Financial news

• Beware, Black Friday is spreading | Tim Dowling

  22-11-2016 20:46 via theguardian.com
  
  Now it spans at least a week, you could easily pick any other day, or colour – but at least the name captures the event’s heedless, bushfire rapacityBlack Friday is almost upon us, or rather it’s already upon us: many retailers launched their annual sales on Tuesday or even earlier. After playing it down last year – after some violence the year before – everybody is now seeking to spread it out, hoping to maximise profits while minimising chaos. Morrisons is adverti
  
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• Aldi and Lidl hike milk and banana prices as pound's fall bites

  22-11-2016 19:55 via theguardian.com
  
  Move marks step change in price war between German discounters and UK’s big four supermarketsDiscount chains Aldi and Lidl have begun putting up the price of basic groceries, including milk and bananas, as the squeeze from the Brexit-driven fall in the value of the pound hits home.The two supermarket companies have raised the price of a four-pint bottle of milk to 99p, from 95p – a 4% lift, which puts them on a par with Asda and just 1p behind Sainsbury’s, Morrisons and Tesco.
  
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• Theresa May runs scared over workers on company boards | Letters

  22-11-2016 19:54 via theguardian.com
  
  The problem as you correctly identify in your editorial (22 November) is that the employee-director argument goes to the heart of what and whom a company is run for. Getting the right sort of answer to that is vital to knowing how best to reform corporate governance. As you remind us, Lord Bullock in his report in the 1970s concluded that viewing a company as the exclusive property of shareholders is out of touch with the company as a complex social and economic entity. Nearly half a century on
  
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• BA boss shocked to find out that third Heathrow runway will raze his HQ

  22-11-2016 19:28 via theguardian.com
  
  Airline chief Wille Walsh furious about not being told of demolition – and about fact he will ‘end up paying for the destruction’The boss of Heathrow’s biggest customer, British Airways, only discovered that building the airport’s planned third runway would require the demolition of his airline’s head office after looking at a map.Willie Walsh, the chief executive of BA’s parent company IAG, claimed that despite the group being responsible for about half
  
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• Care homes in crisis as revised figures reveal surge in insolvencies

  22-11-2016 18:51 via theguardian.com
  
  Chancellor urged to offer financial support in autumn statement as data shows 380 businesses have collapsed since 2010The care home industry is in an even worse financial state than feared after a revision of government data revealed that nearly 100 more such businesses than previously thought have collapsed since 2010.The release of the figures has heightened calls for Philip Hammond, the chancellor, to offer financial support to care homes in the autumn statement. Continue reading...
  
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• UK missing deficit target, as households grow gloomier about Brexit – as it happened

  22-11-2016 18:48 via theguardian.com
  
  British government unlikely to hit this year’s deficit target despite cutting October’s borrowing by 25% to £4.8bnDow breaks 19,000 as Wall Street hits new highsLong-term pessimism about Brexit growsUK public finances better than expected in October...But deficit on track to breach £55bn target for this yearCorporation tax receipts riseEarlier:Markets rally after Wall Street hits record highIntroduction: All eyes on UK public finances 5.48pm GMTTaking their cue from overn
  
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• Barclays to unveil contactless cash withdrawals

  22-11-2016 18:15 via theguardian.com
  
  Machines will allow the user to tap their card on a reader, or even use their smartphone, to make a withdrawalWhile contactless payment terminals have become ubiquitous in retail outlets, Barclays is set to trial contactless ATMs in a number of its branches.The bank will unveil 100 contactless machines at 25 branches across “the north”, which will allow customers to withdraw up to £100 without putting their card into the machine, or by using their smartphone instead. The exact
  
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• Plant hire group Hewden collapses after Brexit warning

  22-11-2016 17:52 via theguardian.com
  
  Unions fear hundreds of jobs are at risk as heavy machinery rental business goes into administrationUnions fear hundreds of jobs are at risk after administrators were called into plant hire group Hewden, which has blamed uncertainty caused by Brexit for its financial predicament.Accountants EY immediately made 251 of the 750-strong workforce redundant. Many of those who lost their jobs were crane operators.Continue reading...
  
