Financial news

• Wall Street election reaction: stocks rally but experts warn of trouble ahead – as it happened

  09-11-2016 22:18 via theguardian.com
  
  Wall Street reacted positively to the election of Donald Trump as the 45th US president, despite his victory sparking panic on global markets earlier in the day. But experts warned that the US, and global, economy faces a very uncertain future. Donald Trump wins US election: the world reacts – liveThe biggest corporate winners: prisons, oil and pharmaThe dollar hits four-month high against the yenShares in gunmakers tumbleHelp support our journalism. Become a Guardian supporter or make a c
  
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• US voters chose candidate with a more radical approach to economy

  09-11-2016 20:53 via theguardian.com
  
  History suggests Donald Trump’s package for growth and jobs works but at a cost of higher inflation and a bigger budget deficitBecome a Guardian supporter or make a contributionBy voting for Donald Trump, Americans have chosen the candidate with the more radical programme for the economy. Hillary Clinton’s proposals were cautious, costed and conservative. By contrast, the president-elect is gambling that he can shift the US out of its post-financial crisis torpor through a mixture of
  
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• Tata Steel may close UK pension scheme – union source - Financial Express

  09-11-2016 20:34
  
  Financial Express
  Tata Steel may close UK pension scheme – union source
  Financial Express
  Tata Steel UK is looking at closing its defined benefit pension scheme to future accruals and move members onto a defined contribution pension instead, a union source said on Wednesday. By: Reuters | Published: November 10, 2016 1:34 AM. Tata Steel UK ...en meer »
  
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• Stock markets can shrug at Trump's arrival – but not for long

  09-11-2016 19:51 via theguardian.com
  
  Share prices may have defied predictions of a slump, but traders will have to face up to reality of untested Trump sooner or laterCan’t investors see that the next US president is completely untested in office, is an economic isolationist and a geopolitical accident waiting to happen? Apparently not. Or, rather, the investment world decided such worries can wait for another day. Related: Wall Street cheers peaceful transfer of power after Trump election victory - liveContinue reading...
  
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• Tata's plans to close British Steel pension fund lambasted by MP

  09-11-2016 19:47 via theguardian.com
  
  Stephen Kinnock says it would be an ‘absolute disgrace’ if scheme was closed before Tata made £60m payment next yearTata Steel has been lambasted for considering closing its UK pension scheme before making a £60m payment scheduled for next year.Stephen Kinnock, the Labour MP for Aberavon, said it would be an “absolute disgrace” if Tata closed the scheme without making the payment and said the Indian company had “moral and social responsibilities”.
  
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• Stock markets defy predictions of slump after Trump victory

  09-11-2016 19:17 via theguardian.com
  
  Global falls smaller than expected with measured acceptance speech from president-elect soothing investor fearsGlobal stock markets took Donald Trump’s shock victory in the US election in their stride, defying earlier predictions of a major slump in shares.The FTSE 100 fell 147 points on Wednesday as trading got underway, but the scale of the decline was far less than the 230-point drop predicted. A measured acceptance speech from the president-elect as European markets opened soothed some
  
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• Paddy Power faced with £4m bill after Republican's victory

  09-11-2016 18:50 via theguardian.com
  
  Biggest political payout in bookmaker’s history after Donald Trump’s shock win in US electionThey say the bookie always wins, but not on Tuesday night. Three weeks ago, bookmaker Paddy Power paid out £800,000 in winnings to punters who had backed Hillary Clinton to be the next US president, only now to be left with a bill for £4m to pay clients who had backed Donald Trump. Continue reading...
  
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• Sainsbury’s boss says suppliers should take hit over falling pound

  09-11-2016 17:47 via theguardian.com
  
  Mike Coupe speaks out as supermarket group reports 10% slide in pre-tax profit to £277m in the 28 weeks to 24 SeptemberThe chief executive of Sainsbury’s has warned major suppliers that they should be taking the hit on any cost increases resulting from the falling value of the pound, rather than trying to pass on price rises to retailers and shoppers.Mike Coupe fought back against widely reported price rise demands from large grocery brand owners, such as Unilever – the owner o
  
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• US markets react calmly to Trump victory after volatile night

  09-11-2016 17:44 via theguardian.com
  
  Traders say Trump’s conciliatory victory speech gave investors hope that he would not immediately embark on some of his more drastic policiesBecome a Guardian supporter or make a contributionUS stock markets reacted calmly to Donald Trump’s shock presidential election victory on Wednesday morning following a worldwide stock market panic overnight.
  Wall Street stocks opened slightly higher, despite futures markets earlier predicting a markets rout in reaction to the former reality TV
  
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• How America's new president will affect the global economy

  09-11-2016 17:36 via theguardian.com
  
  From trade war with China to jobs turmoil in Mexico, Trump’s reign will pose new threats to already fragile world economyDonald Trump’s victory in the US presidential elections will have implications for the whole global economy. Continue reading...
  
