Financial news

• Snapchat to make high-profile stock debut after revealing IPO plans

  02-02-2017 23:54 via theguardian.com
  
  The disappearing picture message service will likely be valued at up to $25bn, cementing co-founder Evan Spiegel’s status as one of the richest people in techSnapchat is going public. The company that owns the disappearing picture message service revealed plans for an initial public offering (IPO) late Thursday, plans that are likely to value the loss-making five-year-old company at between $20bn and $25bn.The IPO of Snap Inc will be one of the highest-profile stock debuts in recent years
  
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• Amazon posts solid fourth quarter profit but shares dip over revenue

  02-02-2017 23:33 via theguardian.com
  
  Online retailer announces 55% rise in year-on-year profit but even a 22% bump in revenue can’t match Wall Street’s expectationsAmazon had a bumper holiday, as the online retailer announced a 55% rise in fourth-quarter profit on Thursday for the three months ending 31 December, but its share price fell in after hours trading after the retail and services giant narrowly missed Wall Street’s sales expectations.For years, Amazon eschewed profits for growth, to the criticism of many
  
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• Sports Direct's French Connection flutter looks like a fashion faux pas | Nils Pratley

  02-02-2017 22:04 via theguardian.com
  
  Mike Ashley showed typical disregard for shareholders’ concerns when he bought a needless stake in the struggling chain
  Sports Direct’s Mike Ashley and French Connection’s Stephen Marks both don’t enjoy being told how to run their business. Thus excellent entertainment could be in prospect now that Sports Direct has bought control of an 11% stake in the struggling fashion chain.Marks, who owns 42% of French Connection, is already sparring with a hedge fund that thinks he
  
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• Labor urges budget reform to swap trickery for transparency

  02-02-2017 21:20 via theguardian.com
  
  Jim Chalmers releases discussion paper and calls for expert advice from academics, accountants and economistsLabor says the quality of the commonwealth budget needs to improve dramatically and it is calling for expert help to ensure that it happens.Jim Chalmers, the shadow finance minister, has released a discussion paper – Better Budgeting – that asks what improvements could be made to make the budget more transparent and less likely to fall prey to “some of the trickery that
  
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• Supermarkets ration lettuces after poor weather hits growers

  02-02-2017 19:59
  
  Shoppers warned they must pay more for iceberg lettuce after heavy rain, frost and snow in Spain leads stores to import from US Shoppers afflicted by the “courgette crisis” are facing further privation, as supermarket chains Morrisons and Tesco imposed restrictions on the number of lettuces that can be bought by each customer.Tesco has introduced a three-lettuce limit on icebergs while rival Morrisons has imposed a two-lettuce limit and banned shoppers from buying more than three hea
  
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• How corporate dark money is taking power on both sides of the Atlantic | George Monbiot

  02-02-2017 19:29
  
  A secretive network of business lobbyists has long held sway in US politics. Now their allies in the UK government are planning a Brexit that plays into their handsIt took corporate America a while to warm to Donald Trump. Some of his positions, especially on trade, horrified business leaders. Many of them favoured Ted Cruz or Scott Walker. But once Trump had secured the nomination, the big money began to recognise an unprecedented opportunity.Trump was prepared not only to promote the cause of
  
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• UK home to 80% of top-earning European bankers

  02-02-2017 19:03
  
  Figures showing more than 4,000 City financiers were paid more than €1m in 2015 come as UK prepares for Brexit talksMore than 4,000 City-based bank workers were paid more than €1m (£850,000) in 2015 – including one fund manager who received nearly €34m.New data from the European Banking Authority, a pan-European regulator, showed that 80% of the EU financiers classified as high earners – those receiving more than €1m a year – were based in the UK, Cont
  
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• UK Financial Conduct Authority and Prudential Regulation Authority ... - The National Law Review

  02-02-2017 18:27
  UK Financial Conduct Authority and Prudential Regulation Authority ...
  The National Law Review
  On 1 February 2017, the Financial Conduct Authority and the Prudential Regulation Authority released a policy statement that the regulators say is aimed at ...en meer »
  
