Financial news

• The City's timidity has let Sports Direct's Keith Hellawell survive | Nils Pratley

  06-09-2017 20:42 via theguardian.com
  In 2013, fund managers found the strength to oust Sir John Bond as Glencore Xstrata chair. Sadly, these moments are all too rareIt is amazing to recall that as recently as 2013, fund managers summoned the will to vote out a City grandee as chair of a major FTSE 100 company. He was Sir John Bond, who had been chairman of Xstrata and was due to assume the same position after the big mining merger with Glencore.Bond wasn’t merely ousted, but humiliated as payback for the perceived botched han
  
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• The Guardian view on EU migration: economically and culturally vital | Editorial

  06-09-2017 20:39 via theguardian.com
  The Home Office plans cast Brexit Britain as an insular and introspective island, preoccupied with preventing almost all migrants from having a legal option to settle in this country. No one wants thatThe leak of Home Office plans for immigration once the United Kingdom leaves Europe has given a voice to the thinking that drives Brexit; and it is a sound that makes for very uncomfortable listening. If the voters had been soothed by the siren assurances to business and to the public about a smoot
  
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• Asda cuts nearly 300 jobs at its head office as part of cost-cutting effort

  06-09-2017 20:39 via theguardian.com
  The 288 staff affected were told to leave immediately while a further 800 staff had their job descriptions changed as boss Sean Clarke tries to stop falling salesAsda has axed nearly 300 jobs at its head office as part of a major cost-cutting drive at the supermarket.The grocer, which is owned by Walmart, informed around 288 affected staff about the cull on Wednesday afternoon, instructing all of those workers to leave their posts immediately.Continue reading...
  
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• Bell Pottinger has toxified political debate in South Africa | Justice Malala

  06-09-2017 19:59 via theguardian.com
  The disgraced PR firm did not create our racial problems but it exploited them ruthlessly, giving our struggle for justice a sinister toneYou don’t have to look for racial inequality when you land in South Africa. It is everywhere. It is in the spatial arrangements: the pristine formerly whites-only suburbs (where a few of us black people now live) and their high walls, sitting miles away from the sprawling black squatter camps and townships that provide labour for the still &nda
  
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• Deutsche Bank boss says 'big number' of staff will lose jobs to automation

  06-09-2017 19:58 via theguardian.com
  John Cryan told conference in Frankfurt that accountants could be replaced by machines, while also saying that Frankfurt is ideally placed to benefit from BrexitThe chief executive of Deutsche Bank has issued a stark warning about the impact of technology, saying a “big number” of his staff will lose their jobs as robots take over. John Cryan told an audience in Frankfurt: “In our bank we have people doing work like robots. Tomorrow we will have robots behaving like people. It
  
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• Seoul pleads with Vladimir Putin to help tame North Korea

  06-09-2017 19:46 via theguardian.com
  South Korean president tells Russian leader that situation risks becoming uncontrollableThe South Korean president, Moon Jae-in, has warned that the crisis on the Korean peninsula risks becoming “uncontrollable” as he sought Russian cooperation in a meeting with Vladimir Putin.
  “The global political situation has become very serious due to North Korea’s repeated provocations,” Moon told the Russian president during bilateral talks in Vladivostok on Wednesday. Contin
  
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• Amazon and Apple join race for James Bond distribution rights

  06-09-2017 18:54 via theguardian.com
  Rights valued at up to $5bn are considered to be underexploited and deal with either could also involve global TV broadcastingAmazon and Apple have emerged as contenders to take on the multibillion-dollar distribution rights for the James Bond film franchise and could provide a new TV home for 007.
  The rights, valued at between $2bn and $5bn (£1.5bn-£3.8bn), according to Hollywood Reporter, are considered to be underexploited in a world where blockbuster global intellectual property
  
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• Brexit: McDonald's UK CFO discusses its impact - Financial Director - Financial Director

  06-09-2017 18:51
  Financial Director
  Brexit: McDonald's UK CFO discusses its impact - Financial Director
  Financial Director
  Welcome back to our video series, where we ask top-hitting financial directors and CFOs the big questions on the year ahead. Every week we publish new video ...en meer »
  
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• Business Made Simple events: Bristol

  06-09-2017 18:50 via theguardian.com
  Join our tech skills masterclass and inspirational talk from a top entrepreneur in Bristol on Thursday 19 October, 6pm-9pmThe Guardian Business Made Simple events series, to guide you and your business through the tech world, comes to Bristol with an expert masterclass and keynote address on Thursday 19 October.The keynote talk will be made by Tim Fendley, chief executive and founder of Living Map, a digital mapping company, offering location-based services for complex cities, businesses and bui
  
