Financial news

• Penalty rate cuts would boost retailer profits rather than jobs, study suggests

  29-11-2016 20:12 via theguardian.com
  
  Retailers would either retain all benefits for shareholders or pass on ‘negligible’ savings to customers, confidential Citi analysis saysA decrease in penalty rates would boost major retailers’ profits or result in tiny reductions in consumer prices without changing employment levels, an independent financial analysis suggests.The analysis has been seized on by opponents of penalty rate cuts who say it shows shareholders, not workers, would benefit from any cut. Continue readin
  
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• Co-op to supply GB Energy's customers despite £1.8m fine

  29-11-2016 19:59 via theguardian.com
  
  Co-op Energy to honour outstanding credit balances after Ofgem’s decision to appoint it to take over 160,000 customersThe energy regulator has chosen Co-operative Energy – a company it last month fined £1.8m – to take over the supply GB Energy’s gas and electricity customers.Ofgem has been working behind the scenes since GB Energy’s collapse at the weekend to appoint a “supplier of last resort” to take over all of the company’s 160,000 custom
  
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• Tories' corporate reform proposals a far cry from May's radical pledge

  29-11-2016 19:38 via theguardian.com
  
  PM performed linguistic gymnastics to recast her ‘workers on boards’ vow, now green paper offers little more than tweaksTheresa May promised radicalism on executive pay and boardroom governance but her government’s green paper is not that. Most of the proposals represent tweaks to the current setup. The corporate lobby, one suspects, will breathe a sigh of relief. The pay of the average FTSE 100 chief executive has increased from 47 times that of the average worker in 1998 to 1
  
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• US growth revised up; Iran rules out oil production cuts – as it happened

  29-11-2016 18:22 via theguardian.com
  
  America’s economy is growing faster than expected, as Opec struggles to reach agreement on output curbsLatest: Iran says it won’t cut oil outputUS GDP beats forecasts with 3.2% growthTiffany’s hurt by Trump protestsReuters: ECB would step in to help Italy Eurozone fears rising 5.22pm GMTOK, time for a brisk recap.1) America’s economy is performing even better than expected; growth in the last quarter has been revised up to a 3.2% annual rate, from 2.9%. Consumer spending,
  
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• Scottish mining company sells its first gold

  29-11-2016 18:01 via theguardian.com
  
  Scotgold Resources, hoping to open UK’s only underground mine, raised £46,000 by selling 10 commemorative coins at auctionA mining company hoping to open the only underground goldmine in the Scottish Highlands has sold its first gold in the form of 11 commemorative coins.Scotgold Resources raised just under £46,000 by auctioning 10 “rounds” to enthusiasts and collectors. Each solid gold coin weighs an ounce, which represents a markup of nearly 400% on the current ma
  
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• REVEALED: Terrified ECB has 'emergency Italian rescue plan' ahead of referendum

  29-11-2016 17:43 via feedproxy.google.com
  
  THE European Central Bank is ready to step in and rescue the Italian government, if the referendum goes against Prime Minister Matteo Renzi, according to insiders.
  
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• BREXIT BONANZA: Forecast of British economy doom could be WRONG, admits IFS chief

  29-11-2016 17:31 via feedproxy.google.com
  
  DOOM-MONGER forecasts of a Brexit hit to the economy could well turn out to be completely wrong, the head of the Institute for Fiscal Studies has admitted.
  
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• Occupancy and revenues rise at Four Seasons Health Care

  29-11-2016 17:10 via theguardian.com
  
  Chairman says financial peformance has stabilised but ‘historical underfunding’ continues to pile pressure on sectorBritain’s biggest care home group, Four Seasons Health Care, has said its turnaround is gathering pace as it reported improved occupancy and revenues.Its parent company, Elli Investments, said 89.6% of the group’s care home beds were occupied, the highest level for more than three years. Revenues rose 9% to £174.3m in the three months to 30 September,
  
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• Community philanthropy: a brave new model for development funding?

