Financial news

• Sainsbury's cost-saving measures will cut 1,000 head-office jobs

  06-08-2017 18:17
  McKinsey, the management consultancy, is looking for ways that supermarket can reduce its headcount in next round of efficiency drive.Sainsbury’s is to cut more than 1,000 jobs at head office as part of a fresh efficiency drive designed to save £500m.The UK’s second-largest supermarket chain has drafted in McKinsey, the management consultancy, to draw up a headcount reduction plan. All the big supermarket chains have announced job cuts in recent years as they seek to compete wi
  
  Read more

• Banks issue new sort codes in ringfencing of high street operations

  06-08-2017 17:15
  Barclays begins process of moving up to 900,000 accounts to comply with Vickers rules, which aim to avoid taxpayer bailoutsBarclays has started the process of moving up to 900,000 accounts to alternative six-digit sort codes as it prepares for the implementation of regulations intended to avoid taxpayer bailouts.The changes to sort codes began over the past month as Barclays rejigs its business ahead of the introduction of rules that require banks to ringfence their high street operations from r
  
  Read more

• Staff at Tesco-owned One Stop demand better redundancy deal

  06-08-2017 15:10
  Comparison with generous payoff for employees on Tesco contracts prompts head office staff to seek equal treatmentHead office staff at the Tesco-owned One Stop convenience chain are fighting for a better redundancy package after it emerged employees on Tesco contracts were being offered a more generous payoff.At the start of this summer Tesco embarked on a cost-cutting programme, during which more than 2,300 people will leave the retailer in the coming months. In June its chief executive, Dave L
  
  Read more

• Trailfinders blames Brexit vote for wiping out £12m profit

  06-08-2017 14:39
  Sharp decline in sterling’s value in the aftermath of referendum vote depressed trading profits, says travel agentTrailfinders, Britain’s largest independent travel agent, has blamed Brexit for wiping £12m off its annual profit.Figures filed at Companies House show that the company’s founder, Mike Gooley, nevertheless paid himself a £3m dividend, up from £2m the previous year. Continue reading...
  
  Read more

• Advertisement

• Employment statistics tell skewed story about UK jobs market Katie Allen

  06-08-2017 13:13
  Workers’ influence over their hours, conditions and pay has been eroded as a culture of insecurity takes holdSomething funny is going on in Britain’s jobs market. And it’s not a joke. Unemployment has dropped to 4.5%, the lowest since 1975. The employment rate is the highest on record at 74.9%. On paper, it’s the tightest labour market in almost half a century, and yet workers are no better off. In fact, they are worse off after adjusting for inflation.Continue reading...
  
  Read more

• Brexit-fuelled boom gives Dublin’s Celtic Tiger a reason to roar

  06-08-2017 11:42
  The Irish capital’s economy is surging on predictions of a big business exodus from London, but outside the city the mood is not so buoyantDublin rents have smashed every record. The number of cranes on the city’s skyline has doubled in just a year. Michelin-starred restaurants warn diners not to bother trying for a reservation until 2018. And at a giant new bar and restaurant complex in Temple Bar – immediately next door to U2’s Clarence Hotel, emblematic of Ireland&rsqu
  
  Read more

• Henry vacuum is under warranty but the pipes are no longer covered

  06-08-2017 08:01
  The machine works fine – but the attachments have fallen apart after less than a year’s use and they only came with a six-month guaranteeIn August last year I purchased a new Henry vacuum cleaner from a well-regarded nearby store. The machine has been fine. However, the pipes that connect it have come apart and now have to be held together with tape and glue.Being well inside the warranty, I asked the shop what to do but was very surprised to be told that the warranty on Henry access
  
  Read more

• Two pints of best and an English rosé as wine comes to the beer festival

  06-08-2017 08:00
  Real ale enthusiasts will be given the chance to try the best of British vineyards at an event later this yearOnce the butt of jokes among connoisseurs, producers of English wine have worked hard to build respect for the products of their vineyards. But even though they are going through a boom time at the moment – the number of wine businesses in England and Wales has blossomed in the last year – their toughest challenge may be ahead of them this week.The Great British Beer Festival
  
  Read more

• Advertisement

• A decade after the financial meltdown, its underlying problems haven’t been fixed

  06-08-2017 08:00
  The banks have, to a certain extent, changed their ways: but cheap credit, low interest rates and mountains of debt are still with usTen years ago this week, the global financial crisis started with a small rumble in France. Local bank BNP Paribas announced it was freezing the assets of three hedge funds with heavy exposures to the US sub-prime mortgage market. A little more than a year later, after the run on Northern Rock and the bailout of Bear Stearns in the US, the full earthquake arrived i
  
  Read more

• Only governments can stem the tide of tourism sweeping the globe | Elizabeth Becker

  06-08-2017 01:05
  Tourism, like all globalised trends, can be a force for good, but can also wreak immense localised damageIn Barcelona this summer, I was shown a protest sign written in English that said: “Why call it tourism season if we can’t kill them?” Anger over unhampered tourism is getting ugly, even in Barcelona, where the mayor, Ada Colau, is one of the few politicians dedicated to reining in the industry. Residents told me they have had it with skyrocketing rents, thousands of tourist
  
  Read more

• London does not have a monopoly on the best jobs | Letters

  06-08-2017 01:05 via theguardian.com
  Manchester has more than enough charms to compete with the capitalHaving left London five years ago for a job in Manchester, I have sympathy with Rosie Walker’s account of spiralling rent and property costs in London, (“Have we reached ‘Peak London’ as millennials leave in record numbers?”, Comment). However, the notion that finding work outside London is insurmountably difficult and that jobs in “politics, national media, much of the creative industries or th
  
  Read more

• Path internships show government is on the wrong track | Greg Jericho

  06-08-2017 00:14
  The scheme makes as much sense as the marriage equality policy: none. But ministers could at least consider data showing its policies are among the stupidest ever seen in Australian politicsGreg Jericho is a Guardian Australia columnistLooking at the way the government has torn itself over the issue of marriage equality and how it has pursued its employment policy it is clear that the government sorely needs a minister for common sense.The government’s handling of marriage equality surely
  
  Read more

Follow @financialnwsUK on Twitter!