Financial news

• Sugar code of conduct to end three-year battle over selling agreements

  29-03-2017 22:07 via theguardian.com
  
  Compulsory arbitration will provide a ‘safety net’ for growers, millers and marketers, Scott Morrison saysThe Turnbull government has promised to introduce a mandatory code of conduct for Australia’s sugar growers, millers and marketers.The code will be introduced by regulation next week, ending a bruising three-year fight over sugar-selling agreements between Wilmar and Queensland Sugar Limited. Continue reading...
  
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• Cool your jets, Michael O'Leary – Brexit unlikely to ground Ryanair | Nils Pratley

  29-03-2017 20:10 via theguardian.com
  
  Budget airline fears the absence of new aviation deal would mean no flights between UK and Europe after March 2019Every industry wants its interests to be uppermost in the trade negotiations between the UK and the EU, but few companies shout as loudly as Ryanair. In its latest dispatch, the Irish carrier warned there was “the distinct possibility of no flights between Europe and the UK for a period after March 2019 in the absence of a bilateral deal”. Related: Brexit: May accused of
  
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• Cheap housing gives Frankfurt and Brussels edge as alternative to London

  29-03-2017 19:44 via theguardian.com
  
  In the race to replace London as Europe’s financial hub, the high accommodation costs in Paris count against it, study findsFrankfurt and Brussels are emerging as tempting alternatives to London as European financial hubs in part because they have cheaper accommodation costs than Paris. The British and French capitals are the most expensive cities for housing employees, costing businesses an average of €85,000 (£74,000) and €72,000 per worker per year respectively in reside
  
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• Lloyd’s of London will move jobs to new Brussels office

  29-03-2017 19:21 via theguardian.com
  
  World’s biggest insurance market expected to shift 100 out of 600 jobs from London to retain presence in EU post-BrexitLloyd’s of London will announce on Thursday that it has picked Brussels as the base for its new EU subsidiary to secure a European foothold after the UK’s departure from the EU.The announcement by the world’s biggest insurance market will be made alongside its annual results, a day after Theresa May triggered article 50 to kickstart the process of leaving
  
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• UK businesses welcome May's free trade call but warn of no-deal Brexit disaster

  29-03-2017 19:14 via theguardian.com
  
  Airlines and auto industry remain concerned over race to secure a deal that can retain access to European single market
  British businesses have cautiously welcomed the prime minister’s pledge to work for a “bold and ambitious free trade agreement” with the EU as part of the Brexit negotiations, but reiterated warnings that it would be disastrous for the UK to leave without a deal.Concerns have been rising among businesses in recent weeks that the UK could be heading towards a h
  
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• EC blocks London Stock Exchange's £22bn merger; pound slips back- as it happened

  29-03-2017 19:05 via theguardian.com
  
  Attempt to create European trading powerhouse has been formally derailed by Brussels, which said it would create a monopolyEC blocks LSE-Deutsche Börse dealVestager: We could block LSE deals after Brexit tooEarlier:Brexit begins: What the experts sayGerman stock market hits two-year high 6.05pm BSTShrugging off the worries about the outcome of the Brexit talks which can now get underway, most European markets managed end the day positively. Germany’s Dax hit a new two year high and ca
  
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• Article 50: What could it mean for exchange rates?

  29-03-2017 17:14 via feedproxy.google.com
  
  Today, over nine months after the UK voted to leave the EU, Article 50 has finally been triggered.
  
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• 'Now the real work begins': business community reacts to Brexit day

  29-03-2017 16:42 via theguardian.com
  
  Article 50 has been triggered, and the UK is on its path out of the EU. From exporting to employment, we hear from business leaders about their hopes and fearsIt is time for the government to work towards a pro-business Brexit and give small firms some clarity on how leaving the EU will impact their businesses. In particular, FSB members want to see the easiest possible access to the single market. There must also be reassurance for small businesses that employ non-UK EU citizens, and rely on th
  
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• Businesses call on Theresa May to STAY in single market as Article 50 triggered

  29-03-2017 15:39 via feedproxy.google.com
  BIG businesses have issued warnings about leaving the single market as they try to convince Theresa May not to go for a hard Brexit after Article 50 was officially triggered.
  
