Financial news

• UK chip maker Imagination bought for £550m by China-backed tech firm

  25-09-2017 21:15 via theguardian.com
  Shares in Imagination Technologies climb 40% after sale to private equity firm Canyon BridgeShares in Imagination Technologies have jumped more than 40% after the UK chipmaker announced a takeover by a China-backed private equity firm that was blocked by Donald Trump from buying a US rival over national security concerns.Imagination has agreed to a 182p-a-share takeover by Canyon Bridge, which is based in Palo Alto in California and backed by state-owned Chinese fund Yitai Capital. The deal valu
  
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• Uber faces serious charges – why is Khan offering an olive branch? | Nils Pratley

  25-09-2017 20:37 via theguardian.com
  The ride-hailing service has offered a vague ‘apology’ now its London licence is under threat, but it has failed to address the issuesDara Khosrowshahi became chief executive of Uber because his predecessor, Travis Kalanick, had become a liability. Uber’s private equity backers knew there was little hope of getting the taxi service firm’s shares listed on a stock market while Kalanick was at the helm, annoying regulators and inflaming every dispute that crossed his desk.
  
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• Oil prices soar to highest for more than two years after output cuts

  25-09-2017 20:07 via theguardian.com
  Analysts say prices could rise further, in a move that would put upward pressure on UK inflationOil prices jumped to their highest for more than two years on Monday after major producers said output cuts were squeezing supplies.Brent crude leapt by 2.7% to $58.39 (£43.35) a barrel as analysts said prices could rise to levels not seen since 2014, in a move that would put further upward pressure on inflation in the UK. The oil price squeeze has been orchestrated by the Opec oil producers&rsq
  
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• SHOCK WARNING: EU banking crisis to continue for YEARS

  25-09-2017 20:04 via feedproxy.google.com
  EUROPEAN banks are expected to continue to struggle for a number of years, the latest analysis has indicated.
  
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• Labour's PFI pledge would be expensive – but isn't a blank cheque | Larry Elliott

  25-09-2017 18:35 via theguardian.com
  Taking contracts ‘back in-house’ would mean compensation, but John McDonnell left himself a get-out clauseThe private finance initiative was the live now, pay later method of building hospitals, schools and other bits of public infrastructure. Governments that were short of cash could get companies to put up the cost of shiny new investment and pay the money back in instalments over many decades.But as John McDonnell stressed in his speech to Labour’s conference, PFI has proved
  
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• Addison Lee wrongly classed drivers as self-employed, tribunal rules

  25-09-2017 17:35 via theguardian.com
  Verdict in test case brought by three drivers against minicab firm could lead to wave of claims for unpaid wages and holiday payDrivers for London-based minicab company Addison Lee could be owed wages and holiday pay after an employment tribunal test case found that some had been wrongly classed as self-employed.The tribunal in central London ruled that three drivers, who claimed they earned the equivalent of about £5 an hour as self-employed contractors, should have been treated as worker
  
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• Lenders underestimating consumer debt CRISIS risks, Bank of England warns

  25-09-2017 16:53 via feedproxy.google.com
  BRITAIN'S banks have been ordered to put aside an extra £10billion by the Bank of England amid fears the huge jump in household debt could sink lenders in a downturn.
  
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• City of London is Bank of China's best hope for 'mammoth' initiative

  25-09-2017 16:17 via feedproxy.google.com
  A BANK of China executive has backed the City of London to help manage the risk posed by Beijing’s mammoth infrastructure programme, the Belt and Road Initiative.
  
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• Is mortgage protection insurance necessary when buying a house?

