Financial news

• Room to grow: Airbnb aims to transform itself into travel company

  17-11-2016 23:39 via theguardian.com
  
  New service – called Trips – offers travellers chance to create itineraries that afford a more authentic local experienceAirbnb has launched a new programme called Trips, with the aim of transforming itself into a travel company.The move marks the most significant expansion since the company was founded eight years ago as a peer-to-peer property rental service.Continue reading...
  
  Read more

• GKN to close Yeovil helicopter site, putting hundreds of jobs at risk

  17-11-2016 21:16 via theguardian.com
  
  Maker of airframes for Royal Navy helicopters says Somerset site no longer viable with Leonardo’s plans to take all AW159 helicopter work back in-house Hundreds of jobs may be lost in Somerset after GKN said it would close a plant that makes helicopter components at the end of next year.The company makes airframes – the body of an aircraft excluding its engines – for Royal Navy helicopters at the site in Yeovil.Continue reading...
  
  Read more

• Autumn statement: safeguard public investment, say experts

  17-11-2016 21:00 via theguardian.com
  
  Economists warn Philip Hammond over ignoring infrastructure needs amid £100bn black hole in financesThe chancellor should limit the impact of the Brexit vote on the economy by excluding public investment spending from his deficit reduction plans in his autumn statement next week, economists say.As the Treasury finalised tax and spending plans, economists warned that a black hole in government finances of more than £100bn could deter the chancellor from boosting infrastructure spendin
  
  Read more

• JP Morgan Chase to pay $264m over Chinese 'princelings' bribery scheme

  17-11-2016 20:47 via theguardian.com
  
  Settlement with US regulators follows three-year corruption investigationBank hired children of Chinese officials to secure Asia-Pacific businessJP Morgan Chase agreed to pay $264m on Wednesday to settle charges that it employed well-connected Chinese “princelings” in order to win business in the Asia-Pacific region.The settlement with US regulators comes after a three-year investigation into a vast foreign bribery scheme that violated the Foreign Corrupt Practices Act (FCPA). It cou
  
  Read more

• Advertisement

• Ed Balls enters stage left with decent idea on central bank independence

  17-11-2016 20:42 via theguardian.com
  
  Former shadow chancellor knows a thing or two about such matters, having been an architect of the Bank of England’s independence in 1997At last, the troubled question of how much central bank independence is desirable receives sensible political analysis.Ed Balls, Strictly speaking, isn’t a politician these days. But the former shadow chancellor knows a thing or two about such matters, having been an architect of the Bank of England’s independence in 1997, and his nuanced take
  
  Read more

• People in debt must be given room to breathe | Letters

  17-11-2016 20:21 via theguardian.com
  
  Millions of children in the UK are living in families trapped by debt. As charities and organisations who work with, and directly support, households struggling with problem debt, we see the impact this can have on the wellbeing and mental health of parents and children alike.Too often people find themselves in the red because of unexpected life events like the loss of a job, an illness or the breakdown of a relationship. What they need is time and space to seek advice and get their finances bac
  
  Read more

• Labor joins Coalition in backing larger trade deal to replace TPP

  17-11-2016 20:10 via theguardian.com
  
  Consensus in Canberra as leaders prepare to attend Apec summit and confront the death of the Trans Pacific PartnershipLabor has signalled its support for the concept of a much larger trade agreement than the Trans-Pacific Partnership.The Turnbull government has sent similar signals following the election of Donald Trump, and the likely failure of the TPP. Continue reading...
  
  Read more

• MPs can now see off hard Brexit. The ball is in their court | Martin Kettle

  17-11-2016 20:04 via theguardian.com
  
  Finally progressives in parliament have a chance to change our ruinous trajectory. They should seize itKarl Marx made a much-quoted remark about history repeating itself first as tragedy and then as farce. But Theresa May’s government is turning Marx on his head in its European policy. In its handling of Brexit, it is starting with the farce. Only later will we get to the tragedy.The farce is being provided courtesy of foreign secretary Boris Johnson. In some ways, Johnson is the
  
