Financial news

• Charlotte Hogg: a family tree deeply rooted in the British establishment

  10-03-2017 20:25 via theguardian.com
  
  The embattled deputy Bank of England governor can claim eminent MPs, judges, lords, ministers, bankers and FTSE 100 chairs as part of the familyWhen Andrew Tyrie, the Conservative MP who chairs the Treasury select committee, opened a hearing with Charlotte Hogg a week ago he recalled how he had lunched with her grandfather in the members’ dining room at Westminster. Another Conservative MP, Jacob Rees-Mogg, recalled Hogg Snr speaking in Greek during a visit to Eton.The 46-year-old deputy g
  
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• Bank of England deputy governor's future hangs in balance

  10-03-2017 20:18 via theguardian.com
  
  MPs will decide on Monday whether to rebuke Charlotte Hogg over her failure to disclose a potential conflict of interest The future of the deputy governor of the Bank of England is in the balance this weekend as MPs weigh up whether to issue a stinging rebuke to Charlotte Hogg, the second most powerful official at the Bank.Pressure has been mounting on Hogg, who only took over as deputy on 1 March, since her admission last week that she failed to disclose a potential conflict of interestover her
  
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• The Guardian view on the Ofcom deal: too little, too slowly | Editorial

  10-03-2017 20:17 via theguardian.com
  
  Digital technology now underpins all aspects of our lives. It needs to be available to everyone, as of rightOf course you can live a decent life without broadband, just as you can live well with a cesspit, instead of mains drainage, and a petrol generator to supply your electricity for when you want to watch television. Candles supply a much warmer light than soulless LEDs and no one should need the internet when it is full of nameless horrors that threaten the peace of the home. But very few pe
  
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• Ticket touts face unlimited fines for using 'bots' to buy in bulk

  10-03-2017 20:15 via theguardian.com
  
  Exclusive: Package of measures designed to curb growing power of ‘secondary ticketing’ industry and protect fansTouts who use computer software to harvest concert tickets in bulk and resell them at vast mark-ups face unlimited fines as part of a crackdown on highly profitable resale sites such as Viagogo, StubHub and GetMeIn.The Department of Culture, Media and Sport will announce a package of measures to curb the growing power of the so-called “secondary ticketing” indus
  
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• Brexit is about to get real. Yet we are nowhere near ready for it | Jonathan Freedland

  10-03-2017 19:50 via theguardian.com
  
  The triggering of Article 50 will kickstart negotiations of mindbending complexity. Brexiteers should drop the hubris and get to workIn the coming days, perhaps as soon as Wednesday, Brexit will turn from abstract to concrete. A near-theological argument that raged in one form or another for nearly three decades will become hard and material, with a fixed deadline. Theresa May is about to trigger article 50, starting the clock on a two-year journey towards the exit from the European Union. And y
  
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• MPs not appeased by May's decision to review self-employed tax hike

  10-03-2017 19:48 via theguardian.com
  
  The prime minister hoped her announcement would defuse row that threatens to end in government defeat in the CommonsBackbenchers unhappy at plans to increase national insurance for the self-employed promised to rebel against the introduction of the tax rise in the autumn, after Theresa May said on Thursday she would delay a vote on the issue.The prime minister hoped her announcement that the centrepiece of Philip Hammond’s first budget would be reviewed over the summer had defused a row wh
  
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• Drive to replace UK-EU trade links with closer ties to Commonwealth

  10-03-2017 19:21 via theguardian.com
  
  In move dubbed Empire 2.0 by critics, trade ministers draw up integration plans as departure from single market looms Britain would harmonise regulations with its former colonies rather than the European Union under new proposals for trade integration that critics have dubbed Empire 2.0.
  At a meeting in London given fresh impetus by Brexit, Commonwealth trade ministers agreed to deepen economic ties on Friday by seeking some of the same standardisation that once frustrated eurosceptics in Brusse
  
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• Banker Charlotte Hogg’s error is a cautionary tale for the privileged | Deborah Orr

  10-03-2017 19:17 via theguardian.com
  
  By failing to declare a conflict of interest, the Bank of England deputy governor broke rules she didn’t think were meant for herCharlotte Hogg is the economist who last month was made deputy governor, markets and banking, of the Bank of England. Hogg took up the role at the start of this month, and over the weekend the Treasury committee will decide where it stands on the matter. It would be wise to recommend that she can’t keep the role. Related: Bank of England deputy's slip-up wa
  
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• US interest rate rise almost certain after bumper jobs growth

