Financial news

• Wave energy: Carnegie launches world-leading hub in Cornwall

  14-11-2016 23:40 via theguardian.com
  
  The Australian wave energy company’s new hub is the world’s largest and most advanced for developing offshore renewable energy technologyCarnegie Wave Energy’s offshore energy-generating infrastructure is purposefully inconspicuous. Its patented CETO buoys, which resemble large circular tanks, are tethered to an anchor in the seafloor and remain fully submerged, out of sight.It’s a design feature that prioritises long-term survival in the ocean overefficiency in convertin
  
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• SEC chair Mary Jo White to step down as Obama leaves office, agency says

  14-11-2016 23:31 via theguardian.com
  
  Securities and Exchange Commission may be left gridlocked and understaffed after departure of White, who has led organization for almost four yearsThe US Securities and Exchange Commission (SEC) chair, Mary Jo White, plans to step down at approximately the same time Barack Obama exits the Oval Office, the agency said on Monday. Her departure will cap a nearly four-year tenure marked by regulatory and enforcement milestones, as well as internal discord over Wall Street rules. It also may leave a
  
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• Bond bubble could burst with explosive impact

  14-11-2016 21:06 via theguardian.com
  
  Donald Trump’s formula of tax cuts, spending and deregulation risks a US boom followed by an almighty bustIt remains early days for assessing Donald Trump’s economic plans, not least because of the difficulty in separating the serious policies from the wilder campaigning rhetoric, but the bond market seems clear on the central point: the president-elect intends to cut tax taxes, increase spending and deregulate.Investors know what that cocktail produces. It boosts growth, at least fo
  
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• Global bonds slump as Trump prompts inflation fears

  14-11-2016 20:41 via theguardian.com
  
  Sell-offs continue as investors predict tax cuts and infrastructure spending will lead to higher interest ratesFears about the inflationary potential of Donald Trump’s planned tax cuts and infrastructure spending have sent shock waves through the world’s bond markets, as investors take fright at the prospect of higher than expected interest rates in the years ahead.Central banks are braced to suffer fresh losses on their vast holdings of government debt after the sell-off that saw $1
  
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• Asda and Tesco cut up to three pence off petrol and diesel prices

  14-11-2016 20:32 via theguardian.com
  
  Supermarkets bring some relief to drivers after several months of price rises brought on by sterling’s fall after the Brexit voteTesco and Asda have cut up to three pence a litre off fuel prices, bringing relief to drivers after several months of price hikes.
  Asda was the first of the supermarkets to announce a price cut, with a national cap meaning motorists will be charged no more than 110.7 pence a litre (ppl) for unleaded and 112.7 ppl for diesel at its 294 filling stations from Tuesda
  
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• Bond rout continues as experts blast Trump's economic plan – as it happened

  14-11-2016 19:17 via theguardian.com
  
  Global bond markets suffer fresh losses as investors anticipate higher interest rates and inflation under president TrumpDow Jones Industrial Average hits new recordCatchup: Another bad day in the bond marketsJP Morgan criticises Trump’s infrastructure schemeTwo-year US borrowing costs at nine-month high
  UK 10-year gilt yields hit highest since Brexit vote
  Introduction: Investors face life with Trump6.17pm GMTThe prospect of increased US spending and rising interest rates has pushed the do
  
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• UK Treasury Committee Publishes FCA Letter on Asset Management, Financial ... - Lexology (registration)

  14-11-2016 19:00
  UK Treasury Committee Publishes FCA Letter on Asset Management, Financial ...
  Lexology (registration)
  On November 8, the House of Commons Treasury Committee published a letter (Letter) it had received from Andrew Bailey, Chief Executive of the UK Financial Conduct Authority (FCA) (dated October 28). The Letter had been prepared in response to a ...
  
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• Rising executive pay threatening reputation of big business – report

  14-11-2016 18:29 via theguardian.com
  
  Hermes Investment Management’s call to scale back remuneration packages comes after Theresa May proposed crackdown on boardroom excessExecutive pay is too high and risks damaging the reputation of big business, according to an influential fund management group which has drawn up ideas for reform that could reduce the overall remuneration package of top bosses.Hermes Investment Management published a paper showing that the average pay of a chief executive could be cut from £5m to &pou
  
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• HOMEOWNER BOOST: Mortgage deals defy Brexit doom-mongers to fall to RECORD lows

  14-11-2016 18:05 via feedproxy.google.com
  
  MORTGAGE costs have continued to fall to record lows, offering homeowners hundreds of pounds of savings on repayments costs, analysis has showed.
  
