Financial news

• Rail fare increase signals light at the end of the tunnel for UK inflation

  15-08-2017 21:20
  The 3.6% hike is steep and prices are still rising faster than wages, but the prospect of inflation going well over 3% looks remoteRail commuters facing a steep 3.6% increase in ticket prices might find it tough to accept but there is light at the end of the tunnel for UK inflation.Rising prices have been one of the big economic stories of the past 12 months, but for the past two months the financial markets have been surprised by the weakness of cost-of-living pressures. Continue reading...
  
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• Mears Group cuts profits forecast in wake of Grenfell Tower fire

  15-08-2017 21:20
  Social housing maintenance company says London tower block tragedy has made clients delay new contractsThe UK social housing maintenance company Mears Group has downgraded its profit forecast and slashed its full-year revenue predictions as its clients delay new contracts following the Grenfell Tower fire.The company, which carries out repair and maintenance work for properties belonging to local authorities and other social housing landlords, said new orders were on hold as authorities focused
  
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• Government pulls all Learndirect contracts and funding

  15-08-2017 21:03
  Move comes after privatised adult training agency accused of paying owners millions despite ‘catastrophic’ decline in standardsThe government is to cancel all contracts with Learndirect, the adult training provider that tried to suppress a damning regulator’s report into its poor standards.The Department for Education said on Tuesday that it would withdraw all funding from the organisation, which is responsible for almost 73,000 trainees, by July 2018 and that it had already ba
  
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• IMF warns China over 'dangerous' growth in debt

  15-08-2017 20:37
  Washington-based fund says pursuit of growth at any cost risks sharp slowdown or financial crisisChina’s credit-fuelled economic strategy has been branded as dangerous by the International Monetary Fund in a strongly-worded statement warning that its approach risks financial turmoil.The IMF used its annual health check on the world’s second biggest economy to stress that faster expansion in 2017 was coming at the cost of a jump in private sector debt and an increasing use of complex
  
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• EasyJet and Ryanair should be wary of launching Air Berlin bid | Nils Pratley

  15-08-2017 20:28
  The Irish carrier is right to smell a stitch-up to hand the ailing airline to Lufthansa – but rivals should not be forced to overpay There’s nothing like the failure of a competitor to perk up other airline’s share prices. Sure enough, as Air Berlin filed for insolvency on Tuesday, almost every other European airline gained altitude. EasyJet’s shares were up 4.5%, Ryanair’s by 3.3%, British Airways owner IAG’s by 2.9%, and even little Wizz Air improved 4.6%. T
  
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• French pilots claim easyJet is risking safety by scheduling too many flights

  15-08-2017 20:15
  Airline insists it makes no compromises on safety and says it has resolved issues with pilots’ union, which had written open letterFrench pilots have claimed easyJet is risking passenger and crew safety by scheduling too many flights.Captains are being pressed into flying more hours than they are legally allowed and face intimidation if they refuse, France’s pilots’ union said. Continue reading...
  
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• Walnut snip: Nestlé cuts nut out of chocolate after prices surge

  15-08-2017 19:45
  Company says new Walnut Whips cater to people who do not like nuts, but it comes after UK prices rose 20% earlier this yearFollowing shrinking Maltesers bags and Toblerones with bigger gaps, Nestlé has announced the “walnot whip”, launching the first nut-free versions of its oldest chocolate brand after the price of the key ingredient surged.The vanilla and caramel versions of the Walnut Whip, a cone of milk chocolate with a fondant filling, will go on sale this week under the
  
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• Bill Gates gives $4.6bn to charity in biggest donation since 2000

  15-08-2017 19:30
  Recipient of 64m Microsoft shares is a mystery, but is expected to be tech tycoon’s foundationBill Gates, the world’s richest man, has donated $4.6bn (£3.6bn) in the Microsoft founder’s biggest gift to charity since he set up the Bill & Melinda Gates Foundation.Gates donated 64m Microsoft shares according to a US Securities & Exchange Commission filing. The recipient of the gift was not specified but it is expected that the money will be directed to the foundation
  
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• Pound falls against dollar as inflation comes in lower than expected

  15-08-2017 19:10
  Unchanged growth in prices weakens case for Bank of England to increase interest ratesSterling fell against the dollar on Tuesday after the CPI rate of inflation remained unchanged in July, reducing pressure on the Bank of England to increase interest rates to curb the rising cost of living.The pound shed more than a cent to reach $1.2855 on the foreign exchange markets, after the consumer prices index held steady at 2.6% last month, the same level as recorded in June. City economists had expect
  
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• EasyJet could swoop for parts of Air Berlin as it goes into administration

  15-08-2017 18:43
  Lufthansa in talks to take over most of competitor after investor Etihad pulls its financingEasyJet could spread its wings in Germany as it emerged as a potential buyer for parts of Air Berlin, which filed for administration on Tuesday.The German government has provided an emergency €150m (£137m) loan to Air Berlin to enable it to keep flying its schedules. Continue reading...
  
