Financial news

• Markets rally as 'Trump effect' returns, but Greek bailout fears mount – business live

  13-02-2017 18:43 via theguardian.com
  
  All the day’s economic and financial news, as shares push higher following Donald Trump’s meeting with Japanese PM Shinzo Abe EC raises growth forecastsGreek worries abound despite upbeat EU Markets push higher after Trump-Abe summit
  Analysts: Trump must deliver on tax promisesThe agenda: New EU forecasts coming up5.43pm GMTThe return of the Trump trade - the boost to markets following the US presidential election - and upbeat economic forecasts from the European Commission combined
  
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• The Co-op Bank is the new Bradford & Bingley

  13-02-2017 18:29 via theguardian.com
  
  The proposed sale means the prospect of an independent, ethically based challenger bank to the major high street player is deadCo-op Bank, now that it has announced its sale, is going the way of the Bradford & Bingley – to be broken up, run off and the name consigned to history. The good bits – its 1.4m current account holders, and a now half-decent mortgage book – have value. The bad bits – the remaining toxic loans (much of them acquired from the disastrous merger w
  
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• Workers' feelings of powerlessness fuelling anger, says jobs tsar

  13-02-2017 18:14
  
  Matthew Taylor, in charge of review of modern employment, says improving the quality of work should be a national goalA feeling among workers that they lack control or a voice in the workplace is fuelling “misery and anger in British society”, the chair of a Downing Street review of modern employment has said.Matthew Taylor has called for the improvement of the quality of work in the UK to become a new “national goal” so that people “feel like citizens at work and n
  
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• £1.73 an hour: Jinn couriers complain over low earnings

  13-02-2017 16:51 via theguardian.com
  
  Delivery firm scrapped a minimum hourly rate of £8 an hour in January for its self-employed contractorsSome takeaway delivery couriers say they are being paid as little as £1.73 an hour, far below the national minimum wage.A courier in Leeds self-employed through Jinn, an app that allows customers to have meals and groceries delivered to their homes from outlets such as McDonalds, KFC and Sainsbury’s, provided evidence to the Guardian that he had been paid just £125 for 7
  
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• 'My dream is to make pizza': the caterers with Down's syndrome – video

  13-02-2017 16:06 via theguardian.com
  
  After years of facing social and work-related discrimination, four friends with Down’s syndrome started their own pizza company in Buenos Aires in 2016. Los Perejiles now has 24 employees and caters for parties across the Argentine capital, supporting people with Down’s syndrome to overcome social stigma Continue reading...
  
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• Diamond rings sparkle for the internet dating generation

  13-02-2017 14:39 via theguardian.com
  
  A small London company is causing a stir by making bespoke rings in the UK and selling online as orders rise for Valentine’s DayWhere once a trip to the jewellers was a rite of passage for those wishing to tie the knot, thousands of people, mostly men, are now prepared to buy an engagement ring online.77 Diamonds is a business set up to cater for the changing consumer habits of a generation which chooses a date by a swipe of their phone and probably booked a Valentines night out online.Con
  
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• For sale: Co-op Bank looks for buyers

  13-02-2017 13:23 via theguardian.com
  
  US hedge fund owners look at options to bolster funds including selling off the troubled bankThe Co-operative Bank has put itself up for sale, four years after it nearly collapsed and had to be bailed out by US hedge funds.Amid persistent speculation over its long-term future, the loss-making bank said its board had decided to look for buyers, as well as look at other ways of bolstering its financial position.Continue reading...
  
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• Why rich pensioners should pay more tax | Phillip Inman

  13-02-2017 13:09 via theguardian.com
  
  The average pensioner income is now higher than that of a working-age person. This is unfair, and unaffordable Since the financial crash, pensioners have won the race for higher incomes (discounting the mega-rich and their soaring salaries). Official figures show that the government’s triple lock on the state pension, which guarantees a minimum 2.5% rise each year, and the monster payouts from guaranteed final salary schemes have propelled tens of thousands of pensioners up the income scal
  
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• The baby boomers have enjoyed the good times – now a tax hike is due | Phillip Inman

  13-02-2017 13:09
  
  The average pensioner income is now higher than that of a working-age person. This is unfair, and unaffordable Since the financial crash, pensioners have won the race for higher incomes (discounting the mega-rich and their soaring salaries). Official figures show that the government’s triple lock on the state pension, which guarantees a minimum 2.5% rise each year, and the monster payouts from guaranteed final salary schemes have propelled tens of thousands of pensioners up the income scal
  
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• Brexit and Trump WILL hurt eurozone economy, admits Brussels amid SLOW growth forecast

  13-02-2017 12:35 via feedproxy.google.com
  
  THE eurozone economy will be heavily hit by Brexit, as well as the uncertainty arising from elections in Germany and France this year, the European Commission has admitted.
  
