Financial news

• New John Lewis boss warns of further job cuts and price rises

  30-03-2017 22:54 via theguardian.com
  
  Paula Nickolds says department store must modernise in face of ‘profoundly’ changing shopper behaviour since Brexit voteThe new boss of the John Lewis department store chain has warned of more job cuts this year and possible price rises as she said shoppers’ behaviour was changing “profoundly and fast”.Paula Nickolds, who took charge of middle England’s favourite store three months ago, said the department store needed to modernise and become more efficient in
  
  Read more

• Leading City firms begin to lay groundwork for London jobs exodus

  30-03-2017 20:48 via theguardian.com
  
  Lloyd’s of London and Royal London set up subsidiaries outside of UK as JP Morgan and Citigroup explore relocation optionsA growing number of leading City firms have revealed they are now laying the groundwork for an exodus of thousands of jobs from London after Britain’s vote to leave to EU.Just a day after Theresa May formally triggered the process for Brexit it was confirmed that the insurers Lloyd’s of London and Royal London are setting up subsidiaries outside the UK, whil
  
  Read more

• London will remain Europe’s financial capital despite Brexit | Nils Pratley

  30-03-2017 20:38 via theguardian.com
  
  Never mind Lloyd’s, City will remain streets ahead of its European competitors even if hundreds of jobs go to Paris or Brussels If Lloyd’s of London is serious about banning its brokers from enjoying a pint at lunchtime, which was last month’s edict from the top of the Richard Rogers building, Brussels is probably not the best place to open a new base. The beer is excellent.Still, Lloyd’s Belgium-bound contingent will be few in number. The insurance market is moving &ldqu
  
  Read more

• Driving licences could be on phones by 2018

  30-03-2017 19:50 via theguardian.com
  
  Digital service will let motorists view a ‘representation’ of their licence, but DVLA stresses it will not replace plastic licenceMotorists could be allowed to have their driving licence on their phones by 2018, according to the government agency developing the plans.The Driver and Vehicle Licensing Agency (DVLA) said a test system would be in place by September this year and that it would develop a “quick, easy and secure” service between April and March 2018. It wants t
  
  Read more

• Advertisement

• Bank of England considers palm oil for £20 polymer notes

  30-03-2017 18:48 via theguardian.com
  
  Switching from animal fat derivative may prove tricky as WWF issues caution over environmental impact of using palm oilThe Bank of England is considering plans to replace the animal fat in its polymer bank notes to assuage complaints from vegans and religious groups.The Bank, however, risks running straight into another row, because the most practical alternative to animal fat, it says, is palm oil – and that is likely to spark protests from environmentalists unless it can be sustainably s
  
  Read more

• Pound V euro: GBP/EUR bounces higher on German inflation slump

  30-03-2017 18:15 via feedproxy.google.com
  
  AFTER fluctuating in response to the activation of Article 50, the pound has pushed higher against the euro in response to disappointing data from Germany.
  
  Read more

• HSBC offers choice of transgender titles for bank's customers

  30-03-2017 18:03 via theguardian.com
  
  Bank’s LGBT staff network helps develop gender-neutral options for account holdersHSBC is to offer its transgender community a choice of 10 new gender-neutral titles as part of its plan to improve the banking experience for customers. Related: There are reasons to be cheerful ... LGBTI rights gains in unlikely countries | Peter TatchellContinue reading...
  
  Read more

• Financial fraud losses in the UK last year topped £20m a day – report - The Register

  30-03-2017 18:02
  
  The Register
  Financial fraud losses in the UK last year topped £20m a day – report
  The Register
  Financial fraud losses in the UK totalled £768.8m in 2016, up 2 per cent on 2015, according to Financial Fraud Action UK. The figures, released on Thursday, cover losses from scams involving payment cards, remote (internet and telephone) banking and ...
  UK financial fraud data for 2016 published - FinextraFinextra
  Value of financial fraud in the UK inched up in 2016, thanks to
  
  Read more

• Advertisement

• What does boycotting palm oil achieve? – live chat

  30-03-2017 16:21 via theguardian.com
  
  Join us on this page on Wednesday 5 April, 1-2pm (BST), to discuss how consumers fit into the debate around the sustainability of palm oil 3.33pm BSTIn response to concerns about the impact of palm oil production on biodiversity, local communities and plantation workers, some individuals and campaign groups have called for a boycott of any products containing the commodity.Others point out that some of the alternatives to palm oil such as soybean or rapeseed oil come with their own list of probl
  
  Read more

• No, wealth isn’t created at the top. It is merely devoured there | Rutger Bregman

  30-03-2017 15:26 via theguardian.com
  
  Bankers, pharmaceutical giants, Google, Facebook ... a new breed of rentiers are at the very top of the pyramid and they’re sucking the rest of us dryThis piece is about one of the biggest taboos of our times. About a truth that is seldom acknowledged, and yet – on reflection – cannot be denied. The truth that we are living in an inverse welfare state. Related: Capitalism simply isn't working and here are the reasons why | Will HuttonContinue reading...
  
