Financial news

• British PR firm Bell Pottinger apologizes for South Africa campaign

  10-07-2017 21:42 via theguardian.com
  
  Public relations firm’s chief executive issues rare apology for role in designing controversial social media campaignThe British public relations firm Bell Pottinger is having to salvage its own reputation over its work for a South African company owned by a family of controversial businessmen.Leaked emails reportedly show that the firm suggested its client, a company owned by the wealthy Gupta family, doctored its Wikipedia page to present itself in a better light. Continue reading...
  
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• German trade surplus widens; Bank of England warns lenders; Greece gets loan - as it happened

  10-07-2017 20:06 via theguardian.com
  
  All the day’s economic and financial news, as Germany’s trade surplus with the rest of the world jumps after a strong MayLatest: Greece gets long-awaited loanBoE deputy governor gives lenders a warningIntroduction: German trade surplus hits €22bn
  What the experts sayGerman exports rose 1.4% in May, imports rose by 1.2%Germany ran surplus with EU and non-EU countries
  Figures will reignite debate over German surplus 7.06pm BSTAnd finally, the head of Europe’s bailout mechani
  
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• Carillion boss steps down as shares crash 40%

  10-07-2017 20:05 via theguardian.com
  
  Drop in UK orders after Brexit vote and falling trade across Middle East puts paid to Richard Howson’s tenure as building firm ends dividend and warns on profit The chief executive of construction and support services company Carillion has stepped down as the firm warned on profits and scrapped its dividend following a Brexit-related slowdown in orders, news which sent its shares plunging almost 40%.The company, which maintains roads, railways, government buildings and military bases, said
  
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• No wonder the government tries to hide its emissions reports. They stink | Greg Jericho

  10-07-2017 20:00 via theguardian.com
  
  As every greenhouse gas emissions report since June 2014 has shown, the end of the carbon price has led to an increase in emissions. What’s the plan, prime minister?Last Friday, the Australian government finally released the latest greenhouse gas emissions report, showing emissions have risen in the past year. When excluding emissions from land use, 2016 saw Australia release a record level of CO2 into the atmosphere. It confirms the failure of the government’s environmental policy a
  
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• Carillion has paid a heavy price for too many risky contracts | Nils Pratley

  10-07-2017 19:48 via theguardian.com
  
  The construction contractor’s spectacular fall highlights the folly of over-optimism in an industry run on thin profit marginsNever trust a construction contractor. Whatever they say about their prudent approach to risk and the watertight nature of their contracts, it only takes a few mistakes to wreck a balance sheet in an industry that runs on thin profit margins.Carillion has proved the point in spectacular fashion. Three years ago it presented itself as such a model of conservatism tha
  
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• Casual work is still the root cause of destitution | Letters

  10-07-2017 19:43 via theguardian.com
  
  Noel Whiteside looks at the history of ‘casualism’, Frank Field calls for a crash anti-poverty programme, Alison Fuller and Laura Unwin want investment in adult training, and Mike Cobb says nurses’ student debt should be paid offMatthew Taylor’s report to be published this week addresses problems of modern employment (Low-paid workers need better job satisfaction, No 10 review will say, 7 July). But these problems are not as “modern” as most commentators suppo
  
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• Major rail disruption looms in August as stations are closed

  10-07-2017 19:36 via theguardian.com
  
  Network Rail plans biggest ever bank holiday engineering works, while Waterloo will be half closed for three weeksRail passengers have been warned to prepare for unprecedented disruption on journeys into London this August, with thousands of trains cancelled or delayed as engineering works closes some of Britain’s biggest stations.The August bank holiday will see Network Rail carry out the biggest weekend of engineering works it has ever planned, worth £133m.Continue reading...
  
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• Bank of England warns it will go after firms looking to mask risks

  10-07-2017 19:01 via theguardian.com
  
  Some lenders are taking more risks and are seeking to ‘circumvent the spirit’ of the regulations, says deputy governorThe Bank of England has issued a warning to major lenders not to repeat their antics of the years before the 2007 credit crisis when they deployed complex strategies to mask the financial risks they were running.Sam Woods, one of the Bank’s deputy governors, also said some lenders were starting to take more risks and set out a number of products facing scrutiny
  
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• G4S awarded £25m government contract despite fraud inquiry