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• Southern rail and union agree deal to end strikes over driver-only trains

  02-02-2017 17:50 via theguardian.com
  
  Train operator reaches agreement with Aslef to end disruption, TUC general secretary Frances O’Grady announcesA deal has been agreed between Southern rail and the Aslef union to end their dispute over driver-only operated (DOO) trains, the TUC general secretary, Frances O’Grady, has announced.Details of the agreement reached in negotiations held at the TUC between operating company Govia Thameslink Railway (GTR) and drivers’ union Aslef have yet to be announced, but Aslef appea
  
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• HBOS manager and other City financiers jailed over £245m loans scam

  02-02-2017 16:55 via theguardian.com
  
  Fraud bankers and consultants indulged in sex parties and luxury holidays as their victims lost homes and businesses A group of bankers who ran an “utterly corrupt scheme” that left hundreds of small business owners “cheated, defeated and penniless” have been sentenced to almost 50 years in jail.Lynden Scourfield, a former senior HBOS manager, was sentenced to 11 years and three months in prison after the judge found he had “sold your soul, for sex, for luxury trips
  
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• Train ticket pricing due for overhaul; plus, Nissan owners driven to anger

  02-02-2017 16:18
  
  Also, MPs to grill Albert Hall president, UK is home to 80% of top-earning European bankers, and homes for £500,000Hello 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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• Mark Carney warns of Brexit twists after leaving interest rates on hold – as it happens

  02-02-2017 16:09 via theguardian.com
  
  UK central bank now expects UK to grow by 2% this year, as fears of a Brexit slump subsideLatest: Carney warns about complexity of moving banksGovernor Carney defends rate cuts after Brexit vote“Expect Brexit twist and turns”Carney press conference highlights start hereBoE expects stronger growth this yearaves rates on holdEarlier:Greece denies finance minister’s future in doubtUK construction slowed in January 3.10pm GMTThat’s all for today. Related: Bank of England shar
  
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• Greenwich Peninsula redevelopment to be crowned with £1bn glass landmark

  02-02-2017 16:01 via theguardian.com
  
  Spanish architect Santiago Calatrava unveils spectacular London building that will sit on top of renamed tube stationA £1bn building topped with a crown-shaped cluster of glass towers, inspired by the 19th-century designs of Isambard Kingdom Brunel, is planned as part of a major redevelopment of the area around London’s O2 Arena.The Peninsula Place development will sit on top of North Greenwich underground station beside the O2, covering 1.4m sq ft and featuring 800 apartments includ
  
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• Trump’s honeymoon with the stock market will soon be over | Nouriel Roubini

  02-02-2017 15:53 via theguardian.com
  
  His promises have rallied the Dow Jones – but his inconsistent, erratic and destructive policies will take a toll on growthWhen Donald Trump was elected president of the US, stock markets rallied impressively. Investors were initially giddy about Trump’s promises of fiscal stimulus, deregulation of energy, health care and financial services, and steep cuts in corporate, personal, estate, and capital-gains taxes. But will the reality of Trumponomics sustain a continued rise in equity
  
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• ‘I fought the urge to scream and cut her off.’ Writers on their worst phone calls | The panel

  02-02-2017 15:21
  
  Our panel empathise with the Australian prime minister, Malcolm Turnbull, whose conversation with Donald Trump at the weekend came to an abrupt end Continue reading...
  
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• Pru Life UK, GIZ forge partnership to address financial literacy - Manila Bulletin

  02-02-2017 15:04
  
  Pru Life UK, GIZ forge partnership to address financial literacy
  Manila Bulletin
  In line with its commitment to make life better for Filipinos, British life insurer Pru Life UK inked recently a partnership with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH with the aim to address financial literacy and provide ...
  
