Financial news

• Zac Goldsmith – some kind of record breaker | Brief letters

  06-12-2016 18:53
  
  Agency working conditions | South African political parties | Zac Goldsmith’s legacy | Time man of the year | Arts sponsorship | The new Keith FlettThe exploitation of agency workers (Agency workers ‘exploited and forgotten’, 5 December) has even spread to the Ministry of Justice which employs court interpreters through an agency. The MoJ can book me for a full day’s work but should the case be adjourned or cancelled when I show up, I will only be paid little more than an
  
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• Calling Gordon Gekko: how old mobile phones became £1,000 collector items

  06-12-2016 17:18
  
  With the market for retro cell phones booming, here’s a selection of desirable designs, from a 10kg monster to a clamshell classicWhen it debuted in 1989, the MicroTAC was hailed as a “game-changer”, one that Motorola argued would bring mobile phones out of the hands of top execs and into the hands of senior mid-level execs. Competively price at $2,995, the size of a Dutch brick rather than the preceding concrete breezeblock, it had an amazing half-hour’s talk time with o
  
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• Cookie monsters: why your browsing history could mean rip-off prices | Arwa Mahdawi

  06-12-2016 16:44
  
  By collecting data on how desperate we are to buy and how much we can afford to pay, companies are finding sophisticated new ways to squeeze extra cash from unwitting shoppersEven rocket scientists, I would wager, are befuddled by airline pricing. One minute, a flight you’re looking at costs £400; 30 seconds later it has increased by £100. Panic sets in; you buy a ticket before it ascends out of your price range.I experienced this fluctuation frustration recently while trying t
  
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• Holidays, equal pay – Brexit threatens these rights. We are fighting to keep them | Jason Moyer Lee

  06-12-2016 15:42
  
  As the sole union involved in the most important case for workers in a generation, the IWGB doesn’t want to block Brexit, but fight for employment rightsOne could be forgiven for wondering what the Independent Workers’ Union of Great Britain (IWGB) – a small trade union that represents mainly low-paid migrants and workers in the “gig economy” and relies on crowdfunding to help finance its initiatives – is doing intervening in the UK’s most important cour
  
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• UK office construction forecast to plunge after Brexit vote

  06-12-2016 15:29
  
  Half of planned developments in central London likely to be postponed with a 30% to 40% decline across the UK, warns SavillsThe Brexit vote will lead to a slump in office construction, with up to half of planned developments in central London likely to be postponed or scrapped in coming years, according to estate agent Savills.Commercial development has barely recovered from the post-financial crisis slump, and the uncertainty surrounding the terms of Britain’s departure from the EU will t
  
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• Where can you beat the Brexit effect on holiday?

  06-12-2016 14:49
  
  The EU and US are more pricey since the EU referendum – but there are a handful of places where the pound buys you moreBrits dreaming of a winter getaway in the sun could make their pounds go further in a handful of foreign destinations despite the sharp fall in the pound since the Brexit vote.Sterling has fallen against 46 of the 50 most common global currencies in 2016, but a pound is worth more than it was a year ago in Mexico, Argentina, Venezuela and Egypt, according to travel money s
  
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• HSBC raises mortgage rates and pulls 'cheapest-ever' fix

  06-12-2016 14:35
  
  Market expert says move could signal end of record low interest ratesThe first evidence has emerged that the era of record-low fixed-rate mortgages may be coming to an end after HSBC withdrew its “cheapest-ever” deal and increased rates on other products.
  HSBC had been offering a mortgage that allowed customers to lock in for two years at a rate of 0.99%, but this deal has been pulled with immediate effect. The bank’s new mortgage offers are coming in at up to 0.5% higher. Cont
  
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• Chris Grayling unveils plans for fully privatised rail line

  06-12-2016 12:33
  
  Single company to own track and run trains on Oxford–Cambridge route in first such operation since 1990s privatisationThe government has unveiled plans for a fully privatised railway line, with track and trains operated by the same company.A new line linking Oxford and Cambridge will not be developed by Network Rail, the owner of Britain’s rail infrastructure. Instead, a new entity will be responsible for track and infrastructure, as well as operating train services, under proposals
  
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• Markets relaxed as state aid looms for Italy's Monte dei Paschi – business live

  06-12-2016 12:20 via theguardian.com
  
  All the day’s economic and financial news, as efforts to recapitalise Italian banking sector are hampered by resignation of prime minister Matteo RenziFT: Bailout could come this weekend
  Introduction: Renzi resignation threatens Italian bank rescue
  Full story: Renzi resignation ‘frozen’ 11.20am GMTBusiness confidence in Italy is likely to be hurt by the political uncertainty created by Sunday’s referendum result, and the struggles in the banking sector.Ana Boata, economis
  
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• Apple supplier Imagination Technologies jumps after restructuring

  06-12-2016 12:19 via theguardian.com
  
  Chip designer says results expected to benefit from stronger dollarChip designer and Apple supplier Imagination Technologies is in demand after better than expected results and news that its restructuring is on track.The company said royalty revenues rose 6% and licensing revenues 7% in the first half, with earnings before interest and tax up 65% to £12.2m. Continue reading...
  