  10-03-2017 19:15 via theguardian.com
  
  President Trump quickly claims credit for 235,000 jobs created last month as pressure on Federal Reserve grows to order first of three predicted risesThe US Federal Reserve is poised to raise interest rates next week for only the third time since the financial crisis after the latest job numbers for the world’s largest economy beat expectations.The closely watched Labor department data for February showed that the number of new jobs soared to 235,000, the best month for job growth since Ju
  
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• It’s not true that the top 1% pay 27% of tax | Letters

  10-03-2017 19:14 via theguardian.com
  
  In her column discussing the budget (9 March), Zoe Williams asserted that “the top 1% of British earners pay 27% of the United Kingdom’s tax”. No – this is wrong. The top 1% of earners pay 27% of income tax, but income tax raises just 27% of the UK’s total tax revenue. This is less than is raised by VAT and other indirect taxes (29%) and not much more than is raised by national insurance (19%).By contrast with income tax, national insurance and indirect taxes are re
  
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• Volkswagen pleads guilty to all criminal charges in emissions cheating scandal

  10-03-2017 18:58 via theguardian.com
  
  The German automaker admits scheme to skirt pollution rules justifies felony conspiracy and obstruction of justice, in what attorney calls ‘calculated offense’Volkswagen pleaded guilty on Friday to conspiracy and obstruction of justice charges in a brazen scheme to get around US pollution rules on nearly 600,000 diesel vehicles by using software to suppress emissions of nitrogen oxide during tests.The German automaker has already agreed to pay $4.3bn in civil and criminal penalties &
  
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• UK will rejoin European Union some day, says EU commission chief – video

  10-03-2017 18:43 via theguardian.com
  
  The president of the European commission, Jean-Claude Juncker, speaks to the media at the end of a summit to discuss the future of the bloc and expresses the opinion that the UK will choose to re-enter the EU someday. Saying that he doesn’t like Brexit because he wants to be “in the same boat as the British”, Juncker says he hopes the day will come when the UK “re-enters the boat”UK will rejoin the EU one day, suggests Jean-Claude JunckerContinue reading...
  
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• Striver? Tory architect of austerity George Osborne banks £1m fortune

  10-03-2017 18:41 via theguardian.com
  
  Sacked chancellor’s £650k-a-year BlackRock salary makes him the highest-paid sitting MP ever and follows £800k for 15 speeches and a £100k book advance George Osborne has been accused of dragging the reputation of politicians “deeper into the gutter” by trading his insider knowledge of government to Donald Trump’s favourite investment firm – and pulling in the highest-ever earnings of a sitting MP. Continue reading...
  
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• UK's Financial Conduct Authority Has One Eye on Europe, One on ... - www.waterstechnology.com

  10-03-2017 18:35
  
  JD Supra (press release)
  UK's Financial Conduct Authority Has One Eye on Europe, One on ...
  www.waterstechnology.com
  The UK regulator has strong words for asset managers on best execution, while it builds bridges for fintech development with its Japanese counterpart.
  Financial Conduct Authority Proposes Changes to UK Equity IPO ...JD Supra (press release)alle 5 nieuwsartikelen »
  
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• UK's Financial Conduct Authority Has One Eye on Europe, One on Asia - www.waterstechnology.com

  10-03-2017 18:35
  
  UK's Financial Conduct Authority Has One Eye on Europe, One on Asia
  www.waterstechnology.com
  The UK regulator has strong words for asset managers on best execution, while it builds bridges for fintech development with its Japanese counterpart. Financial Conduct Authority. The Financial Conduct Authority was formed in 2013 to replace its ...
  
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• Nick Candy paid Katy Perry £1.2m to sing at his wedding, court told

  10-03-2017 18:00 via theguardian.com
  
  Property tycoon who is being sued with his brother Christian for £132m says expense was not typical of his lifestyle Katy Perry was paid £1.2m to sing at property tycoon Nick Candy’s wedding to Holly Valance, the high court has heard.Candy married Valance, a singer and TV celebrity, in 2012 at a lavish four-day event in Beverly Hills, Los Angeles, during which the pop star performed a 45-minute set. The 300 guests included Elton John, Simon Cowell and princesses Beatrice and Eu
  
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• GBP forecast: Are more pound LOSSES ahead? 

  10-03-2017 17:25 via feedproxy.google.com
  
  IT IS safe to say that it has not been a brilliant week for pound exchange rates, and given what is on the agenda for next week the worst may be yet to come. 
  