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• Brexit Paper Seeks 'Freest' UK-EU Financial Trade - Bloomberg

  02-02-2017 14:45
  
  Bloomberg
  Brexit Paper Seeks 'Freest' UK-EU Financial Trade
  Bloomberg
  The U.K. government has published a 75-page white paper on Brexit, which points to the importance of European financial services. Bloomberg's Svenja O'Donnell reports on "Bloomberg Daybreak: Americas." (Source: Bloomberg) ...
  
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• Sports Direct buys French Connection stake as battle looms

  02-02-2017 14:07 via theguardian.com
  
  Mike Ashley’s discount retailer gains stake in future of ailing fashion chain, which is under pressure over governanceMike Ashley’s Sports Direct has taken control of an 11% stake in French Connection, setting up a potential power struggle over the future of the ailing fashion chain.The 10.7m shares, controlled via a complex form of derivative known as a contract for difference, would give Sports Direct the power to disrupt any takeover bid for the retail group.Continue reading...
  
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• Bank of England faces fresh embarrassment as tears up its forecasts | Larry Elliott

  02-02-2017 13:55 via theguardian.com
  
  Mark Carney and colleagues have been taken by surprise by the economy’s strong performance despite the Brexit vote The Bank of England’s inflation report was supposed to be a dull affair. The City thought the quarterly health check of the UK economy would be a bit of a yawn.Big misjudgment, as it happens.Continue reading...
  
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• Bank of England sharply raises UK growth forecast

  02-02-2017 13:46 via theguardian.com
  
  Central bank predicts economy will grow by 2% this year as consumers and businesses appear to shrug off Brexit bluesThe Bank of England has painted a brighter outlook for the UK economy this year, with faster growth, lower unemployment and a more modest rise in inflation.After further signs that consumers and businesses have shrugged off the Brexit vote, the Bank revised its earlier gloomy forecasts to predict the economy would grow 2% this year - matching its 2016 performance.Continue reading..
  
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• Rates revaluation could finish off high street, warn small businesses

  02-02-2017 13:19 via theguardian.com
  
  UK business owners already pay more than any other country in Europe, but are facing huge hikes following a two-year delay in reassessment
  The situation faced by author Jeanette Winterson, who is planning to close her delicatessen cafe Verde in London because of escalating business rates, will be familiar to small business owners around the country who are facing their own hikes.Related: Jeanette Winterson to close London shop due to business rates surgeContinue reading...
  
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• If eastern Europeans leave Britain after Brexit, what happens? – video

  02-02-2017 12:45 via theguardian.com
  
  John Harris visits the flatlands of East Anglia, where support for Brexit runs high, and where a huge number of people from central and Eastern Europe keep a vital part of the UK economy ticking over. From cheap vegetables to Amazon parcels, what goes on here affects all of us. But those who have settled here are increasingly worried about the immediate future, while businesses fear ‘falling off a precipice’. More Anywhere But Westminster films
  With thanks to Peter Oliver photography
  
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• Power tools and sausage sizzles: meet the new Aussie face of Homebase

  02-02-2017 11:14 via theguardian.com
  
  Revamped St Albans store is prototype of Bunnings, the chain that will replace the familiar orange brand over next five yearsAt dawn on Thursday, Aussie retailer PJ Davis will be throwing his first snags on a barbie carefully sheltered among flowers and plant pots in a former Homebase store on an unglamorous retail park in St Albans.The barbecue chef is the new UK boss of Bunnings, often billed as Australia’s favourite retail chain and famous for its “sausage sizzles”. Drizzle
  
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• Deutsche Börse chief probed over €4.5m share deals ahead of LSE merger talks

  02-02-2017 10:22 via theguardian.com
  
  Carsten Kengeter investigated over buying stock in the company weeks before the announcement of a tie-up with its UK rivalGerman prosecutors have raided the Frankfurt apartment of Deutsche Börse chief executive Carsten Kengeter and the company’s offices amid a probe into suspected insider share dealing ahead of the group’s planned merger with the London Stock Exchange.The Frankfurt prosecutor’s office said the investigation related to talks about a merger that took place b
  