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• 'Mis-buying' warning over lifetime Isa

  14-11-2016 17:46 via theguardian.com
  
  Former pensions minister Steve Webb questions suitability of the new government-backed Isa which comes with high exit penaltiesA new type of savings account aimed at under-40s and available from next spring could result in a “mis-buying” scandal, a former government minister has claimed.
  The lifetime Isa (pdf), unveiled by George Osborne in the March budget, is a savings account that will allow people to save either towards their first home or their retirement. Those who sign up can
  
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• After the Trump victory, what now for small firms exporting to America?

  14-11-2016 17:22 via theguardian.com
  
  It’s a market that’s already valued at £29.2bn this year, but will the president-elect’s promises to bring jobs home mean fewer US opportunities for UK firms?Donald Trump’s victory in the presidential election could have consequences for thousands of small and medium-sized businesses in the UK.During the campaign Trump made some remarks he may come to regret when he takes office in January, but his general policy stance in terms of trade and industry seems clear: an
  
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• Petrol diesel prices SLASHED by 3p a litre at Asda and Tesco from TODAY

  14-11-2016 17:14 via feedproxy.google.com
  
  PETROL and diesel prices at Asda and Tesco have been slashed by up to 3p a litre giving drivers a welcome relief at the pumps from this afternoon.
  
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• Matalan teams up with DPD to offer more pickup locations across Britain for customers

  14-11-2016 17:14 via feedproxy.google.com
  
  LEADING retailer Matalan has joined up with DPD Pickup parcel shop network so customers can pick up their purchases at more than 2,000 locations across the country.
  
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• HSBC insists Birmingham staff move is on track

  14-11-2016 17:10 via theguardian.com
  
  Bank forced to respond after official monitor reportedly described operation to relocate more than 1,000 staff as ‘in crisis’HSBC has been forced to insist its plan to install more than 1,000 key staff in Birmingham is on track, after the process was reportedly described as “in crisis” by an official monitor at Britain’s biggest bank.The monitor – who is overseeing the bank’s attempts to overhaul its systems after a £1.2bn fine for money laundering
  
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• John Lewis, Dixons, Carphone Warehouse and AO World set to raise prices in ‘Brexit tax’

  14-11-2016 15:56 via feedproxy.google.com
  
  BRITONS are in line for stinging price rises in the new year, as stores hit shoppers with a 'Brexit tax'.
  
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• Alton Towers to axe 70 jobs after Smiler rollercoaster crash

  14-11-2016 15:55 via theguardian.com
  
  Redundancies, which represent up to 9% of permanent workforce, follow loss of 98 jobs as part of restructuring earlier this yearAlton Towers plans to cut up to 70 jobs as the theme park continues to experience lower visitor numbers after a rollercoaster crash last year resulted in two teenagers having legs amputated.The park, based in Staffordshire, started a 30-day consultation with staff on 14 November. The redundancies, which represent up to 9% of its permanent workforce, are in addition to 9
  
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• Trump dump of $1 TRILLION sparks knock-on fears for Italy and Portugal

  14-11-2016 15:35 via feedproxy.google.com
  
  EUROZONE disaster economies Italy and Portugal are facing a fresh financial crisis, after Donald Trump's win pushed up the cost of borrowing for the fragile countries.
  
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• The fall-less city and other innovations for a healthier old age

  14-11-2016 15:13 via theguardian.com
  
  Rapid urbanisation and ageing populations mean that cities must become better for older people to live in. We have the technology to make this happenThe city of Liverpool is aiming to become a “fall-less” city – so that all older adults with limited or reduced mobility can venture forth into the streets, parks and other public places knowing that their chances of falling have been significantly reduced. One-third of older people in the UK experience a fall each year, rising to
  
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• Greg Clark to meet energy firms over 'profiteering' claims

  14-11-2016 15:11 via theguardian.com
  
  Energy secretary calls for meeting after leaked report suggested profits could be seven times higher than industry claimsThe business and energy secretary, Greg Clark, plans to meet energy company representatives after a report appeared to show them extracting larger profits from households than they claimed.A report commissioned by Energy UK, the industry lobby, showed that the cost to the big six energy companies of providing a dual fuel bill was £844 this year.Continue reading...
  
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• MPs' corporate governance inquiry: what are the key issues?

  14-11-2016 15:05 via theguardian.com
  
  Executive pay, workers on boards and diversity likely to be examined by business, energy and industrial strategy committeeParliament launches a series of hearings on reforming British boardrooms on Tuesday, as MPs pledge to ensure Theresa May fulfils her promise to clean up big business. The business, energy and industrial strategy (BEIS) committee is collecting evidence for its own investigation into corporate governance, while the government’s own consultation is expected to start before
  
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• Natural disasters push 26m into poverty each year, says World Bank

  14-11-2016 14:35 via theguardian.com
  
  Study finds floods, storms and droughts cost global economy $520bn a year and highlights need to tackle climate changeFloods, earthquakes, tsunamis and other extreme natural disasters push 26 million people into poverty each year and cost the global economy more than half a trillion dollars in lost consumption, the World Bank has said.A bank study of 117 countries concluded that the full cost of natural disasters was $520bn (£416bn) a year – 60% higher than any previous estimate &nda
  