  Read more

• Advertisement

• Brexit unlikely to mean loss of City's role in processing deals in euros

  17-11-2016 19:56 via theguardian.com
  
  London likely to remain home of £460tn-a-year business, according to analysis by ratings agency S&POne of the City’s most prized businesses – the way that financial products priced in euros are processed – will not be lost to the remaining members of the European Union as a result of Brexit, according to the ratings agency Standard & Poor’s. The costs associated with moving the clearing of complex financial instruments to another financial centre means Londo
  
  Read more

• Tesco chief warns brands not to make UK shoppers pay for weak pound

  17-11-2016 19:49 via theguardian.com
  
  Dave Lewis says he accepts inflation is starting to raise prices but vows to fight unjustified hikes based only on currency fluctuationsThe chief executive of Tesco has fired a fresh warning shot at multinational consumer brand owners, such as Marmite’s parent company Unilever, by asking them not to push currency-related price hikes on to British shoppers. In his first comments since last month’s “Marmitegate” stand-off, Dave Lewis said consumers should not be asked to pa
  
  Read more

• Does Patagonia have the answer for narrowing the gender wage gap?

  17-11-2016 19:36 via theguardian.com
  
  More than 50 US companies have signed a pledge to commit to paying the same salaries to women and men; here, we profile four of themThe debate around fairer pay for women feels more prominent and urgent than ever. Yet, despite this momentum, new estimates suggest the gender pay gap won’t be closed anytime soon. A new report from the World Economic Forum estimates that it will take up to 170 years for the world’s women to earn wages that are equitable to men’s.While that’s
  
  Read more

• Yellen hints at US rate hike; Ed Balls calls for Bank of England reforms – as it happened

  17-11-2016 19:02 via theguardian.com
  
  Former Shadow chancellor and Strictly Come Dancing contestant says better political oversight needed to address ‘popular discontent’ against central banksLatest: Janet Yellen testifies to CongressBalls writes paper on central banks
  Balls: Central banks should give up some political independenceEx-MP tells Today Programme that more accountability neededRead his academic paper here 6.02pm GMTThere was still a note of caution around, understandably given the ructions of recent weeks, bu
  
  Read more

• Weak pound could boost English wine, says Majestic boss

  17-11-2016 18:54 via theguardian.com
  
  Shoppers are expected to look for alternatives including English fizz as cost of importing in euros or dollars increasesEnglish fizz and South African wines are likely to enjoy a sales boost as the price of European and US vintages rises with the falling value of the pound, according to the boss of Majestic Wine.Rowan Gormley, chief executive of the off licence chain, which also owns the online business Naked Wines, said shoppers would look for alternatives as the cost of importing goods valued
  
  Read more

• Economics teaching is still neglecting critical thought

  17-11-2016 18:47 via theguardian.com
  
  Students can go through their entire degree without being asked to express an opinion. Thankfully, things are slowly beginning to changeSterling was the worst performing currency in the world last month. An employment tribunal ruled against Uber drivers being classified as self-employed. October brought with it the first GDP figures since the Brexit vote, which were better than expected. All while the ratings agency Moody’s threatened to downgrade Britain’s credit status if it leaves
  
  Read more

• City Financial COO Talks Tech Plans for UK Asset Manager - www.waterstechnology.com

  17-11-2016 18:25
  
  www.waterstechnology.com
  City Financial COO Talks Tech Plans for UK Asset Manager
  www.waterstechnology.com
  Lou Thorne, the firm's newly appointed global COO, discusses his ideas for building out the tech side of the firm. lou-thorne-headshot-2016. Lou Thorne, City Financial. Dan DeFrancesco · @dandefrancesco. 17 November 2016. Tweet. Facebook. LinkedIn.
  
  Read more

• Co-operative Bank to cut 200 jobs

  17-11-2016 18:17 via theguardian.com
  
  Union says reduction of workforce to 4,015 could affect customer service as bank struggles to return to profitThe Co-operative Bank is cutting 200 jobs as it battles to return to profitability in a low-interest-rate environment.Officials at the Unite trade union warned that the cuts – which will reduce the workforce to 4,015 – could have a detrimental impact on customer service at the bank, which almost collapsed in 2013.Continue reading...
  