  10-07-2017 18:50 via theguardian.com
  
  Private security firm being investigated over claims of overcharging in monitoring contracts will supply tagging devices Critics have raised questions over a Ministry of Justice decision to award the private security firm G4S a £25m contract for the electronic tagging of offenders despite an ongoing Serious Fraud Office investigation.The initial three-year Ministry of Justice contract – with options to run until 2023 – is to provide the equipment used to enforce home curfews on
  
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• Recruitment advisers' tax scheme liquidated after HMRC asks questions

  10-07-2017 18:38 via theguardian.com
  
  Evidence shows parts of aggressive tax avoidance scheme promoted by Anderson Group have been closed abruptlyAn aggressive tax avoidance scheme, linked to one of the recruitment industry’s highest-profile names, is being liquidated in a move that could prevent HM Revenue and Customs from recouping millions of pounds.The scheme, which experts say raises questions over triggering a possible criminal investigation, has been promoted by Anderson Group, one of the sector’s leading financia
  
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• Drilling rig owned by UK fracking firm Cuadrilla 'seriously vandalised'

  10-07-2017 18:37 via theguardian.com
  
  Derbyshire police say rig was damaged at storage yard in move seemingly intended to slow embryonic shale industry A drilling rig owned by one of the UK’s most prominent fracking firms has been seriously vandalised, in a move seemingly intended to slow down the country’s embryonic shale industry. Derbyshire police said that between 18 and 24 May, a person illegally entered a facility near Chesterfield run by PR Marriott, Britain’s largest onshore deep drilling company, which sto
  
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• Central banks are ending policies like QE – but they'll be back | Nouriel Roubini

  10-07-2017 17:45 via theguardian.com
  
  When the next recession strikes, advanced economies will have no choice but to resort to unconventional monetary policies againFinancial markets are starting to get rattled by the winding-down of unconventional monetary policies in many advanced economies. Soon enough, the Bank of Japan (BOJ) and the Swiss National Bank (SNB) will be the only central banks still maintaining unconventional monetary policies for the long term.The US Federal Reserve started phasing out its asset-purchase programme
  
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• Mortgage rates: Home buyers urged to switch to record low loans 'before it's too late'

  10-07-2017 17:30 via feedproxy.google.com
  
  HOMEBUYERS have been urged to take advantage of new lowest ever mortgage rates amid increased expectations that the Bank of England could soon hike the cost of borrowing.
  
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• Should your supermarket receipt count calories?

  10-07-2017 16:25 via theguardian.com
  
  A new proposal says the ‘traffic light’ labels used on food packaging ought to be applied to your whole shop to help people eat betterFancy your supermarket receipt assessing the healthiness of your trolley? Well, a new proposal says the “traffic lights” system – widely adopted on food and drink packaging since 2013 – should be migrated from individual items to entire receipts. Forget the problem of making it through checkout without impulse-buying three bags
  
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• EU crisis meeting as bad loans spark fears for Italy and Spain's banks

  10-07-2017 15:59 via feedproxy.google.com
  
  EUROZONE finance ministers are to urgently discuss a number of banks crippled with billions of euros worth of bad loans, which threaten to plunge the block into a fresh financial crisis.
  
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• Five ways to spot a business trend that will last

  10-07-2017 15:12 via theguardian.com
  
  It can be tempting to invest in the latest technology, marketing strategy or fashionable product line, but how do you know which ones will fade away and which ones will make your bottom line flourish?It’s not unusual for businesses to make huge investments based on the latest trend. Picking the right trend to get on board with can open up a whole new market, along with a ready made customer base. But not all trends are here to stay. For business owners, knowing which ones are going to last
  
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• Takeaway restaurants threatened by skilled worker shortages, inflation and business rates

  10-07-2017 14:49 via feedproxy.google.com
  
  THE growing success of takeaway restaurants is being threatened by a shortage of skilled workers, coupled with rising inflation and business rates, a report warns.
  
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• Fidelity tops list of UK fund-pickers' favourites - Financial News - Financial News (subscription)

  10-07-2017 14:32
  
  Fidelity tops list of UK fund-pickers' favourites - Financial News
  Financial News (subscription)
  Fidelity is the most popular asset manager among the fund-pickers in charge of putting the investment industry's wares in front of the UK general public, ...en meer »
  
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• How healthy is the global financial system? | Mohamed El-Erian

  10-07-2017 14:21 via theguardian.com
  
  Policies to shore up the banking system have paid off in the US and the UK, with Europe catching up, but some big risks still remainIn recent weeks, policymakers on both sides of the Atlantic have affirmed that the financial system is sound and stable. The US Federal Reserve announced in June that all US banks passed its latest annual stress test. And the Fed chair, Janet Yellen, has now suggested we might not experience another financial crisis “in our lifetimes”.At the same time, t
  
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• Guardian Sustainable Business Awards 2017

  10-07-2017 13:45 via theguardian.com
  
  There will not be a Guardian Sustainable Business Awards in 2017We are sorry to inform you that there will no longer be a Guardian Sustainable Business Awards in 2017. We apologise for the late notice and are contacting all those who have applied so far.If you have any questions please contact us at [email protected]. Continue reading...
  
