Financial news

• High energy bills here to stay but jobs heading overseas, industry group warns

  27-02-2017 20:37 via theguardian.com
  
  Ai Group report warns steep price rises will become ‘the new normal’ based on declining coal-fired generation and gas production shortagesThe “staggering” increase in energy costs faced by households and businesses will continue thanks to rising gas prices, putting jobs in jeopardy, according to the Australian Industry Group.Warning that last year’s steep price rises are set to become “the new normal”, the Ai Group says in a report on Tuesday that the co
  
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• Theresa May must block London Stock Exchange bids until after Brexit | Nils Pratley

  27-02-2017 20:32 via theguardian.com
  
  The LSE/Deutsche Börse merger was doomed – the UK’s vote to leave the EU only piled confusion upon uncertaintyNo tears should be shed for the likely failure of the London Stock Exchange’s £24bn plan to merge with Deutsche Börse. This deal, unveiled almost 12 months ago, cried out for a public interest study even before the UK voted to leave the European Union. Brexit then piled confusion upon uncertainty. If we don’t know what passporting and clearing arra
  
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• Cereal lovers could shell out more for muesli as cost of brazil nuts soars

  27-02-2017 20:19 via theguardian.com
  
  Shoppers may be forced to forgo nut or pay more after warnings of second year of diminished cropThe price of brazil nuts could rise by more than a fifth after low rainfall hit production in Bolivia where more than half the global crop is grown.The wholesale price of the large curved nut, which is popular for snacking and in muesli, has already risen by more than a quarter to $4.80 a pound (£8.50 a kilogramme) since August after a poor harvest in 2016. Continue reading...
  
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• Company tax cuts could lead to lower living standards for Australians | Greg Jericho

  27-02-2017 20:00 via theguardian.com
  
  The economic benefits of corporate tax cuts have been questioned time and again. Is this a policy solution worse than the problem itself? The government’s plan to cut company tax rates has been found by a new report from the Grattan Institute to be a major ongoing cost to the budget and will not improve national income for up to 20 years. In light of figures that show investment has now been falling for over four years, the government’s solution appears to be one that could be worse
  
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• LSE/Deutsche Börse merger on brink of failure over EU demand

  27-02-2017 19:59 via theguardian.com
  
  London Stock Exchange says third attempt at a tie-up is ‘highly unlikely’ given ‘disproportionate’ antitrust terms set by BrusselsA controversial £24bn tie-up between the London Stock Exchange and its German counterpart Deutsche Börse is on the brink of failure after a last-minute demand from Brussels appeared to scupper the year-long merger effort.The LSE stunned the City by revealing it would not sell off part of its Italian business and warned that the defia
  
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• BMW considers making electric Mini outside UK due to Brexit worries

  27-02-2017 19:21 via theguardian.com
  
  Suggestion that carmaker could produce vehicle in Germany instead of Oxford comes amid fears over Vauxhall’s futureThe new electric Mini could be made in Germany rather than the UK because of the uncertainty caused by Brexit.Most Minis are manufactured at its plant in Oxford, one of the biggest factories in the country, but BMW, the owner of the brand, is considering making the electric version of the car in Germany. Continue reading...
  
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• Primark sales boosted by bargain-hunting tourists after pound's Brexit slide

  27-02-2017 18:52 via theguardian.com
  
  Sales at retailer’s two Oxford Street stores increase 10% as chain rides wave of foreign shoppers drawn to LondonPrimark has joined luxury brands such as Burberry in enjoying a boost in sales from tourists drawn by the cheap pound.Sales at the cut-price fashion chain’s two stores in Oxford Street, central London, were up 10% in the six months to 4 March as the UK’s premier high street benefitted from an influx of bargain-hunting visitors, particularly from China. That compares
  
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• PwC issues apology after Oscars best picture envelope mistake

  27-02-2017 18:38 via theguardian.com
  
  Accounting firm in charge of vote counting vows to investigate error that led to La La Land being awarded by mistake• Anatomy of a fiasco: how the announcement cock-up occuredPricewaterhouseCoopers, the accountancy firm that has overseen the counting of the Oscars ballots for 83 years, has apologised for the most spectacular blunder in the history of the starry ceremony – when the award for best film was mistakenly presented to La La Land instead of the actual winner Moonlight.The com
  
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• Donald Trump boosts markets ahead of US Congress speech with defence spending promise

  27-02-2017 17:31 via feedproxy.google.com
  
  MARKETS are gearing up for Donald Trump's address to the US Congress on February 28, where the new President is expected to deliver news on infrastructure and defence spending, as well as tax cuts.
  
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• City watchdog sounds alarm bells over hard Brexit

  27-02-2017 16:06 via theguardian.com
  
  FCA chief says sudden EU exit would create myriad headaches, not least making it harder to keep an eye on banksA hard Brexit poses risks to the integrity of financial markets and could make it harder to protect consumers from wrongdoing by banks, the head of the City regulator has warned MPs.Andrew Bailey, chief executive of the Financial Conduct Authority, said a cliff-edge Brexit – one in which the regulatory framework changes the instant the UK leaves the EU – also presented compe
  
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• Stock market facing AVALANCHE of selling as Donald Trump boom to END, Dr Doom warns

  27-02-2017 16:01 via feedproxy.google.com
  
  MARKETS are at risk of huge crash that could be triggered by an avalanche of selling, a prominent investor dubbed Dr Doom has warned.
  