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• Stanley Fischer resigns from the Fed; Canada raises interest rates - as it happened

  06-09-2017 18:30 via theguardian.com
  All the day’s economic and financial news, as the Bank of Canada and Stanley Fischer both surprise the marketsFischer quits Fed earlyCanada hikes interest ratesEarlier:Wolfgang Schäuble criticises ECB
  Deutsche Boss John Cryan warns of financial bubblesGerman factory orders fall in July
  Markets nervous as South Korea meets Russia 5.29pm BSTTime for a quick recap.The future of the US Federal Reserve has been thrown into fresh uncertainty after vice chair Stanley Fischer suddenly resigne
  
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• Government asks big companies to sign letter backing Brexit strategy

  06-09-2017 18:24 via theguardian.com
  Letter states ‘we believe this is a good time for employers to work with government’, a second embarrassing leak in 24 hoursNo 10 has been asking major UK companies to sign a letter supporting its Brexit strategy, despite concerns in the corporate world about how immigration and trade will be affected.
  The letter, first seen by Sky News, was circulated to some FTSE 100 chiefs and others leaders but it was soon leaked by a company furious that Downing Street wanted it to support a pla
  
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• Stanley Fischer resigns from the Fed; Canada raises interest rates - business live

  06-09-2017 16:56 via theguardian.com
  All the day’s economic and financial news, as the Bank of Canada and Stanley Fischer both surprise the marketsFischer quits Fed earlyCanada hikes interest ratesEarlier:Wolfgang Schäuble criticises ECB
  Deutsche Boss John Cryan warns of financial bubblesGerman factory orders fall in July
  Markets nervous as South Korea meets Russia 3.53pm BSTNewsflash! Stanley Fischer, the vice chair of America’s Federal Reserve central bank, has tendered his resignation.In an unexpected move, Fisc
  
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• Sports Direct chairman narrowly survives shareholder revolt

  06-09-2017 14:54 via theguardian.com
  Keith Hellawell defends use of zero-hours contracts and says there is no need for independent review of working practicesThe Sports Direct chairman, Keith Hellawell, has survived a shareholder rebellion after just over 53% of independent investors backed his re-election.
  Hellawell, who has been chairman of the company since 2009, had pledged to step down if he failed to win the backing of independent investors who last year voted against him. Continue reading...
  
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• Bell Pottinger could close by end of the year without fresh finance

  06-09-2017 13:25 via theguardian.com
  PR company embroiled in scandal over its practices in South Africa needs to service debts of about £4mThe embattled public relations firm Bell Pottinger is under pressure to find a buyer within the next month or it could face closure by the end of the year due to mounting debts.The company, which is fighting to hold on to staff and clients after being embroiled in a scandal over a secret campaign to stir up racial tensions in South Africa, is understood to be £4m to £5m in the
  
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• Leaked immigration plans 'catastrophic' for industry, say employers

  06-09-2017 13:16 via theguardian.com
  CBI and Institute of Directors urge open approach to hiring from EU after proposals for post-Brexit policy are revealedBritain’s blueprint for a post-Brexit immigration policy, outlined in leaked Home Office documents, would be “catastrophic” for some industries, employers have warned. European Union nationals make up about 7% of the overall UK workforce – about 2.2 million workers – with some sub-sectors of the economy reliant on migrants, official figures show. EU
  
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• UK seeks tougher laws on corporate financial crime - Fin24 (press release)

  06-09-2017 12:34
  Fin24 (press release)
  UK seeks tougher laws on corporate financial crime
  Fin24 (press release)
  London - A proposal to toughen UK laws to make it easier to hold companies accountable for financial crime is still under consideration by the government after years of back and forth, according to a speech from the solicitor general. "The weaknesses ...
  
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• The debt trap: how the student loan industry betrays young Americans

  06-09-2017 12:00 via theguardian.com
  Navient, spun off from Sallie Mae, has thrived as student loan debt spirals across the US. Its story reveals how, instead of fighting inequality, the education industry is reinforcing itThis story is published in partnership with Fusion as part of Fusion TV’s investigative documentary series The Naked TruthAmong the 44 million Americans who have amassed our nation’s whopping $1.4tn in student loan debt, a call from Navient can produce shivers of dread.Navient is the primary point of
  
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• Ryanair: pay £5 for priority boarding to carry on wheelie bags

  06-09-2017 11:34 via theguardian.com
  Airline axes two free bags in cabin policy, claiming it causes delays – but also cuts fees for checked luggageRyanair customers will have to pay £5 for priority boarding from 1 November if they want to carry a wheelie bag on board, as the airline attempts to reduce boarding and flight delays caused by a shortage of overhead cabin space.Priority boarders will still be able to carry on two bags, but all other passengers will be allowed to take only one smaller bag on board the aircraft
  