  Read more

• Tesco may open dozens more Arcadia fashion concessions in its stores

  17-11-2016 17:27 via theguardian.com
  
  Retailer expands tie-up with Sir Philip Green group in effort to find profitable use for spare space inside branchesTesco is to deepen its relationship with Sir Philip Green’s Arcadia group, potentially opening dozens more concessions for its Dorothy Perkins, Burton, Evans and Wallis chains in supermarkets.The two companies first partnered up about a year ago when Tesco put 14 Arcadia group concessions in five stores including Chesterfield, Woolwich in south London and Culverhouse Cross in
  
  Read more

• UK employers failing to support workforce in financial wellness - SmallBusiness.co.uk

  17-11-2016 17:16
  
  SmallBusiness.co.uk
  UK employers failing to support workforce in financial wellness
  SmallBusiness.co.uk
  Despite 65 per cent of employees citing financial wellness in the workplace as important to them, only 7 per cent of employers are providing any sort of retirement planning support. Thomsons Online Benefits in its Future of Financial Wellness report ...en meer »
  
  Read more

• TV chef Michel Roux Jr paid kitchen staff below minimum wage

  17-11-2016 17:00
  
  For our series on the UK’s increasingly precarious world of work, we spoke to some chefs who said they earned as little as £5.50 an hour at Le Gavroche restaurant• Help fund our journalism by becoming a Guardian Supporter or making a contributionMichelin-starred TV chef Michel Roux Jr has been paying some kitchen staff at his Mayfair restaurant less than the minimum wage, the Guardian can reveal, while charging over £60 for one starter.Earnings at Le Gavroche, named this m
  
  Read more

• Does Trump’s election spell globalisation's end?

  17-11-2016 16:43 via theguardian.com
  
  Not necessarily … global trade growth has been slowing for years, down to China’s economic deceleration and checks on riskier international lendingDoes Donald Trump’s election as US president mean that globalisation is dead, or are reports of the process’ demise greatly exaggerated? If globalisation is only partly incapacitated, not terminally ill, should we worry? How much will slower trade growth, now in the offing, matter for the global economy?World trade growth woul
  
  Read more

• Rail passengers claiming compensation for delays to be given an easier ride

  17-11-2016 16:23
  
  Ministers have pledged to make system simpler after survey shows two in three eligible customers do not make claimsClaiming compensation for delays will be made easier for rail passengers, ministers have pledged, as figures showed that £45m was paid out last year for late-running trains – although two in three eligible passengers still do not make claims. The government said passengers were more willing and able than ever before to obtain fair compensation for delays or cancellations
  
  Read more

• Number of affordable homes built in England slumps to 24-year low

  17-11-2016 15:57
  
  Official figures show 32,110 were built in the year to March 2016, compared with 66,600 in the previous 12 monthsFewer affordable homes were built in the past year than any time in the past 24 years, while there was a 52% fall in the supply of new homes in just 12 months.Builders put the finishing touches to 32,110 affordable homes in England in the year to the end of March 2016, compared with 66,600 over the previous year, according to figures from the Department for Communities and Local Gover
  
  Read more

• Metro Bank says mortgage customers can rent out homes on Airbnb

  17-11-2016 15:50 via theguardian.com
  
  Borrowers can let properties for up to 90 days without prior consent
  A mortgage lender has added a clause to its home loans that allows borrowers to let out their property through Airbnb without asking its permission.Generally lenders expect customers to ask permission before offering their homes for short-term lets, and some will charge a fee to give consent. A survey by the Guardian in April found some refused short-term lets completely, while others asked up to £295 in consent fees. Con
  
  Read more

• Ed Balls calls for Bank of England reforms; Yellen hints at rate hike – business live

  17-11-2016 15:43 via theguardian.com
  
  Former Shadow chancellor and Strictly Come Dancing contestant says better political oversight needed to address ‘popular discontent’ against central banksLatest: Janet Yellen testifies to CongressBalls writes paper on central banks
  Balls: Central banks should give up some political independenceEx-MP tells Today Programme that more accountability neededRead his academic paper here 2.43pm GMTAhead of Janet Yellen starting her testimony to Congress, there has been a spate of US data, no
  