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• Hammond was right to raise tax for self-employed, inquiry likely to say

  29-03-2017 15:02 via theguardian.com
  
  Employment practices review favours chancellor’s aborted budget pledge and levelling of taxation for different class of workers, MPs toldThe chancellor was correct to announce a tax increase on the self-employed before dramatically withdrawing from his main budget pledge, an independent inquiry into modern employment practices is likely to conclude.Matthew Taylor, the chief executive of the Royal Society for the Encouragement of Arts, Manufactures and Commerce (RSA) who has been appointed
  
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• Mortgage approvals fall as UK consumers rely on credit to keep spending

  29-03-2017 14:07 via theguardian.com
  
  Bank of England figures for February show first fall in approvals in six months but credit card lending hits 11-year high Mortgage approvals fell for the first time in six months in February and consumers became more reliant on their credit cards to keep spending, according to the Bank of England.Approvals dipped 1.2% to 68,315 last month from 69,114 in January, the latest snapshot of lending from the central bank showed. This was lower than expected and the first fall since August, supporting o
  
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• EU departure but … UK sees record-breaking increase in visitors

  29-03-2017 12:58 via theguardian.com
  
  Visit Britain is predicting a bumper year for overseas tourists with a weak pound making the UK a more attractive holiday destinationStay-at-home holidaymakers in the UK are likely to be rubbing shoulders with even more overseas visitors this summer, according to statistics that suggest Brexit could lead to an influx of foreign tourists.As Article 50 is triggered, marking the start of the process through which Britain will leave the EU, voices from the tourism industry suggest this summer will b
  
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• Johnston Press reports £300m loss after huge newspaper writedown

  29-03-2017 12:15 via theguardian.com
  
  Yorkshire Post and Scotsman publisher blames Brexit uncertainty for ad slump, although i scores sales successThe publisher of titles including the Scotsman, Yorkshire Post and the national i has reported a £300m pre-tax loss due to a tough advertising market and writing down the value of its 200-plus local newspapers.Johnston Press, which has seen its largest shareholder, Crystal Amber, seek to oust its chief executive and finance chief, reported a £344m non-cash writedown on the val
  
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• London Stock Exchange and Deutsche Börse merger blocked by EU

  29-03-2017 11:58 via theguardian.com
  
  Competition regulator says £21bn deal would create a ‘de facto monopoly’The £21bn merger between the London Stock Exchange and its German rival Deutsche Börse has fallen apart after it was blocked by the European commission on the day that Britain served notice on its EU membership.Margrethe Vestager, the EU competition regulator, said the deal between the London and Frankfurt exchanges would create a “de facto monopoly in the crucial area of fixed income instr
  
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• European regulators kill off London Stock Exchange’s £21BILLION merger with Deutsche Borse

  29-03-2017 11:31 via feedproxy.google.com
  
  EUROPEAN regulators have killed off the London Stock Exchange Group's £21 billion merger with Deutsche Borse, saying the deal would have forged a "de facto monopoly".
  
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• German markets facing ‘GRAVE CONSEQUENCES’ if Brexit deal not completed

  29-03-2017 10:54 via feedproxy.google.com
  
  THE failure to reach an agreement over Britain’s upcoming Brexit talks would lead to financial turmoil, an extensive report by Germany’s finance ministry as warned.
  
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• German markets faces ‘GRAVE CONSEQUENCES’ if Brexit deal is not done within 2 years

  29-03-2017 10:54 via feedproxy.google.com
  
  THE failure to reach an agreement over Britain’s upcoming Brexit talks would lead to financial turmoil, an extensive report by Germany’s finance ministry as warned.
  
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• Moss Bros could jilt me at the altar over my groomsmen's get-up

  29-03-2017 10:42 via theguardian.com
  
  I ordered eight suits for my wedding but the paperwork had on it the wrong suit and no bulk discount. Then more problems – and only four weeks to goI hired wedding outfits for myself and my seven groomsmen from Moss Bros in London’s Regent Street, and we were measured in early January.I selected a faded blue French Connection suit and was told it would be available for collection at my local branch in Ilford at the beginning of March, four weeks before the wedding. Continue reading..
  
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• City News: Redrow, Thomas Cook, Virgin Media and Ladbrokes Coral

  29-03-2017 10:27 via feedproxy.google.com
  
  REDROW has abandoned its bid to buy Bovis Homes, clearing the way for rival house builder Galliford Try to seal a merger deal.
  
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• Westinghouse bankruptcy move casts shadow over world nuclear industry

  29-03-2017 10:20 via theguardian.com
  
  Plight of US firm, which has technology in about half world’s reactors, deals blow to building of new plantsThe US bankruptcy filing by nuclear giant Westinghouse has been branded a major blow to the prospects for new atomic power globally.The nuclear arm of Toshiba proudly states “we are nuclear energy” on its website, a boast underpinned by its technology being in around half the world’s reactors. Continue reading...
  
