Financial news

• Viagogo should be forced to face a grilling over ticket resale abuse | Nils Pratley

  21-03-2017 20:21 via theguardian.com
  
  MPs investigating secondary ticketing were snubbed by the site despite evidence of vastly inflated pricesSecondary ticket site Viagogo’s explanation for not sending a representative to the Tuesday’s session of the Commons culture, media and sport select committee was ridiculous.The Swiss-based company, reported committee chair Damian Collins, said it doesn’t have “adequate representation” in the UK to assist with inquiries. Pull the other one. It sells a lot of tick
  
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• London cycle courier 'was punished for refusing work after eight hours in cold'

  21-03-2017 19:47 via theguardian.com
  
  Andrew Boxer is latest worker to launch tribunal case after he was not entitled to holiday pay, sickness benefit or pensionA courier delivering parcels in central London has described being punished for refusing work after eight hours of cycling in snowy weather, saying he received no paid breaks or holiday pay.Andrew Boxer is the latest to take on the battle to be classified as a “worker” rather than an independent contractor. Continue reading...
  
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• Police to examine 'Global Laundromat' money laundering allegations

  21-03-2017 19:33 via theguardian.com
  
  Minister tells MPs FCA and police will look closely at Guardian reports that UK banks processed $740m from Russian operationFraud investigators have launched a review of the activities of Britain’s high street banks following revelations in the Guardian about a $20bn money laundering scam that MPs described as a national disgrace and scandal.
  Forced to answer urgent questions in the House of Commons, the Treasury minister Simon Kirby announced the Financial Conduct Authority (FCA) and the
  
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• Carney: Bank of England deputy should not have quit for 'honest mistake'

  21-03-2017 19:14 via theguardian.com
  
  Governor defends handling of row over Charlotte Hogg’s failure to comply with code of conduct she had drawn upThe governor of the Bank of England has defended his handling of the controversy surrounding his deputy Charlotte Hogg and said she shouldn’t have had to resign for an honest mistake in failing to disclose that her brother worked at Barclays.In a speech at Threadneedle Street, Mark Carney said he had spoken to the top bosses of the major banks last week to tell them they shou
  
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• Oil theft 'provides billions for terrorists and drug cartels'

  21-03-2017 19:12 via theguardian.com
  
  $1bn of oil is stolen in Mexico each year, while EU loses massive revenues, says the Atlantic Council thinktankOil theft is fuelling terrorist groups and drug cartels around the world, according to a new analysis.Mexican drug gangs can earn $90,000 (£72,000) in seven minutes from tapping a pipeline of refined oil, while insurgents in Nigeria financially benefit from a share of the third of the country’s refined oil exports that is lost to theft, said the Atlantic Council. Continue re
  
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• Former Greens leader Bob Brown to launch alliance to oppose Adani coalmine

  21-03-2017 18:30 via theguardian.com
  
  The Stop Adani Alliance says north Queensland coalmine would ‘fuel catastrophic climate change’ The former Greens leader Bob Brown will launch a new alliance of 13 environmental groups opposed to the Adani coalmine on Wednesday in Canberra.The Stop Adani Alliance will lobby against the coalmine in Northern Queensland, citing new polling that shows three-quarters of Australians oppose subsidies for the mine when told the government plans to loan its owners $1bn. Continue reading...
  
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• Goldman Sachs to move hundreds of staff out of London due to Brexit

  21-03-2017 18:26 via theguardian.com
  
  Bank, which employs 6,000 staff in UK, says it will take extra space in Frankfurt and Paris as part of contingency planGoldman Sachs is to start moving hundreds of staff out of London before a Brexit deal is struck, the bank’s European boss has confirmed.Richard Gnodde, chief executive of Goldman Sachs International, said on Tuesday the decision to relocate workers was part of the bank’s contingency plan for the UK leaving the EU. “We are going to start to execute those conting
  
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• EU plans to slow scramble to lure financial firms from UK - The Globe and Mail

  21-03-2017 18:26
  
  The Globe and Mail
  EU plans to slow scramble to lure financial firms from UK
  The Globe and Mail
  The European Commission is seeking to crack down on states using regulatory shortcuts to lure business from Britain and said on Tuesday it is considering a more powerful securities watchdog to counter fragmentation after Brexit. As Britain, now the ...en meer »
  
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• UK wages will soon lag behind prices – voters will demand action | Larry Elliott

  21-03-2017 18:17 via theguardian.com
  
  The Bank of England appears unconcerned about inflation, but it will have to justify its inactivity as real incomes fallJudging by his comments, Mark Carney is blissfully unconcerned about inflation rising above its 2% target for the first time since 2013. The governor dismissed the unexpectedly sharp rise in the cost of living as a “single data point” when quizzed about it at a conference on ethics in banking held at the Bank of England. “We are talking about much bigger issue
  