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• Unite workers at BMW threaten action over plans to shut UK pension scheme

  13-02-2017 12:23 via theguardian.com
  
  Len McCluskey warns of ‘serious industrial action’ by UK staff if carmaker persists with scrapping pension scheme despite record profitsMore than 7,000 BMW workers are threatening industrial action over the German carmaker’s plans to shut the final salary pension scheme.A warning that “serious industrial action will occur” if the company presses ahead with the plans is carried in a letter sent by Len McCluskey, leader of the Unite union. He is due to hold talks with
  
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• EpiPen alternative to hit market at more than seven times the cost

  13-02-2017 12:00 via theguardian.com
  
  Kaléo, company that raised the price of overdose antidote, will sell epinephrine injectors for $4,500 for a pack of two beginning 14 FebruaryPharmaceutical company Kaléo – already under fire for raising the price of an overdose antidote – now plans to put an alternative to the EpiPen on the market for more than seven times the cost of the leading $608 drug.Kaléo’s epinephrine injector, used to stop severe allergic reactions, will go on sale for $4,500 for a
  
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• Chemical giant Ineos to build heir to the Land Rover Defender

  13-02-2017 11:20 via theguardian.com
  
  Firm pledges to invest ‘hundreds of millions of pounds’ to plug gap in market for off-road successor to defunct 4x4 vehicleThe chemicals group Ineos has insisted that its plan to build an off-road vehicle to succeed the Land Rover Defender is not a vanity project driven by its billionaire founder and chairman Jim Ratcliffe.Ineos has announced it will set up a new division – Ineos Automotive – and expects to spend “many hundreds of millions” on developing a 4x4
  
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• Buy one, get none free? Tesco checks all prices amid overcharging claims

  13-02-2017 10:14 via theguardian.com
  
  Supermarket vows to review pricing at 3,500 stores after investigation uncovers widespread short-changing of customers Tesco is to check the prices of all items in every store after an investigation found customers were being short-changed on promotions.An undercover reporter for BBC Inside Out was overcharged on multibuy offers at two-thirds of stores visited. Continue reading...
  
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• Utopian thinking: the eclipse of neoliberalism heralds a new dawn of sharing | Minna Salami

  13-02-2017 09:00 via theguardian.com
  
  Many of the problems humanity faces are shared ones. That’s why it is so vital that we start to find communitarian solutions to social problemsIn an interview with Woman’s Own in 1987, Margaret Thatcher said: “Too many … people have been given to understand, ‘I have a problem, it is the government’s job to cope with it.’” It’s a sentence that perfectly epitomises both the rise of neoliberalism – for which Thatcher can largely be thanke
  
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• From setback to success: entrepreneurs who are fortified by failure

  13-02-2017 08:15 via theguardian.com
  
  Participants tell our Confessions of a Small Business seminar how a cool head and self-belief can sometimes turn adversity into advantageIn 1984, John Stapleton was 19 and, in his own words, a “nifty triple jumper”, training with the Irish national team and hoping to represent his country in the Los Angeles Olympics. But injury struck and Stapleton never made it.His coach told him that he had two options – waste time feeling sorry for himself, or start training for the next sea
  
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• UK labour shortages reported as EU worker numbers fall

  13-02-2017 08:01 via theguardian.com
  
  With the right to work uncertain after the Brexit vote, many non-UK nationals are returning home or seeking jobs elsewhereUK employers are increasingly struggling to fill jobs in shops, factories and hospitals according to a new report that suggests the shortfall may be down to fewer EU migrants seeking work in the UK in the wake of the Brexit vote.Company bosses are reporting labour and skills shortages throughout the food supply chain as well as in sectors such as manufacturing, healthcare and
  
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• The Brexit vote has put my job at risk – which careers can I home-study for?

  13-02-2017 08:00
  
  I want to keep working on European Social Fund projects while I take a course in a career that offers more stability Twice a week we publish problems that will feature in a forthcoming Dear Jeremy advice column in the Saturday Guardian so that readers can offer their own advice and suggestions. We then print the best of your comments alongside Jeremy’s own insights. Related: What has the EU ever done for my … town?Continue reading...
  
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• GWR’s compensation scheme is all delay and no repay

  13-02-2017 08:00 via theguardian.com
  
  My train from London Paddington to Plymouth was two hours late but I’ve been waiting months for compensationI travelled from Paddington to Plymouth in October by train which suffered a two-hour delay due, in part, to circumstances beyond GWR’s control (a fatality on the line) but still worthy of compensation according to the terms and conditions on its website. Arriving in Plymouth all passengers were invited to take a leaflet to claim compensation. I did so by post. A month later, I
  
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• 'A company of my own': the rise of Myanmar's tech pioneers

  13-02-2017 06:00 via theguardian.com
  
  A new generation of startups are tackling some of the country’s toughest problems, from heavy traffic to high maternal mortality rates“It’s always been my ultimate goal to have a company of my own,” says Htun Khaing Lynn, or Zack, as he prefers to be called.Last September the 22-year-old engineering graduate from Myanmar’s eastern Shan state co-founded online truck-pooling service Kargo, which connects individuals and businesses who need to move goods around congest
  
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• Weak pound and rising inflation push clothing spend to five-year low

  13-02-2017 01:01 via theguardian.com
  
  Experts warn drop in sales could be sign of ‘tougher things to come’ as rising prices since Brexit vote ‘hurt spending power’Britons slashed their spending on new clothes and shied away from the high street in January as they juggled Christmas debts and rising living costs.Spending increased by a meagre 0.4% in January, according to Visa’s consumer spending index. The year-on-year growth rate was a five-month low, which followed December’s robust 2.5% increase
  
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• Pensioners '£20 a week better off' on average than workers

  13-02-2017 01:01 via theguardian.com
  
  Property, private pensions and higher benefits have pushed incomes of retirees above working families for first timePensioners are now £20 a week better off than working households – reversing the situation of 15 years ago.Research published by the Resolution Foundation found that in 2001 households relying on pensioner income were £70 a week less well off than those in work. Continue reading...
  
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