Financial news

• Fears that EU measures against financial crime will be weakened

  20-12-2016 19:34
  
  Compromise may restrict access to company information, allowing business as usual after Panama Papers, critics sayEfforts to tackle tax abuse and financial crime risk being weakened by new European council proposals that would restrict public access to key company information, civil society groups are warning.Only those with a “legitimate interest” should be able to identify a beneficial, or true, owner of a company in a European Union member state, according to a new draft text on t
  
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• Israel arrests Beny Steinmetz associate in Guinea investigation

  20-12-2016 19:08
  
  Move follows arrest of billionaire, who is alleged to have arranged bribes so his company could secure iron ore rightsA second person has been arrested by Israeli authorities investigating allegations that Beny Steinmetz, one of the world’s richest men, paid a number of bribes to secure the rights to a west African iron ore concession.Asher Avidan, president of BSGR, a mining company owned by Steinmetz, was arrested in Israel on Tuesday. Continue reading...
  
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• Meeting notes contradict Murdoch claim not to have asked PMs for help

  20-12-2016 19:05
  
  Minutes of 1998 meeting show media mogul asked Tony Blair to ‘rein in’ European commission on Sky-BT deal
  Rupert Murdoch asked for Tony Blair’s help to overcome European commission opposition to a £800m TV deal, contradicting the media mogul’s assertion this week that “I have made it a principle all my life never to ask for anything from any prime minister”. The minutes of a 1998 meeting between Murdoch and the then Labour prime minister while the former
  
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• UK airport baggage and check-in staff strikes called off

  20-12-2016 19:01
  
  Unite union’s Len McCluskey says agreement reached over pay offer, but separate British Airways dispute continuesA planned strike by baggage handlers and check-in staff at 18 airports has been called off, the trade union representing them has announced. Unite’s general secretary, Len McCluskey, took part in the talks and said that the unions had accepted a new and improved pay offer. “I am delighted to report that we have reached an agreement which our shop stewards will recomm
  
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• This $500 shirt changes color when exposed to air pollution – but who does it help?

  20-12-2016 18:19
  
  A NYC-based designer says he wants to make people pay more attention to the environment. But at these prices, is this more art than activism?Outdoor air pollution has grown by 8% around the world in the last five years, according to new data by the World Health Organization. Some of the world’s biggest cities have significantly high pollution levels.Take New York, for example. A recent NYU study looked at the health of 300,000 residents and concluded that individuals living in zipcodes wit
  
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• Housebuilders must halt leasehold sale of new houses, says minister

  20-12-2016 18:16
  
  Government raises possibility of compensation for those already affectedMajor housebuilders such as Taylor Wimpey and Persimmon may be forced to spend millions compensating home buyers locked into unfair leasehold contracts, following a warning by housing minister Gavin Barwell.
  Amid accusations in the House of Commons of “the PPI scandal of the property sector”, Barwell ordered developers to halt future sales of leasehold houses or face government action next year.Continue reading..
  
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• Disney breaks $7bn global box office record for 2016

  20-12-2016 17:57
  
  Star Wars spin-off Rogue One helps studio break sales record after triumphs including Finding Dory, Zootopia and Jungle BookDisney has become the first film studio to take $7bn (£5.7bn) in global ticket sales in a year, with Star Wars spin-off Rogue One joining the hit factory production line alongside Marvel superheroes and animated children’s movies.With Rogue One: A Star Wars Story, the spin-off tale of the mission to steal the plans for the Death Star, taking almost $300m (£
  
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• Share your commuting nightmares ahead of January's rail fare rises

  20-12-2016 17:01
  
  As UK rail passengers brace themselves for an average 2.3% rise in fares, we want to hear from our readers about their service
  From the start of January, UK train fares will be rising again - this year by an average of 2.3%. Related: UK train fares to go up by 2.3% in 2017Continue reading...
  
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• Lloyds Bank pays £1.9bn for MBNA, while UK retail sales climb - as it happened

  20-12-2016 15:42
  
  UK shop sales rise ahead of ChristmasRates as likely to rise as fall: Bank of England’s McCaffertyUK bank snaps up credit card business
  Japan’s central bank upbeat on economy
  Greece: delay in appointing new bank chief 2.42pm GMTUS shares continue to forge ahead, with the Dow Jones Industrial Average making further strides towards the 20,000 barrier.The Dow is currently up 61 points or 0.3% 19,944, as the post election rally continues. The S&P 500 has opened 0.22% higher and the N
  
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• Euro CRASH: EU's single currency hits lowest level since 2003 against dollar

  20-12-2016 15:14 via feedproxy.google.com
  
  THE euro has plunged to a 13-year low against the dollar and is now within touching distance of parity amid continued fears the eurozone economy could spark a new financial crisis.
  
