Financial news

• Greek bailout funds on the cards as creditors narrow differences

  15-06-2017 19:25
  
  Eurozone finance ministers appear ready to unlock €8.5bn from €86bn fund to help Athens make repayment due in JulyGreece is on track to receive vital bailout funds, after its international creditors narrowed their differences in a long-running dispute about the country’s vast debt mountain.Eurozone finance ministers appeared ready on Thursday to unlock €8.5bn (£7.4bn) from the Greek €86bn bailout fund to help Athens make a repayment due in July, although specifics
  
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• UK retail sales dive sparks biggest FTSE 250 fall since last summer

  15-06-2017 18:28
  
  Consumer spending growth falls to 2013 levels, wiping £9m off index considered better indicator of UK economy than FTSE 100A worse-than-expected decline in retail sales volumes has sparked the biggest daily fall in the FTSE 250 since last summer, with shares in retailers, housbuilders, restaurant chains and car dealers all going into reverse.The index lost 2.1% after the grim retail data was published. Sales volumes fell by 1.2% in May– their slowest rate for four years – as ri
  
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• Markets slide after weak UK retail sales and interest rate split – business live

  15-06-2017 18:04
  
  All today’s economic and financial news, including the latest UK interest rate decision at noonLatest: Three BoE policymakers vote to raise ratesMinutes show split between hawks and dovesForbes, Saunders and McCafferty want borrowing costs hikedBut five policymakers vote to leave rates on holdPound jumps, sending FTSE 100 slidingEarlier:UK retail sales miss forecastsSofa maker DFS in profits warning5.04pm BSTBritain’s FTSE 100 has ended the day down 55 points, or 0.75%, at 7419, afte
  
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• It's not just sofa sales that are sagging: shoppers are growing uncomfortable | Nils Pratley

  15-06-2017 16:13
  
  Retailers such as DFS have predicted tumbling profits as real pay falls and consumers’ spending power is squeezedIt is rarely wise to read too much into a sofa retailer’s view of the trading outlook. Furniture and carpet stores have always seemed peculiarly vulnerable to hot weather, cold snaps, late Easters and most other supposed plagues of the shopkeeping game.All the same, DFS’s warning that it will miss full-year operating profit forecasts – it now expects £82m
  
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• The rise of deposit-free renting, plus how to make money from your music

  15-06-2017 16:08 via theguardian.com
  
  Also, British holidaymakers will lose hundreds of euros in exchange rates this summer, and homes by the beach
  Sign up to receive Money Talks each weekHello and welcome to this week’s Money Talks – a round-up of the week’s biggest stories and some things you may have missed. Continue reading...
  
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• Euro DIVES to two-week low after the US Federal Reserve raised interest rates

  15-06-2017 16:04 via feedproxy.google.com
  
  THE euro has dropped sharply after America's central bank raised interest rates last night.
  
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• Greece on the BRINK: Eurogroup REFUSES to agree debt relief and delays decision on bailout

  15-06-2017 16:03 via feedproxy.google.com
  
  GREECE is being pushed to the brink of bankruptcy today after the Eurogroup president said the country would still not receive the much-needed debt relief needed.
  
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• City's Mansion House dinner cancelled after Grenfell Tower fire

  15-06-2017 15:46
  
  City of London Corporation cancels black-tie event after chancellor Philip Hammond postpones speech in view of tragedyThe annual Mansion House dinner for City grandees planned for Thursday night, which includes speeches by the chancellor and governor of the Bank of England, has been cancelled following the devastating fire at Grenfell Tower, west London.The chancellor, Philip Hammond, postponed his speech after concluding it would be inappropriateat this time to address the hundreds of bankers,
  
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• Speeches by UK financial officials canceled after fire - MarketWatch

  15-06-2017 15:40
  
  Speeches by UK financial officials canceled after fire
  MarketWatch
  A high-profile, annual dinner in London featuring top financial officials in Britain has been canceled Thursday. "In the light of the tragedy at Grenfell Tower we are cancelling tonight's Mansion House Dinner,"the City of London Corp. said on Twitter ...en meer »
  
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• Bank of England doves right to thwart hawks seeking interest rate rise

  15-06-2017 15:18
  
  The three dissenting members of the monetary policy committee have a case, but not a compelling oneThe economy is looking wobbly. Living standards are being squeezed. A week after the general election Britain lacks an effective government. Is this the right time for the Bank of England to be thinking about raising interest rates?Well, three members of the Bank of England’s monetary policy committee think it is – the first time there has been a triumvirate in favour of dearer borrowin
  