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• Corbyn vows 'flexible' state pension age but won't reveal funding for £20BILLION reforms

  15-08-2017 17:00 via feedproxy.google.com
  JEREMY Corbyn has vowed to scrap increases to the state pension age, but has failed to mention how his policies will be funded, raising fears that income could be means-tested.
  
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• RBS preparing to cut nearly 900 IT jobs, says union

  15-08-2017 16:33
  Bailed-out bank is planning to axe 40% of permanent IT staff in London and 65% of contractors by 2020, Unite claimsRoyal Bank of Scotland is preparing to cut nearly 900 IT jobs, union officials have warned, as the bailed-out bank continues to trim costs in its battle to regain profitability.Officials at the Unite union said 880 posts were at risk, with RBS planning to lose 40% of permanent IT staff in London and 65% of contractors by 2020.Continue reading...
  
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• Holidaymakers urged to buy euros as pound set for PARITY against single currency

  15-08-2017 16:25 via feedproxy.google.com
  HOLIDAYMAKERS have been urged to consider buying travel money sooner rather than later, as the pound is set to reach parity with the euro in the coming months, experts have warned.
  
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• Robot shelf-stack fail suggests they won't take our jobs just yet

  15-08-2017 15:15
  Boston Dynamics demo clip shows we are not quite living in an i, Robot future – even if the machines can skate better than you canTechnology baron Elon Musk is scared of AI, warning of visions of the robot apocalypse when Terminator-esque machines decide they no longer need humans. But judging from the progress made by arguably the most advanced humanoid robots, if Terminator does show up, it won’t even be able to stack shelves without falling over.The hilarious outtake was part of a
  
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• UK CPI inflation unexpectedly holds steady at 2.6% in July - as it happened

  15-08-2017 15:05
  Consumer price index stays at 2.6% despite forecasts of a rise to 2.7% in JulyUS retail sales beat expectations in JulyPound falls to one month low against the dollar after dataGerman economy continues to grow but by slightly less than expectedEuropean markets open higher 2.05pm BSTAfter a quiet day for economic news on Monday, investors have had more to get their teeth into today.The UK inflation data defied forecasts, with the consumer price index remaining steady at 2.6% in July, compared to
  
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• UK house price growth slows with London and north-east hardest hit

  15-08-2017 14:57
  ONS reveals average house price up £2,000 to £223,000 on previous month – but annual growth still outstrips inflationGrowth in UK house prices rose at a slower pace in June, yet remains close to the 5% average rate seen this year, with the slowest increases coming in London and the north-east.The average UK house price rose by £2,000 in June to £223,000 compared with the previous month, almost £10,000 higher than a year ago, according to the Office for Nationa
  
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• Man dies in fall from upper floor of London Stock Exchange

  15-08-2017 14:49
  Police are investigating but say they do not believe the circumstances are suspiciousPolice are investigating after a man fell to his death from an upper floor of the London Stock Exchange.The circumstances surrounding the incident on Tuesday morning were not clear but City of London police said they did not believe them to be suspicious. Continue reading...
  
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• UK 'still haggling' with EU over financial terms, says David Davis - BT.com

  15-08-2017 14:20
  BT.com
  UK 'still haggling' with EU over financial terms, says David Davis
  BT.com
  The Brexit Secretary failed to rule out whether the UK would have to pay for the temporary customs deal. Share this. Facebook; Twitter; Google plus; Email; Share. 0. Play Video. Play. Mute. Current Time 0:00. /. Duration Time 0:00. Loaded: 0%. 0:00 ...
  UK 'still haggling' with EU over financial terms, David Davis saysBusiness Reporter
  UK says it may seek 'temporary' customs union with EUFinancial Postalle 274 nieuw
  
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• Brexit WIN: New UK-China export £200million deal as demand for British pork surges

  15-08-2017 14:13 via feedproxy.google.com
  BRITAIN has secured a £200million export deal with China in a huge boost for the UK food industry ahead of Brexit.
  