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• Prison entrepreneurship: 'Giving a little bit of belief goes a long way'

  02-02-2017 08:30 via theguardian.com
  
  With the inmate population and suicide rates at a high, a new, government-backed, enterprise course could help rehabilitation “One thing is continuous in prison, you’re trying to get your life back”, says LJ Flanders, an entrepreneur who put his future on hold aged 21. He “got into a fight he shouldn’t have,” which led to a three year sentence at Pentonville for grievous bodily harm.Before his arrest Flanders was studying music and business management while wo
  
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• Volvo to seek volunteers for self-driving car trial in UK

  02-02-2017 08:22 via theguardian.com
  
  London testing of semi-autonomous vehicles on public roads is to be conducted in tandem with one in Gothenburg, SwedenVolvo is looking for drivers who commute into west London to take part in its self-driving cars trial, the largest conducted by the the automobile industry.The Swedish carmaker said it was aiming to make operating self-driving cars as easy as using a smartphone. Continue reading...
  
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• I want to repay my Help to Buy loan in order to let my house

  02-02-2017 08:00
  
  Help to Buy prevents borrowers from renting out their properties, so I want to increase my mortgage to pay off the loan Q Due to a change in circumstances I am looking to rent out my house. However, because I have an equity loan from the Help to Buy scheme, this is forbidden. As a result I’m looking to repay my Help to Buy equity loan but don’t know how to go about doing this. Do I contact the mortgage provider or a solicitor? Also, once my mortgage repayments increase does this mean
  
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• B&Q installation flooded our home but no one is paying up

  02-02-2017 08:00
  
  A sub-contractor accidentally caused the damage but we’re still out of pocketWe paid £13,381 for a fully fitted kitchen from B&Q. Ten days into the installation the subcontractor accidentally caused a flood, damaging carpets, furniture and possessions.B&Q managers advised that we make a claim. We therefore sent an email with supporting documents requesting £2,592.41. More than three months later we’re still waiting.Continue reading...
  
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• Amazon Web Services: the secret to the online retailer's future success

  02-02-2017 08:00 via theguardian.com
  
  AWS was launched as little more than a way to buy space and time on Amazon’s computers. Now it powers Netflix, Airbnb and the Ministry of JusticeAmazon is big. In its last financial quarter, it sold $32bn (£25.6bn) worth of stuff worldwide, including $6bn of media, $10bn of sales outside North America, and $23bn of electronics “and other general merchandise”. That “other” category encompasses everything from crucifixes to sex toys, board games to plyboard, and
  
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• Electric cars and cheap solar 'could halt fossil fuel growth by 2020'

  02-02-2017 07:01
  
  Solar power and clean cars are ‘gamechangers’ consistently underestimated by big energy, says Imperial College and Carbon Tracker reportFalling costs of electric vehicles and solar panels could halt worldwide growth in demand for oil and coal by 2020, a new report has suggested. A scenario that takes into account the latest cost reduction projections for the green technologies, and countries’ pledges to cut emissions, finds that solar power and electric vehicles are “game
  
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• Business leaders call for transport revolution to rebalance UK economy

  02-02-2017 07:00 via theguardian.com
  
  Report says north of England is missing out on growth and jobs due to poor transport connections to airports and portsTheresa May’s attempt to rebalance the UK economy risks being derailed without a transport revolution to modernise links to the north of England’s airports, business leaders have warned.An independent commission found that the north of England had capacity for an extra 60 million air passengers but was being held back by outdated road and rail links. Continue reading.
  
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• M&S and Unilever promise plastic redesign to cut waste

  02-02-2017 06:30 via theguardian.com
  
  Predictions that our oceans could contain more plastic than fish by 2050 have forced brands to rethink packagingThe wide array of plastic cartons, trays and films developed to keep products intact and food safe are often too complex to recycle – with grave environmental consequences.According to a recent report from the Ellen MacArthur Foundation, “without fundamental redesign, about 30% of plastic packaging will never be reused or recycled.” And that means ever more plastic in
  
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