``an additional headwind'' for the U.S. and global economies but ``there is no sense of a financial crisis developing.'' In a ...
  US Treasury's Lew sees no financial crisis from 'London South East (registration) (blog)alle 34 nieuwsartikelen »
  
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• The global order is dying. But it’s an illusion to think Britain can survive without the EU

  27-06-2016 14:51
  
  What happens when the investment banks move to Frankfurt and poor English people must pick strawberries in Kent? We have to find an alternative economic modelWe’ve done it before. In September 1931, faced with a 25% pay cut mandated by government austerity, the Royal Navy mutinied at the Scottish port of Invergordon. Sailors on HMS Rodney refused duties, dragged a piano on deck and sang a medley of pub songs. Other ships followed. It was not exactly Battleship Potemkin – but it went
  
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• Morrisons, Asda and Iceland treat suppliers worst, says watchdog

  27-06-2016 14:05
  
  A fifth of Morrisons’ suppliers said supermarket rarely or never complied with rules, with Aldi the best performerMorrisons, Asda and Iceland have been tagged as the grocers who treat their suppliers the worst among the UK’s 10 major chains, according to a report by the industry watchdog.A fifth of Morrisons’ suppliers told the Groceries Code Adjudicator (GCA), Christine Tacon, that the supermarket rarely or never complied with the industry rule book compared with 2% for the be
  
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• Ehic applications unavailable – but NHS says it's nothing to do with Brexit

  27-06-2016 13:54 via theguardian.com
  
  The website and phone number for European health insurance card registration is expected to be unavailable until Monday afternoon, leaving last-minute applicants in the lurchHolidaymakers trying to apply for their European health insurance card (Ehic) have been alarmed to discover that the online service is “currently unavailable”.
  However, the NHS, which runs the service, told the Guardian that it was almost certainly a technical glitch rather than “anything to do with the ref
  
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• Brexit will NOT trigger recession and UK economy will grow, says Moody's ratings boss

  27-06-2016 12:25 via feedproxy.google.com
  
  BRITAIN'S decision to leave the EU will NOT trigger a recession, a top ratings agency has said.
  
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• Political carnage as UK grapples with "Bre-grets" - CBS News

  27-06-2016 12:22
  
  CBS News
  Political carnage as UK grapples with "Bre-grets"
  CBS News
  LONDON -- Last week, the word was Brexit, but on Monday morning it seemed for many to be turning to "Bre-gret." The reality of Britain being charged by its residents with extricating itself from the 28-nation European Union has sunk in. The value of ...
  UK alliance seen outweighing Brexit trade concernsFinancial Express
  UK's EU commissioner for financial services resignsCCH Daily inc Accountancy Live (subscription) (blog)
  EU Fi
  
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• Undercover at Sports Direct: rewarding, exhilarating and sometimes petrifying

  27-06-2016 12:08
  
  To expose working conditions at Mike Ashley’s retail empire, financial reporter Simon Goodley had to be invisible, even if wasn’t quite like The Night Manager“Engaging in misrepresentation or subterfuge … can generally be justified only in the public interest and then only when the material cannot be obtained by other means.”So says the editors’ code of practice, which newspapers sign up to. In my job as a financial journalist, it is a condition that is norma
  
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• Annuities take a hit as rates fall following Brexit

  27-06-2016 11:55 via theguardian.com
  
  Retirees thinking of using their pension to buy an annuity to fund their retirement are advised to buy sooner rather than laterThe first direct hit on pensions from Brexit came on Monday morning, as pension companies began to cut the amount they will pay people who are newly retiring.
  Just Retirement and Retirement Advantage have both announced cuts to their annuity rates, and experts said more were likely to follow. Just Retirement’s rates are down by around 2%. Continue reading...
  