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• UK stocks slip as home builders and insurers feel the pressure - Financial News (subscription)

  06-09-2017 10:42
  UK stocks slip as home builders and insurers feel the pressure
  Financial News (subscription)
  UK stocks fell Wednesday, keying off a selloff on Wall Street as tensions with North Korea persisted and Hurricane Irma headed toward the US, reports MarketWatch. The FTSE 100 fell 0.4% to 7,340.19, led by financial and industrials shares.en meer »
  
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• North Sea oil and gas sector losing thousands of jobs, survey shows

  06-09-2017 09:39 via theguardian.com
  Cost-cutting and mergers still hitting industry despite recovery in the oil priceBritain’s North Sea energy sector is still shedding thousands of jobs despite the recovery in the oil price, according to new figures.The industry had already been hollowed out by the 2014-16 oil price slump, falling from a peak of nearly 500,000 employed in 2014 to 315,000 at the end of last year. But data from the Oil & Gas UK, the trade body, shows a further 13,000 jobs linked to the sector were lost in
  
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• Help-to-buy scheme aids some buyers, but boosts builders even more | Nils Pratley

  06-09-2017 08:50 via theguardian.com
  The government has spent £4.6bn already – why should it continue with the subsidy in such a generous form? Housebuilder Redrow says it’s looking forward to working with government to consider the future of the help-to-buy subsidy scheme beyond 2021. You bet it is. Since former chancellor George Osborne in 2013 committed to helping homebuyers purchase new properties with a deposit of only 5%, Redrow has reported record profits every year.The latest annual numbers – and a s
  
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• Seoul pleads with Putin to help tame North Korea

  06-09-2017 08:16 via theguardian.com
  South Korean president tells Russian leader that situation risks becoming uncontrollableSouth Korea’s president, Moon Jae-in, has warned that the crisis on the Korean peninsula risks becoming “uncontrollable” as Asia-Pacific stocks tumbled for the third day running.
  “The global political situation has become very serious due to North Korea’s repeated provocations,” Moon told the Russian president, Vladimir Putin, during bilateral talks in Vladivostok on Wednes
  
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• Ban betting firms from sponsoring football shirts, says Labour

  06-09-2017 08:04 via theguardian.com
  Party pledges to tackle ‘hidden epidemic’ of addiction and protect children from early exposure to gamblingFootball clubs will be banned from signing shirt sponsorship deals with betting companies under a Labour government, as the party pledges to tackle a “hidden epidemic” of addiction and protect children from early exposure to gambling.The policy, unveiled by deputy leader Tom Watson, is understood to be the first of a series of proposals to curb the power of gambling
  
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• Time is running out for eBay/Paypal to get a grip on fraud

  06-09-2017 08:00 via theguardian.com
  Sellers will soon think the site isn’t worth the risk unless action is takenThere was a big response to our letter from the reader who lost around £1,100 after selling his Fender electric guitar on eBay. A shocking number of others reported being similarly scammed; others pointed out that Parcelforce would have been able to check the weight of the parcel at various points and should have been more helpful.Reader DC said he now photographs the entire packing process. Readers could try
  
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• Meet the entrepreneurs driving the boom of booze-free drinking

  06-09-2017 08:00 via theguardian.com
  For some small businesses, the decline of Brits drinking regularly represents a golden opportunity“A glass of wine in the evening is such a marker, [going] from the rush of the day to the slowing down for the evening,” says Helen McGinn. As a drinks writer, the ritual is both work and pleasure. And so, when she signed up to last year’s Dry January, she went on a quest for non-alcoholic alternatives. Continue reading...
  
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• Better energy efficiency measures could cut UK costs by £7.5bn

  06-09-2017 07:45 via theguardian.com
  Government must incentivise households to make energy saving improvements to improve air quality and warm homesMore efficient use of energy in the UK would save as much power as could be generated by six new nuclear reactors and shave £7.5bn from energy costs, experts have calculated.But to achieve such savings would require substantial changes to government policy because there are few incentives for households to carry out the necessary measures, such as insulation, which can take 20 yea
  
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• Need more space? UFO-shaped home goes up for sale in New Zealand

  06-09-2017 05:36 via theguardian.com
  The Futuro house, complete with built-in furniture and a spaceship-style entrance, is one of only about 100 ever built A rare spaceship-shaped home has been put for sale in New Zealand, attracting international interest as sci-fi and architecture nerds scramble to secure a UFO abode by the sea. Futuro houses were created in 1968 by Finnish architect Matti Suuronen as pre-fab, portable ski chalets. Shaped like an egg and constructed from fibreglass-reinforced polyester plastic the unusual houses
  
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