Financial news

• Buy-to-let UK property sales fall by almost 50% in a year

  22-06-2017 23:39
  
  Council of Mortgage Lenders downgrades forecast saying landlords are withdrawing from market in response to tax changes and tighter lending rulesThe number of properties bought by landlords has almost halved in a year after a tax and regulatory clampdown, prompting a leading banking body to downgrade its forecasts for buy-to-let lending in 2017 and 2018.The Council of Mortgage Lenders said buy to let had had a weak start to 2017, with lending falling faster than expected as landlords withdrew fr
  
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• M&S fashion chief will leave behind £1.7m as she departs Halfords

  22-06-2017 23:37
  
  Jill McDonald could be compensated under provisions applied by Britain’s biggest clothing retailer on ‘case-by-case basis’Jill McDonald, the boss of Halfords, is missing out on £1.7m of bonuses from the bikes and car parts retailer as she jumps ship to Marks & Spencer.However, the executive, who will have spent only two and a half years at Halfords, is unlikely to feel shortchanged as M&S’s policy is to offer payments or buyout awards to new recruits to make
  
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• Inflation needs to be checked with rate increase, says MPC member

  22-06-2017 23:36
  
  Outgoing external rate-setter says Bank of England policymakers are wrong in assessment of economic conditions A Bank of England policymaker has heaped further pressure on Mark Carney, the governor, with a warning that the central bank’s policymakers have failed to spot an inflationary spiral that needs to be choked off with an immediate increase in interest rates.In the same week that Andy Haldane, the chief economist, said he was considering voting for an increase in rates before the end
  
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• Athens: thousands of public-sector workers march against austerity

  22-06-2017 20:41
  
  Protest, for better employment rights, is latest in series that has hindered rubbish collection in major cities in GreeceGreece has been hit by fresh strike action as thousands of public sector workers marched through Athens in protest against the debt-ridden country’s austerity programme. Related: Creditors agree terms to disburse Greece's €8.5bn bailout fundsContinue reading...
  
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• Triple lock on pensions will go eventually, says pensions secretary

  22-06-2017 20:15
  
  ‘Do I think in 10, 20, 30 years’ time we will still have a triple lock? I cannot see in all honesty how we can,’ says David GaukeThe new welfare and pensions secretary believes the government will have to reform the triple lock on pensions within his lifetime, despite concerns that it could lose votes for the Conservatives.Related: Pensions triple lock: what you need to knowContinue reading...
  
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• House Democrats challenge Deutsche Bank over review of Trump's accounts

  22-06-2017 19:38
  
  Members of House financial services committee say US privacy laws do not apply to requests from Congress and continue to press for information about inquiryDeutsche Bank is at the centre of an escalating row on Capitol Hill after the German bank refused to respond to a congressional request for information about the bank’s examination of Donald Trump’s bank account and whether he had financial ties to Russia.Maxine Waters, a top Democrat on the House financial services committee, has
  
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• British farmers warn loss of EU workers will see strawberry prices soar

  22-06-2017 18:48
  
  UK soft fruit production could be forced to relocate to other countries to ensure access to labour, trade industry body warnsThe price of British strawberries could rise by more than a third if the UK cannot ensure access to European workers after Brexit, farmers have warned. Producers have called on the government to introduce a permit scheme for seasonal workers to ensure that the expansion of soft fruit production in the UK is not brought to a halt. Their warning comes as farmers say the numb
  
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• Balotelli 'ready to make financial effort' for Nice stay - AOL UK

  22-06-2017 18:30
  
  AOL UK
  Balotelli 'ready to make financial effort' for Nice stay
  AOL UK
  Mario Balotelli is willing to make a financial sacrifice to remain at Nice, according to club president Jean-Pierre Rivere. After underwhelming spells at Liverpool and AC Milan, Balotelli joined Nice on a free transfer and agreed a one-year deal for ...en meer »
  
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• UK manufacturing soars thanks to weak pound and global recovery

  22-06-2017 18:10
  
  Order books at highest level for 29 years as CBI warns government to put ‘economy first’ in Brexit talksBritain’s manufacturers are enjoying the strongest demand for their products in almost 30 years as a recovering global economy and a weaker pound boost order books.The monthly snapshot from the CBI found that export and total order books were both at their highest for decades – providing some hope that a stronger manufacturing sector would cushion the effect of higher i
  
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• UK factory orders jump and eurozone confidence hits 16-year high – as it happened