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• CBI health check reveals UK Christmas shopping splurge

  20-12-2016 13:01
  
  December sales beat forecasts but shops expect spending power to wane in 2017 as weak pound fuels inflationRetailers have been enjoying their strongest sales growth in more than a year amid signs from Britain’s leading employers’ organisation of a pre-Christmas consumer spending spree.The latest health check of high street and online activity from the CBI found that sales so far in December beat expectations, were above average for the time of year, and led to retailers beefing up th
  
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• Secret aid worker: Happy Christmas from conflict zone number five

  20-12-2016 13:00
  
  I’m sorry that I’m working this Christmas (again) but don’t worry, the local staff and I are going to have a party with a healthy goat and plenty of moonshineDear family and friends back home,
  Greetings from conflict zone number five. Sorry I couldn’t make it home for the third year in a row. My programme manager said they really needed to take R&R in Bali for the ninth time this year, and they’re sleeping with the only other programme officer in the base, so li
  
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• BT, Plusnet and EE top broadband complaints list

  20-12-2016 12:50
  
  Ofcom reveals BT brands also got most landline complaints, while Vodaphone was top of the league for mobile phone issues between July and SeptemberBT, Plusnet and EE were the most complained about broadband providers in the third quarter of 2016, figures from Ofcom show. BT, which owns the Plusnet and EE brands, came top of the list with 36 complaints per 100,000 subscribers, followed by Plusnet with 30 and EE at 26, the media regulator said. Sky was the least complained about broadband provider
  
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• Young, quick and very hip: Missguided and PrettyLittleThing hit the big time

  20-12-2016 11:17
  
  The online ‘fast fashion’ sales model is doing wonders for the new breed of northern-based online retailers targeting teenagers and young womenThere is a powerful new club in the north-west of England but its most bankable players are probably unfamiliar, despite raking in hundreds of millions of pounds a year from fans.Meet Boohoo, PrettyLittleThing and Missguided, the Manchester-based online companies threatening to take over fashion retailing with inexpensive, brash clothes that a
  
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• Gangmasters agree to pay more than £1m to settle modern slavery claim

  20-12-2016 11:00
  
  High court found couple failed to pay Lithuanian employees minimum wage and did not provide adequate facilitiesA Kent-based gangmaster couple have agreed to a landmark settlement worth more than £1m in compensation and legal costs for a group of migrants who were trafficked to work on farms producing eggs for high street brands.The deal reached with six Lithuanian chicken catchers is the first settlement of a claim against a British company in relation to modern slavery, and came after the
  
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• European commission guilty of 'negligence' over diesel defeat devices, says draft report

  20-12-2016 10:31
  
  European parliament draft inquiry into dieselgate has found EC ignored evidence of emissions test cheatingA draft European parliament inquiry into the dieselgate scandal has found the European commission guilty of maladministration for failing to act quickly enough on evidence that defeat devices were being used to game emissions tests.The commission ignored evidence of emissions test cheating from its own science body, the Joint Research Centre (JRC), partly out of a desire to “avoid plac
  
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• LSE in talks to sell LCH's French arm to Euronext

  20-12-2016 10:16
  
  Sale could help satisfy Brussels’ anti-trust concerns over £21bn merger between LSE and Germany’s Deutsche BörseThe London Stock Exchange Group said it is looking to sell the French clearing arm of LCH to Euronext NV in an attempt to drive through its £21bn tie-up with Deutsche Börse.LSE Group said it was exploring the sale of LCH SA to the European exchanges operator as it looks to see off anti-trust concerns raised by the European commission over the mega-merg
  
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• Canadian packaging firm buys up £5 note supplier

  20-12-2016 10:07
  
  CCL inherits tricky task of ridding polymer notes of animal fat after spending £680m on InnoviaThe company behind controversial £5 notes found to contain animal fat has been sold in a deal worth C$1.13bn (£680m).Canadian labelling and packaging firm CCL will buy UK-based Innovia, which supplies the Bank of England with the plastic notes. The £5 note triggered outrage among vegetarians and vegans after the Bank admitted it contains tallow. Continue reading...
  
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• Uber makes losses despite surge in revenues, reports say

  20-12-2016 09:42
  
  Taxi-hailing app loses $2.2bn in first nine months of the year amid setback to roll-out of self-driving carsUber lost $2.2bn (£1.77bn) in the first nine months of the year despite a surge in revenues, according to reports, adding to the taxi-hailing app’s woes as it faces a setback in plans to launch self-driving cars.The San Francisco-based firm was valued at more than $65bn in a $12.5bn fundraising effort earlier this year but has remained secretive about its financial performance.
  