  25-09-2017 16:12 via theguardian.com
  I have a high BMI and think I’d be turned down for coverQ I have been reading articles regarding mortgage life insurance cover. Unfortunately I have a higher-than-wanted body mass index (BMI) count, and from what I’ve read I believe I would find it hard to get insurance.If I wanted to sell my existing property and buy a new place, but couldn’t get mortgage life insurance due to my BMI, is it compulsory to have cover to be accepted for a mortgage? Would my lender still lend to m
  
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• Groomed for success: how a mentor made all the difference to a dog salon

  25-09-2017 16:12 via theguardian.com
  In 2014, Fay Greene was struggling to make ends meet. Now, thanks to a startup loan via the Prince’s Trust’s Enterprise programme – and the guidance of NatWest mentor Tracy Westley – she runs a thriving dog-grooming business. Here, they explain how they forged such a rewarding relationshipYears ago, my husband and I took on a pub and it just didn’t work. I had a very good upbringing, but through a series of events we ended up flat broke, jobless and homeless overnig
  
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• Uber apologises after London ban and admits 'we got things wrong'

  25-09-2017 15:11 via theguardian.com
  London mayor Sadiq Khan says he welcomes apology by CEO of ride-hailing app, which has been stripped of its licenceUber’s chief executive has apologised for the taxi app’s mistakes in London and promised to change as the company fights a decision by the city not to renew its licence. The firm is battling to keep operating in the capital after Transport for London decided not to renew its licence to operate. Uber’s London licence expires on 30 September, although it will continu
  
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• Deloitte hit by cyber-attack revealing clients’ secret emails

  25-09-2017 14:00 via theguardian.com
  Exclusive: hackers may have accessed usernames, passwords and personal details of top accountancy firm’s blue-chip clientsOne of the world’s “big four” accountancy firms has been targeted by a sophisticated hack that compromised the confidential emails and plans of some of its blue-chip clients, the Guardian can reveal.Deloitte, which is registered in London and has its global headquarters in New York, was the victim of a cybersecurity attack that went unnoticed for month
  
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• Bank of England warns a consumer debt crisis could cost banks £30bn

  25-09-2017 13:52 via theguardian.com
  Stress tests reveal lenders are underestimating exposure to bad debt in face of an economic downturnThe Bank of England has issued its strongest warning yet about the UK’s ballooning consumer debt, saying Britain’s banks could incur £30bn of losses on their lending on credit cards, personal loans and for car finance if interest rates and unemployment rose sharply.After assessing the fast growth in the consumer credit market, Threadneedle Street is requiring the banking system t
  
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• REVEALED: Labour credit card plans WON’T solve root of debt problems, experts insist

  25-09-2017 13:29 via feedproxy.google.com
  LABOUR has promised to cap interest payments on credit cards and personal loans, in a plan experts say fails to get to tackle the source of debt problems.
  
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• Labour's state pension changes for women savaged by experts - It’s TOO LATE

  25-09-2017 13:01 via feedproxy.google.com
  LABOUR is pledging state pension changes for older women, but the plans announced at the party conference in Brighton have been attacked by high-profile critics.
  
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• Aldi's UK profits drop for third successive year despite growth

  25-09-2017 12:32 via theguardian.com
  Discounter’s determination to keep prices lower than rival supermarkets continues to dent profits even as sales rise The UK arm of Aldi has announced a third consecutive year of falling profits as the German discounter struggles to maintain cheaper prices against its supermarket rivals.The grocery chain reported a 17% fall in profits to £211.3m in the year to 31 December 2016, from £255.6m the year before, despite a 13.5% leap in sales to £8.74bn. Continue reading...
  
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• UK financial services optimism worst since 2007 credit crunch | The ... - The Independent

  25-09-2017 09:59
  The Independent
  UK financial services optimism worst since 2007 credit crunch | The ...
  The Independent
  Optimism about the business environment among Britain's financial services firms declined again in the third quarter of this year, the longest run of falling ...en meer »
  
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• UK financial services optimism worst since 2007 credit crunch - The Independent

  25-09-2017 09:59
  The Independent
  UK financial services optimism worst since 2007 credit crunch
  The Independent
  Optimism about the business environment among Britain's financial services firms declined again in the third quarter of this year, the longest run of falling sentiment since the global financial crisis, according to a survey published on Monday. The ...en meer »
  
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• POUND LIVE: Pound leaps against euro as Merkel's CDU sees worst result since 1949

  25-09-2017 09:45 via feedproxy.google.com
  THE pound jumped against the euro, after the German Election resulted in Chancellor Angela Merkel losing vote share to far right party AfP.
  