  22-06-2017 17:58
  
  All the day’s economic and financial news, as the CBI reports that UK manufacturing picked up in JuneLatest: Eurozone consumer confidence highest since 2001UK manufacturing orders jump,says CBIExperts are still cautious, thoughProtests in GreeceEarlier:Brent crude has hit a seven-month low, below $45/barrel
  Markets ‘lose faith’ in OpecSugar, wheat, cocoa and coffee also falling 4.58pm BSTAnd finally, European stock markets have closed for the night.In London, the FTSE 100 ended
  
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• Brexit strength: Factory orders hit highest level in 30 years amid export boom

  22-06-2017 17:30 via feedproxy.google.com
  
  BRITISH manufacturing has surged to its highest level since the 1980s, as the economy continues to boom amid Brexit talks.
  
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• Make your property dream come true, plus fraud hotspots revealed

  22-06-2017 16:00
  
  Also, growing debt bubble causes concern, and our Consumer Champions go head to head with an airline and a hotel booking site• Sign up to receive Money Talks each weekHello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed. Continue reading...
  
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• Greek debt: IMF and EU's quick fix isn't enough | Mohamed El-Erian

  22-06-2017 15:43
  
  Last week’s bailout is only a short-term compromise – the two creditors must work together on a proper solutionThe International Monetary Fund has resurrected an old technique – commonly used in the 1980s during the Latin American debt crisis – that would allow Greece to avoid a payment default next month on debt owed to European creditors. The reprieve also gives the IMF and its European partners time to sort out their technical differences on the struggling country&rsqu
  
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• Southern tried to run too many trains on poor infrastructure: report

  22-06-2017 15:24
  
  Strikes were ‘primary cause’ of failings but says all elements of system were under strain, report rail network saysSouthern rail was attempting to run too many trains on poor and unreliable infrastructure, a delayed report into the crisis on Britain’s worst-performing rail network shows. The government-commissioned report by the Network Rail director, Chris Gibb, pins strike action by unions as “the primary cause for system integrity to fail” in 2016. Continue read
  
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• Big Mac, smaller effort: Uber to run McDonald's deliveries in UK

  22-06-2017 15:13
  
  Burger giant teams up with UberEats to launch trial of McDelivery service in parts of London, Nottingham and Leeds Fancy a Big Mac but just can’t be bothered to get up off the sofa? McDonald’s has finally answered your prayers– if you live in parts of London, Nottingham and Leeds at least. The fast food giant has launched its long-awaited “McDelivery” trial in the UK after teaming up with Uber’s food delivery service, UberEats. Continue reading...
  
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• Zakat requires Muslims to donate 2.5% of their wealth: could this end poverty?

  22-06-2017 13:17
  
  Estimated at almost $2tn in 2015, Islamic finance is often overlooked by development organisations as a potential source of fundsUsman, a fisherman in North Sumatra, used to have a rickety fishing boat that could only take him as far as the mouth of the river, just before it meets the sea. He could not catch enough to feed his family of five but last month, he was able to buy a new boat with the help of Islamic donations. Now he can sail further into the sea, he catches more fish and his income
  
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• Brexit economy: UK faces slowdown amid living standards squeeze

  22-06-2017 13:01
  
  The latest monthly Guardian analysis finds households experiencing rising costs and firms concerned over political uncertaintyBritain’s vote to leave the EU has squeezed living standards, hit consumer spending and dampened the country’s growth prospects, a Guardian analysis of economic news over the year since the referendum shows.One year since voters narrowly opted for Brexit, the Guardian’s monthly tracker of economic news paints a gloomy picture, with households facing risi
  
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• George Clooney sells his tequila company for up to $1bn

  22-06-2017 10:35
  
  Casamigos, which star founded with Rande Gerber and Mike Meldman, bought by Smirnoff and Johnnie Walker owner DiageoA tequila company co-founded by George Clooney has been sold to UK drinks firm Diageo for up to $1bn (£790m).The company behind Smirnoff, Johnnie Walker and Baileys announced it would buy Casamigos, created four years ago by the American actor, together with Cindy Crawford’s husband Rande Gerber and property developer Mike Meldman. Diageo said it was the fastest-growing
  
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• Imagination puts itself up for sale amid Apple dispute