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• Ex-Amundi UK chief expands with Arctic funds deal - Financial News (subscription)

  10-07-2017 13:25
  
  Ex-Amundi UK chief expands with Arctic funds deal
  Financial News (subscription)
  H2O Asset Management, the fixed-income boutique founded by former Amundi UK chief executive Bruno Crastes, is expanding into systematic trading with the acquisition of a small fund that spun out of Millennium Management. Arctic Blue Capital, a $160m ...
  
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• New deals the order of the day for Ocado - SHARE HUNTER

  10-07-2017 13:20 via feedproxy.google.com
  
  WEDNESDAY saw specialist online grocer Ocado release half-year results.
  
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• Spotify denies filling popular playlists with 'fake artists'

  10-07-2017 11:39 via theguardian.com
  
  Streaming music company rejects accusations that it is padding out popular playlists such as Sleep and Ambient Chill with fake artists Spotify has denied filling its most popular playlists with “fake artists”, after it was accused of creating songs to bulk out its most popular ambient playlists at low cost to itself.The allegation, first made by industry website Music Business Worldwide and brought to wider attention by culture publication Vulture, is that some playlists on Spotify a
  
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• Pound v US dollar: GBP holding below $1.29 after US jobs data

  10-07-2017 11:28 via feedproxy.google.com
  
  AFTER sliding towards the end of last week in the wake of poor UK data and better-than-forecast US jobs figures, the GBP/USD exchange rate remains below $1.29.
  
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• Private parking firm and debt collectors hound DISABLED Blue Badge patient

  10-07-2017 11:01 via feedproxy.google.com
  
  CANCER patient and disabled Blue Badge driver Roy Harris refused to pay a private parking fine he considered grotesquely unfair, nor did he buckle under a battering from four debt collectors. 
  
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• Mark Zuckerberg’s got some cheek, advocating a universal basic income | Sonia Sodha

  10-07-2017 11:00 via theguardian.com
  
  It is a bit rich for Facebook’s CEO to back the idea of people living on a meagre state handout while his company does everything it can to minimise its tax bill• Sonia Sodha is chief leader writer at the ObserverSome people might be happy to stop at being founder and chief of one of the world’s biggest tech companies while still in their early 30s. Not Mark Zuckerberg. Facebook’s CEO has spent the last couple of years casting himself in various guises. First, global phila
  
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• POUND LIVE: Pound steady as Theresa May promises stronger, fairer Britain amid Brexit

  10-07-2017 09:44 via feedproxy.google.com
  
  THE pound opened flat on Monday as Theresa May geared up to deliver a big speech almost a year since she took office.
  
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• Facebook village? Social media giant to build 'social housing'

  10-07-2017 08:51 via theguardian.com
  
  The tech giant aims to build 1,500 apartments at Menlo Park after being criticised for helping to deepen the Silicon Valley housing crisisFacebook is to build its own “village” of 1,500 homes for workers struggling to pay soaring rents as the housing crisis in Silicon Valley deepens. Related: 'We will be torn apart': the battle to save Silicon Valley's oldest trailer parkContinue reading...
  
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• It’s a testing time for BA passengers who lost out in IT chaos

  10-07-2017 08:00 via theguardian.com
  
  We’ve had no holiday and are £800 out of pocket, but travel insurance won’t payBA’s well-publicised IT meltdown over the May half-term resulted in our flights being cancelled, and we had to abandon our family holiday to Sweden. The airline has refunded our flight costs and agreed to pay the EU-mandated compensation – €750. However, that is less than half the cost of the holiday, which means we are still £800 out of pocket having paid accommodation, train
  
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• Driver complaints about car park fine policies hit unprecedented levels

  10-07-2017 08:00 via theguardian.com
  
  From disputes over ticketing times to mis-typed number plates, thousands of motorists say they are unfairly targetedWhen Dorothea Matheson parked at a town centre car park, in Clarkston, East Renfrewshire, she typed her number plate into the ticket machine and paid the required fee. Two weeks later she received a demand for £60. Her offence was to enter her registration number with a letter O instead of a numeric 0. Despite the fact the two look almost indistinguishable, the parking operat
  
