Financial news

• UK interest rates stay at 0.25% but Bank of England hints rise is looming

  14-09-2017 19:59 via theguardian.com
  Pounds jumps 1% as governor says Bank is ‘beginning to shift’ on when to raise rates, with a rise possible ‘in coming months’ to stem inflationThe Bank of England has raised the prospect of an interest rate rise as early as November, in an attempt to relieve the squeeze on living standards from surging prices and sluggish wage growth. On Thursday, Threadneedle Street left interest rates at their record low of 0.25% amid fears over Brexit, but dropped a heavy hint that the
  
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• Bank of England hints at November interest rate rise, sending pound to one-year high - as it happened

  14-09-2017 19:22 via theguardian.com
  UK central bank predicts that some stimulus will probably be withdrawn “in the coming months”Closing summaryLatest: Carney says rate hike probability has increasedBreaking: BoE leaves interest rates unchanged...
  ...but hints that rate hike is coming
  November hike is ‘real possibility’ - City Index 6.22pm BSTTime for a recap.The City of London is bracing for UK interest rates to rise before the end of 2017, after the Bank of England has dropped its loudest hint yet that bo
  
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• Crushing morale, killing productivity – why do offices put up with meetings? | Simon Jenkins

  14-09-2017 18:06 via theguardian.com
  There’s no proof that organisations benefit from the endless cycle of these charades, but they can’t stop it. We’re addictedJust off to a meeting? Stop right now. Turn back. You will be stuck in an overheated room, chained to a table for an absurd length of time and stopped from proper work. Worse, we are now told that just sitting there is a killer. It shortens life. You will die. Related: One hour of activity needed to offset harmful effects of sitting at a deskContinue readi
  
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• James Murdoch warns No 10 not to shun Fox's Sky bid in Brexit run-up

  14-09-2017 17:48 via theguardian.com
  Fox chief executive says leaving the EU means it is more important than ever for Britain to attract investmentJames Murdoch has warned the government not to turn its back on 21st Century Fox’s bid for Sky as the UK prepares to leave the European Union, claiming Brexit makes it more important than ever that the country attracts investment.Murdoch said he was looking forward to going through the regulatory process on the deal if the UK “truly is open for business” and also defend
  
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• Sports Direct challenged by MPs over claims it underpays couriers

  14-09-2017 17:42 via theguardian.com
  MPs say there appears to be a ‘stitch-up’ between delivery firm Hermes and Sports Direct to short-change couriers by mislabelling heavy itemsMPs on two parliamentary select committees have challenged Sports Direct over claims it is deliberately under-paying couriers by mislabeling heavy items, including bicycles, as lightweight packets to avoid paying the fair delivery cost. Related: Mike Ashley running Sports Direct like 'Victorian workhouse'Continue reading...
  
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• Bank of England hints at November interest rate rise, sending pound to one-year high - live

  14-09-2017 17:30 via theguardian.com
  UK central bank predicts that some stimulus will probably be withdrawn “in the coming months”Latest: Carney says rate hike probability has increasedBreaking: BoE leaves interest rates unchanged...
  ...but hints that rate hike is coming
  City: 42% chance of rate rise in NovemberNovember hike is ‘real possibility’ - City IndexPound hits new one-year high 4.30pm BSTBreaking! A flurry of comments from Mark “Snapchat” Carney have just hit the newswires.The Bank of En
  
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• ‘It looks nice, but they shouldn’t use animal fat’: reactions to the plastic £10 note

  14-09-2017 17:17 via theguardian.com
  A vegan restaurant worker, a banknote-collecting shopkeeper and a cashpoint user give thoughts on the new polymer tennerWeronika Nowaczynska is reluctant to touch the new plastic £10 note. As a vegan she objects to the fact the polymer banknotes were made using the animal byproduct tallow.Continue reading...
  
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• Fly Ryanair without paying the extras, plus the chance to live a spiritual life

  14-09-2017 16:43 via theguardian.com
  Also, the build-to-rent housing solution and putting the spotlight on graduate earnings • Sign up to receive Money Talks each weekHello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed. Continue reading...
  
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• End austerity – and kickstart Martin Luther King’s revolution of values | Richard Kozul-Wright

  14-09-2017 16:10 via theguardian.com
  Hyperglobalisation has concentrated massive wealth in a few hands, boosting the cult of materialism that the great civil rights campaigner warned us aboutFifty years ago, at New York’s Riverside Church, Martin Luther King made a passionate plea for a more equal, more just, more peaceful and more dignified world. Calling for “a radical revolution of values”, King concluded: “We must rapidly begin … the shift from a thing-oriented society to a person-oriented society
  
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• Northern Rock investors' compensation claim just doesn't stand up | Nils Pratley