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• Chris Grayling to unveil plans for new, fully privatised railway line

  06-12-2016 12:14 via theguardian.com
  
  Single company to own track and run trains on Oxford–Cambridge route in first such operation since 1990s privatisationThe government has unveiled plans for a fully privatised railway line, with track and trains operated by the same company.A new line linking Oxford and Cambridge will not be developed by Network Rail, the owner of Britain’s rail infrastructure. Instead, a new entity will be responsible for track and infrastructure, as well as operating train services, under proposals
  
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• Drax jumps 14% after deals as markets continue to shrug off Italy woes

  06-12-2016 10:46 via theguardian.com
  
  Power plant company buys business energy supplier and four gas projectsDrax shares have surged more than 14% after the coal fired power plant owner unveiled a series of deals to diversify its business.It is paying £340m to buy power supplier Opus Energy, which was founded in 2002 now has 8.3% of the non-domestic market. Continue reading...
  
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• BOE FPC Minutes: UK financial stability has mostly been maintained ... - ForexLive

  06-12-2016 10:43
  BOE FPC Minutes: UK financial stability has mostly been maintained ...
  ForexLive
  Latest BOE FPC MInutes now published 6 Dec - Maintained the UK countercyclical capital buffer (CCyB) rate at 0%, and reaffirmed that it expected to maintain a ...en meer »
  
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• Spread-betting industry loses £1bn after City watchdog steps in

  06-12-2016 10:31 via theguardian.com
  
  FCA imposes measures to protect customers from racking up heavy losses trading in products they don’t understandMore than £1bn was wiped off the value of the spread-betting industry after the City regulator announced a clampdown to protect inexperienced retail customers from unexpected losses on complex trades.The Financial Conduct Authority said it was concerned about customers opening online accounts with spread-betting providers without understanding the products they were trading
  
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• Going into reverse with Avis over getting a hire car repair receipt

  06-12-2016 10:22 via theguardian.com
  
  We had an accident. But our insurance company won’t meet our claim without oneIn September we hired a car from Avis in Perugia, Italy, but we reversed the car into a water hydrant in the hotel car park causing some damage. We were advised by Avis at the airport that we would receive an email to inform us of the cost of a repair prior to any money being deducted from my husband’s credit card. We had taken out extra insurance in the UK to cover the excess after reading an article in th
  
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• U.K. Market Watchdog's Rule Proposals Hit Retail Financial Services Stocks Hard - TheStreet.com

  06-12-2016 10:13
  
  TheStreet.com
  U.K. Market Watchdog's Rule Proposals Hit Retail Financial Services Stocks Hard
  TheStreet.com
  Retail financial services stocks fell sharply after the U.K.'s FCA unveils new rules to protect customers. James Skinner. Follow. Dec 6, 2016 4:11 AM EST. Retail financial services stocks fell sharply in London Tuesday after the U.K.'s market watchdog ...
  
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• Southern rail strike: Grayling offers to meet RMT union for talks

  06-12-2016 10:06 via theguardian.com
  
  Transport secretary says he will meet union if it calls off industrial action as Southern commuters suffer severe disruptions
  The transport secretary, Chris Grayling, has offered to meet the RMT union if it suspends its industrial action in its dispute with Southern rail, as commuters on the troubled network suffered further disruption in the latest overtime ban by drivers and strike by conductors.Members of the RMT are on strike for three days, while industrial action by Aslef members, includin
  
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• Mark Carney: we must tackle isolation and detachment caused by globalisation

  06-12-2016 09:26 via theguardian.com
  
  Bank of England governor urges policymakers to do more to share out the gains from global trade and technologyThe governor of the Bank of England has issued a rallying cry to policymakers across advanced economies to tackle the causes of a growing sense of “isolation and detachment” among people who feel left behind by globalisation.Warning that the UK was suffering its “first lost decade since the 1860s”, Mark Carney said that one of the reasons for the Brexit vote was a
  
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• Diesel farms make fresh bids to supply National Grid back-up power

