Financial news

• Italian government to request bank bailout funds from parliament

  19-12-2016 23:59 via theguardian.com
  
  Prime minister convenes cabinet meeting as Monte dei Paschi makes last-ditch effort to raise €5bn from private investorsThe Italian government is laying the groundwork for a potential €20bn rescue of the country’s most troubled banks, including Monte dei Paschi di Siena (MPS).A government statement issued late on Monday night said that the prime minister, Paolo Gentiloni, had convened a cabinet meeting to request the funds from parliament. Continue reading...
  
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• Labor says 'wafer-thin' projected surplus will not cheer ratings agencies

  19-12-2016 23:32 via theguardian.com
  
  Shadow treasurer Chris Bowen says Coalition’s budget projections for 2021 are based on cuts that parliament will not passRatings agencies will not be reassured by a “wafer thin” projected surplus in 2021 based on budget cuts that can’t pass parliament, the shadow treasurer, Chris Bowen, has said after Monday’s mid-year budget update. Warnings about Australia’s triple A credit rating from the ratings agency Standard and Poors (S&P) showed the need to raise
  
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• Trump must overcome global barriers to deliver his economic promise | Mohamed El-Erian

  19-12-2016 20:33 via theguardian.com
  
  As well as promoting growth at home, the president-elect must coordinate policy with Germany, China and JapanDonald Trump should have a relatively clear road ahead at home for the implementation of his economic programme: with Republicans holding majorities in both houses of Congress, he seems likely to benefit from a break in the political gridlock that has paralysed the body for the last six years. But the US economy does not exist in a vacuum. If Trump is to succeed in delivering the high gro
  
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• Banks may groan – but Andrew Tyrie is right to launch a new inquiry

  19-12-2016 20:05 via theguardian.com
  
  The Treasury select committee should ask questions over banks’ capital, bailouts and our exposure from RBSIt’s been ages – actually only three years – since the last parliamentary inquiry into the banking industry, but here comes the tireless Andrew Tyrie with another. The Treasury select committee is to ask whether the revamped capital rules, supported by arrangements to wind down failing banks, are up to the job. Taxpayers are supposed to be protected in another 2008-st
  
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• The Guardian view on trade unions: needed as much as ever | Editorial

  19-12-2016 19:42 via theguardian.com
  
  In a low-wage, exploitative economy, workers still need help and support, but not the way they used toThere is little to be said for the strike stopping some customers getting their Christmas presents in the post, nor the ones threatened by British Airways cabin staff and baggage handlers at many of the UK’s airports that threaten long-planned festive breaks, nor for the long-running dispute that is making the lives of commuters in parts of south-east England so miserable. But they are not
  
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• Government criticises 'inefficient' debt and pensions advice bodies

  19-12-2016 18:30 via theguardian.com
  
  Treasury and DWP consult on new body to replace Money Advice Service, Pensions Advisory Service and Pension WiseThe current “inefficient and confusing” system of government-backed financial help for consumers is to be replaced with a new one-stop-shop organisation that will advise consumers about debt, pensions and scams.This new body will replace three existing publicly-funded organisations, one of which came under fire for spending more than £100m on marketing and advertising
  
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• Brexit economy boost: Firms pledge to hire more staff in 2017

  19-12-2016 18:01 via feedproxy.google.com
  
  TWO out of five firms are set to recruit more staff next year, as Britain gears up to leave the European Union in in yet another blow to Remainers' doom-monger predictions.
  
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• President-elect Trump and US-UK Cooperation on Financial Crime - Lexology (registration)

  19-12-2016 17:57
  President-elect Trump and US-UK Cooperation on Financial Crime
  Lexology (registration)
  There has been much speculation over recent weeks as to what a Trump Presidency might mean for US-UK bilateral relations. As a result of the scarcity of detailed policy proposals issued during his campaign for the presidency, commentators have resorted ...
  