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• LGBT change heroes 2017: breaking through from oppression

  27-02-2017 15:53 via theguardian.com
  
  We asked for nominations of LGBT rights activists who are having a positive influence all over the world and were overwhelmed by the responseFew – Forum for the Empowerment of Women – in Johannesburg was nominated by Jenny Ricks, convenor of the Fight Inequality network: Continue reading...
  
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• Pound under pressure on new Brexit worries - as it happened

  27-02-2017 15:46 via theguardian.com
  
  FTSE rises despite slide in insurers and LSEUK insurers hit by change in compensation paymentsSterling hit by talk of second Scottish referendum and concerns about residency rights for EU nationals2.46pm GMTSterling has recovered from its worse levels but is still lower on the day, following renewed worries about the consequences of Brexit and talk of a second Scottish referendum.The pound is currently down 0.34% at $1.2424 against the dollar having fallen as low as $1.2385. Against the euro, it
  
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• NHS faces £1bn annual bill after 'reckless' change to injury payouts

  27-02-2017 15:46 via theguardian.com
  
  Angry insurers criticise alteration to personal injury formula that will also hike car premiums by £75 for millions of peopleA “reckless” government-ordered change to the way awards are calculated for car crash injuries or botched medical operations will add up to £75 car insurance premiums, and land the NHS with an additional annual £1bn bill, the insurance industry has warned.The lord chancellor, Liz Truss, has announced a change to the Ogden discount rate, which
  
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• The car insurance rules set to cost YOU £1,000 in changes announced TODAY

  27-02-2017 15:08 via feedproxy.google.com
  
  INSURANCE premiums for innocent drivers and businesses are set to rocket after the the Government today announced a change to personal injury compensation claims.
  
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• Nicola Sturgeon sends pound PLUNGING amid SNP demand for fresh independence referendum

  27-02-2017 12:54 via feedproxy.google.com
  
  THE pound has fallen against the euro and dollar amid growing concerns Nicola Sturgeon is set to spark a fresh political crisis by calling a second Scottish independence referendum.
  
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• Energy bills: are UK customers finally starting to switch supplier?

  27-02-2017 12:44 via theguardian.com
  
  A 30% hike in homes moving supplier in 2016 supports Ofgem decision not to impose price caps but watchdog says market is still not competitive enoughThe competition watchdog’s decision not to impose price caps on energy bills has received backing from new data showing that the number of gas and electricity customers switching to a different provider rose by almost 30% in 2016.The Competition and Markets Authority (CMA) opted against wide-ranging curbs on bills last year following a two-yea
  
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• 'There's NO BUBBLE' Warren Buffett has put BILLIONS into stock markets since Trump

  27-02-2017 12:27 via feedproxy.google.com
  
  LEGENDARY investor Warren Buffett has bet billions on the US stock markets since the election of Donald Trump and said they are not in bubble territory.
  
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• UK's Brexit vote weighs on financial results of the FA - Insidethegames.biz

  27-02-2017 12:05
  
  Insidethegames.biz
  UK's Brexit vote weighs on financial results of the FA
  Insidethegames.biz
  Britain's vote to leave the European Union (EU) had a significant impact on the Football Association (FA)'s 2016 results. A section of the governing body's recently-filed accounts outlining post-referendum risks and uncertainties explains that ...en meer »
  
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• Waterstones chief defends decision to open unbranded stores

  27-02-2017 10:50 via theguardian.com
  
  James Daunt denies using subterfuge to attract customers with unbranded shops in Rye, Southwold and HarpendenThe managing director of book retailer Waterstones has defended the company’s decision to open three unbranded stores, saying it will be good for “customers, town centres and... staff.”Waterstones has recently opened three stores under different names, sparking accusations that they are posing as independent bookshops to avoid the backlash against the homogenisation of B
  
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• Brussels set to block London Stock Exchange £21billion merger with Deutsche Boerse

  27-02-2017 10:44 via feedproxy.google.com
  
  THE London Stock Exchange's £21 billion controversial merger with Germany's Deutsche Boerse is on course to be blocked by the European Commission, according to emerging details of the deal.
  