  29-11-2016 15:37 via theguardian.com
  
  Involving local people in philanthropic projects makes communities stronger. Is it time for international NGOs to stand aside? These are worrying times for civil society around the world as governments seek to demonise NGOs and their foreign funders. In the United States, an unpredictable and populist new administration appears poised to abandon the global fight against climate change and disengage from global platforms. In Russia, a sustained government campaign to demonise NGOs and their forei
  
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• Iceland v Iceland: retailer to visit Reykjavik to thaw trademark row

  29-11-2016 15:06 via theguardian.com
  
  Frozen food retailer seeks meeting with Icelandic government in attempt to resolve dispute over use of its nameThe frozen food retailer Iceland is sending a “high-level delegation” to Reykjavik this week in an attempt to thaw relations with the Icelandic government after it launched legal action against the chain over the use of its name.Iceland Foods is urgently seeking a meeting with Iceland’s foreign ministry to set out “constructive proposals” that could help br
  
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• Tiffany blames Trump protests for hitting sales at flagship jewellers

  29-11-2016 14:52 via theguardian.com
  
  Luxury jeweller suggests ‘recent election-related activity’ at Trump Tower has been putting customers off in New YorkDonald Trump’s successful campaign to become US president has claimed one of its first economic victims after luxury jeweller Tiffany blamed protests at Trump Tower for hitting sales at its flagship store.Many of the demonstrations before and after the election have centred on the president-elect’s skyscraper in midtown Manhattan, located on the same block
  
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• Bank of England urged to make new £5 note vegan-friendly

  29-11-2016 14:42 via theguardian.com
  
  More than 10,000 sign petition to cease use of tallow in production process, saying it is unacceptable to vegans and vegetarians A row has broken out over the use of animal fat in the new plastic £5 note, with calls from some vegans and vegetarians for the production process to be changed.A petition has been launched calling for the use of tallow, a substance made from animal fat, in the banknotes to be stopped. The petition has attracted nearly 20,000 supporters so far and will be deliver
  
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• Government called on to take bolder action on corporate reform

  29-11-2016 14:30 via theguardian.com
  
  Tories criticised for backtracking on pledges as business secretary says green paper is intended to kickstart debateThe government has faced calls to take bolder action to reform corporate Britain after it launched proposals it said were intended to hold business to account following a series of scandals and rows over executive pay.Unions criticised the government for backtracking on installing workers representatives on boards and opposition MPs questioned whether enough safeguards were being p
  
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• BT under increasing pressure from Ofcom to split from Openreach

  29-11-2016 13:55 via theguardian.com
  
  Regulator urges BT to separate from network division over competition fears, saying it is going to European commissionOfcom has increased pressure on BT to table stronger plans to legally separate from Openreach, which controls the UK’s broadband infrastructure, by threatening to call in European regulators after months of negotiations over a voluntary deal.The UK media regulator wants to strengthen the independence of Openreach to promote competition and boost the roll-out of superfast br
  
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• Brexit: UK must obey EU rules or lose its position as financial hub, says ... - The Independent

  29-11-2016 13:44
  
  The Independent
  Brexit: UK must obey EU rules or lose its position as financial hub, says ...
  The Independent
  The EU cannot allow London to maintain its position as the dominant financial centre in Europe after Brexit unless the UK remains bound to all of the EU's rules, a top European official said on Tuesday. Jeroen Dijsselbloem, the president of the ...
  Eurogroup head warns UK: no financial hub without EU rulesThe News International
  Eurogroup against UK as an EU Financial Hub If There Is a H
  
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• John Lewis posts record £200m sales week thanks to Black Friday

  29-11-2016 13:34 via theguardian.com
  
  Department store group’s trading is up 6.5% on last year, with electrical deals pulling in buyers John Lewis has enjoyed the biggest week in its history with sales of nearly £200m, thanks to Black Friday.The department store group said it achieved sales of £199.8m in the week to last Friday, up 6.5% on the same week last year. It traded well in shops and online, with shops becoming busier at the weekend. Continue reading...
  