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• Don’t complain about the strikers – they’re only doing what we all should in 2017 | Paul Mason

  19-12-2016 17:50 via theguardian.com
  
  Follow the posties, train drivers, cabin crews and baggage handlers: demand a pay rise, defend your pension and insist on good working conditionsWe seem to love the working class as long as it is a) white and b) passive. The real working class is neither. It is multi-ethnic and, from Southern Rail to British Airways, it is set to strike.Predictably, the Conservatives are calling for more legal restrictions on strike action. Theresa May accused strikers of “contempt for ordinary people&rdqu
  
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• Ireland may not get Apple's €13bn back taxes in full, EU says

  19-12-2016 17:26 via theguardian.com
  
  Tech firm can could cut payments to Dublin if other member states demand a slice or it pays more to US parent companyIreland may never see the full €13bn (£10.8bn) in unpaid taxes owed by Apple, the European commission has said, if other EU countries go after the American tech giant for a share.The EU executive also said Apple could reduce its multibillion-euro tax bill to Ireland if it increased payments to its US parent company, as it revealed the full text of its landmark ruling ag
  
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• Wheelabrator reaches financial close on new WTE facility in the UK - Waste Dive

  19-12-2016 16:22
  
  Wheelabrator reaches financial close on new WTE facility in the UK
  Waste Dive
  Wheelabrator Technologies has announced financial close on £180 million in financing (approx. $222.7 million USD) for its Parc Adfer waste-to-energy facility in Flintshire, North Wales, as reported by Waste360. The facility will have capacity for up to ...
  
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• The Crusader: Joy as ‘ghost train’ tab settled

  19-12-2016 15:22 via feedproxy.google.com
  
  A festive goodwill gesture from online ticket seller Trainline has helped to cheer up a passenger whose journey last Christmas descended into the stuff of nightmares.
  
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• Window shopping: Rightmove's 10 most popular properties - 2016

  19-12-2016 15:21 via theguardian.com
  
  From Harry Potter’s house to an island fort and a Shropshire caveHarry Potter fans turned a mundane £450,000 three-bed home in Bracknell, Berkshire, into one of the most sought-after properties in the country in 2016 - although it was edged out of the top spot by a £55m luxury townhouse in Belgravia, London.Rightmove, Britain’s biggest property website with around 127m visits a month, has compiled a list of the top 10 most-viewed homes across its site in 2016.Continue rea
  
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• IMF chief Christine Lagarde flees France for US as she is found GUILTY of payout to tycoon

  19-12-2016 15:17 via feedproxy.google.com
  
  HEAD of the International Monetary Fund Christine Lagarde has escaped punishment after being found guilty of negligence over a controversial multi-million pound payment to a businessman.
  
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• 'Threatening our sovereignty!' Ireland blasts EU for 'exceeding powers' with Apple ruling

  19-12-2016 14:11 via feedproxy.google.com
  
  IRELAND has launched a stinging legal attack on Brussels and accused bureaucrats of interfering with its sovereignty after the European Commission ordered Apple to repay billions in tax.
  
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• Deutsche Bank to SCRAP bonuses in effort to 'avoid collapse and new financial crisis'

  19-12-2016 13:51 via feedproxy.google.com
  
  EMBATTLED Deutsche Bank is set to scrap bonuses for its top bankers in another frantic effort to save money and avoid a devastating collapse that could obliterate the eurozone's economy.
  
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• Ticket resale websites run risk of fines after CMA launches inquiry

  19-12-2016 13:23 via theguardian.com
  
  Competition and Markets Authority examining whether sector is complying with rule changes on ticket informationWebsites reselling tickets could run the risk of being fined after the competition watchdog launched an investigation into whether they were giving customers enough information about the tickets being sold.The move by the Competition and Markets Authority followed increasing scrutiny of the sector by MPs concerned about the inflated prices at which tickets were being sold. Earlier this
  
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• What the US economy doesn't need from Donald Trump | Joseph Stiglitz

  19-12-2016 12:19 via theguardian.com
  
  The only way he can square higher infrastructure and defence spending with tax cuts is voodoo economicsAs Donald Trump fills his cabinet, what have we learned about the likely direction and impact of his administration’s economic policy?To be sure, enormous uncertainties remain. As in many other areas, Trump’s promises and statements on economic policy have been inconsistent. While he routinely accuses others of lying, many of his economic assertions and promises – indeed, his
  
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• Brexit And The Financial Services Industry - Mondaq News Alerts (registration)

  19-12-2016 11:48
  Brexit And The Financial Services Industry
  Mondaq News Alerts (registration)
  One of the key areas likely to be affected by Brexit is the financial services industry. Although the full effects will not be known for months, if not years, the referendum result has already produced immediate concerns of FX derivative misselling ...
  