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• Economic frustration has spawned Trump and Brexit, warns UN labour chief

  14-11-2016 14:00 via theguardian.com
  
  Rise in zero-hours contracts, gig economy and unreliable pay have fed revolt, says ILO boss Guy RyderPoliticians around the world risk giving more traction to nationalistic movements if they continue to ignore the growing numbers of workers getting a “raw deal” from globalisation, the head of the UN’s labour agency has warned.The director general of the International Labour Organization (ILO), Guy Ryder, described Donald Trump’s victory in the US presidential election and
  
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• Tesco shares move higher on hopes its recovery is gathering pace

  14-11-2016 13:21 via theguardian.com
  
  Analysts at HSBC move from hold to buy on prospects for margin growthTesco has been in the spotlight for the wrong reasons recently, with a cyber attack on its banking business and a row with major supplier Unilever over pricing.But back with its core supermarket business, and analysts are turning more positive. Despite the prospect of rival Asda cutting prices ahead of Christmas, analyst David Mccarthy at HSBC believes Tesco is now well poised to cope. Continue reading...
  
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• Hatchimal: the must-have Christmas toy you simply can't get

  14-11-2016 12:28 via theguardian.com
  
  The interactive bird, set to be the Christmas best-seller, is already flying off the shelvesIt’s every parent’s nightmare: discovering that this year’s must-have toy is impossible to get in time for Christmas. Well, get ready for the Hatchimal, an interactive bird that hatches itself out of an egg. Retailers are warning that demand is unprecedented and stock running low worldwide.Apart from a few branches of Argos, all the major high street toy retailers in the UK have sold out
  
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• TTIP was defeated by activists – Trump just exploited public anger over it | Nick Dearden

  14-11-2016 11:43 via theguardian.com
  
  The president-elect offers no hope to those who distrust the sort of politics that these toxic transatlantic trade deals represent. We have to keep fighting themDonald Trump’s victory should be a warning to those on the centre left pushing for more “market” in our lives. But early signs suggest that there is every danger of Europe’s leaders falling into an even deeper sleep.The United States-European Union Transatlantic Trade and Investment Partnership trade agreement has
  
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• Taylor Wimpey hails 'resilient' trading in new homes after Brexit

  14-11-2016 10:37 via feedproxy.google.com
  
  HOUSEBUILDER Taylor Wimpey said uncertainty surrounding the Brexit vote had failed to dampen demand as trading remained "resilient" during the second half of this year.
  
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• American Apparel founder eyes European factory as company files for bankruptcy in US

  14-11-2016 09:44 via theguardian.com
  
  Dov Charney says he may open manufacturing operation in London or Paris for his new businessDov Charney is considering opening a factory in London to make T-shirts for his new business as American Apparel, the company he lost control of two years ago, files for bankruptcy in the US.Charney has an as-yet unnamed fashion business with a factory employing about 50 people in the South Central neighbourhood of Los Angeles. He described his new business as “rapid reaction urban manufacturing&rdq
  
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• US economy predicted to lead global growth

  14-11-2016 08:57 via theguardian.com
  
  Moody’s warns of rising threat of protectionism but says Donald Trump policies will lift US growth just as Brexit uncertainty will weigh down UKThe US is expected to lead global growth higher over the next two years despite the growing threat posed by protectionist policies, Moody’s Investors Service has warned.The rating agency predicted the US would be the fastest growing of the G7 leading industrial countries in 2017 and 2018, with short-term growth boosted by Donald Trump’s
  
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• Levi Roots: 'Being in the public eye is a double-edged sword'

  14-11-2016 08:31 via theguardian.com
  
  The food entrepreneur who won over the Dragons’ Den with his Reggae Reggae sauce on being sued and the power of entrepreneurshipI spotted a gap in the market; the need to have Caribbean sauce on a table next to tomato sauce, brown sauce and the rest. I know about Caribbean food and thought there should be one.Continue reading...
  
