Financial news

• US justice department accuses Barclays over mortgage mis-selling

  22-12-2016 23:59 via theguardian.com
  
  Attorney general alleges ‘irresponsible and dishonest’ practices by UK bank in selling home-loan bonds before financial crisisThe US department of justice has accused Barclays of jeopardising the financial position of millions of American homeowners over a decade-old mortgage bond mis-selling scandal.The DoJ is now taking the bank to court, in what was thought to be the first time an institution had failed to reached a settlement with the US authorities over the sale of residential m
  
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• FLASHBACK: How James Ibori was brought to justice in the UK - FINANCIAL WATCH (press release) (blog)

  22-12-2016 23:01
  
  FINANCIAL WATCH (press release) (blog)
  FLASHBACK: How James Ibori was brought to justice in the UK
  FINANCIAL WATCH (press release) (blog)
  Former Governor James Ibori embezzled an estimated $250 million from the people of Delta State. He was caught by an investigative unit funded by the same body that delivers aid to Africa. Campaigners question the role of British banks in facilitating ...en meer »
  
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• [ December 22, 2016 ] FLASHBACK: How James Ibori was brought to justice in ... - FINANCIAL WATCH (press release) (blog)

  22-12-2016 23:01
  
  FINANCIAL WATCH (press release) (blog)
  [ December 22, 2016 ] FLASHBACK: How James Ibori was brought to justice in ...
  FINANCIAL WATCH (press release) (blog)
  Former Governor James Ibori embezzled an estimated $250 million from the people of Delta State. He was caught by an investigative unit funded by the same body that delivers aid to Africa. Campaigners question the role of British banks in facilitating ...en meer »
  
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• World’s largest hedge fund to replace managers with artificial intelligence

  22-12-2016 22:44 via theguardian.com
  
  Bridgewater Associates has a team of engineers working on a project to automate decision-making to save time and eliminate human emotional volatilityThe world’s largest hedge fund is building a piece of software to automate the day-to-day management of the firm, including hiring, firing and other strategic decision-making.
  Bridgewater Associates has a team of software engineers working on the project at the request of billionaire founder Ray Dalio, who wants to ensure the company can run a
  
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• British Airways cabin crews suspend strikes over Christmas

  22-12-2016 22:18 via theguardian.com
  
  Members of Unite union call off planned walkout on Christmas Day and Boxing Day after receiving revised pay offerPlanned strikes by British Airways cabin crew on Christmas Day and Boxing Day have been suspended.Members of Unite were due to walk out over Christmas in a dispute over pay. The union said workers employed in the so-called mixed crew – who have joined since 2010 – were on lower pay than other staff. Continue reading...
  
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• Fears for ANOTHER financial crisis as Italy banking giant Monte dei Paschi set for bailout

  22-12-2016 21:39 via feedproxy.google.com
  
  MONTE dei Paschi’s desperate bid to raise £4.1billion in the private sector to save it from collapse has failed, paving the way for a state bailout.
  
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• London car hire company leaves customers with worthless bookings

  22-12-2016 18:52 via theguardian.com
  
  Thousands face being stranded during Christmas period as Atlaschoice fails to pay firms providing actual cars Thousands of consumers may be holding worthless car hire bookings for the Christmas period after the company they booked through, Atlaschoice, apparently failed to pay firms providing the actual cars.Customers of the website have reported being told at car hire desks that their booking would not be honoured unless they paid again – in some cases many hundreds of pounds – beca
  
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• Supermarkets to rake in £900m in Christmas spend on Friday

  22-12-2016 17:55 via theguardian.com
  
  Last-minute dash to stores for turkeys is expected to lift sales for retailers on busiest shopping day before festive breakSupermarkets are braced for their busiest day of the year on Friday, with shoppers expected to spend nearly £900m on groceries for the Christmas break.Tesco, the UK’s biggest supermarket, is expecting 10 million shoppers and to sell one-third of its Christmas turkeys, as 200,000 customers buy their birds and turkey crowns in one day. Sainsbury’s said its bu
  
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• Value of bitcoins in circulation hits record high of $14bn

  22-12-2016 17:27 via theguardian.com
  
  Price per coin at $875 as cryptocurrency’s value doubles in a year, with experts linking it to depreciation of Chinese yuanThe total value of all bitcoins in circulation hit a record high above $14bn (£11bn) on Thursday, as the web-based digital currency jumped 5% to its highest levels in three years after more than doubling in price this year.The price of one bitcoin reached $875 on the Europe-based Bitstamp exchange, its strongest level since January 2014, putting the cryptocurrenc
  
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• UK hits clean energy milestone: 50% of electricity from low carbon sources