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• UK business travel to India in the financial sector drops 26% - Buying Business Travel

  09-11-2016 17:26
  Buying Business Travel
  UK business travel to India in the financial sector drops 26%
  Buying Business Travel
  Business travel bookings from the UK to India in the financial services sector have fallen by a quarter in the past year, according to data provided by American Express Global Business Travel (GBT). The data, which coincides with Prime Minister Theresa ...
  
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• Lloyds Banking Group to close 49 branches and cut 665 jobs

  09-11-2016 17:26 via theguardian.com
  
  Mobile vans being launched to visit affected communities but unions say reductions will have impact on customersLloyds Banking Group is cutting 665 jobs and closing 49 branches as it continues to cut costs in an attempt to complete its return to the private sector. To cushion the blow of further branch closures, the bank – bailed out in 2008 – is launching a fleet of mobile vans intended to visit communities knocked by the disappearance of high street outlets. Continue reading...
  
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• Business winners and losers from a Donald Trump presidency

  09-11-2016 17:25 via theguardian.com
  
  Coal, pharmaceutical companies and mining groups can all expect to benefit, while renewables are out in the coldBecome a Guardian supporter or make a contribution Continue reading...
  
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• Burberry cuts product lines in response to volataile market

  09-11-2016 16:58 via theguardian.com
  
  Company’s profits hit by dwindling tourism spending in Europe and tougher trading in the US and Hong KongBurberry is cutting 15-20% of its product lines, after the luxury fashion brand’s profits fell by a quarter in the first half of the year.The company’s profits were hit by dwindling tourism spending in Europe and tougher trading in the US and Hong Kong. It will focus on core products and new ranges as it heads into the Christmas period. Among its current bestsellers is the n
  
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• UK toy sales 'to surge to record £3.3bn' despite economic uncertainty

  09-11-2016 16:14 via theguardian.com
  
  Retailers predict more than £1bn will be spent on Christmas presents this year, with average of £105 going on younger childrenToy sales in the UK are forecast to soar to a record high of more than £3.3bn this year, with Christmas gifts accounting for a third, according to industry figures.An estimated £1.1bn will be spent on gifts for the festive season – with an average of £105 spent on younger children – according to an analysis for the UK’s lead
  
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• Top toys for Christmas 2016 - in pictures

  09-11-2016 16:13 via theguardian.com
  
  From selfie karaoke to talking sausages, we bring you toy retailers’ predictions for this year’s festive hits from the DreamToys listUK toy sales ‘to surge to record £3.3bn’ despite economic uncertainty Continue reading...
  
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• Experts get it wrong again by failing to predict Trump victory

  09-11-2016 15:41 via theguardian.com
  
  Economic and political forecasters failed to predict the fall of the Berlin Wall and the 2008 recession – and this year has been even worse • Become a Guardian supporter or make a contributionGlobal markets were rocked by the stunning news from the US presidential election. The Mexican peso was down 12% at one point. The US dollar fell 2.5% against the yen. Markets have been hedging a Trump win with gold, which was up by $40 an ounce, or 3.2%. Uncertainty is in the air.It must be said
  
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• UK FCA Identifies that Many Consumer Cannot Access the Financial ... - The National Law Review

  09-11-2016 14:36
  
  UK FCA Identifies that Many Consumer Cannot Access the Financial ...
  The National Law Review
  On 1 November 2016, the UK FCA published an “Occasional Paper” concerning access to financial services in the UK. In it the FCA highlights that potentially ...en meer »
  
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• UK FCA Identifies that Many Consumer Cannot Access the Financial Services ... - The National Law Review

  09-11-2016 14:36
  
  UK FCA Identifies that Many Consumer Cannot Access the Financial Services ...
  The National Law Review
  On 1 November 2016, the UK FCA published an “Occasional Paper” concerning access to financial services in the UK. In it the FCA highlights that potentially millions of UK consumers cannot use the services that would help them meet their financial needs ...en meer »
  
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• How to make money from the Donald Trump US election win as markets face uncertainty

  09-11-2016 14:09 via feedproxy.google.com
  
  STOCK markets have fallen and rebounded after Donald Trump won the US election but there are ways to make money and profit from the shock result.
  