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• STRONG BRITAIN: Trade deficit falls as exports of cars and chemicals SOAR

  10-03-2017 16:08 via feedproxy.google.com
  
  BRITAIN’S trade deficit with the rest of the world has narrowed, amid a surge in exports of UK machinery, gold, cars and chemicals, official data has showed.
  
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• US jobs report means Fed rate hike is a bolt-on certainty

  10-03-2017 16:03 via theguardian.com
  
  It’s good news for Donald Trump as employment rose by more than expected – but the Federal Reserve will be worried about the economy overheatingThe latest US jobs report removes any lingering doubts about whether the Federal Reserve will raise interest rates next week.Following news that the world’s biggest economy generated 235,000 net new non-farm jobs in February, it is a bolt-on certainty that the central bank will push up the cost of borrowing by a quarter of a point. Cont
  
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• US jobs report: strong figures pave way for Fed interest rate hike - as it happened

  10-03-2017 15:55 via theguardian.com
  
  The US economy added 235,000 jobs in February, smashing expectations of 190,000 and making a rate hike next week a near certainty
  Trump celebrates as US adds 235,000 jobsBT leaders FTSE higher after Openreach dealUK data point to decent growth in first quarter of 2017Wetherspoons boss blasts ‘budget for dinner parties’German imports surge in January outpacing exports 2.55pm GMTThe FTSE 100 has extended earlier gains, and is now up 0.6% at 7,357. BT is still leading the pack, up 4%, f
  
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• Does BT's Openreach deal mean faster broadband or higher prices?

  10-03-2017 14:57 via theguardian.com
  
  Consumers will hope their service improves when the telecoms group moves its division into a new companyBT has reached a deal with the industry regulator to separate its broadband network, Openreach, from the rest of the company. But will it make a difference to consumers? Openreach has long been dogged by accusations of poor customer service, long delays for connections and repairs, and households and businesses in despair over broadband speeds.Continue reading...
  
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• 'Pubs on the BRINK' Wetherspoon boss savages Chancellor's 'dinner party' 2017 Budget

  10-03-2017 13:18 via feedproxy.google.com
  
  PHILIP Hammond delivered a 2017 Budget that favours people who hold dinner parties, rather than head to their local boozer, according to the chairman of Wetherspoon.
  
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• Australian dollar latest: AUD exchange rates could PLUMMET on Federal Reserve decision

  10-03-2017 13:07 via feedproxy.google.com
  
  ALTHOUGH the Australian dollar is clinging to $0.750 against the US dollar and on the cusp of £0.620 against the pound, serious AUD losses could be on the cards next week.
  
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• Care homes say extra £2bn from budget must go to frontline services

  10-03-2017 12:25 via theguardian.com
  
  Concern that chancellor’s funding bonus for social care in England may not be passed on by local authorities The care home industry has called on the government to ensure that £2bn of funding earmarked for social care makes its way to frontline services rather than getting stuck within local authorities.Philip Hammond, the chancellor, announced in the budget that an extra £2bn of funding will be granted to social care in England over the next three years. Continue reading...
  
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• City news: Co-op Bank, John Lewis, Domino's and Cineworld

  10-03-2017 12:09 via feedproxy.google.com
  
  THE Co-operative Bank will look to raise £750million, including a debt-for-equity swap, to boost its capital strength if it cannot find a buyer.
  
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• Wetherspoons boss condemns Hammond's 'budget for dinner parties'

  10-03-2017 11:08 via theguardian.com
  
  Chancellor is threatening pub sector’s survival with higher business rates and other tax hikes, says Tim MartinThe chairman of JD Wetherspoon has laid into the chancellor, Philip Hammond, accusing him of delivering a “budget for dinner parties” rather than pub-goers.Tim Martin used a first-half trading statement to highlight nearly £30m of extra charges Wetherspoon will have to pay as a result of tax hikes, and derided Hammond for threatening the pub sector’s surviv
  
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• Morrisons profits continue to surge as CEO promises to keep prices down

  10-03-2017 10:52 via feedproxy.google.com
  
  MORRISONS has vowed to keep a lid on price hikes after winning back shoppers to deliver its first rise in profits for five years.
  