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• Morrisons to revive 'much-liked' Safeway food and grocery brand

  22-11-2016 16:38 via theguardian.com
  
  Former supermarket brand, which ended in November 2005, will front a range of hundreds of food and grocery productsMorrisons is reviving the Safeway brand after 11 years as part of its attempt to move back into the fast-growing convenience market.The former supermarket brand, which disappeared in November 2005 after being bought by Morrisons, will front a range of hundreds of food and grocery products, many of which will be produced within the Bradford-based company’s own factories. Contin
  
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• Brexit deadlock could halt flights to Europe, warns Ryanair boss

  22-11-2016 16:35 via theguardian.com
  
  Michael O’Leary attacks British ministers over their ‘mildly lunatic optimism’ and acting ‘like Dad’s Army’ in EU talks
  Political deadlock over Brexit could halt flights between the UK and Europe, according to the chief executive of Ryanair, who warned that Britain’s aviation industry is being “walked off a cliff” by the government.Michael O’Leary said that “mildly lunatic optimism” on the part of the government was masking
  
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• Government stake in Lloyds Banking Group now less than 8%

  22-11-2016 16:03 via theguardian.com
  
  Reduction takes place after Philip Hammond abandons any attempt at discounted offer of shares to the publicThe government’s stake in Lloyds Banking Group is now less than 8% – down from 43% at the time of its £20bn taxpayer bailout in 2008.The reduction took place after Philip Hammond abandoned any attempt at a discounted offer of shares to the public and pressed on with plans to sell shares on the stock market. The current sales are taking place at a price lower than the 73.6p
  
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• Uber drivers stage go-slow protest through central London

  22-11-2016 15:55 via theguardian.com
  
  Drivers seek to put pressure on the London mayor, Sadiq Khan, to insist that the US minicab company pays the minimum wageMore than a hundred Uber drivers have mounted a go-slow protest through central London to put pressure on the city’s mayor, Sadiq Khan, to insist the US company guarantee the minimum wage.At least 100 Uber minicabs drove at walking pace down Edgware Road and Park Lane towards Westminster on Tuesday, honking their horns and blocking traffic as drivers angry at low pay for
  
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• How can technology help entrepreneurs improve cashflow?

  22-11-2016 15:44 via theguardian.com
  
  Managing cashflow can be difficult at the best of times. Join our webchat from 1-2pm on 29 November to find out how technology could improve your approachAre you struggling to keep on top of your small business’s finances? Perhaps you’re feeling overwhelmed by the array of technology solutions on offer. Or maybe you’re interested in growth but are bogged down by rising business costs. Good cashflow is the lifeblood of any successful business, but with 53% of small firms owed an
  
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• eOne shares plunge as first-half profits tumble

  22-11-2016 15:44 via theguardian.com
  
  Entertainment One, owner of Peppa Pig and film distributor, reports profit slump but hopes to recoup losses in second halfIncreased spending on high-profile films including The BFG and Now You See Me 2 have hammered first-half profits at Entertainment One, sending shares in the owner of Peppa Pig tumbling more than 11%.Entertainment One – maker and distributor of films and TV shows including the Steve Jobs biopic, the Hunger Games and Twilight franchises, Grey’s Anatomy, Rookie Blue
  
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• Is big business a force for good for African farmers? Read the highlights from our live Q&A

  22-11-2016 15:20 via theguardian.com
  
  Join us for an online debate on November 22nd 1-2pm (GMT) about the role of multinational companies in Africa’s agri-food sector2.28pm GMTIf you enjoyed this debate please watch out for our public debate on this same theme, taking place on December 7th. Related: Is big business a force for good for African farmers? - event2.14pm GMT"Inclusive business" as you describe it, meaning linking low-income communities to the supply chains of large multi-nationals, has nothing new. Once again, mult
  