  Read more

• Energy price cap would damage competition, says SSE boss

  30-03-2017 14:51 via theguardian.com
  
  Chief executive of electricity and gas supplier speaks out after Theresa May vowed to step in to fix the marketThe boss of one of Britain’s biggest energy companies has hit out at the prospect of a price cap on bills after Theresa May promised to step in to fix a market that is “manifestly not working for all consumers”.
  Alistair Phillips-Davies, chief executive of SSE, said that it was disappointing that the retail energy market was still facing intervention having just underg
  
  Read more

• Paramount looks to Disney model to recover after string of flops

  30-03-2017 14:13 via theguardian.com
  
  Hollywood studio to make more family movies and rebrand TV channel after duds such as Ben-Hur and Star Trek BeyondWith Star Trek Beyond failing to hit warp speed and Zoolander 2 and Ben-Hur bonafide box office bombs, Paramount racked up one of its biggest losses last year. The $455m (£365m) loss, the worst in the 12 years Paramount Pictures had been run by Brad Grey, prompted parent Viacom to make a change at the top and pledge to bring the studio behind Titanic, Braveheart and The Godfath
  
  Read more

• JP Morgan 'considering Dublin move' as Lloyd's of London picks Brussels - business live

  30-03-2017 14:07 via theguardian.com
  
  All the day’s economic and financial news, as City firms prepare to move jobs out of London after BrexitLatest: JP Morgan eyeing move to DublinBank may buy enough space for 1,00 workersLloyd’s to create Brussels subsidiary for life after BrexitEarlier:Markets sleepy, but it might not lastIntroduction: Pound and FTSE 100 steady
  Politics Live: Davis rejects claims article 50 letter contained Brexit ‘blackmail’ threat 1.06pm BSTNewsflash: Germany’s inflation rate has f
  
  Read more

• How successful were the millennium development goals?

  30-03-2017 14:04 via theguardian.com
  
  As the world embarks on new development goals, there is still confusion about the success of the MDGs. But our research show that at least 21 million lives were savedDid the United Nation’s millennium development goals (MDGs) make any difference? Perhaps no question is more important for assessing the results of global policy cooperation between 2000 and 2015. But this is a difficult question to answer, because pathways of cause and effect are difficult to discern. In our study we examined
  
  Read more

• Lloyd's of London plans to open Brussels office by middle of 2018

  30-03-2017 12:28 via theguardian.com
  
  Lloyd’s chief executive Inga Beale says move will ensure business can carry on without interruption when UK leaves EULloyd’s of London aims to have a new Brussels office up and running by the middle of next year, after the insurance market failed in its efforts to secure “passporting” rights for financial companies to conduct business across the EU after Brexit.The world’s biggest insurance market confirmed on Thursday it would set up a subsidiary in the Belgian cap
  
  Read more

• Champagne producers try to regain fizz as weak pound dents UK sales

  30-03-2017 11:22 via theguardian.com
  
  As sales slide thanks to Brexit uncertainty and inflation, the French industry is turning to even more exclusive vintagesOn every table in the modern concrete atrium, corks were popping as representatives of the main producers in the 300-year-old French champagne industry gathered for their annual London tasting. But the atmosphere was far from celebratory. The biggest brands in the champagne market, from Moët & Chandon to Bollinger, were gathering on the same day that Theresa May offic
  
  Read more

• Pound and FTSE 100 steady as Lloyd's of London confirms Brussels move - business live

  30-03-2017 11:04 via theguardian.com
  
  All the day’s economic and financial news, as Lloyd’s of London outlines plans for a new European foothold ready for the UK’s departure from the EU.Lloyd’s to create Brussels subsidiary to ensure EU passporting
  Markets sleepy, but it might not lastIntroduction: Pound and FTSE 100 steady10.01am BSTThere’s not much drama in the foreign exchange market either.Sterling is hovering around the $1.241 level, a dip of 0.2% today, and slightly below its level before Britain
  
  Read more

• Untangling UK-EU links: Brexit's challenge for capital markets - Financial News (subscription)

  30-03-2017 10:32
  
  Financial News (subscription)
  Untangling UK-EU links: Brexit's challenge for capital markets
  Financial News (subscription)
  New research supported by Barclays chief executive Jes Staley has underlined the importance of the City to the EU, following the UK's move to start the official process of leaving the bloc. Between 40% and 80% of all capital markets activity in the EU ...
  