  Read more

• Federal Reserve hints at interest rate hike in December

  17-11-2016 15:22 via theguardian.com
  
  Chair Janet Yellen says interest rates could go up ‘relatively soon’ if US economy continues to appear on positive track, in her first comments since Trump electedThe Federal Reserve could raise US interest rates “relatively soon” if economic data keeps pointing to an improving labor market and rising inflation, Fed chair Janet Yellen said on Thursday in a clear hint the central bank could hike next month.Yellen said Fed policymakers at their meeting earlier in November j
  
  Read more

• WS Atkins hit by oil downturn but hopes for Trump infrastructure boost

  17-11-2016 15:17 via theguardian.com
  
  Company reports fall in half year profits but maintains full year guidance Increased infrastructure spending in the US and UK could boost business at consultancy group WS Atkins, the company said, even as its profits were hit by tough markets for its oil and gas division.Half year pretax profits fell 58% to £22.4m, partly due to a £23m write-down of North American oil and gas outlets. Continue reading...
  
  Read more

• Number of care workers on zero-hours contracts jumps to one in seven

  17-11-2016 14:59 via theguardian.com
  
  The latest in a series on the increasingly precarious world of work finds accusations of ‘endemic’ abuse of minimum wage laws• Help fund our journalism by becoming a Guardian Supporter or making a contributionThe number of care workers on zero-hours contracts has jumped from one in 10 of the sector’s workforce to one in seven in the past year, according to an analysis of official data. Related: A day in the life of a care worker: 23 house calls in 12 hours for £64.80
  
  Read more

• Don’t cry over spilt milk, make loo roll out of it

  17-11-2016 14:18 via theguardian.com
  
  German manufacturer Qmilk is making use of Germany’s two million tonnes of waste milk by turning some of it into toilet rollA premium-priced toilet roll made from waste milk will be hitting Italian supermarket shelves amid the Christmas paraphernalia this winter. Carezza di Latte – which translates as “milk caress” – is a collaboration between German fabric innovators Qmilk and Italian company Lucart, one of Europe’s largest manufacturers of paper and tissue p
  
  Read more

• Asda sales slump puts chain at bottom of UK supermarket league

  17-11-2016 14:13 via theguardian.com
  
  Walmart-owned firm is worst performing grocer after 5.8% sales fall at established stores and 4.2% decline in shopper trafficAsda has reported a near 6% fall in sales at established stores, confirming its position as the worst performing major UK supermarket.Sales at the Walmart-owned chain’s established stores dropped by 5.8% in the three months to 30 September. That was an improvement on the previous quarter, when sales were down by 7.5%, but puts Asda well behind rivals Tesco and Morris
  
  Read more

• Royal Mail says Brexit uncertainty causing dip in junk mail sent by post

  17-11-2016 13:47 via theguardian.com
  
  Postal service says revenue from marketing mail fell 8% over past six months, as it continues to see decline in letters businessUncertainty over the Brexit vote and its consequences has led to a dip in the amount of junk mail sent through the postal system, according to the Royal Mail.The company said its revenue from marketing mail fell by 8% over the past six months as businesses reined in their spending on advertising due to uncertainty about the outcome of the EU referendum and what form Bre
  
  Read more

• Royal Mail profits fall as businesses send less junk mail

  17-11-2016 13:47 via theguardian.com
  
  Brexit vote hits marketing mail and overall letters business continues to declineUncertainty around Brexit has led to a dip in the amount of junk mail companies send, helping to push down profits for Royal Mail.The company said its revenue from marketing mail fell by 8% in the six months to 25 September as businesses reined in their spending on advertising due to uncertainty about the outcome of the EU referendum and what form Brexit will take. Continue reading...
  