  14-09-2017 15:58 via theguardian.com
  Though it might be deserved, the chance of campaigners securing reparation through suasion is extremely lowOne sympathises, of course, with the former shareholders in Northern Rock who are still campaigning for compensation a decade after the bank’s nationalisation. They are not faceless City institutions. Many are small shareholders who had invested substantial sums, presumably in the belief the Rock was a solid north-east institution run by a competent board, and lost the lot.The problem
  
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• The financial system is still blinking red. We need reform more than ever | Rana Foroohar

  14-09-2017 15:57 via theguardian.com
  Fixing our financial system will be the key not only to stable growth, but also to stable politicsIt’s an amazing fact that a decade on from the financial crisis, Americans are still arguing about how to reform our financial system. Even as the Trump administration argues for a roll-back of the hard-won Dodd-Frank banking regulation, it’s worth noting that disenchantment with Wall Street is, paradoxically, one of the things that brought the president to office.Since 2008, the markets
  
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• UK interest rates stay steady at record low of 0.25%

  14-09-2017 15:24 via theguardian.com
  Bank of England’s monetary policy committee split over whether to raise rates to hold inflation in check The Bank of England left interest rates on hold at their record low of 0.25% amid sluggish pay growth and a squeeze on household spending, while hinting that a rise may come sooner than expected. The Bank’s monetary policy committee was split, with Michael Saunders and Ian McCafferty calling for an immediate rise to 0.5% to keep rising inflation in check. City economists had expec
  
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• Ryanair is preparing takeover bid for Alitalia, says Michael O'Leary

  14-09-2017 15:23 via theguardian.com
  Chief executive says Irish firm is finalising details of deal for bankrupt airline, but has no interest in German carrier Air BerlinRyanair is preparing a binding takeover bid for Italy’s bankrupt airline Alitalia but has no interest in the ailing German carrier Air Berlin, according to its chief executive, Michael O’Leary.O’Leary said the Irish firm was finalising the details of a deal that would be just the second major acquisition in the no-frills airline’s 33-year his
  
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• Elon Musk: Tesla electric lorry to be unveiled in late October

  14-09-2017 13:39 via theguardian.com
  Electric Semi truck will be ‘tentatively’ ready for first test rides and is ‘worth seeing in person’, but can batteries and self-driving trucks really replace diesels?Tesla is set to launch its first electric lorry, which is expected to be able to drive itself, in late October as the company attempts to break into the commercial market.Chief executive Elon Musk said that the “Tesla Semi truck” is “tentatively scheduled” for unveiling and first test
  
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• Go go gadget: the kid's watch that can phone home

  14-09-2017 12:45 via theguardian.com
  The growing wearables market now includes devices allowing parents to track and call children – not without controversy It was witnessing a frantic mum searching for her son two years ago that first gave Colleen Wong the idea of creating a wearable mobile phone for kids. “It just made me think, why are we not more connected to our children?” The Gator Watch has an in-built GPS tracker and SIM card that can both receive and make calls. By pairing it with a smartphone, you can as
  
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• Former Northern Rock investors ask Theresa May for compensation

  14-09-2017 12:33 via theguardian.com
  Shareholders who lost stakes when bank was nationalised in 2008 say it is unfair that government has received proceedsFormer shareholders in Northern Rock are asking Theresa May to listen to their moral case for compensation after their investment in the Newcastle-based lender was wiped out when it was nationalised 10 years ago.A delegation of investors will arrive at 10 Downing Street on Thursday to hand in a letter to the prime minister to set out their claim that it is unfair that the governm
  
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• The entrepreneurs turning carbon dioxide into fuels

  14-09-2017 12:13 via theguardian.com
  The race is on to prove that CO2 can be taken from the air and recycled into profitable, carbon neutral fuels. But cost and investment obstacles remainIn an industrial greenhouse about 30km from Zurich, plump aubergines and juicy cherry tomatoes are ripening to perfection. Growing Mediterranean crops in Switzerland would traditionally be energy intensive but these vegetables are very nearly carbon-neutral. The greenhouse uses waste energy from a nearby refuse plant, and carbon dioxide from the w
  
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• New cigarette rules have led to slump in sales, says Londis owner

  14-09-2017 12:03 via theguardian.com
  Cash-and-carry group Booker says tobacco sales fell nearly 10% in second quarter after plain packaging rules came inThe group behind the Londis and Budgens convenience store chains says tobacco sales have plunged since new rules came into force which mean cigarettes must be sold in standardised packaging bearing graphic warnings of the dangers of smoking.Booker, the cash and carry group which has agreed to a £3.7bn takeover by Tesco, said tobacco sales had fallen nearly 10% in its second q
  
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• Murdochs' £11.7bn Sky takeover bid referred to competition watchdog

  14-09-2017 12:00 via theguardian.com
  Competition and Markets Authority to launch in-depth investigation over media plurality and broadcasting standards The Murdoch family’s proposed £11.7bn takeover of Sky has been referred to the Competition and Markets Authority for further investigation.The culture secretary, Karen Bradley, told the House of Commons of the decision two days after signalling her intention to pass the deal to the competition watchdog for six months of in-depth scrutiny. Continue reading...
  
