Financial news

• Uber faces legal threat from union over London licence

  16-05-2017 21:39 via theguardian.com
  
  GMB says it will seek judicial review if Transport for London does not guarantee more rights for driversUber has come under further pressure in London after a union threatened legal action if the capital’s transport authority renews the taxi app’s licence without guaranteeing more rights for drivers.In a legal letter sent this week, the GMB union warns Transport for London (TfL) that failure to impose conditions which guarantee income for Uber drivers while limiting their number in t
  
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• Ex-BHS owner Dominic Chappell could be pursued by Sir Philip Green for millions

  16-05-2017 21:23 via theguardian.com
  
  Court ruling sheds light on finances of former bankrupt who bought department store chain for £1Dominic Chappell, the former owner of BHS, could be pursued for millions of pounds owed to Philip Green’s business empire as well as to creditors of the now collapsed department store.Chappell’s Retail Acquisitions (RAL), which bought BHS for £1 in 2015, has been accused of extracting an estimated £17m from the retailer despite owning it for just 13 months before it went
  
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• Lloyds reaches landmark as government sells final shares

  16-05-2017 19:53 via theguardian.com
  
  Treasury injected £20.3bn to prop up bank in 2008 after its troubled takeover of HBOS but now public stake stands at zeroThe government has sold its remaining shares in Lloyds Banking Group in a landmark moment for the banking sector almost a decade after the £20.3bn bailout of the high street lender.It will be confirmed on Wednesday that the Treasury has finally extricated itself from its shareholding in the bank – owner of Halifax, Bank of Scotland and Scottish Widows –
  
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• M&S puts faith in fluted sleeves as womenswear comes out fighting

  16-05-2017 19:23 via theguardian.com
  
  Marks & Spencer’s beleaguered clothing department previews chic autumn collection up to speed with catwalk trendsWill knickers or canapes win the battle for the soul of Marks & Spencer, or can the pink coats fight off a landgrab by prawn sandwiches to remain at the heart of the country’s most iconic high street store?Recent trophy boardroom appointments and a new marketing campaign have contrasted with imminent store closures, and whisperings of further disappointing sales fi
  
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• FTSE 100 closes above 7,500 for first time as UK inflation jumps to 2.7% – as it happened

  16-05-2017 19:04 via theguardian.com
  
  Rising air fares, clothing and food costs have driven the cost of living up at its fastet rate in nearly four years, faster than earningsFTSE 100 smashes through 7,500UK inflation soars to highest rate since September 2013PwC: Inflation is heading over 3%Real wages are fallingTUC: Politicians needs answersCharts: Why inflation is jumpingFTSE 100 hit a new alltime peak this morning6.04pm BSTIn a volatile day’s trading, the UK stock market has outpaced its peers, with the FTSE 100 closing ab
  
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• Labour gambles on tax and spend – but will the public back it? | Larry Elliott

  16-05-2017 18:30 via theguardian.com
  
  Corbyn thinks changing attitudes mean we will back tax rises and borrowing, although the sums involve some sleight of handLabour’s manifesto has an old-fashioned feel about it. It has been many a year since one of the two main political parties has gone into an election on a platform that is unashamed about the virtues of tax and spend.The document sketches out a picture of Britain in which the size of the state is bigger – apart from during the special circumstances of the financial
  
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• McDonald's pulls ad that 'exploited child bereavement'

  16-05-2017 18:04 via theguardian.com
  
  After series of complaints, fast food giant withdraws advert that showed boy being told of dead father’s liking for Filet-O-FishMcDonald’s has pulled its new advert from TV screens and apologised for any upset caused after it was accused of exploiting childhood bereavement.The advert, first screened last week, shows a boy asking his mother about his dead father. As she tells him what his dad was like, the boy looks sad as they do not seem to have much in common. His face lights up on
  
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• Energy price rises help drive UK inflation up to 2.7%

  16-05-2017 16:58 via theguardian.com
  
  Increases in clothing, car tax and air fares also blamed as pressure grows on living standards and consumer spending The rising cost of electricity contributed to inflation’s rise to 2.7% in April, its highest level in three and a half years.Increases in the cost of clothing, car tax and air fares were also blamed by the Office for National Statistics for the rise in consumer price inflation (CPI) that exceeded City forecasts of 2.6%, and soared above the previous month’s figure of 2
  
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• Global stock markets: what's driving the record rises – and will they continue?

  16-05-2017 14:11 via theguardian.com
  
  From China’s investment boost to Trump trade, we explain why investors are shaking off concerns and snapping up sharesGlobal stock markets are hitting new peaks, with the FTSE 100, Germany’s Dax, the S&P 500 in the US and MSCI’s World Index, which tracks equities across the globe, all at record highs.Investors are shrugging off worries about flashpoints such as North Korea, the uncertainty over the global political situation and latterly the WannaCry cyber-attack to snap up
  
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• Will Theresa May defend workers' rights? Don't hold your breath | Nils Pratley

  16-05-2017 13:46 via theguardian.com
  
  The prime minister has been slippery about getting workers on boards – and looks likely to do little about the gig economyThe suspicion that Theresa May’s commitment to strengthen the rights of workers is less than it seems is encapsulated in this passage from her piece for the Financial Times: “I will ensure that there is representation for workers on company boards and that every employee has a statutory right to receive information about key decisions affecting their company
  
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• Giant US fund manager to shake up UK investment market by halving fees

  16-05-2017 09:42 via theguardian.com
  
  Vanguard pledges cheapest way to buy funds and investment ISAs with fees slashed to half of rivals such as Hargreaves Lansdown and FidelityA US fund manager has thrown down the gauntlet to high-charging rivals and financial advisers by slashing fees to less than half the UK average.Vanguard will offer the cheapest way to buy funds and investment ISAs in the UK, with fees half the level charged by Hargreaves Lansdown and Fidelity Funds Network. Continue reading...
  
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• ‘You don’t belong here’: my fight against fashion's ageism epidemic

  16-05-2017 08:00 via theguardian.com
  
  Rude shop assistants and youth worship leave many women searching for alternatives, which inspired one young entrepreneur to start a fashion brandI’m a founder of a fashion brand aimed at older women. Based on that information, I’m guessing you’d assume I’m an older woman with a background in fashion. In fact, I’m 24 and studied law at university.Entering the competitive world of fashion, and for a demographic other than my own, might not have been my expected caree
  
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• A mountain to climb to get Everest to resolve our window issue

  16-05-2017 08:00 via theguardian.com
  
  Our latest double-glazed windows don’t match the previous ones it installed and I can’t seem to get the problem rectifiedBefore Christmas my wife and I ordered double-glazed windows and bifold doors from Everest. This followed a previous order of windows for half of the house fitted last July.When the new order came in early March, it became clear that the windows did not match the ones supplied nine months ago and the bifold doors did not fit. Continue reading...
  
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• Leasehold now the No 1 concern for UK homeowners, study finds

  16-05-2017 07:01 via theguardian.com
  
  ‘Money-grabbing scheme’ traps many new buyers with spiralling ground rents, says HomeOwners AllianceLeasehold has become the No 1 concern for homeowners in the UK, according to a new study, after it emerged that many new homebuyers have been trapped by spiralling ground rents.The annual survey of property owners by the HomeOwners Alliance found that 50% of UK adults see the current leasehold-freehold system (including service charges and ground rent) as a very serious or serious prob
  
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