Financial news

• RBS mistreated clients, leaked FCA report reveals

  25-08-2017 23:06
  Regulator claims the Global Restructuring Group was responsible for ‘inappropriate action’ against firms in financial difficultiesA division of the taxpayer-owned RBS bank which was meant to help companies in trouble mistreated many of its clients but did not try to “profit from their distress”, according to a leaked report by the regulator, the Financial Conduct Authority.According to the report, seen by the BBC, investigators found “inappropriate action” by
  
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• Janet Yellen rebukes Trump over plan to lift financial regulations

  25-08-2017 18:00
  Fed chair defends regulations and says policymakers may have forgotten damage inflicted on the economy in 2008Donald Trump has been rebuked by the US central bank chief, Janet Yellen, for planning to scrap tough banking regulations that made the system “substantially safer” and did nothing to restrict growth or lending.Yellen, the Federal Reserve chair, used a speech at the annual meeting of central bankers on Friday in the US ski resort of Jackson Hole to warn that policymakers migh
  
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• Amazon TV hints at significant expansion into sport broadcasting

  25-08-2017 17:35
  Head of Amazon Studios says at Edinburgh TV festival sport is good opportunity for company’s video streaming serviceThe boss of Amazon’s television production arm has hinted that the company is planning significant expansion into sports broadcasting.Roy Price, the head of Amazon Studios, said at the Edinburgh international television festival that sport was a good opportunity for Amazon’s video streaming service. Continue reading...
  
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• Let’s Move To Kingston upon Hull, Yorkshire: ‘It’s glorious’

  25-08-2017 17:30 via theguardian.com
  As well as excellent art, visitors to this year’s UK City of Culture will be rewarded with beautiful streets, a huge minster and wonderful views over the HumberWhat’s going for it? “It’s never dull in Hull”, says the mug I picked up at the museum. Indeed, it isn’t. But it’s time we ditched the ’ull and revelled in the polysyllabic glory of its proper name – Kiiiings-ston upon Hull. For Hull was, and is, glorious. It’s had – is hav
  
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• The miserable reason behind millennials' slow march to the suburbs | Jamie Peck

  25-08-2017 16:25 via theguardian.com
  More and more young people are leaving expensive cities to settle in areas suffering from suburban blight – a sign that the kids could be all rightIt’s common knowledge by this point that millennials are killing everything. From napkins to diamonds to the future of the human race, it seems like no sacred institution or consumer good is safe from this generation of selfie-snapping murderers. Imagine my surprise, then, when Bloomberg News revealed that my generation is now beginning to
  
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• Provident appoints new consumer credit boss in bid to stabilise business

  25-08-2017 16:00
  Doorstep lender issued second profit warning in three months after botched changes caused debt repayments to plungeProvident Financial, the troubled doorstep lender, has drafted in the former head of its consumer credit arm in a bid to stabilise the business after its debt collection rates plunged.The company said Chris Gillespie would replace Andy Parkinson as managing director of the business immediately. Gillespie ran the division, which charges high interest on loans collected mainly from bo
  
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• Banks brace for rush of PPI claims as £42m TV ad campaign begins

  25-08-2017 15:59 via theguardian.com
  Industry watchdog the FCA forces industry to fund campaign to spur fresh wave of claims before 2019 deadlineBritain’s banks are bracing themselves for a new wave of compensation claims likely to be sparked by a £42m advertising campaign urging customers to complain about their payment protection insurance policies.The campaign by the Financial Conduct Authority is due to launch on 29 August – exactly two years before the cut-off point for any fresh PPI claims – and is bei
  
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• Trump's trade policy on China won't win its help on North Korea | Jeffrey Frankel

  25-08-2017 15:30
  The president is threatening to erect new trade barriers against China just when he needs its aid to rein in the Kim regimeFor years, Americans have misunderstood the nuclear threat from North Korea, misjudging how to address it. They have also misunderstood the bilateral trade deficits with China, overestimating their importance. Today, as President Donald Trump threatens new trade barriers against China, on which the United States must depend to help rein in an increasingly dangerous North Kor
  
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• How to reclaim mis-sold PPI for free

  25-08-2017 15:30 via theguardian.com
  Getting compensation can be a quick and easy – and there is no need to use expensive claims handling companyReclaiming mis-sold payment protection insurance can be a quick and easy process. There is no need to use a claims handling company that will rake off 30% of any compensation you are awarded. Continue reading...
  
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• Sterling and markets calm ahead of Jackson Hole bankers meeting - as it happened

  25-08-2017 15:10
  ECB’s Mario Draghi and Federal Reserve’s Janet Yellen set to give keynote speechesCohn felt “enormous pressure” to quit White House German confirms strong GDP growth but business sentiment dipsPound unlikely to hit parity with euro - INGOil climbs on Hurricane Harvey fears 2.10pm BSTMarkets remain calm ahead of the Jackson Hole speeches from ECB boss Mario Draghi and US Federal Reserve chair Janet Yellen.Most analysts expect the central bankers to be cautious about their
  
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• Sir Philip Green's retail empire agrees to pay £30m to BHS creditors

  25-08-2017 15:05
  Arcadia, which owned BHS until it was sold to Dominic Chappell-led consortium, reaches deal with store’s liquidatorsSir Philip Green’s Arcadia retail empire has agreed to pay £30m to unsecured creditors of BHS following the collapse of the department store chain with the loss of 11,000 jobs.Arcadia, which owned BHS until it was sold to a consortium led by Dominic Chappell for £1 in 2015, on Friday agreed the deal with BHS’s liquidators, FRP Advisory, which will drop
  