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• Middle-aged dog walkers to lead Mountain Warehouse across US

  27-02-2017 10:35 via theguardian.com
  
  Family friendly, no-frills outdoor clothing brand on course to hit £200m in sales as founder Mark Neale plans expansion across North AmericaOn a blustery morning Germans reach for their trusty Jack Wolfskin jacket while the French typically throw on a Lafuma waterproof. But the default British national anorak brand these days is Mountain Warehouse.The no-frills retailer, which opened its first branch in Swindon nearly 20 years ago, has quietly conquered the UK’s outdoor clothing mark
  
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• ‘Buy for Uni’ mortgage turns students into landlords

  27-02-2017 10:28 via theguardian.com
  
  Anyone over 18 who is in higher education can apply for the deal, as long as they have backing from familyAfter three or four years of study, many students will look with resignation at bank statements showing them thousands of pounds in debt. Raising enough for a deposit on a first property becomes a a distant thought as they tackle paying off their loans. Unless, that is, they are homeowners already.Lenders are now looking at students as not just customers for university loans, but also for ea
  
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• LAPFF hits out at UK's Financial Reporting Council - IPE.com

  27-02-2017 10:22
  
  IPE.com
  LAPFF hits out at UK's Financial Reporting Council
  IPE.com
  The Local Authority Pension Fund Forum (LAPFF) has called on the UK government to give “serious consideration” to winding up the UK Financial Reporting Council (FRC). In a hard-hitting attack on the UK audit and corporate governance watchdog, the ...
  
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• UK falls in love again with Fairtrade bananas and coffee

  27-02-2017 08:01 via theguardian.com
  
  British public support for ethical label lifts sales of Fairtrade goods for the first time since 2013Sales of Fairtrade goods have risen for the first time since 2013 as the increasing popularity of bananas and coffee sold under the ethical label offset falling sales of cocoa and sugar.Revenues from produce overseen by the Fairtrade Foundation body, which guarantees a minimum price to farmers and additional payments for use on social projects such as schools or clean water provision, rose 2% to
  
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• Hacked spaces, brainstorms, calligraphy: where do great ideas spring from?

  27-02-2017 08:01 via theguardian.com
  
  Creative thinking can come from unusual places. Academics and entrepreneurs reveal the secrets behind an innovative company cultureBusinesses live or die by the strength of their ideas. In the modern age, products, services and brands need to be continually updated or reinvented. There are also times when businesses need to go back to the drawing board and start again. The key to generating good ideas is to get out of the meeting room and allow staff to work on different concepts, thinks Ed Moly
  
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• I'm starting a new job, but will need to take time off soon for therapy

  27-02-2017 08:00
  
  I fear there is a stigma around mental health issues, so how should I broach the subject with my employer?
  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.I’m about to start a new job, my first with any prospect of security after several years of juggling part-time, short-term contrac
  
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• Going nowhere as French train tickets are a no-show

  27-02-2017 08:00 via theguardian.com
  
  Countless calls and emails later, I suddenly find SNCF refunded me to my card without any notificationFrench railways (SNCF) has let me down badly and I don’t believe it is an isolated case. There used to be an excellent and helpful bureau on Piccadilly in London, but now the offices are in Barcelona. In August, I ordered – by phone – rail tickets for use in France in September and was instantly invoiced as I paid by credit card. It was within the recommended period for them to
  
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• The Nokia 3310 mobile phone is back – video

  27-02-2017 03:57 via theguardian.com
  
  The ‘indestructible’ handset returns, complete with the familiar ringtone, one-month standby time, colour screen and bags of nostalgia. Nokia’s revitalised phone business has reintroduced a brightly coloured version of the classic 3310 talk and text phone, the world’s most popular device in 2000 Continue reading...
  
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• How talking to air conditioners could help prevent blackouts

  27-02-2017 03:56 via theguardian.com
  
  An integrated energy grid could monitor power shortfalls, predict demand and respond accordingly, according to experts, although data will need to be sharedFor South Australia, it was a cruelly ironic one-two punch – a burst of the extreme heat conditions that are so much more likely because of climate change, and a power cut linked to a simultaneous drop in wind that hobbled the renewable energy systems introduced to minimise global warming in the first place.
  On 8 February, South Austral
  
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• UK workers' wages fell 1% a year between 2008 and 2015, TUC says

  27-02-2017 01:01
  
  Global pay analysis shows UK was one of 21 countries where employees suffered fall in wages in the seven years after the financial crisisWorkers in the UK saw their wages fall by 1% a year in the period following the financial crisis, putting the country in 103rd place in a global ranking of pay growth compiled by the TUC.The trade union umbrella body said wages rose in many parts of the world between 2008 and 2015, but average pay in the UK fell once the impact of inflation was taken into accou
  
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• Customers looking for better gas and electricty deals surge to six-year high

  27-02-2017 01:01 via feedproxy.google.com
  
  THE number of people looking for better deals on gas and electricity by switching suppliers has surged to a six-year high.
  
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• City News: UK economy, British Airways and ECSC

  27-02-2017 01:01 via feedproxy.google.com
  
  INVESTORS view the UK as a more valuable place for growth despite widespread concerns over Britain’s future outside the European Union, according to a report.
  
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• Deutsche Bank board member says staff not quitting over bonus cuts

  27-02-2017 01:00 via feedproxy.google.com
  
  BONUS cuts at German flagship lender Deutsche Bank, announced in January, have so far not led to a mass exodus of employees, one of its board members told a German weekly newspaper.
  
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