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• City minister in right and proper pickle over financial crime

  21-03-2017 17:53 via theguardian.com
  
  We want British banks to lead the way in money laundering, jabbers Simon Kirby, whose floundering doesn’t wash with MPsCometh the hour, cometh the man. With Philip “the Undertaker” Hammond still sulking about his budget and refusing to talk to anyone, it was left to Simon Kirby, the City minister who looks like a cross between Swiss Toni and Geert Wilders – though without the gravitas – to take the hit for the government.Kirby was on a warning. Having recently been
  
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• UK inflation jumps to 2.3% in February, pushing the pound higher - as it happened

  21-03-2017 16:02 via theguardian.com
  
  Food and fuel prices drove the consumer prices index to the highest level in almost three-and-a-half years in February Pounds rises 0.9% to $1.2465 after inflation dataTUC warns of fresh living standards crisisMark Carney: BoE will learn from Charlotte Hogg debacleChancellor on track to meet his borrowing targets 3.02pm GMTThe earlier gains on Wall Street have been erased, and the FTSE 100’s losses have accelerated: 2.43pm GMTMonday’s Eurogroup meeting of finance ministers ended with
  
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• No show for Viagogo at MPs' inquiry into ticket abuse – video

  21-03-2017 15:47 via theguardian.com
  
  Ticket resale website Viagogo fails to send a spokesperson to a Commons select committee hearing on Tuesday, despite an advance request from MPs asking the company to answer questions as part of an inquiry into ticket-sales abuse. Committee chair Damian Collins says MPs are disappointed that Viagogo failed to send a representative, despite having offices nearby in LondonViagogo snubs MPs’ inquiry into online ticket reselling
  Continue reading...
  
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• UK wants to be China's leading Western financial partner - official says - Reuters UK

  21-03-2017 15:05
  
  Reuters UK
  UK wants to be China's leading Western financial partner - official says
  Reuters UK
  FILE PHOTO: A worker adjusts British and China (R) national flags on display for a signing ceremony at the seventh UK-China Economic and Financial Dialogue ''Roundtable on Public-Private Partnerships'' at Diaoyutai State Guesthouse in Beijing, China ...en meer »
  
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• EU plans to slow scramble to win financial firms from UK - Reuters

  21-03-2017 15:04
  
  Reuters
  EU plans to slow scramble to win financial firms from UK
  Reuters
  A traffic sign is seen in front of European and Union flags in London, Britain, March 20, 2017. REUTERS/Stefan Wermuth. By Francesco Guarascio and Huw Jones | BRUSSELS/LONDON. BRUSSELS/LONDON The European Commission is seeking to crack ...
  EU plans to slow scramble to lure financial firms from UKThe Globe and Mailalle 1.107 nieuwsartikelen »
  
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• 'Don't OVERREACT' Mark Carney warning as cost of living hits highest level since 2013

  21-03-2017 14:59 via feedproxy.google.com
  
  BANK of England Governor Mark Carney today warned against "overreacting" after UK inflation surged to its highest level in more than three years in February in a blow to British families and savers.
  
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• Waitrose axes free coffee for shoppers – unless they buy something first

  21-03-2017 13:53 via theguardian.com
  
  Loyalty scheme members informed of change to drinks deal, which had resulted in big queues at self-service machinesWaitrose is cracking down on free-loading coffee drinkers by forcing members of its loyalty scheme to buy something before pouring themselves a free hot drink.The grocer has written to members of its myWaitrose scheme advising them that from 3 April they will have to make a purchase before collecting a takeaway drink cup at the checkout. Shoppers had reported big queues at the self-
  
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• Save London's high streets from business rate hike, says mayor

  21-03-2017 13:43 via theguardian.com
  
  Sadiq Khan fears loss of vibrant and diverse character if family-run and independent shops are forced to closeIndependent and family-run businesses could be forced off London’s high streets by the sharp rise in business rates that will come into force from April, spoiling the character of local communities, Sadiq Khan has warned.The mayor of London said businesses in the capital faced a “clear and present risk” from the tax and accused the government of not doing enough to help
  
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• Secret aid worker: when your crisis isn't cool enough to attract the right people

  21-03-2017 13:42 via theguardian.com
  
  The humanitarian community is showing lacklustre interest in the Lake Chad crisis, despite 15 million people needing help
  I have started to think that a lack of attention to a crisis correlates with the kind of aid workers it attracts. The greater the media buzz, the more in-demand a deployment is, and the broader the choice of candidates to pick from. I have worked in a lot of places, from active war zones to countries affected by natural disasters, and have seen the different people they attra
  
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• Activism may be fashionable, but is it good for business?