  Read more

• Tobacco display ban hits sales at Budgens and Londis owner

  30-03-2017 09:50 via theguardian.com
  
  Booker, target of a £3.7bn takeover by Tesco, reports sharp fall after ban on displaying cigarette packetsBooker, thewholesaler behind convenience store brands including Budgens and Londis which is the target of a £3.7bn takeover by Tesco, has suffered a sharp fall in tobacco sales after the ban on displaying cigarette packets in shops.Booker, which supplies 125,000 UK convenience stores, said tobacco sales dropped by 7.5% on a like-for-like basis in the three months to 24 March, whi
  
  Read more

• Lloyd's of London plans to open Brussels office by start of 2019

  30-03-2017 09:04 via theguardian.com
  
  World’s biggest insurance market expected to shift ‘tens’ of jobs from UK to retain presence in EU post-BrexitLloyd’s of London aims to have a new Brussels office up and running by the start of 2019, providing a subsidiary within the EU so its insurance underwriting business carries on “without interruption” after Brexit.The world’s biggest insurance market confirmed on Thursday it would set up a subsidiary in the Belgian capital, which would be able to
  
  Read more

• Poundland takes on Asda with low-cost clothing range

  30-03-2017 08:10 via theguardian.com
  
  Chain looks to fill gap in the high street left by collapse of Woolworths as part of broader strategy to sell items priced over £1Poundland is to put value fashion into more than 100 stores by the end of the year as it tries to step into the gap on the high street once filled by Woolworths.The chain, which was bought by the South African group Steinhoff International for £610m in September, expects to put Pep&Co clothing outlets in up to 200 of its 850 stores over the longer term
  
  Read more

• Hammond was right to raise tax for self-employed, inquiry to say

  30-03-2017 08:06 via theguardian.com
  
  Official 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 by the prime
  
  Read more

• Douglas Coupland: 'The nine to five is barbaric'

  30-03-2017 08:00 via theguardian.com
  
  The Generation X author on the future of work and how we’ve all turned into millennialsDouglas Coupland has always been one of the sharpest critics of the modern workplace. His literary works – such as Generation X, JPod and Microserfs – revolve around smart and creative young people who are better than their bosses, but unable to thrive in the corporate world. Coupland himself left full-time employment years ago and can relate to those who make the brave step to do their own t
  
  Read more

• BA has its head in the clouds over buy-on-board food

  30-03-2017 08:00 via theguardian.com
  
  Its new short-haul food policy just doesn’t work – they did not have the items we wanted, and don’t take cashBA recently introduced a new food policy on its short-haul economy service. It advertised the fact that travellers now have to pay for on-board food as a great step forward, particularly as there would be a choice of Marks & Spencer goodies.The service just does not work. We eventually managed to get some food on our outbound flight to Madeira, but no suitable food w
  
  Read more

• As tenants in common, could we specify that our children inherit our property?

  30-03-2017 08:00 via theguardian.com
  
  My husband and I would like to sever our joint tenancy in order to stipulate in our wills who gets our share when one of us diesQ My husband and I are considering severing our joint tenancy and becoming tenants in common. We would be doing this to protect our children’s inheritance. I believe that by doing this we can give our shares of the property to our daughters, but remain in it should either of us die. I believe this is “giving a life interest”. At the moment, being joint
  
  Read more

• A requiem for the overnight sleeper - and a European way of life | Andrew Martin

  30-03-2017 07:29 via theguardian.com
  
  The cross-border overnight train services are dying out. We are losing a way to forge links with the neighbours just when we need them the mostIf you read European railway timetables from the decades before Britain joined the EU, you notice how much more foreign “the continent” seemed to be. In the 1960s, the Thomas Cook Continental Timetable was prefaced by “Visa requirements”, closely followed by “Fees for obtaining visas”, and relevant extracts from the pas
  
  Read more

• Could tiny houses help solve Australia's affordable housing crisis?

  30-03-2017 03:52 via theguardian.com
  
  Tiny homes are cheap to build, portable and often sustainable, but can they replace the quarter acre block and Hills Hoist? It’s the long weekend. You get a few friends together, crack open some beers, watch a YouTube video. And build a house. Yup. That’s all it takes to make one of the world’s first DIY flat-packed homes, according to Sydney-based architect Alexander Symes. Continue reading...
  
  Read more

Follow @financialnwsUK on Twitter!