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• Calm under pressure? Run your business the mindful way

  10-07-2017 08:00 via theguardian.com
  
  Mindfulness could help make you more resilient, regulate stress and increase emotional intelligence. Here are some practical tips for introducing it in the workplaceIf recent events in politics have confirmed anything, it is that we live in unpredictable times where old assumptions no longer hold true.Creative thinking is crucial for business success through a period of uncertainty. Upheaval presents a chance to embrace uncertainty and remain level-headed, focused and compassionate under pressur
  
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• Just 100 companies responsible for 71% of global emissions, study says

  10-07-2017 07:26 via theguardian.com
  
  A relatively small number of fossil fuel producers and their investors could hold the key to tackling climate changeJust 100 companies have been the source of more than 70% of the world’s greenhouse gas emissions since 1988, according to a new report.
  The Carbon Majors Report (pdf) “pinpoints how a relatively small set of fossil fuel producers may hold the key to systemic change on carbon emissions,” says Pedro Faria, technical director at environmental non-profit CDP, which pu
  
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• Brexit breaks breakfast? Hard Brexit could mean hard luck for fry-up fans

  10-07-2017 07:01 via theguardian.com
  
  Dearer imported ingredients such as Spanish juice, French butter and Danish bacon will raise the price of a family breakfast by £3, says KPMGShoppers would be forced to pay £3 more for a traditional British fry-up if the government fails to secure a trade deal with the EU, piling more pressure on already cash-strapped consumers. A typical basket of ingredients for a family breakfast could rise by almost 13% from £23.59 to £26.61 according to a report by KPMG.Continue read
  
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• UK financial services groups hit by steady rise in data thefts - Financial Times

  10-07-2017 06:09
  Financial Times
  UK financial services groups hit by steady rise in data thefts
  Financial Times
  Data thefts from financial services companies jumped nearly 25 per cent last year, according to new data from the Information Commissioner's Office. Banks ...en meer »
  
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• Philip Morris cigarettes charged millions after losing plain packaging case against Australia

  10-07-2017 02:47 via theguardian.com
  
  Court of arbitration finds Philip Morris Asia case to be ‘an abuse of rights’ and says it must pay Australia’s multi-million dollar legal costs The tobacco manufacturer Philip Morris will be forced to pay millions of dollars in legal fees to Australia after its failed case against plain packaging laws. Big tobacco companies have fought vigorously against the Gillard government’s plain packaging laws since they were introduced in 2011.Continue reading...
  
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• Superdrug group owner reveals plans to create 1,000 new jobs over next year

  10-07-2017 01:01 via feedproxy.google.com
  
  THE owner of high street chains Superdrug, The Perfume Shop and Savers is preparing to create more than 1,000 new jobs over the next year as it presses ahead with expansion plans.
  
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• Spending falls at fastest rate for four years as consumers tighten belts

  10-07-2017 01:01 via theguardian.com
  
  Household disposable income is squeezed by cost of living increase, prompting fall of 0.3% in spending in latest quarterHousehold spending has fallen at the fastest rate in almost four years as rising prices have made consumers less willing to splash out on furniture, clothing and trips out.Spending fell by 0.3% between April and June compared with the same period a year earlier, the biggest drop since the third quarter of 2013, according to Visa’s consumer spending index. Continue reading
  
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• Risk of poverty in UK greater when father is sole breadwinner, finds IFS

  10-07-2017 01:01 via theguardian.com
  
  Stagnant pay for men over past two decades and fast-rising earnings for women mean families relying on dad’s pay alone are more vulnerable to hardshipFamilies who rely on a fathers’ earnings alone are at greater risk of poverty than other households, with average incomes stagnant for the past 15 years, according to analysis by the Institute for Fiscal Studies.The IFS said that because the father works in most single breadwinner households, those families have not benefited from the r
  
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• Pound V euro: GBP stable against EUR as German trade surplus rises

  10-07-2017 01:01 via feedproxy.google.com
  
  THE pound is holding steady against the euro this morning, with the pairing trading narrowly despite another jump in the German trade surplus.
  
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• Co-op Funeralcare recruiting musicians and plumbers for new apprenticeship

  10-07-2017 01:01 via feedproxy.google.com
  
  CLASSICAL musicians, plumbers and police officers are among those swapping their career for an apprenticeship with a leading funeral company.
  
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