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• UK trade deficit widens unexpectedly as exports fall despite pound drop

  09-11-2016 13:59 via theguardian.com
  
  Goods trade deficit rose in September by £1.6bn to £12.7bn with exports falling by £200m despite many goods being cheaperBritain’s trade deficit with the rest of the world widened unexpectedly in September as the sharp fall in the pound since the Brexit vote failed to boost exports.The UK trade in goods deficit increased by £1.6bn over the month to £12.7bn. Imports rose £1.3bn to £38.8bn, while exports fell by £200m to £26.1bn. Imports
  
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• Mike Ashley asked to explain 'secret filming' of MPs' Sports Direct visit

  09-11-2016 13:58 via theguardian.com
  
  Chair of business select committee alleges use of camera consistent with controlling way MPs were dealt with at warehouseThe chairman of the business select committee has asked Mike Ashley to explain the use of a camera in an apparent attempt to secretly record MPs’ conversations when they visited Sports Direct’s warehouse.Iain Wright, in a letter to the company’s founder and chief executive, said the action was consistent with the controlling way the MPs were dealt with during
  
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• Global markets rocked as Trump surges towards White House

  09-11-2016 13:10 via theguardian.com
  
  Dollar weakens, Asian stocks down sharply and gold prices rally, but victory speech reassures traders• Become a Guardian supporter or make a contributionGlobal markets were rocked on Wednesday by Donald Trump’s victory in the US election but recovered from their worst falls as the president-elect made conciliatory remarks in his victory speech and Wall Street opened higher.As the scale of Trump’s success became clear, Asian stocks fell sharply, the dollar weakened and gold price
  
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• Rio Tinto suspends executive as it investigates Guinea payments

  09-11-2016 12:51 via theguardian.com
  
  Mining group alerts US and UK authorities after uncovering $10.5m payout to consultantMining group Rio Tinto has suspended a senior executive and alerted US and UK authorities after uncovering $10.5m (£8.4m) of payments to a consultant who worked on its Simandou iron ore project in west Africa.The Anglo-Australian company said it had launched an investigation after discovering in late August emails from 2011 relating to “contractual payments totalling $10.5m made to a consultant prov
  
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• What impact will Trump have on UK financial services? - Financial Reporter

  09-11-2016 11:58
  
  Financial Reporter
  What impact will Trump have on UK financial services?
  Financial Reporter
  Financial markets reacted sharply to the US election result this morning, with the US dollar falling and market expectations of a Federal interest rate hike in December scaled back. In the coming weeks and months, Lars Kreckel, Global Equity Strategist ...en meer »
  
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• What impact will Trump have on UK financial services? | Financial ... - Financial Reporter

  09-11-2016 11:58
  
  Financial Reporter
  What impact will Trump have on UK financial services? | Financial ...
  Financial Reporter
  Financial markets reacted sharply to the US election result this morning, with the US dollar falling and market expectations of a Federal interest rate hike in ...en meer »
  
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• Globalisation backlash enters new phase with Trump win

  09-11-2016 11:09 via theguardian.com
  
  The mogul’s victory is likely to mean structural changes for the US economy – and could herald similar shocks worldwide• Become a Guardian supporter or make a contributionSame story. Different country. Much, much bigger implications. That’s the economic message from Donald Trump’s victory in the year of shocks. By comparison, Brexit was a sideshow.If 1989 was the year that marked the beginning of the global age, 2016 has been the year when the basic tenets of globali
  
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• Homes with spiral staircases – in pictures

  09-11-2016 08:00 via theguardian.com
  
  The only way is up in these properties from Devon to New YorkContinue reading...
  
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• A minor shunt that brought my credit rating crashing down

  09-11-2016 08:00 via theguardian.com
  
  I thought the claim was all settled, then I was told a county court judgment had been made against meI was involved in a minor shunt while driving more than two years ago. It was my fault so I notified my insurer, NatWest, and was told it would settle with the other driver’s insurer. Months later, I received a letter informing me a county court judgment (CCJ) had been made against me for an unpaid insurance claim of £10,000. This was the first I had heard about the debt or the court
  
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• Cash Converters to refund $10m in unfair payday loans after Asic ruling

  09-11-2016 03:14 via theguardian.com
  
  Australian Securities and Investments Commission says loan terms amounted to breaches of National Credit ActCash Converters will refund Australian consumers more than $10m in unfair payday lending after a major investigation by Australia’s corporate watchdog found it failed to meet responsible lending obligations.The lending group has also been forced to pay fines totalling $1.35m as part of 30 infringement notices issued by the Australian Securities and Investments Commission for failing
  
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• Great Western line electrification 'deferred' amid cost overruns

  09-11-2016 01:38 via theguardian.com
  
  Rail minister admits there have been ‘difficulties’ with modernising branch lines on routes to Oxford and BristolWork to electrify key branch lines on rail routes to Oxford and Bristol has been suspended, the government has announced. The troubled programme has been beset by delays and cost overruns, with its budget trebling to £2.8bn. Although a review of the work by Network Rail in 2015 led to the project being replanned on a “more efficient footing”, on Tuesday t
  
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