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• Updated Guidance On Financial Sanctions Reporting Broadens ... - Mondaq News Alerts (registration)

  15-08-2017 13:59
  Updated Guidance On Financial Sanctions Reporting Broadens ...
  Mondaq News Alerts (registration)
  New UK regulations have been published that significantly extend the duty to report financial sanctions breaches. UK Finance and Banking Pinsent Masons LLP ...en meer »
  
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• UK: Updated Guidance On Financial Sanctions Reporting Broadens Obligations - Mondaq News Alerts (registration)

  15-08-2017 13:59
  UK: Updated Guidance On Financial Sanctions Reporting Broadens Obligations
  Mondaq News Alerts (registration)
  ANALYSIS: New UK regulations have been published that significantly extend the duty to report financial sanctions breaches. Previously only banks, financial institutions, certain EEA credit institutions, and currency exchange businesses were obliged to ...
  
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• UK will 'mirror' much of EU customs system for Brexit, plans reveal

  15-08-2017 13:58
  EU Brexit coordinator dismisses British strategy as ‘a fantasy’ after long-awaited policy paper is unveiledBritain expects to “mirror” much of the existing EU customs system both during and after Brexit, according to government plans that could prevent Liam Fox from immediately implementing new trade deals.This first detailed look at Whitehall’s negotiating strategy also reveals new reporting requirements for businesses as a way to minimise delays at international b
  
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• UK Financial Ombudsman reports no foreign currency enquiries received from ... - FinanceFeeds (blog)

  15-08-2017 13:38
  FinanceFeeds (blog)
  UK Financial Ombudsman reports no foreign currency enquiries received from ...
  FinanceFeeds (blog)
  Enquiries about spread betting products & services rose 20% from a year earlier, whereas those about derivatives fell by nearly 37%. The UK Financial Ombudsman Service reports no enquiries about foreign currency products & services were received from ...
  
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• Telit Communications boss steps down over fraud allegations

  15-08-2017 12:54 via feedproxy.google.com
  THE boss of Telit Communications, which makes technology for the “internet of things”, has resigned after an internal probe found he had withheld a US indictment against him.
  
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• Women beating sexism in the work place – your stories

  15-08-2017 12:41
  The audience at the Guardian women seminar share their stories about winning personal victories over sexism, racism and ageism at work – and the panel sum up their views on making progressSubscribe and review: iTunes, Soundcloud, Audioboom, Mixcloud, Acast & Stitcher and join the discussion on Facebook and Twitter Continue reading...
  
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• UK house price growth slips to 4.9%: UK HPI - Financial Reporter

  15-08-2017 12:11
  UK house price growth slips to 4.9%: UK HPI
  Financial Reporter
  It's concerning but not surprising to see a further - and more pronounced - fall in the capital's prices in June. Average house prices in the UK increased by 4.9% in the year to June 2017, down from 5.0% in the year to May 2017, according to the latest ...
  
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• Rail users face steepest fare rise in five years as inflation hits 3.6%

  15-08-2017 11:48
  Campaigners call for fares freeze saying passengers are ‘paying more for less’ as RPI jump raises prospect of hefty increaseRail fares for commuters in England and Wales will increase by 3.6% from next year, adding pressure to incomes already squeezed by higher prices. The rise, the biggest annual increase in five years, is set by the government and linked to July’s retail price index (RPI) measure of inflation announced by the Office for National Statistics on Tuesday. The hig
  
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• UK inflation lower than expected, easing rate hike prospects - Financial Post

  15-08-2017 11:24
  UK inflation lower than expected, easing rate hike prospects
  Financial Post
  LONDON — Consumer price inflation in Britain unexpectedly held steady in July at an annual rate of 2.6 per cent, official figures showed Tuesday in a development that may ease the pressure on the Bank of England to raise interest rates soon. The ...en meer »
  
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• REVEALED: House price hotspots - areas where values are BOOMING one year after Brexit vote

  15-08-2017 10:50 via feedproxy.google.com
  HOUSE prices continued to rise in June, as parts of Britain reaped a 12-month boom in values- proving that doom-monger forecasts of a Brexit triggered property market crash were wrong.
  
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• UK stocks rise for second straight day - Financial News (subscription)

  15-08-2017 09:49
  UK stocks rise for second straight day
  Financial News (subscription)
  London-listed stocks rose for a second straight session on Tuesday, as fears of a nuclear war between the US and North Korea continued to recede and as investors looked ahead to a closely watched UK inflation report, MarketWatch reports. The FTSE 100 ...en meer »
  
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• POUND LIVE: Pound falls to post-Brexit low after inflation data disappoints

  15-08-2017 09:26 via feedproxy.google.com
  THE pound tumbled against the euro after key inflation data gave further clues about when UK interest rates will rise.
  