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• IT meltdown has cost British Airways £80m so far, says Willie Walsh

  15-06-2017 14:32
  
  Boss of parent company IAG gives shareholders at AGM initial bill of May bank holiday debacle The system meltdown that left 75,000 British Airways passengers stranded at the start of the May half-term holiday cost the airline £80m, shareholders have been told.At the annual meeting in Madrid of BA’s parent company, IAG,Willie Walsh gave the airline’s first assessment of the fiasco’s gross cost, including rebooking and compensating passengers and restoring lost luggage.Cont
  
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• DFS warns over profits amid election and Brexit uncertainty

  15-06-2017 14:12
  
  Sofa retailer’s shares down 20% after it forecasts fall in demand, blaming consumer spending squeezeA surprise profit warning from sofa chain DFS has sent shockwaves through the high street, as concerns grow that Britons’ spending power is being squeezed by higher living costs. The chief executive of DFS, Ian Filby, blamed a sharp fall in orders in recent weeks on the upheaval created by the general election as well as the general air of uncertainty hanging over the economy. This bac
  
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• Brazil's refugee policy needs a radical overhaul in response to Venezuela's crisis

  15-06-2017 13:54
  
  Brazil has received 15,000 asylum claims this year, but its national asylum system hasn’t been updated since 1997 when it got 500 applications a year
  Brazil is failing to respond to one of the most serious forced migration crises in decades. The economic and political maelstrom in neighboring Venezuela has forced thousands of people to flee into Brazil in search of food, medicine and basic survival. According to Brazil’s border police, more than 77,000 Venezuelans poured into Brazil
  
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• UK's Financial Conduct Authority Provides Update On Regulatory Sandbox - Proshare Nigeria Limited (press release) (registration)

  15-06-2017 13:51
  
  Proshare Nigeria Limited (press release) (registration)
  UK's Financial Conduct Authority Provides Update On Regulatory Sandbox
  Proshare Nigeria Limited (press release) (registration)
  AssetVault enables consumers to catalogue all of their assets in a secure online register and better understand their total value. AssetVault then works with insurance providers to protect the consumer and their assets with appropriate insurance products.
  
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• Are you struggling to pay back your student loan?

  15-06-2017 13:40
  
  Are you having issues paying back your student debt? We’d like you to help us understand the pressures you faceFigures released today show the total amount of UK student debt has topped £100 billion for the first time. We’d like to find out about the pressures people are under to pay back their loans after graduation and when in work, and how this impacts life. Related: Young people have spoken: will they be heard over university fees and grants?Continue reading...
  
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• Interest rates to 'rise by August' Families warned as Bank of England split 5-3 on hike

  15-06-2017 13:31 via feedproxy.google.com
  
  BRITISH households could be hit with rising interest rates by the end of the summer, experts warned as more the Bank of England's rate setters called for an immediate hike in June.
  
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• Theresa May is warned: don't break election vow on energy price cap

  15-06-2017 13:30
  
  Conservative MP says proposed cap was popular manifesto policy and PM should not give in to cabinet pressure to drop itTheresa May has been urged to hold her nerve and stick with her campaign pledge to cap energy prices for millions of households, after it emerged cabinet ministers have told her to scrap the flagship policy.A leading Conservative MP said that the cap was one of the few genuinely popular policies with voters in the election, and called on the prime minister to ignore attempts to
  
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• Thames Water needs to clean up its act after yet more fines | Nils Pratley

  15-06-2017 13:20
  
  Nationalisation would be a costly way to fix the industry – the regulator should push a lot harder on behalf of customersThames Water is the company that gives even doubters cause to wonder whether renationalisation of the water industry might be a good idea.Ownership of the operating business, and the finer details of the colossal £10.75bn of debt financing, is contained within a labyrinth of intermediary offshore companies that makes it impossible to calculate how much the owners h
  
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• UK student loan debt soars to more than £100bn

  15-06-2017 13:12
  
  News of 16.6% jump in outstanding debt follows Labour’s general election pledge to scrap tuition feesShare your experiences of student debt
  Student loan debt in the UK has risen to more than £100bn for the first time, underlining the rising costs young people face in order to get a university education.Outstanding debt on loans jumped by 16.6% to £100.5bn at the end of March, up from £86.2bn a year earlier, according to the Student Loans Company. England accounted for &po
  
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• Bank of England edges closer to increasing UK interest rates