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• Lloyds snaps up MBNA for £1.9bn

  20-12-2016 09:10
  
  Deal to buy credit card issuer with 7m clients and gross value of £7bn is bank’s first major acquisition since financial crisisLloyds Banking Group is to spend £1.9bn on MBNA, a credit card business owned by Bank of America, as the bailed-out lender continues its recovery from the financial crisis.The UK bank’s first major acquisition since its £20bn rescue by the taxpayer during the 2008 crisis will give it a 26% share of the credit card market and allow it to prod
  
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• 'Seat of enlightenment': How Edinburgh became startup city of the year

  20-12-2016 08:30
  
  The Scottish capital’s rich cultural heritage and unicorn businesses have helped make it an entrepreneurial hub When asked what makes Edinburgh a worthy winner of 2016’s entrepreneurial city of the year award, Jim Galloway, head of enterprise and innovation at the city council, said: “Edinburgh was the original seat of enlightenment in the 18th century. David Hume, Adam Smith, Robert Burns walked the streets of Edinburgh, they bumped into each other, and into the common people
  
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• A third of Brits throw away Christmas turkey and sprouts

  20-12-2016 08:01
  
  New research finds householders more likely to bin food over festive season due to lack of culinary knowhowOne in three UK consumers admit to binning turkey and sprouts for their Christmas dinner before it even reaches the table because of their lack of culinary knowhow, a new report has revealed.Official figures show that UK households throw away 7m tonnes of food every year, but the new research from supermarket chain Sainsbury’s shows householders are more likely to bin food over the fe
  
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• Value of UK housing stock has risen by 7% to £8.17tn, study finds

  20-12-2016 08:00
  
  Average property has gone up in value by £56.57 a day in 2016, says Zoopla, with Diss in Norfolk the biggest winnerThe total value of Britain’s 28.9m homes has risen by more than 7% in 2016 to reach a total of £8.17tn, according to new research.This means the average property has gone up in value by £56.57 a day, according to property website Zoopla, which named the Norfolk market town of Diss as “the year’s biggest winner” when it came to price growth.C
  
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• How can a car hire firm just take money from my credit card without authority?

  20-12-2016 08:00
  
  I had given my details to Fleet Rent a Car in Dubrovnik and my bill was settled. But months later charges appeared on my statementBack in June I rented a car for a week from Fleet Rent a Car at Dubrovnik airport via the Holiday Autos website. The plane was slightly late and Fleet charged me an extra £32 for late pick-up. It also took my card details for pre-authorisation of £1,250, which was refunded at the end of the rental when the car was returned on time, full of petrol and with
  
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• Portugal homes with sea views face higher tax to improve fiscal outlook

  20-12-2016 02:39
  
  Property tax is increased 20% for homes facing the sun, while those near cemeteries will get a 10% cut
  People buying a home in Portugal that has unspoilt sea views or faces the sun may be hit by a 20% increase in property tax, under fiercely contested fiscal changes which became law on Monday. Continue reading...
  
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• UK MPs unite to push for greater transparency from tax havens

  20-12-2016 01:01
  
  Cross-party group backs amendment to criminal finances bill making overseas territories introduce public registersThe UK’s overseas territories face renewed pressure to abandon corporate secrecy after 80 MPs joined forces to demand greater financial transparency from offshore havens.The cross-party group is backing an amendment to the government’s criminal finances bill on Tuesday that would force Britain’s 14 overseas territories to introduce public registers revealing the tru
  
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• City News: The CMA, ICG and Highlands

  20-12-2016 01:01 via feedproxy.google.com
  
  THE competition watchdog has launched a formal probe into the second-hand ticket market amid concerns that consumer protection laws are being broken.
  
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• BP seals £800m deal for African gas field stake

  20-12-2016 01:01 via feedproxy.google.com
  
  BP is to inject almost $1billion into a gas field off the coast of west Africa as the industry continues to battle low energy prices.
  
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• Lloyds Banking Group buys Bank of America credit card business MBNA for £1.9bn

  20-12-2016 01:00 via feedproxy.google.com
  
  LLOYDS BANKING GROUP has swooped for consumer credit card business MBNA from Bank of America in a £1.9 billion deal.
  
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• Christine Lagarde damaged but able to limp on at IMF

  20-12-2016 01:00
  
  Washington-based organisation’s board had little appetite for what would be a fraught process to pick replacement managing directorChristine Lagarde has survived as managing director of the International Monetary Fund, which is clearly what the court in Paris wanted. The intention was to wound rather than to kill, to embarrass the former French finance minister but leave her in place. Related: Christine Lagarde avoids sentence despite guilty verdict in negligence trialContinue reading...
  
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