  22-06-2017 10:03
  
  Shares in Hertfordshire chip designer surge 20% after it announces start of formal sale processShares in British chip designer Imagination Technologies rallied 20% after the company, which is in dispute with Apple, put itself up for sale.The Hertfordshire firm, which designs the graphics processors used in smartphones and other electronic devices, suffered a major blow this year when Apple, its largest customer, pulled the plug on its chip supply deal, with effect from 2019. Apple accounts for h
  
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• Burberry faces upheaval as chairman signals departure

  22-06-2017 08:46
  
  Fashion group seeks successor to Sir John Peace after rows over bosses’ pay and role of chief creative officer Christopher BaileyFurther boardroom upheaval is under way at Burberry after the luxury fashion brand revealed its long-standing chairman, Sir John Peace, is planning to leave.Peace has been chair of the FTSE 100 company since it was spun out of GUS in 2002, and has signalled his departure as the new chief executive prepares to take the helm.Continue reading...
  
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• Low wages are 'return to pre-industrial Britain', says Bank of England economist

  22-06-2017 08:34
  
  Andy Haldane says rise in self-employment and drop in union membership mirrors weak workforces of pre-1750 eraThe lack of wage growth in Britain’s economy is the result of turning the clock back to the days before the Industrial Revolution when there were no trade unions and self-employment was rife, the chief economist of the Bank of England has suggested.Andy Haldane said the current relationship between pay and employment had more in common with the period between 1500 and 1750 than in
  
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• A guide to tenants' housing rights around safety and repairs

  22-06-2017 08:19 via theguardian.com
  
  In the aftermath of the Grenfell Tower fire, here’s where to get help and advice if you’re a social housing tenant with questions about your own homeIn the aftermath of a shocking disaster like the Grenfell Tower fire, social housing tenants, including those who rent from private landlords, as well as from housing associations, councils or other registered housing providers, will be asking questions about their own homes and wondering where to turn for advice.Here’s a guide to
  
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• Tory pledge to cap energy bills missing from Queen's speech

  22-06-2017 08:16
  
  Protection for 17m families paying most expensive tariff, which Tories promised in election campaign, has been droppedMillions of people are unlikely to see their energy bills capped after Theresa May appeared to make a U-turn on one of her flagship election promises – to the delight of big energy companies.The prime minister had pledged to cap bills for 17 million families on the worst-value energy tariffs, but the plan was missing from the Queen’s speech and No 10 would not confirm
  
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• Google and Facebook 'will lose millions in ads over extremism fears'

  22-06-2017 08:14
  
  Advertisers will pull or pause campaigns amid backlash over ads appearing next to inappropriate content, says Group MAdvertisers will pull hundreds of millions of pounds in spending from Google and Facebook this year over concerns about ads running next to inappropriate content such as extremist sites and fake news. Sir Martin Sorrell’s GroupM, which buys more than $75bn (£60bn) of advertising space on behalf of clients globally, has slashed its growth prediction for UK digital adver
  
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• Will I be taxed if I sell my house, which I rented out, and buy a new one to live in?

  22-06-2017 08:00
  
  I lived in it with my late wife before letting it, and want to sell. Where do I stand regarding stamp duty and capital gains tax? Q Could you please help? In 1984, I purchased a house and lived there with my late wife until August 2015. I then rented the house out and moved in with a friend as I didn’t want to live there anymore (too many memories). I would now like to sell the house and buy another in a different area to live in on my own. Would I be liable for any tax, doing this? TA A I
  
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• Google's Eric Schmidt: We need critical thinking now more than ever

  22-06-2017 08:00
  
  The Alphabet boss says the world is entering an age of abundance, driven by artificial intelligence and machine learningEric Schmidt, executive chairman of Alphabet Inc (Google’s parent company), is optimistic about the future. “We’re entering what I call the age of abundance,” he says. “And during the age of abundance, we’re going to see a new age … the age of intelligence. “By 2020, most human beings will have access to the internet. When you ha
  
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• Plant nursery continues to nurse customer grudges

  22-06-2017 07:59
  
  Online nursery Scented Geraniums repeats POLITE NOTICE for those who give it ‘grief’Earlier this month, HM of London wrote in about the intemperate response from the online nursery scentedgeraniums.co.uk when she questioned the quality of a plug plant.Her experience was a consolation for AC of Lower Chute, Wiltshire. She had been a regular customer for five years when, in 2015, she was banned from shopping with the company. Her offence? To have asked, in a politely phrased email, whe
  
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