  15-06-2017 13:11
  
  Three of eight-member monetary policy committee vote for increase after figures show further rise in inflationThe Bank of England has edged closer to raising interest rates as a deeper split emerged among its committee of policymakers, with three out of eight voting for an immediate rise to keep inflation in check.The 5-3 split to keep interest rates at their record low of 0.25% surprised financial markets and the pound rose against the dollar on the news. Most City economists had expected just
  
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• UK retail sales dive as consumers feel Brexit inflation pinch

  15-06-2017 12:13
  
  Rising prices and pay squeeze send consumer spending growth falling to levels last seen in 2013 Retail sales volumes dived by a worse-than-expected 1.2% in May, as rising prices depressed annual consumer spending growth to levels last seen in 2013.Furniture sellers were among the worst hit as consumers diverted their spending to essential items and food, a trend reinforced by a profit warning from sofa specialist DFS. Continue reading...
  
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• Luxury cat hotels and 'fur-jazzles': pet care goes upmarket

  15-06-2017 11:45
  
  We’re spending more than ever on our four-legged friends, leading to a rise in businesses offering everything from massages to storybooks for petsHow much do we love our pets? The answer, it seems, can be measured in the billions of pounds we’re prepared to spend on them. British pet owners are no longer content to chuck the occasional dog biscuit in the general direction of their resident mutt, but are dropping increasingly vast amounts of cash on luxury pet products and services. T
  
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• Mulberry says terrorism and election uncertainty may have hit UK sales

  15-06-2017 09:24
  
  Fashion brand hails second year of growth but chief says general election and attacks may have led to lower footfall at UK storesNew designs and website improvements lifted sales and profits at Mulberry in the last year, but the British brand has warned that uncertainty around the general election and terrorist attacks hit UK sales in recent months.Thierry Andretta, Mulberry’s chief executive, who joined from Céline in 2015, credited “strong creative momentum” for a seco
  
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• UK car insurers saw losses of £3.5bn in 2016 due to new compensation rules

  15-06-2017 09:13
  
  Cut in compensation for serious injuries will see insurance premiums rise, with young drivers the worst hit, says a reportBritain’s car insurers suffered combined losses of £3.5bn last year due to controversial new compensation rules for serious injuries, according to a report which predicts further sharp rises in insurance premiums, especially for young drivers.Consultancy EY said the new Ogden formula led to significant underwriting losses for the motor insurance market in 2016. Th
  
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• Ex-Barclays director who backed Vote Leave appointed City minister

  15-06-2017 08:57
  
  Steve Barclay takes over brief for financial district at a time when other cities across EU are vying for London’s businessA former director of Barclays Bank who has also worked as a financial regulator has been appointed City minister by Theresa May.Steve Barclay, who backed the Vote Leave campaign, takes over the brief for the financial district at a time when other cities across the EU are aiming to grab business from the City after Brexit. Continue reading...
  
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• How can I buy my friend out of our joint property?

  15-06-2017 08:00
  
  I can’t afford to take on the whole mortgage, but another friend is willing to helpQ I could do with some advice with regard to buying someone out of a property. In 2015, my friend and I bought a property for £210,000 with a cash deposit of 10%, which we each paid half of.She now wants out of the property but I don’t think I can afford to buy her out on my own. However, another friend is willing to help by becoming part of the joint mortgage with me. Continue reading...
  
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• Profits with purpose: can social enterprises live up to their promise?

  15-06-2017 04:10
  
  While the number of social enterprises is increasing in Australia, there are questions as to whether they can have the much hoped-for impact If an inspirational but not-yet-famous founder of a small Australian company wrote a business book and invited people to pay what they wanted, how much would shoppers shell out?Your answer may depend on your view of human nature: would they throw a dollar at it and get a bargain, or calculate a fair price in relation to the other books on the shelf? Continu
  
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• Debt warning: Cash-strapped Brits adding a TENNER a day to their burdens - this is how

  15-06-2017 01:01 via feedproxy.google.com
  
  CASH-STRAPPED Britons are adding a tenner a day to their growing debt burden, financial experts are warning.
  
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• BAE 'secretly sold mass surveillance technology to repressive regimes'

  15-06-2017 01:01
  
  Documents reveal official concerns that deal with countries including Saudi Arabia could put UK security in danger, says BBCBAE, Britain’s biggest arms company, secretly sold mass surveillance technology to six Middle Eastern governments that have been criticised for repressing their citizens, the BBC has reported. The sophisticated technology can be used to spy on a huge number of people’s emails and mobile phones, triggering accusations from human rights campaigners that it is bein
  
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