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• Many Ryanair flights could be free in a decade, says its chief

  22-11-2016 14:50 via theguardian.com
  
  Michael O’Leary says he hopes to offer zero fares – with the airline making money from sharing revenues with airportsMany seats on Ryanair flights could be free in a decade’s time, the airline’s chief executive has said.Michael O’Leary said his ambition was to offer zero fares – with the airline making its money from sharing revenues with airports where it had attracted passengers. Continue reading...
  
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• The UK economy is slowing – experts debate the Brexit watch data

  22-11-2016 14:30 via theguardian.com
  
  Two ex-members of the Bank of England interest rate-setting committee discuss what lies in store after the EU referendumDavid Blanchflower, professor of economics at Dartmouth College, New Hampshire, and former member of the Bank of England’s monetary policy committee (MPC) from June 2006 to May 2009The UK economy is slowing, there is no doubt about it. The incoming data so far though are mixed as it is early days post the Brexit vote. The PMIs were quite strong, suggesting GDP growth isn&
  
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• The Brexit economy: remarkable resilience as spectre of inflation looms

  22-11-2016 14:30 via theguardian.com
  
  Latest monthly Guardian analysis of data points to post-referendum economy holding up well. But will it last for 2017?• Help fund our journalism by becoming a Guardian supporterThe chancellor, Philip Hammond, has been given a boost ahead of his maiden autumn statement by a Guardian analysis showing the economy continues to confound gloomy forecasts for a post-referendum slump.
  A bumper month for retail sales, a steady housing market, broad-based business growth and a drop in the jobless rat
  
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• How has the Brexit vote affected the economy? November verdict

  22-11-2016 14:30 via theguardian.com
  
  How has the economy reacted to the vote to leave the EU on 23 June? Each month we look at key indicators to see what effect the Brexit process has on growth, prosperity and trade in the UK Continue reading...
  
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• UK's Brexit party faces financial probe - Anadolu Agency

  22-11-2016 14:00
  
  Anadolu Agency
  UK's Brexit party faces financial probe
  Anadolu Agency
  A party which successfully campaigned for Britain to vote to leave the EU will face a financial investigation, the U.K.'s electoral watchdog said Tuesday. The Electoral Commission's decision to probe the United Kingdom Independence Party (UKIP ...en meer »
  
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• Secret aid worker: Surely NGOs should embrace trade unions, not block them?

  22-11-2016 14:00 via theguardian.com
  
  NGOs work to improve social justice abroad, but organisations reveal a double standard in their attitude to workers’ rights at homeImagine a sweatshop in Bangladesh, where the workers want to unionise, but are scuppered at every turn. Before any request to management is made, the CEO informs all staff that the company sees no need for a union. While preparing for a meeting to discuss the potential benefits of unionisation, senior management insists on editing all communications sent to sta
  
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• UK manufacturers enjoy strong order books but prices being forced up

  22-11-2016 13:16 via theguardian.com
  
  CBI says fall in sterling since Brexit vote is pushing up cost of materials, with factory gate prices rising at fastest for two yearsBritain’s factories are poised to raise both output and prices over the coming months as they continue to adjust to the impact of the EU referendum in June.The latest snapshot of the economy from the Confederation of British Industry (CBI) showed that order books for UK manufacturers are strong and production is expected to rise at its fastest pace in almost
  
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• Building affordable homes for rent is more vital than new roads

  22-11-2016 13:01
  
  The chancellor needs to classify housing as an infrastructure project and boost its supply in the autumn statementThe outward manifestation of a housing crisis is right before our eyes, on a street near you, tucked anonymously in a doorway or lying on a park bench. Rough sleeping, according to the House of Commons library, has probably risen by 100% since 2010.The government’s own figures to the end of June show homelessness up by 10% in a year – 15,170 households at the last estimat
  