  21-03-2017 13:00 via theguardian.com
  
  The divisiveness of Brexit and Trump has awakened a protest spirit, which some entrepreneurs have been quick to embrace Every International Day of Peace, the team at Bangor-based Dr Zigs head to London armed with bubble mix kits and wave their wands to create gigantic bubbles, hoping to inject a burst of happiness into the crowds. Whether it’s the Women’s March or the rally against Donald Trump’s travel ban, participating in protests is part of the company’s ethos. &ldquo
  
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• Rising food and fuel prices hoist UK inflation rate to 2.3%

  21-03-2017 12:27 via theguardian.com
  
  Standard of living fears build as wage growth slows and inflation leaps from 1.8% in January to highest level since September 2013Rising food and fuel prices pushed Britain’s inflation rate to 2.3% last month, the highest rate for more than three years.Inflation was well above the 2.1% expected in a Reuters poll of economists, as grocery bills started rising after years of food getting cheaper.Continue reading...
  
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• Viagogo snubs MPs' inquiry into online ticket reselling

  21-03-2017 11:57 via theguardian.com
  
  Switzerland-based firm angers MPs by failing to send an executive to give evidence before select committee into secondary ticketingThe controversial ticket resale website Viagogo has refused to show up to a select committee hearing, in an apparently unprecedented move likely to anger MPs considering a crackdown on the secondary ticketing industry.Despite an advance request to appear before the department for culture, media and sport (DCMS) committee, Viagogo refused to send an executive to answe
  
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• Google to overhaul advertising policies after growing boycott

  21-03-2017 10:48 via theguardian.com
  
  ‘We deeply apologise,’ says company’s CBO Philipp Schindler as he announces tougher stance on hateful, offensive and derogatory contentGoogle has promised a wide-ranging overhaul of its advertising policies in response to a growing boycott of the company’s platforms from leading brands and advertisers including the UK government, Marks & Spencer and McDonald’s.In a blogpost published on Monday night, Philipp Schindler, the company’s chief business officer,
  
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• UK government borrowing bill shrinks to lowest since financial crisis - Financial Times

  21-03-2017 10:45
  UK government borrowing bill shrinks to lowest since financial crisis
  Financial Times
  The UK government's borrowing bill rose less than expected in February, helping shrink the country's budget deficit just ahead of the chancellor's annual budget ...en meer »
  
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• When it comes to deactivating ‘find my iPhone’, I’m lost

  21-03-2017 08:00 via theguardian.com
  
  When it needed a repair Apple had to turn off the service, but two months on I’m no further forwardMy iPhone, which I purchased from Tesco Mobile on a 24-month contract back in May 2016, stopped working in early January this year. I sent it to Tesco Mobile repairs, which said I would have to deactivate the “Find my iPhone” lock before it could look at it. Apple support asked for proof of purchase to action this. Sounds simple, but it has been anything but.Continue reading...
  
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• Revealed: what small businesses want from Brexit negotiations

  21-03-2017 08:00 via theguardian.com
  
  As Theresa May confirms she will trigger article 50 on 29 March, new research by FSB highlights priorities for small businessResearch released by the Federation of Small Businesses (FSB) reveals a trade deal with Europe is top of the list for small businesses post Brexit. The survey, completed by 1,758 members, found 63% of exporters would prioritise a deal with Europe first, followed by the US (49%), Australia (29%) and China (28%).Continue reading...
  
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• London 'cheaper than New York or Tokyo' after pound's Brexit plunge

  21-03-2017 08:00 via theguardian.com
  
  EIU says Singapore has world’s highest cost of living, as cities from Australia and New Zealand overtake UK capitalLondon has become the cheapest of the world’s major global centres, with the cost of living falling behind that of New York, Paris and Tokyo to its lowest level for two decades.The city’s tumble down the Economist Intelligence Unit (EIU) world rankings is almost entirely due to the Brexit-inspired 15% fall in the value of sterling since the EU referendum last year.
  
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• Sir Philip Green 'could get £15m refund from £363m BHS payout'

  21-03-2017 07:30 via theguardian.com
  
  Billionaire tycoon should hand any rebate from settlement to BHS pensioners, says Frank Field MP Sir Philip Green is in line for a £15m refund from his £363m deal to rescue the BHS pensions scheme, Labour MP Frank Field has claimed.Green could get the money back despite BHS workers receiving on average just 88% of the value of their original benefits from the settlement. Continue reading...
  
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• Recycling robots: AI could reverse the UK's decline

  21-03-2017 07:30 via theguardian.com
  
  Robotic waste sorting is gaining ground as an idea, but experts say the economics don’t yet stack up for household wasteA team of robots scans objects on a recycling line, sorting wood from concrete at a rate of 4,000 pieces an hour.The footage is part of a promotional video for Helsinki-based firm ZenRobotics, which believes its technology can help boost recycling rates and divert valuable resources away from landfill. Continue reading...
  
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