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• Redundancy payout nightmare after bank transfer error sends stranger money

  25-09-2017 08:00 via theguardian.com
  Moving funds about is getting ever easier thanks to technology, but so are the chances of sending them to the wrong placeLife as Sam Woods knew it changed in July when his employer went into administration. The 31-year-old was one of 50 workers who lost their jobs when their company called in the receivers. But while his colleagues soon received statutory redundancy pay, Woods, who had worked for the firm for 10 years, waited in vain. Five weeks later he discovered his bank account number had be
  
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• Our problem balloons as 11 flights are cancelled

  25-09-2017 08:00 via theguardian.com
  Balloon Adventures has refused a full refund despite us waiting two years to go on a rideSimilar to a reader’s recent issue with Virgin Balloon Flights, I am having problems with another provider, Adventure Balloons. My partner bought vouchers for my birthday two years ago but we have had nothing but hassle, with 11 bookings cancelled due to weather. I asked for a refund last year but the firm is adamant we are only entitled to 40% of what we paid – 32% after the £80 it took to
  
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• Need a ride? Carpooling offers a short-cut in the drive to end congestion

  25-09-2017 08:00 via theguardian.com
  Technology has turned what was once an informal arrangement between friends into a lucrative business opportunityThe concept of carpooling is by no means a new one. From finding co-workers to commute with via the staff noticeboard, to sharing the school run, the idea of catching communal lifts to save money and ease congestion has been around since long before apps and the sharing economy. Carpooling first emerged in the US at the turn of the 20th century, with the invention of the motor car. Bu
  
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• Super savers: meet the coupon queen and the cashback king

  25-09-2017 07:00 via theguardian.com
  Saving Money Week As part of our series on saving cash, here’s how three canny consumers make their budgets stretch furtherIt has been four years since Great Yarmouth resident Smith, 32, paid full price for anything at the supermarket. “It all started one night when I couldn’t sleep,” she says. “I got up and started looking for coupons on the internet, which I could combine with supermarket deals to get the item for free. I became really good at it and then a friend
  
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• How to save money on your shopping

  25-09-2017 07:00 via theguardian.com
  Saving Money Week Looking for bargains need not be a chore – as part of our series on saving cash, here are some ideas to make your budget stretch furtherAmong the many knock-on effects from the vote to leave the EU came an unwanted development for shoppers – the cost of buying groceries went up. The prices of butter and fish have soared since last summer and grocery prices across the board have increased well ahead of the rate of inflation. What does that mean for the average shoppe
  
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• STUDENT STUFF ALERT: Digs make rich pickings for thieves

  25-09-2017 01:01 via feedproxy.google.com
  Students have lost almost £25 million to thieves over the past three years turning them into easy prey in university towns.
  
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• John McDonnell’s plan for socialist state Britain slammed by business leaders

  25-09-2017 01:01 via feedproxy.google.com
  BUSINESS leaders have condemned John McDonnell’s redprint to turn Britain into a socialist state at a cost of hundred billions to the taxpayer.
  
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• GBP v EUR: Recovery surges as German election result unsettles markets

  25-09-2017 01:01 via feedproxy.google.com
  MARKETS have been disconcerted by the results of yesterday’s German Federal Election, which saw Angela Merkel retain a majority, even though her share of the votes shrank.
  
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• Artisan gin craze boosts UK distilleries

  25-09-2017 01:01 via feedproxy.google.com
  THE number of distilleries in the UK has increased by a fifth to 131 over the past year amid the growing popularity of artisan gin, a new report shows.
  
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