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• Philip Hammond: a cautious, unflashy and quietly confident chancellor

  22-11-2016 12:44 via theguardian.com
  
  The autumn statement shows every sign of reflecting his approach to the job, but behind the bland exterior lie strong views Philip Hammond is the Brexit chancellor. Just as Alistair Darling was the Northern Rock chancellor, Stafford Cripps the austerity chancellor and Norman Lamont the Black Wednesday chancellor.He may want to use Wednesday’s autumn statement to look beyond the immediate risks of leaving the European Union and lay out a longer-term economic strategy. No matter how long he
  
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• Boost to public finances lifts chancellor ahead of autumn statement

  22-11-2016 12:01 via theguardian.com
  
  Rises in NI, corporation tax and stamp duty on shares help swell Treasury coffers but Philip Hammond will still miss deficit targetBritain’s public finances improved in October with a fall in the monthly deficit to £4.8bn from £6.4bn in the same month last year, giving the chancellor a lift ahead of Wednesday’s autumn statement.Healthy increases in national insurance contributions, corporation tax and stamp duty on shares helped boost government coffers and put Philip Ham
  
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• UK minister says understands financial sector's Brexit concerns - Business Insider

  22-11-2016 11:47
  
  Business Insider
  UK minister says understands financial sector's Brexit concerns
  Business Insider
  LONDON (Reuters) - Britain's government "fully understands" the impact Brexit could have on the financial services sector and is listening to those concerns, UK trade minister Mark Garnier said on Tuesday. Banks, insurers and asset managers fear losing ...en meer »
  
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• White goods set to soar on Black Friday as shoppers rush to beat price rises

  22-11-2016 11:18 via theguardian.com
  
  AO World boss warns post-Brexit vote price increases are inevitable given sterling’s weakness with consumers feeling the full impact in JanuaryThis year’s Black Friday will be the biggest yet as shoppers snap up large items such as fridges before Brexit-induced price rises take effect in January, the boss of AO World has predicted.John Roberts, the online retailer’s chief executive, said price rises were inevitable after the pound’s plunge against other major currencies s
  
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• Trump to withdraw from Trans-Pacific Partnership on first day in office

  22-11-2016 11:01 via theguardian.com
  
  President-elect says he will leave TPP, with Japanese prime minister Shinzo Abe warning trade deal would be ‘meaningless’ without USWhat is the TPP and is it over? The Guardian briefingDonald Trump has issued a video outlining his policy plans for his first 100 days in office and vowing to issue a note of intent to withdraw from the Trans-Pacific Partnership “from day one”. Continue reading...
  
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• Why did Americans support Trump? Economic powerlessness | Robert Shiller

  22-11-2016 09:24 via theguardian.com
  
  To those with average and low incomes, his simple slogan ‘make America great again’ sounded like ‘make you great again’The US president-elect, Donald Trump, campaigned in part on a proposal to cut taxes dramatically for those with high incomes, a group whose members often have elite educations as well. And yet his most enthusiastic support tended to come from those with average and stagnating incomes and low levels of education. What gives?Trump’s victory clearly ap
  
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• Brexit vote wiped $1.5tn off UK household wealth in 2016, says report

  22-11-2016 09:19 via theguardian.com
  
  Oxfam criticises rising inequality as Credit Suisse finds about 400,000 Britons have lost their status as dollar millionaires The UK saw $1.5tn (£1.2tn) wiped off its wealth during 2016 after the Brexit vote sent the pound tumbling and the stock market into reverse, according to a survey by Credit Suisse.A fall in values at the top-end of the property market also contributed to about 400,000 Britons losing their status as dollar millionaires and one of the biggest drops in wealth among the
  
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• Hellmann's aims to woo flexitarians by branding its mayo as veggie