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• Regulator targets high-cost credit deals on consumer goods, loans and overdrafts

  29-11-2016 10:59 via theguardian.com
  
  Watchdog could introduce price caps on catalogue credit and rent-to-own, similar to those imposed on payday loansA wide range of high-cost credit – from catalogue loans to overdrafts – is to be reviewed by the Financial Conduct Authority in a move that could herald price caps similar to those imposed on payday loans.Since 2015, the City regulator has prevented payday loan customers paying back any more than twice the value of the amount borrowed. The FCA will now look at whether the
  
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• UK government defends apparent U-turn over workers on boards

  29-11-2016 10:37 via theguardian.com
  
  Business secretary says Theresa May stills wants workers represented at governance level, but not necessarily by workers
  Theresa May is not back-pedalling on her pledge to give workers a voice on company boards, the business secretary has said in response to criticism of the government’s announcement that it will not force companies to give employees a governance position. Related: Theresa May to unveil boardroom crackdown on private big businessContinue reading...
  
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• Banks act to stop transfer scams and errors

  29-11-2016 10:30
  
  ‘Confirmation of payee’ system matches account number to holder’s name, so users will know cash is going to right recipientBritain’s banks and building societies are promising a radical change to the way account holders send money to other people in a bid to tackle ballooning fraud and “fat finger” problems.In future, the “confirmation of payee” system will mean that when someone types in a sort code and account number to transfer some money, they
  
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• Local resurgence: 20,000 independents gear up for Small Business Saturday

  29-11-2016 08:30 via theguardian.com
  
  With 46% of consumers shopping small, discounts, free parking and Christmas fairs look to swell profits on 3 DecemberSmall Business Saturday 2016: share your stories and photos
  “We get a lot of dog attack victims. It’s the faces that the dogs go for, so a lot of nose damage, missing eyes, that kind of thing.” Julie Tatchell makes her business sound rather gruesome. In fact, she spends her days mending teddy bears. Bear it in Mind is one of the 100 small businesses promoted in t
  
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• Kenya's coffee thefts blamed on organised cartels

  29-11-2016 08:00 via theguardian.com
  
  Coffee production supports 600,000 Kenyan farmers but their livelihoods are being threatened by a spate of robberiesMartin Kamai, a coffee farmer in rural Kenya, was sound asleep when the thieves broke into his warehouse. The 20 armed men jumped the gate, tied up the security guards and escaped with 100 bags of coffee beans – all of Kamai’s harvest.The 29-year-old from Nyeri in central Kenya is just one of thousands of farmers affected by the country’s growing wave of coffee th
  
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• HSBC has closed all the accounts of campaign group and won’t say why

  29-11-2016 08:00
  
  Searchlight is a respected organisation and we can’t think of any reason for the bank’s arbitrary actionHSBC, which I have personally banked with since 1964, recently announced that it will close the four accounts we hold for the campaign organisation Searchlight following a “review”. In a follow-up email it insisted there is nothing we can do to change the decision and that it will not give us a reason.Searchlight has campaigned against racism and fascism for 52 years, p
  
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• Government promises to stamp out abuses of new-build ground rent scandal

  29-11-2016 08:00
  
  Sajid Javid pledges to ‘do more’ as Guardian campaign reveals that some buyers of new-build homes face ground rents which double every 10 yearsThe government has promised to “stamp out” abuses highlighted in a Guardian campaign that revealed how some buyers of new-build homes have been left with virtually unsaleable properties because of rapidly escalating ground rents.Many buyers of new-build homes, particularly in the north west of England, have been sold their properti
  
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• Petition urges Philip Green to tackle BHS pension deficit

  29-11-2016 07:00 via theguardian.com
  
  Former BHS workers and trade union representatives will deliver petition with 100,000 signatures to Green’s Arcadia HQFormer BHS workers and trade union representatives are to descend on the headquarters of Sir Philip Green’s retail business in an attempt to force him to fill the £571m deficit in the collapsed department store chain’s pension scheme.More than 100,000 people have signed a petition calling for the billionaire tycoon to fulfil his promise to “sort&rdqu
  
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• Theresa May to unveil boardroom crackdown on private big business

  29-11-2016 06:35 via theguardian.com
  
  In wake of BHS and Sports Direct scandals, PM pushes for privately owned companies to face similar governance to those listed on stock marketTheresa May is to promise a crackdown on boardroom excess at large privately owned businesses as she unveils proposals intended to hold corporate Britain to account.The prime minister said the government would look at ways to bring privately owned companies under a regime that could mimic the one imposed on major stock market companies. Continue reading...
  