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• FTSE 100 RISES in early Brexit Day trading as markets poised for triggering of Article 50

  29-03-2017 10:17 via feedproxy.google.com
  
  SHARES on the London Stock Exchange got an boost during early trading on the day the UK formally triggers Article 50 to begin its exit from the European Union .
  
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• GBP V CAD: Pound drops from best levels against Canadian dollar as oil prices SURGE

  29-03-2017 10:09 via feedproxy.google.com
  
  THE pound tumbled against the Canadian dollar on Tuesday as oil prices jumped and Bank of Canada Governor Stephen Poloz stated his case for Canada to maintain open trade policies.
  
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• Pound to dollar exchange rate: Pound DROPS from 2 month high V US dollar before Article 50

  29-03-2017 10:03 via feedproxy.google.com
  
  THE pound’s impressive start to the week has failed to last and the currency recorded significant declines against the US dollar today.
  
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• Pound to dollar exchange rate: GBP recovers against USD after Article 50 is triggered

  29-03-2017 10:03 via feedproxy.google.com
  
  AFTER dropping on Tuesday the pound recovered from its worst levels against the US dollar as Prime Minister Theresa May kick-started the UK’s official Brexit negotiations with the EU by activating Article 50 of the Lisbon Treaty.
  
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• Measures to ensure your plans are as safe as houses

  29-03-2017 09:50 via feedproxy.google.com
  
  Financial regulators and the equity release industry have worked hard to make setting up a plan as safe as possible.
  
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• Older savers taking big market risks to trump inflation

  29-03-2017 09:25 via feedproxy.google.com
  
  Older investors are taking ever greater investment risks as they struggle to beat the dismal returns on cash.
  
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• Clean up your act on diversity, government tells FTSE companies

  29-03-2017 08:36 via theguardian.com
  
  Business minister writes to FTSE 350 chiefs echoing calls for businesses to publish breakdown of workforce by pay and raceThe government has written to the chief executives of the biggest UK-listed companies urging them to improve diversity and echoing a call to publish a breakdown of their workforce by race and pay band.The business minister Margot James said all FTSE-350 companies should take up key recommendations from a recent government-backed review into race in the workplace by the busine
  
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• Price of imported fruit and vegetables 'will rise by up to 8% after Brexit'

  29-03-2017 08:26 via theguardian.com
  
  Analysts say price rises likely on products for which UK is almost solely reliant on EU, irrespective of what trade deal is struckFruit and vegetables, flowers and olive oil will all become more expensive once the UK leaves the EU, no matter what trade deal is struck, City analysts have calculated.The price of food imported from the EU is likely to rise by up to 8% by the end of any transitional period as Britain is forced to impose extra border controls, making it more difficult to bring in foo
  
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• The first woman in space: 'People shouldn’t waste money on wars'

  29-03-2017 08:00 via theguardian.com
  
  In 1963 Valentina Tereshkova became the first woman to go into space. On her 80th birthday, she looks back at a lifetime of immense political changeParachuting was her first love. The moment she could, Valentina Tereshkova joined the renowned paramilitary flying club in her native Yaroslavl (without telling her mother) and trained almost every weekend. She has more than 90 jumps under her belt. “I did night jumps, too, on to land and water – the Volga river.” Day and night, she
  
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• 'It takes longer and costs more than you think' – Confessions of a Startup

  29-03-2017 08:00 via theguardian.com
  
  It’s been a long road for Efe Çakarel, founder of MUBI. He had his big idea in 2006 but it was seven years before he finally felt the model was workingSubscribe and review on iTunes, Soundcloud & Mixcloud and join the discussion on Facebook and Twitter.Efe Çakarel, founder of MUBI, was the keynote speaker at the Guardian Small Business Network’s Confessions of a Startup event on 6 March. Continue reading...
  
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• A world without retirement

  29-03-2017 07:00 via theguardian.com
  
  The population is getting older and the welfare state can no longer keep up. After two months talking to people in Britain about retirement, it’s clear that old age is an increasingly scary prospectWe are entering the age of no retirement. The journey into that chilling reality is not a long one: the first generation who will experience it are now in their 40s and 50s. They grew up assuming they could expect the kind of retirement their parents enjoyed – stopping work in their mid-60
  
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• Revealed: Vulnerable pensioners left empty-handed by not reporting cruel fraudsters

  29-03-2017 01:01 via feedproxy.google.com
  
  POTENTIAL fraud victims are making life easier for scammers by not reporting bids to swindle them out of their pension.
  
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• Retired couple’s key move to unlock financial freedom

  29-03-2017 01:01 via feedproxy.google.com
  
  MALCOLM and Mair Griffiths are delighted with their decision to sign up to an equity release scheme.
  
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