  22-11-2016 08:30 via theguardian.com
  
  Unilever is adding a vegetarian logo to 500 products, including Flora and Hellmann’s, by the end of 2017 to boost interest among flexitariansUnilever, one of the world’s biggest food companies, has promised that by the end of next year it will have added a V logo to 500 of its products, ranging from mayonnaise and pasta sauce to margarine.
  But why would a company selling mainly vegetarian products want to start promoting that these products are, as we already know, vegetarian?Continu
  
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• From freakshakes to Hawaiian poké, how to catch a foodie fad

  22-11-2016 08:20 via theguardian.com
  
  Getting a jump on the new year’s food and drink trends requires research, risk and a thirst for adventureWith 2017 fast approaching, it’s time to get your tastebuds – and business – on trend. From poké (pronounced poh-kay, which literally means chopped), a raw, marinated fish dish that’s a culinary staple in Hawaii, to freakshakes (a milkshake topped with brownies, marshmallows and cookie dough), the annual Waitrose Food and Drink report recently named seven
  
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• Why working on your memory is good for business

  22-11-2016 08:15 via theguardian.com
  
  From remembering people’s names when networking, to recalling numbers in meetings, a good memory puts entrepreneurs head and shoulders above the restIf you have ever used the phrase, “I’m no good with names but I remember faces”, then you have, perhaps unwittingly, repeated a fundamental truth about human memory: our brains are better at retaining images than they are random snippets of language.Think back to your earliest memory. Now do the same with the first words you
  
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• Tesco store in Edinburgh accused of discriminating against state school pupils

  22-11-2016 08:00 via theguardian.com
  
  Boroughmuir students claim staff make them queue outside while George Watson’s college pupils enter shop unchallengedA Tesco store in Edinburgh has been accused of discriminating against state school children by making them queue outside while private school pupils are allowed to come and go as they please.It has been claimed that students from Boroughmuir high school, near the city centre, were made to stand behind a barrier by Tesco staff and only allowed to enter their local store in sm
  
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• Our ski holiday would go downhill without free drinks

  22-11-2016 08:00 via theguardian.com
  
  It was a key consideration when we booked the deal, but the company has now withdrawn itWe are a party of 10 who have booked a ski holiday at the end of February. At the time of booking we were told that free drinks were included with evening meals at our hotel and this was key when choosing the best deal. However, we have now been informed that the hotel has withdrawn the offer. It has offered around £35 compensation per person.Continue reading...
  
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• CitySprint faces tribunal over rights of freelance workers

  22-11-2016 08:00 via theguardian.com
  
  The delivery firm is the latest to enter a ‘gig economy’ legal dispute as its freelance couriers look to be treated as workersThe delivery firm CitySprint is to become the latest British business embroiled in a legal dispute over the gig economy when it faces demands at an employment tribunal to treat its freelance couriers as workers.
  Mags Dewhurst, who has made deliveries for the firm for more than two years, will argue on Tuesday that she should be given worker status, and the rig
  
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• Student loans: fight over 'disgraceful' freeze on income threshold

  22-11-2016 03:11 via theguardian.com
  
  Plea for action after government stopped repayment cut-off rising in line with average income – ‘no commercial lender would get away with this’Calls have been made for the Treasury to unpick a controversial change to student loans from George Osborne’s final autumn statement, which critics including MoneySavingExpert’s Martin Lewis have called a mis-selling of loans to thousands of young people.Lewis has led the charge to oppose the changes made in 2015: a five-year
  
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• More than £1bn for faster UK broadband in autumn statement

  22-11-2016 01:10 via theguardian.com
  
  Chancellor to say local authorities will be offered chance to bid for slice of £740m to trial superfast 5G mobile networksThe chancellor will deploy more than £1bn to boost broadband speeds for up 2m homes and businesses as part of an infrastructure plan to be outlined in the autumn statement. Related: Living in a broadband ‘not-spot’? Try using the church spire to get a signalContinue reading...
  
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