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• Is small-scale hydro the answer to India's clean energy needs?

  29-11-2016 06:00 via theguardian.com
  
  India wants to encourage more privately owned, small-scale hydropower projects to cut its climate emissions, but questions about environmental impacts remainIn the western Himalayas, the entire village of Hamal is powered by a small hydroelectric plant on the edge of the Shalvi river. It produces enough power to light up 100 homes at a time, ending the village’s once-endemic power cuts.
  Small hydro projects, producing up to 25MW, have the potential to transform India’s rural communit
  
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• Samsung Electronics may split amid pressure over governance and dividends

  29-11-2016 05:03 via theguardian.com
  
  Investors have called on South Korean company to set up holding and operating units as it deals with Galaxy Note 7 recall and prepares for successionSamsung Electronics has said it is considering splitting in two, to allow heir-apparent Lee Jae-yong to take over the firm from his father, Lee Kun-hee, and address governance concerns.Samsung has also come under pressure from foreign investors, including the US hedge fund Elliott Management, to improve its corporate governance through the establish
  
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• U.K. Says Brexit Must Promote and Protect Financial Services - Bloomberg

  29-11-2016 01:39
  
  U.K. Says Brexit Must Promote and Protect Financial Services
  Bloomberg
  The U.K. will work to make sure global banks keep access to the single market when the country leaves the European Union, International Trade Minister Greg Hands said on Monday as he outlined the government's aims for a Brexit deal. Hands said Britain ...en meer »
  
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• SFO will not charge former Tesco boss over accounting scandal

  29-11-2016 01:38 via theguardian.com
  
  Serious Fraud Office says ‘there is insufficient evidence to provide a realistic prospect’ of convicting Philip ClarkeTesco’s former chief executive Philip Clarke will not face charges in relation to an accounting scandal at the supermarket chain, it has been confirmed.Clarke’s lawyer, David Corker, said on Monday that he had received a letter from the Serious Fraud Office (SFO) informing him of the decision. Unconfirmed reports in recent weeks had suggested Clarke would
  
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• State pension to rise by 2.5% in April 2017

  29-11-2016 01:01
  
  Weekly payments will increase from £155.65 to £159.55 while the old state pension will rise to £122.30 from £119.30The government has confirmed state pension will rise by 2.5% in April 2017, as a report shows that the “triple lock” promise on payments could push up the cost of providing the benefit by more than a third over the next three decades.From April, pensioners on the new flat rate pension will see their weekly payments increase to £159.55 from &
  
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• London mayor sets 35% affordable homes target in deal with developers

  29-11-2016 01:01
  
  Sadiq Khan’s decision appears to cast doubt on election vow that 50% of new housing in capital would be ‘genuinely affordable’Sadiq Khan will allow private housebuilders to limit the amount of affordable housing included in new developments to 35% in a deal that opponents said casts doubt on his election promise to “set a target for 50% of all new homes in London to be genuinely affordable”. Related: How Sadiq Khan has been tackling London's housing crisis so farCon
  
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• Ikea considers bamboo and new materials to keep prices low

  29-11-2016 01:01 via theguardian.com
  
  Furniture retailer exploring ways to avoid passing rising costs to customers after sterling’s fall over Brexit voteIkea UK is considering using different materials including bamboo in its furniture to keep prices down after Britain’s vote to leave the European Union.Gillian Drakeford, the UK manager of Ikea, said the furniture retailer is exploring the use of new materials as shops face up to the slump in the value of sterling since the referendum in June. Continue reading...
  
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