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• Burglars loot jewellery worth millions from Indian chain in UK - Financial Express

  25-08-2017 14:46
  Financial Express
  Burglars loot jewellery worth millions from Indian chain in UK
  Financial Express
  A gang of thieves smashed their way into the UK branch of an Indian jewellery shop in a "meticulously planned and audacious raid" and stole 1.8 million pounds worth of gold, diamond and other jewels. By: PTI | London | Updated: August 25, 2017 6:28 PM. 0.en meer »
  
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• Woodpecker drilling damages 6000 electricity poles in UK - Financial Express

  25-08-2017 13:41
  Financial Express
  Woodpecker drilling damages 6000 electricity poles in UK
  Financial Express
  Woodpeckers have damaged some 6,000 electricity posts in East Anglia and south-east England in the past year, forcing a utility firm to test a wood filler containing a scent that repels the birds, the British media reported today. By: Sagrika Kissu ...en meer »
  
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• Air passengers react to alcohol crackdown: 'Get as many in as you can'

  25-08-2017 13:22
  As Ryanair calls for airports to limit sales to two drinks, holidaymakers and staff voice mixed views on how to deal with the issueIt’s 6pm and the Lion & Antelope is rammed. Every seat is taken, every table filled with booze, and every bartender serves a never-ending stream of punters eager for a teatime pint – or three.But this isn’t your everyday pub: this is Manchester airport’s Terminal 3 in August, the pre-drinking place to be for holidaymakers heading to Alican
  
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• Provident Financial rebounds as it shakes up management | The ... - The Week UK

  25-08-2017 12:52
  The Week UK
  Provident Financial rebounds as it shakes up management | The ...
  The Week UK
  Provident Financial has taken "decisive action" to put itself on the road to recovery and its shares were leading the FTSE 100 higher this morning in response, ...en meer »
  
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• Samsung heir sentenced to five years in jail after corruption conviction

  25-08-2017 11:27
  South Korean court sentences Lee Jae-yong over role in scandal that led to impeachment of former president Park Guen-hyeA bribery and cronyism scandal that has already toppled a South Korean president has claimed a major business scalp after a court sentenced Lee Jae-yong, the acting chairman of Samsung, to five years in prison for crimes including offering bribes and perjury.
  The billionaire, South Korea’s third-richest man and heir to the sprawling Samsung empire, had been accused of mak
  
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• UK 'can halve oil imports by banning new petrol and diesel cars in 2030'

  25-08-2017 10:34
  Target of 2040 to ban sale of conventional cars should be made more ambitious, says reportAn ambitious target to phase out sales of new petrol and diesel cars by 2030 could halve UK oil imports, a study by environmental and aid organisations suggests.The government has announced plans to ban the sale of conventional combustion engine cars and vans by 2040 as part of its efforts to tackle air pollution and climate change, a move the groups welcomed as a step in the right direction. Continue readi
  
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• UK consumer morale rises but financial gloom remains - The Independent

  25-08-2017 09:45
  The Independent
  UK consumer morale rises but financial gloom remains
  The Independent
  UK consumer morale improved slightly in August but remained subdued overall as households became gloomier about their finances, a survey showed on Friday. The monthly consumer confidence index from pollster YouGov and consultancy Cebr rose to ...en meer »
  
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• Mining giant Adani cleared in second case over allegations of financial fraud

  25-08-2017 08:20
  India’s customs authority dismisses claims of huge sums of money being siphoned out of IndiaIndia’s customs authority has cleared the Adani Group of illegally siphoning money into overseas tax havens, dismissing one of two sets of power equipment fraud allegations known to be facing the mining conglomerate.The judgment this week involved separate Adani Group subsidiaries to those named in similar allegations reported by the Guardian earlier this month, but employed the same alleged c
  
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• Pop-ups to Deliveroo: firms hunt bricks-and-mortar alternatives

  25-08-2017 08:00
  Retailers stifled by business rates and high commercial property rents are finding new ways to reach their customers “If you’re launching an online-only food business, you’re competing with hundreds of thousands of stores; if you want to create a high street chain, you’re up against Pret and McDonald’s,” says Steven Novick, founder of health food business Farmstand. Faced with this conundrum, Novick has eschewed more traditional business models. After launchin
  
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• Slowdown in London house price growth ebbs as Bristol sees steep fall

  25-08-2017 01:01 via theguardian.com
  Upward pressure on prices in capital is returning as Bristol becomes UK city with biggest drop in property price growthThe slowdown in the growth of London house prices appears to be abating, leaving Bristol as the UK city with the biggest drop in property prices expansion last month, according to new figures. Upward pressure on prices in the capital is returning following weak annual growth since the start of 2016, amid a fall in sales as homeowners refuse to sell up for lower valuations, accor
  
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• Semi-automated truck convoys get green light for UK trials

  25-08-2017 01:01
  Government allocates £8.1m to trials of ‘platooning’ which proponents say could cut congestion and hauliers’ fuel costsThe government has given the go-ahead for the first trials of convoys of semi-automated trucks on UK motorways.Up to three wirelessly connected HGVs will travel in convoy, with acceleration, braking and steering controlled by the lead vehicle, a concept named platooning. Each lorry will have a driver in the cab ready to retake control at any time.Continue
  
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