Financial news

• Scott Morrison makes case for negative gearing change – despite ruling it out

  10-04-2017 22:00 via theguardian.com
  
  Contradictory and selective arguments for retaining negative gearing fail to conceal the reasons reform is neededThe latest housing finance figures show that house prices are on track to continue to rise faster for at least another six months, while a speech by the treasurer suggests the government will shy away from touching negative gearing in the May budget.On Tuesday Scott Morrison gave an address to the Australian Housing and Urban Research Institute. It was one of those speeches we get in
  
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• BBC to air recording that implicates Bank of England in Libor scandal

  10-04-2017 20:45 via theguardian.com
  
  Panorama says it has recording of 2008 call in which Barclays bankers discuss alleged pressure by Bank of England to lower rateThe Bank of England has found itself under the spotlight again over the fixing of a key interest rate during the credit crunch after new details emerged of bankers discussing Threadneedle Street’s alleged involvement in the setting of Libor.BBC1’s Panorama programme said it had obtained a recording of a 2008 call between two bankers at Barclays in which the m
  
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• Barclays boss used bank's security team to hunt for whistleblower

  10-04-2017 20:41 via theguardian.com
  
  Jes Staley’s bonus to be ‘very significantly cut’ after he apologised for breach of rules in what Barclays admits is a serious offenceThe chief executive of Barclays is being investigated by financial regulators and faces a significant cut to his pay after admitting trying to unmask a whistleblower who made allegations about a long-term associate he had brought to the bank.Jes Staley twice attempted to use Barclay’s internal security team to track down the authors of two
  
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• High court approves £129m fine for Tesco over accounting scandal

  10-04-2017 20:18 via theguardian.com
  
  Serious Fraud Office prosecution against the supermarket will not now go ahead after it overstated profits by £326m in 2014The high court has approved a settlement between Tesco and the Serious Fraud Office that involves Britain’s biggest retailer paying a £129m fine over an accounting scandal.Sir Brian Leveson approved the so-called deferred prosecution agreement (DPA) at a hearing on Monday.Continue reading...
  
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• The new age of Ayn Rand: how she won over Trump and Silicon Valley

  10-04-2017 19:49 via theguardian.com
  
  Her novel The Fountainhead is one of the few works of fiction that Donald Trump likes and she has long been the darling of the US right. But only now do her devotees hold sway around the worldAs they plough through their GCSE revision, UK students planning to take politics A-level in the autumn can comfort themselves with this thought: come September, they will be studying one thinker who does not belong in the dusty archives of ancient political theory but is achingly on trend. For the curricul
  
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• Jaeger collapses into administration putting 680 jobs at risk

  10-04-2017 19:06 via theguardian.com
  
  UK fashion chain appoints Alix Partners as administrators after failing to find a buyer for its 46 storesFashion chain Jaeger has collapsed into administration, putting 680 jobs at risk. The brand, which dressed Audrey Hepburn and Marilyn Monroe in its heyday, had been trying to find a buyer to keep its 46 stores going, but its owner threw in the towel on Monday and appointed administrators. Continue reading...
  
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• Tesla surpasses GM to become most valuable car company in US

  10-04-2017 18:37 via theguardian.com
  
  Elon Musk’s luxury car manufacturer, which has never made a profit, now worth $51.4bn after share prices soared unexpectedly starting last weekForget Motor City. Silicon Valley now owns the most valuable car company in the US. Tesla, the loss-making electric luxury vehicle maker, became the most valuable car company in the US. When US markets closed on Monday the manufacturer was worth $51.54bn to second banana General Motors’ $50.22bn after an upgrade by analysts at Piper Jaffray.&l
  
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• Wells Fargo takes back $75m from ex-executives after fake accounts scandal

  10-04-2017 18:08 via theguardian.com
  
  Bank’s board says former executives dragged their feet regarding problems and were unwilling to accept criticism that sales-focused business model was failingWells Fargo has clawed back $75m from two former top executives after an internal report concluded management had little interest in dealing with an overly aggressive sales culture that dated back at least 15 years until that culture spiraled out of control, resulting in millions of accounts being opened fraudulently. Related: Wells F
  
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• Southern rail boss paid £495,000

  10-04-2017 17:16 via theguardian.com
  
  Pay package for Charles Horton, chief of parent firm Govia Thameslink, comes despite year of misery on troubled networkThe man in charge of Southern rail, the train network that has become synonymous with delays, cancellations and strike action, was paid £495,000 last year.The deal awarded to Charles Horton, chief executive of Southern’s parent firm Govia Thameslink (GTR), drew fire from the National Union of Rail, Maritime and Transport workers (RMT) and the Labour party. Continue r
  
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• Experience-hungry shoppers trend towards food and drink spending

  10-04-2017 16:34 via theguardian.com
  
  Retailers expect shift to expenditure on socialising rather than consumer goods to intensify this EasterUK high streets are expected to be busy this Easter weekend, with forecasters predicting an increase in the number of people going out to spend money on food and drink.Mild spring weather and the fact that the bank holiday weekend falls not long after March’s payday, are expected to lead to an 8.8% increase in the number of shoppers on the high street, according to the latest footfall pr
  
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• Trump tax cut plan will be as big a flop as failed healthcare reforms | Nouriel Roubini