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• UK financial sector under threat, needs more support from intelligence services ... - V3.co.uk

  19-12-2016 11:30
  
  UK financial sector under threat, needs more support from intelligence services ...
  V3.co.uk
  The financial sector is under an increasing level of attack from cyber criminals and should not be neglected as the UK bolsters national infrastructure defences, the chairman of the Treasury Select Committee has warned. Andrew Tyrie wrote to Ciaran ...
  
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• Slump in manufacturing jobs as work goes overseas

  19-12-2016 08:55 via feedproxy.google.com
  
  THOUSANDS of jobs have been lost in manufacturing this year as work is moved abroad and technological advances increase, a new report shows.
  
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• I'm a hospital consultant suffering from burnout – what can I do next?

  19-12-2016 08:00 via theguardian.com
  
  I’ve lost interest in my job and feel listless all the time, so am wondering what other careers there are that would pay equally well
  I am a hospital consultant in a cancer-related speciality. I am writing because I am suffering from complete career burnout and don’t know what to do next.I am in my mid-40s and, to my sadness, I have lost interest in the job that has always been stressful but rewarding over the 20 years or so since I left medical school. It has been a long hard road s
  
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• BT drops the ball and bills me for sport I don’t watch … and don’t want

  19-12-2016 08:00 via theguardian.com
  
  I discovered I am being charged £6 a month for BT Sports, which I never agreed to payI have just got off the phone with BT “customer services” in South Shields and, as usual with BT, I am fuming. I decided to check my latest BT bill online – I opted for paperless bills many months ago – only to discover I am being charged £6 a month for access to BT Sport. This is odd, as I never watch it, and nor did I ever agree to pay for it. It seems that as a BT broadband
  
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• ‘And the winner is...’ it’s the 2016 awards for worst customer service

  19-12-2016 07:59 via theguardian.com
  
  Many firms have had the steam coming out of your ears this year. We highlight the prize failuresAnother year of SOS pleas to my consumer column, Your Problems, has drawn to a close, and it seems churlish not to acknowledge the companies who have worked so hard to earn a mention in it.Over the past 12 months I have discovered why you can’t book a flight if you’re Indonesian, and how a rail company can justify charging an extra £16.60 for the privilege of walking between two conn
  
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• Risk of Christmas electricity blackouts next year, warn MPs

  19-12-2016 01:50 via theguardian.com
  
  Coal power station closures have put UK in danger of National Grid failing to meet demand over winter months, says reportBritain could be facing nationwide festive blackouts next winter unless radical changes are made to the UK’s electricity network, MPs have warned.A report called Electric Shock: Will The Christmas Lights Go Out Next Winter? has been published by the British Infrastructure Group (BIG) of MPs, chaired by Grant Shapps. Continue reading...
  
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• Britain urged to increase cyber security in financial servic - London South East (registration) (blog)

  19-12-2016 01:07
  Britain urged to increase cyber security in financial servic
  London South East (registration) (blog)
  LONDON, Dec 19 (Reuters) - Britain's intelligence agencies need to do more to help regulators to protect the financial services industry from cyber crime, the head of an influential parliamentary committee said on Monday. Andrew Tyrie, a lawmaker in ...en meer »
  
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• GoDaddy: Brexit Britain a hot prospect for US tech giant

  19-12-2016 01:01 via feedproxy.google.com
  
  US TECH giant GoDaddy stands to get a boost from Brexit if more British entrepreneurs “strike out on their own” in the face of an uncertain economic outlook.
  
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