  Read more

• Obama meets Merkel in Berlin to discuss TTIP and Russia in wake of Trump win

  17-11-2016 13:38 via theguardian.com
  
  US president and German chancellor have argued for US-EU trade deal and called for continued transatlantic cooperationBarack Obama will meet Angela Merkel in Berlin to talk about Russian sanctions, the fight against Islamic State and the future of the EU-US trade agreement in the aftermath of Donald Trump’s election victory. The final leg of the US president’s last trip to Europe began on Wednesday night with a three-hour dinner at Hotel Adlon with the German chancellor, who he has d
  
  Read more

• Bank of England independence needs reining in, says Ed Balls

  17-11-2016 13:16 via feedproxy.google.com
  
  FORMER Labour shadow chancellor Ed Balls has called for the Bank of England's independence to be reined in amid growing "popular discontent".
  
  Read more

• Where to buy the must-have Xmas toys, plus the power to reduce energy bills

  17-11-2016 13:06 via theguardian.com
  
  Also, pension exit fees are capped and how payday loan firms hound vulnerable borrowers
  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...
  
  Read more

• The Marmite row is the first sign of the true cost of Brexit for food producers

  17-11-2016 13:00 via theguardian.com
  
  The result of the Brexit-inspired falling pound is that we are, and will continue to be, at the mercy of increasingly expensive importsLast month, Marmite managed to leave a nasty taste in the mouth for even those of us who like it. Unilever’s attempt to increase the price, allegedly in response to rising costs as a result of a Brexit-inspired falling pound, was fought off by plucky old Tesco. Critics pointed out that Unilever had also benefited from the falling pound because it exported s
  
  Read more

• Opinion: The vitality of financial 'passporting' to the UK and beyond - International Banker

  17-11-2016 12:53
  
  International Banker
  Opinion: The vitality of financial 'passporting' to the UK and beyond
  International Banker
  Leading think tank Open Europe last month published an independent report investigating how valuable the ability to 'passport' financial services across Europe ...en meer »
  
  Read more

• Britain's BOOMING: Brexit economy scores HAT-TRICK of good news

  17-11-2016 12:52 via feedproxy.google.com
  
  CONFIDENT Britons splurged on the high street last month marking the third dose of good news for the economy, as Britain continues to boom in the wake of the vote to leave the European Union .
  
  Read more

• Glamour magazine scraps 'handbag' size after 15 years

  17-11-2016 12:15 via theguardian.com
  
  Glossy will be in larger format from January because women no longer want to ‘snack’ on print products, publisher saysFifteen years after revolutionising the glossy women’s magazine market, Glamour is to scrap its “handbag” size, opting for a bigger format that recognises that in a digital age print magazines are now “luxurious and indulgent”.Glamour became an instant success when it hit newsstands in 2001 – despite the publisher of its arch-rival
  
  Read more

• UK retail sales surge due to colder weather and Halloween

  17-11-2016 12:05 via theguardian.com
  
  Consumers remain defiant in face of Brexit uncertainty and signs that era of low inflation may be endingA rush to buy winter clothes and buoyant Halloween trade for supermarkets helped UK retail sales grow at the fastest pace for 14 years in October.Official figures chimed with other indicators suggesting consumers have largely shrugged off the Brexit vote and defied gloomy predictions before the EU referendum. The volume of retail sales rose by 7.4% last month compared with a year ago, the stro
  
  Read more

• Bank allows mortgage customers to rent out homes through Airbnb

  17-11-2016 11:45 via feedproxy.google.com
  
  MORTGAGE customers with Metro Bank will be able to rent their home out for up to 90 days a year through Airbnb without needing to get prior approval, the bank has announced.
  
  Read more

• Verifying refugees' stories: why is it so difficult?

  17-11-2016 11:29 via theguardian.com
  
  Processing refugees claims and checking their authenticity is far from straightforward. We examine the problems of an imperfect systemAs the refugee crisis rumbles on and tensions continue to rise over which countries should take in more people, one question comes up repeatedly. How can you tell whether asylum seekers are telling the truth?
  The system hangs on the idea that officials can tell the difference between a legitimate and a false claim, and that claims can be easily split into these tw
  
  Read more

• FTSE 100 climbs as retail sales beat forecasts and Anglo American rises

  17-11-2016 10:57 via theguardian.com
  
  Anglo higher despite suspending copper mine operations after protestsLeading shares are heading higher, with Anglo American among the risers despite the group suspending operations at a copper mine in Chile.It said protesters had seized installations at the Los Broncos mine on Wednesday, and it had decided to evacuate staff for safety reasons. Continue reading...
  