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• Writing a will isn’t a job you’ll relish, but it is a matter of life and death

  14-11-2016 08:00
  
  If you don’t make one, you can be sure of bequeathing your loved ones a real mess. Dying ‘intestate’ can trigger arguments and even split families apartAlmost half of adults have not yet made a will, according to research carried out for The Observer by Co-op Legal Services. It found that just 53% had put down in writing what they wanted to happen in the event of their death.It’s not a job anyone relishes, but if you die without leaving a will, you could leave costs and c
  
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• I'm failing in my secondment as team leader because I need training

  14-11-2016 08:00
  
  The IT instruction I asked for in interview has since been refused, and things are going wrong that I can’t fixTwice 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. I have recently been promoted to team leader in my workplace. It is the second rung of the in-house managerial ladder. I have
  
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• British Airways admits it let us down, but will not refund us in full

  14-11-2016 08:00
  
  We had to book a ferry to save our holiday after flight delay and were told we’d get our money back – no such luckMy husband and I missed a connecting British Airways flight from Aberdeen to Shetland in July because of a late flight from Heathrow. When we got to Aberdeen we were told there wasn’t another flight until the next afternoon, which would have meant missing two days of our holiday.BA said that if we wanted to get the overnight ferry we could book it and claim the mone
  
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• He’s right, the economy is sick – and businesses like Trump’s are part of the disease | Mariana Mazzucato

  14-11-2016 07:59 via theguardian.com
  
  Protectionism and infrastructure projects aren’t the cure for a system built on asset stripping, minimal job security and low pay
  • Become a Guardian supporter or make a contributionTrump won because he unashamedly stood as the champion of the dispossessed. More than the 16 Republican rivals he left in his wake, and more than the Democratic party standard-bearer he defeated, he led the cry of those who felt they had been left behind by globalisation. He channelled and inflamed inchoat
  
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• Neoliberalism: the deep story that lies beneath Donald Trump’s triumph | George Monbiot

  14-11-2016 07:30 via theguardian.com
  
  How a ruthless network of super-rich ideologues killed choice and destroyed people’s faith in politicsBecome a Guardian supporter or make a contribution
  The events that led to Donald Trump’s election started in England in 1975. At a meeting a few months after Margaret Thatcher became leader of the Conservative party, one of her colleagues, or so the story goes, was explaining what he saw as the core beliefs of conservatism. She snapped open her handbag, pulled out a dog-eared book, a
  
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• No politician can keep a promise to bring back jobs – especially not Donald Trump

  14-11-2016 03:51
  
  His pledges about the future of work helped him win but automation means jobs won’t return anywhere any time soon Donald Trump ran for president with the slogan of “Make America Great Again”. Implicit in this was the idea of making America work again. Trump was addressing widespread anxiety about the loss of jobs to globalisation, to downsizing, and other factors associated with the economic policies of the past 40 years, and he was telling people that he would bring the jobs b
  
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• UK depends on Channel tunnel for £90bn a year in EU trade, says report

  14-11-2016 01:01 via theguardian.com
  
  Businesses call for guarantee that any post-Brexit border controls will not slow travel times as 220,000 jobs depend on rapid linkA quarter of Britain’s trade with the EU, worth more than £90bn a year in imports and exports, depends on the Channel tunnel, according to a report into the economic benefits of the transport link. With Brexit negotiations expected to begin once article 50 is triggered next year, businesses are calling on the government to ensure that any new border contro
  
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• Share Hunter: M&S announced clothing store closures to ensure a strong future

  14-11-2016 01:01 via feedproxy.google.com
  
  Marks & Spencer has long been a darling of the high street, but its fortunes have declined, and it is pursuing a new strategy to regain its former glory.
  
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• Sainsbury's joins Christmas ad battle with animation and James Corden

  14-11-2016 01:01 via theguardian.com
  
  Three-minute ad is upbeat musical story featuring busy dad creating replicas of himself so he can spend more time with familySainsbury’s has stepped up its battle with John Lewis to be the UK’s most popular Christmas ad with an animated West End musical-style story with James Corden on vocals.The supermarket will launch its three-minute ad, which took seven weeks to animate using hitech 3D-printing techniques never previously used in the UK, on Monday, making it the last of the major
  
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• Most renters feel they're unlikely to buy home in next five years – review

  14-11-2016 01:01 via theguardian.com
  
  Labour-backed study also finds two-thirds of general population think governnment should do more to help first-time buyersAlmost two-thirds of renters in the UK believe they are unlikely to buy a home in the next five years, according to research for a Labour-backed inquiry into the housing crisis.The warning is a preview to the results of the survey, which will be published on Wednesday. The Redfern review, led by Pete Redfern, the chief executive of housebuilder Taylor Wimpey, has examined the
  
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• Inflation likely to hit two-year high tomorrow when official figures published

  14-11-2016 01:01 via feedproxy.google.com
  
  INFLATION is expected to hit a two-year high when official figures for October are published tomorrow.
  
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• Employees £3,500 a year worse off under Tories, says Labour

  14-11-2016 01:01
  
  Party says slow wage growth means chancellor should not go ahead with ‘damaging cuts’ to universal creditSluggish wage growth means the average employee is £3,500 a year worse off since the Conservatives came to power, according to Labour analysis of Treasury figures before chancellor Philip Hammond’s first autumn statement next week.Compared with the average wage growth under Labour, full-time employees are £67 a week or £292 a month worse off, the party&rsqu
  
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