  10-04-2017 15:42 via theguardian.com
  
  Many Republicans are unlikely to support adding trillions of dollars to public debt to reduce corporation and personal taxesPresident Donald Trump’s first major legislative goal – to “repeal and replace” the 2010 Affordable Care Act (“Obamacare”) – has already imploded, owing to Trump and congressional Republicans’ naivety about the complexities of healthcare reform. Their attempt to replace an imperfect but popular law with a pseudo-reform that wo
  
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• UK's Financial Conduct Authority calls for blockchain feedback ... - Banking Technology

  10-04-2017 15:32
  Banking Technology
  UK's Financial Conduct Authority calls for blockchain feedback ...
  Banking Technology
  The UK's Financial Conduct Authority (FCA) is calling for feedback on the potential for future development of distributed ledger technology (DLT) / blockchain in ...en meer »
  
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• Barclays boss admits errors over whistleblower and says 'I got too personally involved' - as it happened

  10-04-2017 15:20 via theguardian.com
  
  Staley defends himself in email to staffTim Main named as Barclays executive in whistleblower lettersUS authorities also probing attempts to identify whistleblowerStaley faces bonus cut as UK regulators investigateBarclays chief executive Jes Staley reprimandedAlso:Bank of England in spotlight over libor rigging claims 2.20pm BSTHere’s a roundup of the day’s events involving the Barclays whistleblower:Regulators are investigating the bank and its chief executive Jes Staley after he a
  
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• Free trade warning – IMF, WTO and World Bank say it must be defended

  10-04-2017 15:00 via theguardian.com
  
  Fears about Donald Trump’s protectionist rhetoric prompt joint defence of open markets with admission that more help for those ‘left behind’ is neededFears that Donald Trump’s arrival in the White House is threatening a new era of protectionism have prompted a joint defence of trade from the International Monetary Fund, the World Bank and the World Trade Organisation.Warning that the role of trade in the global economy was at a critical juncture, the three multilateral bo
  
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• 'I realised I could become an insider': from 'poor tribal boy' to elite lawyer

  10-04-2017 12:12 via theguardian.com
  
  A student-run movement is helping poor Indian teens go to the best law schools, and starting to change the country’s legal system in the processLalcha loves the law. “I am a poor tribal boy from a remote state with a background of insurgency, brought up entirely on charity. I have been an outsider all my life. But when I became interested in the law, I realised this was a powerful tool I could use to become an insider, and give back to my people,” he says. Sixteen years ago, a
  
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• ‘We will be forced to close’: Polish and Czech food stores post-Brexit

  10-04-2017 10:16 via theguardian.com
  
  Rising import costs and falling migration pose a serious threat, but retail entrepreneurs are making plans to adaptJars of sauerkraut and packets of Polish sweets have become commonplace on the UK’s supermarket aisles. As people migrated to the UK from EU countries, and Poland in particular, supermarkets were quick to meet the market. Savvy entrepreneurs took the opportunity a step further, opening stores and wholesale empires based on the import of EU specialities.
  But migration to the UK
  
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• Why won’t the Co-op Bank believe me when I say I’m 15?

  10-04-2017 08:00 via theguardian.com
  
  I needed to get some money to my father by phone but it refused because of my deep voiceI’m writing about a ludicrous issue I’ve had with The Co-operative Bank. I tried to transfer £150 to my father by phone, which I needed to do before the weekend. It proceeded to ask an array of security questions, which I answered, and kept me on hold for an hour before telling me that I wasn’t 15 (I most definitely am) due to my “deep voice”. When my dad asked what was goi
  
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• I want to give up Tefl teaching – should I refuse a post offered in South Korea?

  10-04-2017 08:00 via theguardian.com
  
  I graduated in geography seven years ago and a year in the new job could finance postgrad study in a related fieldI graduated almost seven years ago, and since then have worked in sales/business development, backpacked and spent three years working as a Tefl teacher in Spain. I have been offered a new teaching position in South Korea, which is well paid and a new experience. Although I have enjoyed working in Tefl, I am uncertain whether I want to remain in education and, for this reason, I am h
  
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• Technology is a marvel – now let’s make it moral | Martha Lane Fox

  10-04-2017 07:00 via theguardian.com
  
  If Britain is bold after Brexit, we can lead the way in demanding more control over our digital destinyCountless decisions must soon be made about how Britain navigates the world, having cut itself adrift from the European Union. And alongside the obvious things like trade deals and immigration rules, we ought too to make choices about who and how we want to be as a society. What is Britain in the 21st century? What do we value? What do we fight for?Perhaps, as I have worked in the internet sect
  
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• Price rises and pay figures to underline Brexit strain on Britons

  10-04-2017 01:01 via theguardian.com
  
  Economists expect official statistics will vindicate Bank of England’s worries about slump in consumer spendingFresh details on price rises and wage growth this week are expected to underline the rising pressures on UK household budgets as the pound’s sharp fall since the Brexit vote continues to stoke inflation.The Bank of England has warned the economy’s main engine of growth, consumer spending, will lose momentum this year as rising living costs eat into people’s budge
  
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• Diesel cars can improve air quality, claims motor industry group

  10-04-2017 01:01 via theguardian.com
  
  Car makers’ group SMMT claims latest vehicles are the ‘cleanest ever’ and vital in fight against climate changeCar manufacturers have hit back atthe recent spate of negative comments about diesel vehicles, saying that the latest incarnations are “the cleanest in history” and “light years away from their older counterparts”.The Society of Motor Manufacturers and Traders (SMMT) said diesel cars could play an important role in helping improve air quality in
  
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