  22-12-2016 16:06 via theguardian.com
  
  New wind and solar farms, alongside wood burning and nuclear reactors, helped to push low carbon power to a new high in the third quarter of 2016Half of the UK’s electricity came from wind turbines, solar panels, wood burning and nuclear reactors between July and September, in a milestone first.Official figures published on Thursday show low carbon power, which has been supported by the government to meet climate change targets, accounted for 50% of electricity generation in the UK in the
  
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• UK shoppers spend more than ever on contactless cards

  22-12-2016 15:45 via theguardian.com
  
  In London almost half of payments under £30 are contactless, with Manchester and other cities also seeing big increasesThe amount spent by shoppers using contactless cards and devices soared by 164% last year, in another record-breaking year for increasingly popular “touch and go” payments. Half of Britons now pay by contactless payments at least once a month, according to the Barclaycard contactless spending index, while one in five (21%) are planning to increase their usage n
  
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• The 2016 awards for worst customer service, plus homes for Christmas walks

  22-12-2016 15:16 via theguardian.com
  
  Also, this was the year that Britain got a little bit richer, and how property ownership among 25-year-olds has plunged
  Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed. Continue reading...
  
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• New UK financial guidance body to have 'strategic' and 'educational' roles - Out-Law.com

  22-12-2016 15:05
  New UK financial guidance body to have 'strategic' and 'educational' roles
  Out-Law.com
  Once established, the new body will have five broad areas of responsibility: debt advice; occupational and personal pensions guidance and information; information on financial fraud and scams; guidance on wider money matters and improving financial ...
  
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• MPs are right to question Bank of England's monetary policy

  22-12-2016 14:26 via theguardian.com
  
  Ultra-low interest rates and quantitative easing were needed in 2008, but keeping them for too long may precipitate the next crisis A long, hard look at the way the Bank of England has conducted monetary policy since 2008 is long overdue so the announcement by the Treasury select committee that it is launching an inquiry into ultra-low interest rates, quantitative easing and forward guidance is welcome.It is worth recalling that when Threadneedle Street slashed the cost of borrowing to 0.5% and
  
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• MPs to review Bank of England's low interest rates since crash

  22-12-2016 13:20 via theguardian.com
  
  Treasury select committee to examine impact on economy, which could lead to calls for changes to Bank’s remitThe Bank of England’s policy of near zero interest rates since the 2008 financial crash is to come under scrutiny by MPs in a far-reaching probe that could lead to calls for changes to the central bank’s remit, it was announced on Thursday.The influential Treasury select committee said it would also examine the damage to the Bank’s reputation from attacks on govern
  
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• A volatile calm - the paradox of 2016 financial markets - London South East (registration) (blog)

  22-12-2016 13:20
  A volatile calm - the paradox of 2016 financial markets
  London South East (registration) (blog)
  Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site, we cannot be held responsible for any loss due to incorrect information found here.en meer »
  
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• Tesla to hike UK prices by 5% in the new year

  22-12-2016 12:43 via theguardian.com
  
  US electric car maker blames ‘currency fluctuations’, as other companies cue up price increases in wake of Brexit voteElectric carmaker Tesla Motors is blaming “currency fluctuations” for the decision to push up the price of models sold in the UK by 5% in the new year.The US firm’s UK showrooms were informed of the decision earlier this week and staff have been contacting prospective customers to warn them about the imminent price hikes.Continue reading...
  
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• Nigerians Condemn Celebration Of Ibori's Release From UK Prison - FINANCIAL WATCH (press release) (blog)

  22-12-2016 11:27
  
  FINANCIAL WATCH (press release) (blog)
  Nigerians Condemn Celebration Of Ibori's Release From UK Prison
  FINANCIAL WATCH (press release) (blog)
  Some Nigerians on Thursday expressed displeasure with the celebration of the release of James Ibori, a former Delta Governor, from a prison in London. They said that such celebration was condemnable, unfortunate and uncalled for. The former governor of ...en meer »
  
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• ITALY CRISIS: Monte dei Paschi to get staggering €20BN government bailout

  22-12-2016 11:26 via feedproxy.google.com
  
  ROME must hand Italy's oldest lender Monte die Paschi di Siena a controversial bailout or face a financial crisis that could destroy its economy and the eurozone.
  