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• Market turmoil: Osborne said all the right things, but relief will be temporary

  27-06-2016 09:59
  
  Of course the chancellor had to row back on his dire pre-referendum warnings, but – for households, businesses and investors – we are in uncharted territoryGeorge Osborne had one job to do on Monday morning: calm panicking financial markets after Britain’s momentous vote to leave the EU last week.With the pound falling sharply again overnight, it was a tall order, especially for the man who just days ago was spearheading “project fear”. Continue reading...
  
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• The Share Hunter: Whitbread has room for expansion plans

  27-06-2016 09:53 via feedproxy.google.com
  
  Whitbread is the UK's largest hotel, restaurant and coffee shop operator, with 45,000 employees and millions of customers both in the UK and overseas.
  
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• Chancellor George Osborne seeks to calm Brexit fears – video

  27-06-2016 09:19
  
  Chancellor George Osborne attempts to calm Brexit nerves in the financial markets. In his first appearance since the Leave vote, he says he will do everything he can to make the referendum result work for Britain. “The British economy is fundamentally strong,” Osborne says, “we are highly competitive and we are open for business.’ Photograph: Stefan Rousseau/PA WireBrexit live: George Osborne tries to calm markets with early-morning speech Continue reading...
  
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• Improve your work-life balance with these tips

  27-06-2016 09:05
  
  From managing stress to switching off if you work from home, during our webchat a panel of experts offered their advice on carving out down-timeA lack of work-life balance is a common issue among entrepreneurs and the self-employed. However, it is important to take time out to recharge – and it could even give you a renewed vigour for business. In 2014/15, 9.9m days were lost to work-related stress, depression or anxiety. And while entrepreneurs need to manage their team’s stress lev
  
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• Three simple steps to better employee engagement

  27-06-2016 08:57
  
  With nearly a quarter of UK employees feeling as though they are ‘coasting’ at work, how do managers create a workplace where staff actually want to work?A recent study from Aon Hewitt revealed that among 250 international organizations, those that reported the highest levels of employee engagement demonstrated a 58% higher return for shareholders. With results like this, employee engagement seems to be the key to a successful company.However, a similar report by the Hay Group reveal
  
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• Vodafone billing chaos leaves mobile users disconnected and out of pocket

  27-06-2016 08:00 via theguardian.com
  
  The mobile giant faces two Ofcom investigations as it emerges that the number of complaints against it is triple the industry averageDavid Allardice fears that the business he runs is being slowly destroyed. Clients can’t get hold of him and, even if they could, the financial service firms that he works with would be put off by his poor credit record.Allardice has always paid his bills on time. It’s his telephone service provider Vodafone that has marred his financial standing b
  
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• Should my son go to film school or try for jobs with his university experience?

  27-06-2016 08:00 via theguardian.com
  
  He made a few short films while studying and wants to work in the field, but is unsure which route to go down
  Twice a week we publish problems that will feature in a forthcoming Dear Jeremy advice column in the Saturday Guardian so that readers can offer their own advice and suggestions. We then print the best of your comments alongside Jeremy’s own insights. Here is the latest dilemma – what are your thoughts?My son graduated in English from Cambridge a year ago. While there, he and
  
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• Oak Furniture Land wants more than £200 to return sofa that didn’t fit

  27-06-2016 08:00 via theguardian.com
  
  The salesman said delivery wouldn’t be a problem because it came in two parts – it didn’tRecently you wrote about the person who’d ordered wardrobes from Oak Furniture Land and was promised they would only pay £39 to return the items by the salesman but then found the return bill was £350. My daughter had a similar experience at the Southampton store after buying a £700 sofa. Concerned that it would not be deliverable to her upstairs flat, she was told b
  
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• Mermaids, vampires or astrologists – there's a niche network for you

  27-06-2016 08:00
  
  Your business peers are out there but for weird or wonderful enterprises it takes more effort to find themThere is a smorgasbord of groups offering entrepreneurs, small business owners and professionals the opportunity to make important new contacts, both in person and online. But if your enterprise caters for a more obscure industry then trying to find the right connections through traditional networking can be like searching for a needle in a haystack. No matter how weird or wonderful your bus
  
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