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• UK finance firms rush to hire before Brexit - Financial News (subscription)

  15-08-2017 08:10
  UK finance firms rush to hire before Brexit
  Financial News (subscription)
  City employers are rushing to fill vacant positions as they, and the candidates they are chasing, scramble to make the most of the time they have left before Brexit. July was the fourth month in a row that the number of London-based financial services ...en meer »
  
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• Startup culture can be rife with bravado, but I’ve found new hope

  15-08-2017 08:00
  One business founder had misgivings about the hype around entrepreneurship, but joining an incubator renewed her ambitionI’m sitting on the tube when the word “entrepreneur” on the poster opposite catches my eye. It’s accompanied by a picture of a man carrying a surfboard. The poster is advertising a university course. It’s prescient as I’m heading to the first day of a business incubator programme for my startup. Damn, I thought, I’ve forgotten my surfb
  
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• Fitness First is last when it comes to cancelling gym membership

  15-08-2017 08:00
  I did cool off during the cooling-off period but can’t get my money backI signed up for gym membership with Fitness First – for more than twice the £23.99 I was paying PureGym a month. I was happy to fork out more money for what I thought would be quality membership but, given the bad service I received, I am now happy to stick with PureGym. Fitness First requires you to sign up to a 12-month contract with a 14-day cooling-off period. I used the 14 days to develop the confidenc
  
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• £14b​n class action case against Mastercard revived

  15-08-2017 07:27
  Appeal fights ruling that barred claim lodged on behalf of nearly 46 million consumers over alleged overchargingA proposed £14bn class action lawsuit against Mastercard is being revived after lawyers filed to appeal against a ruling that barred the case from heading to trial last month.Lawyers for former financial ombudsman Walter Merricks have made their application to the UK’s Competition Appeal Tribunal just weeks after it refused to certify his claim. Continue reading...
  
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• Advertise all UK jobs with flexible working to tackle pay gap – report

  15-08-2017 07:26
  Equality and Human Rights Commission outlines strategy that also recommends giving fathers additional paternity leaveSweeping employment changes, including advertising all UK jobs with flexible working and giving fathers additional paternity leave, should be made to tackle the gender pay gap, the equalities watchdog has recommended.Offering flexible hours to all job applicants will help combat pay disparities between men and women, while increasing job opportunities for disabled people, accordin
  
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• Ten years after the crash, there’s barely suppressed civil war in Britain | Aditya Chakrabortty

  15-08-2017 07:00 via theguardian.com
  The elite pretends it saved us from ruin. But while the rest of us endure austerity, the economic and business model that created the crash remains intact
  All history now, isn’t it? The credit crisis that began in August 2007, the ensuing banking crash and global recession. One bumper episode from the long-ago past, when the iPhone was a newborn and Amy Winehouse still made records. Now done, dusted, reformed and resolved. Or so one assumes, from the official self-congratula
  
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• Young graduates reluctant to move for new jobs, says thinktank

  15-08-2017 01:01
  Resolution Foundation says there has been a marked fall in UK labour mobility since the turn of the millenniumThe unwillingness of young graduates to move from their home regions is behind a marked drop in Britain’s labour mobility since the turn of the millennium, a thinktank has said.A study by the Resolution Foundation showed that the share of the population prepared to switch both region and employer in 2016 had fallen from 0.8% to 0.6%. Continue reading...
  
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• Supermarkets cut massive £3.7BILLION of discounts: Promotions at lowest level for 10 years

  15-08-2017 01:01 via feedproxy.google.com
  HIGH Street shoppers have been hit by a massive slump in promotional deals in supermarkets as sales tactics such as multi-buys become a thing of the past, a new report has shown.
  
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• Standard Life and Aberdeen Asset finalise £11 billion merger

  15-08-2017 01:01 via feedproxy.google.com
  STANDARD Life Aberdeen bosses hailed the launch of a “world class” investment firm after the Scottish fund managers completed their £11 billion merger.
  
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• Pound v US dollar: Market focus on key UK inflation data sees GBP drift lower

  15-08-2017 01:01 via feedproxy.google.com
  THE approach of key UK inflation data for July is causing the pound to soften against the US dollar this morning.
  
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• Clarksons flag global shipping revival after buoyant half-year figures

  15-08-2017 01:01 via feedproxy.google.com
  CLARKSONS flagged a global shipping revival as it navigated through choppy economic waters to deliver buoyant half-year figures.
  
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• City 'haemorrhaging' talent because of Brexit, says headhunter

  15-08-2017 01:01
  Fall in vacancies at financial services companies as banks make contingency plans for after UK’s exit from EUBrexit is being blamed for a decline in the number of job vacancies in the City and a drop in applications for key posts compared with last summer. According to headhunters Morgan McKinley there was an 11% slide in the number of City jobs in July, compared with a year ago, and a 33% fall in professionals seeking positions. Continue reading...
  
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