  Read more

• Ed Balls: Bank of England's independence should be reined in

  17-11-2016 10:17 via theguardian.com
  
  Ex-shadow chancellor and Strictly Come Dancing contestant calls for closer ties between central banks and government The Bank of England has become too powerful in the aftermath of the financial crisis and must be reined in, according to the former shadow chancellor Ed Balls.Balls, one of the masterminds behind the Bank’s independence in 1997, said the issue was “unfinished business” and called for closer ties between Threadneedle Street and government. Continue reading...
  
  Read more

• 'Another FAILURE' European markets struggle to make gains prompting fears

  17-11-2016 10:07 via feedproxy.google.com
  
  EUROPEAN stock markets were struggling to make gains during Thursday morning trading, amid a stronger euro.
  
  Read more

• BHP Billiton chairman warns of global 'trauma' if Trump puts tariffs on China

  17-11-2016 09:03 via theguardian.com
  
  Jac Nasser says Donald Trump’s pledge would trigger a damaging global trade war, but believes the promise was only campaign rhetoricExecutives from the world’s largest mining company have urged Donald Trump to uphold the Paris climate pact, while warning the “whole world will be in trauma” if the incoming US president follows through on tariffs against China. BHP Billiton chief executive Andrew McKenzie told shareholders in Brisbane that he hoped Trump maintained US suppo
  
  Read more

• Why networking events are a waste of time, and what to do instead

  17-11-2016 08:15 via theguardian.com
  
  Most events are not worth the time or money as you’re unlikely to make useful contacts, argues Derek Coburn. Here are four alternative ways to connectMost professionals are not getting a good return on their investment of time and money when attending networking events.This is because people have entirely different objectives when it comes to networking. Most events are mixing bowls for professionals who are there for different reasons, whether it be signing up a new client, meeting prospe
  
  Read more

• We may have to let our house next year – will that affect our remortgage?

  17-11-2016 08:00 via theguardian.com
  
  My girlfriend and I want to move to the continent and wonder if we need to get a buy-to-let deal when remortgaging
  Q My girlfriend and I got our first mortgage of £205,000 on a house in February 2015. The mortgage has a 30-year term and an interest rate of 2.3%, making our monthly repayments £790. We have made great efforts to make overpayments so that we are in a better position when we remortgage early next year. We are looking at a remortgage of £186,000 which – assumi
  
  Read more

• Our Nectar luggage payment to easyJet landed up in hold

  17-11-2016 08:00 via theguardian.com
  
  We paid for baggage for a family of five, but at the airport we were told we hadn’t booked any luggageI booked easyJet flights through the Nectar website and paid for hold luggage for our family of five. At the airport we were told I hadn’t booked any hold luggage. EasyJet’s customer services desk suggested that this happens a lot when people book through Nectar. I had to pay for the five bags with the reassurance I’d be able to claim the money back on my return.However,
  
  Read more

• Housing Ladder arcade game has players dodging buy-to-let investors

  17-11-2016 08:00 via theguardian.com
  
  Game by cartoonist Tim Hunkin features villains such as second-home owners as players try to buy a house before they’re 80Britain’s housing crisis has been turned into a spoof arcade game where players have to dodge second-home owners and foreign investors to “buy a house or die trying”. The Housing Ladder slot machine, by the Suffolk-based cartoonist and inventor Tim Hunkin, uses treadmill steps on an actual ladder to move an automated figure towards the prize of a house
  
  Read more

• Collective switching: can clubbing together lower your energy bills?

  17-11-2016 08:00 via theguardian.com
  
  We examine how group energy-switching schemes work and whether they get you the best tariffs on the market
  Collective energy-switching schemes promise to save consumers hundreds of pounds as well as taking the stress and confusion out of changing providers. But do they find you the best deal?The idea behind collective energy switching is simple: a large group of people use their bulk-buying power to negotiate unique deals from energy suppliers. The more the merrier, as better deals are likely to
  
  Read more

Follow @financialnwsUK on Twitter!