  06-12-2016 09:25 via theguardian.com
  
  Polluting generators could win multimillion-pound contracts, with some also eligible for generous tax breaksThe owner of Britain’s energy network is gearing up to buy more power from suppliers to ensure the country’s lights stay on, with polluting diesel generators among the providers vying for contracts.The National Grid needs back-up electricity sources that kick in when, for instance, demand is high but the weather is not breezy enough to power wind farms. It secures this back-up
  
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• UK service sector recovers after Brexit dip but inflation looms

  06-12-2016 09:22 via theguardian.com
  
  Markit forecasts economy will grow by 0.5% in final quarter as Barclaycard finds consumer spending is still rising
  The UK economy is on course for a solid finish to the year after activity in the services sector picked up and consumer spending continued to rise last month. But there were fresh signs of concern about inflation as the weak pound raises the cost of fuel and other imports.A closely watched survey of firms in Britain’s dominant services sector, which spans banking to hotels, sh
  
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• US bank quit Sports Direct role over share deal concerns, court filing claims

  06-12-2016 09:19 via theguardian.com
  
  Former Merrill Lynch banker Jeff Blue is suing retailer’s founder Mike Ashley for £14m over alleged breach of agreementA top US investment bank resigned as a key adviser to Mike Ashley’s Sports Direct because of concerns that the retail company had manipulated its share price, according to claims made in a high court document.Bank of America Merrill Lynch had concerns about Sport Direct’s corporate governance and the “propriety” of share transactions in 2012 a
  
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• How to be a good boss – live chat

  06-12-2016 09:19 via theguardian.com
  
  Join us on this page from 1.30-2.30pm on Thursday 8 December to talk to our expert panel about what makes a good leader and manager in a small business 8.19am GMTHow to join in the discussion
  Make sure you’re a registered user of the Guardian (if not, it’s quick to register) and join us in the comments section below, which will open on the day of the live chat.8.19am GMTWhat makes a good boss? There are some surprises around employee engagement – for example, piling praise on a
  
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• Australia lobbies infrastructure bank to invest in coal and nuclear power

  06-12-2016 08:50 via theguardian.com
  
  Asian Infrastructure Investment Bank releases draft energy strategy prioritising renewable projectsThe Australian government is lobbying for the Asian Infrastructure Investment Bank to put more emphasis on coal and nuclear after concerns renewable energy projects were being prioritised.Draft guidelines were circulated by the bank that suggest it should prioritise investments in renewable energy projects across Asia while the Turnbull government has argued fossil fuels will play a significant rol
  
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• Modern life is rubbish: we don't need all this packaging

  06-12-2016 08:00 via theguardian.com
  
  Companies and individuals have a duty to recycle everything possible and to create and use more sustainable packagingI just had a battle with my new kitchen handwash plastic bottle. I couldn’t get the pump to work. I pressed it, twisted it, fiddled with it, broke it, and then suddenly, for no particular reason, the contents squirted everywhere. Then I had another fight with the cellophane packaging on the cardboard box around my tea bags. Couldn’t get it off, couldn’t get my na
  
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• John Lewis bounces to top of YouTube's Christmas ad chart

  06-12-2016 08:00 via theguardian.com
  
  Trampoline-loving dog Buster attracts more global views than Burberry and Sainsbury’s, as well as overseas rivalsJohn Lewis’s ad featuring trampoline-loving dog Buster has been named the world’s biggest Christmas TV ad on YouTube after beating rivals from the UK, Germany and Brazil. The retailer’s £7m campaign came top in an-all British top three that also included Burberry and Sainsbury’s.The campaign, which sees Buster and friends playing on a trampoline, ha
  
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• U.K. Financial Sector Paid $91 Billion in Annual Tax, Study Says ... - Bloomberg

  06-12-2016 07:55
  
  Bloomberg
  U.K. Financial Sector Paid $91 Billion in Annual Tax, Study Says ...
  Bloomberg
  Financial companies in the U.K. paid 71.4 billion pounds ($91 billion) in tax in the latest fiscal year, 7.4 percent more than a year earlier, driven by an increase in ...en meer »
  
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• Financial sector paid 11.5% of UK's total tax bill last year, report says ... - BT.com

  06-12-2016 01:49
  
  BT.com
  Financial sector paid 11.5% of UK's total tax bill last year, report says ...
  BT.com
  The financial services sector contributed £71.4 billion in tax last year, highlighting the potential hit to Government coffers if Brexit results in restricted access to ...
  No Surprise Here - UK Financial Sector Pays 11%, £71.4 Billion, Of Total UK Tax ...Forbes
  UK Financial Sector Makes Record Tax Contribution: StudyBreitbart News
  UK financial services sector paid record £71.4bn i
  
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