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• Campaigner will donate first Jane Austen £10 note to women's shelter

  14-09-2017 11:50 via theguardian.com
  Caroline Criado-Perez, who forced Bank of England to put a woman on new banknote, says it will feel amazing to hold oneA campaigner who forced the Bank of England to have female representation on banknotes has pledged to donate her first Jane Austen tenner to a women’s shelter as the new plastic currency enters circulation.Caroline Criado-Perez threatened to take the Bank to court for discrimination when the former governor Mervyn King announced that it was phasing out paper fivers featuri
  
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• John Lewis profits halve as chairman warns over Brexit uncertainty

  14-09-2017 10:48 via theguardian.com
  Sir Charlie Mayfield says Brexit is making an impact on the economy and calls for ‘serious parliamentary debate’John Lewis has said rising prices and weaker consumer demand prompted by Brexit will continue to hit the business in the remainder of the year, as it revealed profits had more than halved in the first six months.The group, which owns Waitrose supermarkets as well as the John Lewis department store chain, said it was operating in a tough retail market as UK consumers were le
  
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• Next and Morrisons predict end to Brexit-related price rises

  14-09-2017 10:32 via theguardian.com
  Retailers upbeat as they forecast impact of weak pound in pushing up inflation should start to diminish in early 2018Two of Britain’s biggest retailers have signalled some respite for cash-strapped consumers by predicting that Brexit-related price rises would come to an end next year.Clothing retailer Next and supermarket chain Morrisons have both issued upbeat forecasts saying the impact of the weaker pound in driving inflation higher should start to diminish in early 2018. Continue readi
  
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• The UK shall remain 'financial services centre of the world' - Insurance Business

  14-09-2017 08:50
  Insurance Business
  The UK shall remain 'financial services centre of the world'
  Insurance Business
  The UK shall remain 'financial services centre of the world' “It is my priority as Chancellor to ensure that the UK remains the financial services centre of the world. And the global hub of fintech.” These were the words of UK finance minister Philip ...
  UK: Hammond Hints At Financial Services Positioning For BrexitMondaq News Alerts (registration)alle 235 nieuwsartikelen »
  
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• UK's £1bn TV and film sales industry under threat from new regulations

  14-09-2017 08:18 via theguardian.com
  European commission working on allowing broadcasters to make online service available across Europe, which ‘threatens’ future contentThe UK’s £1bn industry that sells films and TV shows such as Victoria, Sherlock and Love Island across Europe is under threat from plans in Brussels that will slash their value to broadcasters on the continent, a cross-party group of MPs has warned the government.The European commission is developing regulations that will allow broadcasters
  
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• No-one likes to talk about death and money - even in a good cause | Rob Cope

  14-09-2017 08:06 via theguardian.com
  Remembering a charity in a will is an opportunity to support causes people care about into the future. Let’s not fight shy of a difficult conversationRob Cope is the director of Remember a CharityIf there are two things the British public tend to be most reluctant to discuss, it’s death and money. Bearing in mind that both are core components of a legacy gift, you can understand why many fundraisers, chief executives and trustees – even those who are entirely comfortable talkin
  
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• You thought eBay is unfair to sellers? It’s got nothing on Etsy

  14-09-2017 08:00 via theguardian.com
  We rely on it for a living, but it has closed all my shops twiceI have read with interest your cases when eBay was unfair to its sellers, but eBay is a picnic compared to what Etsy sellers have to endure. Many, like me, depend on it for making a living, but we are powerless against its often arbitrary decisions. I have opened six Etsy shops since 2007 and it has closed all of them on two occasions. The first was when we were mistakenly linked to a seller in Portugal who’d had a complaint f
  
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• British pubs under threat from new 'eye-watering' business rates

  14-09-2017 07:01 via theguardian.com
  Campaign for Real Ale says business rates revaluation is ‘ticking time bomb’ as some pubs face paying thousands more a monthThe great British boozer is under threat as a result of spiralling business rates, according to a campaign group which warns they are a “ticking time bomb” which could devastate the sector. The Campaign for Real Ale (Camra) is calling for an annual £5,000 reduction in business rates for every pub across England, after revealing that since the e
  
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• Build-to-rent – the solution to Britain's housing crisis?

  14-09-2017 07:00 via theguardian.com
  Purpose-built block of rental homes, including affordable units and extensive facilities, are fast becoming a hot investmentAygul Zagidullina is not mad about football, but when she received a newsletter through the door about new rental homes opening next to Wembley Stadium in north London, she and her husband did not need much persuading. They were the first tenants to move into Quintain’s 7,600-home Wembley Park development, which will include 5,000 purpose-built rental homes. It is the
  
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