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• PepsiCo takes on Coca-Cola with Latin American water plan

  22-12-2016 09:00 via theguardian.com
  
  Unlike its US rival, PepsiCo promises to return water to the watershed from which it was taken in countries including Mexico, Brazil, Colombia and GuatemalaPepsiCo has announced it will restore and protect a handful of watersheds in Latin American countries in which it operates, including Mexico, Brazil, Colombia and Guatemala.
  The company announced plans to “replenish” all the water used during manufacturing in high water risk areas by returning it to the watershed from which it was
  
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• 'A great black book': how to exploit contacts for global success

  22-12-2016 08:30 via theguardian.com
  
  An eye for opportunity and an appetite for risk puts serial entrepreneurs at an advantage in new markets, what can their approach teach first-time founders?Read more in our serial entrepreneurs mini-seriesDrive and determination are vital for an entrepreneur to succeed. Serial entrepreneurs, those that launch more than one business, often have to sustain this drive across international borders and multiple industries. Could it be that traits common among serial entrepreneurs better prepare them
  
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• Welcome to Chilecon Valley: a startup hub with its own special charm

  22-12-2016 08:15 via theguardian.com
  
  While it lags behind its US counterpart, the pioneering initiative has gained global recognition. We meet the entrepreneurs developing their business in ChileOvershadowed by the snow-capped Andes mountains, surrounded by miles of luscious vineyards, Chile’s capital city has generally been more of a destination for wine lovers or a stop-off point for travellers reaching other parts of the region. But much to the surprise of Chileans and global techies alike, Santiago has become an unlikely
  
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• Window company was a real pane when it didn’t turn up but charged a fee

  22-12-2016 08:00 via theguardian.com
  
  I thought Emergency Response Group had lost interest in the job – then it billed me for £54Urgently needing some new glass for windows in my house, I Googled local window companies, and found one called Emergency Response Group. I gave the measurements and it quoted me £400 to replace six windows. I agreed as I needed the work doing fast. It took my card details, which would be charged once the windows were replaced.Continue reading...
  
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• Should we dip into our savings to reduce our mortgage?

  22-12-2016 08:00 via theguardian.com
  
  We need to remortgage in a few months and wonder if it’s best to lower the amount we need to borrowQ We are looking to move up the housing ladder and have managed to save £60,000. However, we are struggling to find a house we like so it may be another year or two before we move. The issue is that we are coming out of our five-year fixed rate on our current mortgage in April and all the numbers suggest that it would be better to remortgage than stay on the lender’s standard rate
  
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• Sainsbury's chief Mike Coupe stocks up for future

  22-12-2016 08:00 via theguardian.com
  
  As battleground Christmas hots up, Sainsbury’s chief executive says he is taking on Aldi and M&S, and Argos takeover will boost group profitsWhen Mike Coupe took over from his showier former boss Justin King as Sainsbury’s chief executive in 2014, just as the group’s nine year-long stretch of sales growth was coming to an end, many industry observers believed he had been handed one of the biggest turkeys in the business.The rise of discounters Aldi and Lidl forced all of th
  
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• Hospice charity 'locked into fundraising deal that misleads public'

  22-12-2016 08:00 via theguardian.com
  
  Charity Commission says Hospice Aid UK partnership with Euro DM means as little as 2% of donations given as grantsA hospice charity signed a deal with a direct marketing agency that could have resulted in hospices receiving less than 2% of £5.4m raised from the public, according to a Charity Commission report.Hospice Aid UK agreed a seven-year deal with Piccadilly-based marketers Euro DM that resulted in the public being “misled” over how much money would be given to hospices.
  
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• Southern train swaps rail for road, causing fresh delays

  22-12-2016 04:14 via theguardian.com
  
  A Southern carriage being transported by lorry sparked chaos after becoming wedged at a crossroads in south-east London A Southern train carriage being transported on a lorry caused delays for motorists when it became stuck at a crossroads in south-east London.The carriage became wedged as it tried to navigate a tight corner in Crystal Palace on Wednesday night and held up traffic for half an hour, witness Luke Alexander said. Continue reading...
  
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• UK Financial Conduct Authority Consults on Changes to Rules on Delaying ... - JD Supra (press release)

  22-12-2016 01:59
  
  UK Financial Conduct Authority Consults on Changes to Rules on Delaying ...
  JD Supra (press release)
  The Financial Conduct Authority published a consultation paper on proposed changes to its Disclosure Guidance and Transparency Rules sourcebook in the Handbook on delaying the disclosure of inside information. The Market Abuse Regulation requires ...
  
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• Home ownership among 25-year-olds in England and Wales has halved in 20 years

  22-12-2016 01:01
  
  Local Government Association research finds ownership among the age group has fallen from 46% to 20% in the past two decadesThe proportion of 25-year-olds who own a home has more than halved over the past 20 years, according to a report that points to the generational impact of the housing crisis. Home ownership has dropped from 46% of all 25-year-olds two decades ago to 20% now, the Local Government Association said. Continue reading...
  
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