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• Trump faces formidable institutional obstacles – so what can he do? | Barry Eichengreen

  10-03-2017 10:16 via theguardian.com
  
  Frustrated from implementing much of his economic agenda, the president can only continue lashing out at perceived enemiesDonald Trump took office promising a raft of sweeping economic policy changes for the United States. He has quickly discovered, like previous US presidents, that America’s political system is designed to prevent rapid, large-scale change, by interposing formidable institutional obstacles, from the Congress and career civil servants to state governments and the courts.St
  
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• BT Openreach deal could pave way for cheaper, faster broadband

  10-03-2017 09:22 via theguardian.com
  
  Ofcom hails good deal for consumers after telecoms giant agrees broadband unit’s 32,000 staff will move to new firm stripped of BT branding Consumers could look forward to cheaper broadband and better service after BT finally agreed a deal to legally separate Openreach, which controls the UK’s broadband network.For two years the telecoms company had been at loggerheads with the UK media regulator, Ofcom, which wants to strengthen the independence of Openreach to promote competition a
  
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• Why is John Lewis tightening its belt?

  10-03-2017 08:16 via theguardian.com
  
  Pay rises, pensions and Brexit all contribute to the decision by the chain to cut its staff bonusThe John Lewis partnership is cutting its annual bonus for staff. The group, which owns dozens of department stores and the Waitrose supermarket chain, has also been cutting jobs and reining in expansion.The cost savings come despite a 21.2% rise in pre-tax profits to £370.4m, before the staff bonus and one-off items, while sales rose 3.2% to £11.4bn. Continue reading...
  
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• Zero tolerance from a not-so-smart parking firm

  10-03-2017 08:00 via theguardian.com
  
  We mixed up the letter O and the figure 0, but here in Scotland there’s no independent mediatorMy partner bought a ticket in a private car park and mistook a zero for a letter O when inputting the registration number. She was subsequently issued with a parking charge notice by Smart Parking. We appealed but lost, even though it admitted in an email the parking had been paid for. It appears there is no recourse to appeal this charge through an independent mediator in Scotland. I don’t
  
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• With this virtual ring, I thee wed ... how to tie the knot in VR

  10-03-2017 08:00 via theguardian.com
  
  Couples can avoid the wedding-planning headache by opting for a novel way to marry courtesy of tech startup AltspaceVRAnyone who has planned a wedding knows the effort involved. Choosing a venue, whittling down the guestlist, writing vows, picking a colour scheme … the to-do list goes on. Remarkably, for Cardiff couple Martin Shervington and Elisa Evans, who are holding their ceremony in virtual reality in May, the list looks much the same – that is, if you don’t count the two
  
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• How can my boyfriend find a paid job that makes use of his film degree?

  10-03-2017 08:00
  
  His morale is almost destroyed working at a department store while he moonlights as a camera operator 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.My boyfriend graduated with a BA in film from a good university in 2009. Since then he has tried to follow his ambition of being a freelance
  
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• A Brittany eco-home with extra gîte and yurt – in pictures

  10-03-2017 08:00 via theguardian.com
  
  A geobiologist has built this complex of buildings out of eco-friendly materials around a wooden main house, with scope for tourist rentalsContinue reading...
  
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• Carmakers eye more UK suppliers to handle hard Brexit - Financial Express

  10-03-2017 07:49
  
  Financial Express
  Carmakers eye more UK suppliers to handle hard Brexit
  Financial Express
  As Britain prepares to leave the European Union, some carmakers are considering softening the blow of any tariffs by sourcing more parts locally and producing more models they can sell domestically rather than export. By: Reuters | Geneva | Published: ...en meer »
  
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• UK, Japan financial regulators announce Exchange of Letters for fintech ... - EconoTimes

  10-03-2017 05:55
  
  City A.M.
  UK, Japan financial regulators announce Exchange of Letters for fintech ...
  EconoTimes
  UK's Financial Conduct Authority (FCA) and Financial Services Agency of Japan (JFSA) announced that they have exchanged letters on a Co-operation Framework to support innovative fintech companies in both the countries. The announcement soon ...
  Financial Regulators Of Japan And UK Announce Exchange Of Letters On Co ...Exchange News Direct
  UK and Japanese regulators plan fintech collaboration -
  
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• While governments dither, companies step up with environmental targets

  10-03-2017 04:03 via theguardian.com
  
  Businesses and cities are taking up the slack left by government policy, aligning environmental goals with climate scienceEach year, Investa Office Management releases its corporate sustainability report. In 2016, it announced that electricity use was down by 43% since 2004, gas use had fallen 38% over the same time, and water use had also being curtailed. This sounds impressive but how meaningful are those proclamations? And what difference do they make in the wider context? Now an internationa
  
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• Could Bank of England hike interest rates in March?

  10-03-2017 01:00 via feedproxy.google.com
  
  DESPITE Britain's booming economy, interest rates are expected to be held in March as Bank of England policymakers await the beginning of Britain's divorce with the EU.
  
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