Financial news

• The AA should be a reliable runner – but it's dented by £2.7bn of debt

  26-09-2017 20:07 via theguardian.com
  The motoring organisation is a market leader with solid cash flows, but private equity owners have left it strugglingHere comes Simon Breakwell, hauled from the crew of non-executive directors, to perform running repairs on the AA as its new chief executive. His first tweak? A delay to an IT upgrade and a warning that an extra £35m must be spent. The shares hit another all-time low.On the plus side, boring talk about computers makes a change from recent excitement, such as last month&rsquo
  
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• Comparethemarket.com investigated over alleged deals with insurers

  26-09-2017 18:38 via theguardian.com
  Price comparison firm faces claims it has agreements with insurers preventing them from making cheaper offers on other sitesComparethemarket.com is being investigated by the competition regulator over suspicions that the price comparison website may have done deals with insurers that forced up some customers’ premiums.Following a year-long investigation into the whole price comparison industry, the Competition and Markets Authority (CMA) said on Tuesday it was investigating one price compa
  
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• UK regulator expects 130 financial firms to apply for British market access after ... - Independent.ie

  26-09-2017 18:12
  Independent.ie
  UK regulator expects 130 financial firms to apply for British market access after ...
  Independent.ie
  Sam Woods said he is still deciding whether to require branches to convert to subsidiaries after Brexit. London skyline 1 London skyline. By Kalyeena Makortoff, Press Association City Reporter. September 26 2017 4:06 PM. 0 Comments ...en meer »
  
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• Cayman Islands: Premier Leads Delegation to UK, Brussels, for Financial ... - Mondaq News Alerts (registration)

  26-09-2017 16:53
  Cayman Islands: Premier Leads Delegation to UK, Brussels, for Financial ...
  Mondaq News Alerts (registration)
  The Premier, the Hon. Alden McLaughlin, is leading a Government delegation to the UK and Brussels for discussions on financial services matters. Accompanying him are the Minister of Financial Services, the Hon. Tara Rivers; Councillor for Human ...
  
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• Pound hits 10-week high against the euro amid German election fears - business live

  26-09-2017 15:47 via theguardian.com
  Sterling has risen to €1.14 for the first time since early JulyLatest: Sterling rises against weak euroGerman election result hits single currencyCatalan election worries hit euro tooBombardier workers fear job losses over Boeing caseShrinking Jaffa Cake rowEarlier:Brent crude hits $59 per barrel, US crude at $52
  Kurdish independence vote angers Turkey 2.47pm BSTUS markets have moved ahead at the start of trading, as technology stocks recovered from Monday’s falls.But investors remain
  
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• Equifax chief Richard Smith steps down in wake of massive data breach

  26-09-2017 15:32 via theguardian.com
  Smith, 57, becomes third senior executive to leave since breach was reportedNew Equifax chairman Mark Feidler: ‘The board remains deeply concerned’The chief executive of embattled credit agency Equifax announced his retirement on Tuesday, in the wake of a massive data breach that exposed the personal information of 143 million people. Related: Deloitte hit by cyber-attack revealing clients’ secret emailsContinue reading...
  
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• London luxury property prices will stay flat until after Brexit, says Savills

  26-09-2017 14:36 via theguardian.com
  Market sentiment will remain ‘fragile’ amid uncertainty but start to recover towards the end of 2019, forecasts estate agentPrices for luxury homes in central London are forecast to fall 4% this year and will flatline for nearly two more years as Brexit uncertainty and tax changes weigh on the market, according to Savills.The upmarket estate agent is predicting that prices will start to recover towards the end of 2019, rising by 2%, with a stronger bounceback of 8% in 2020. The recov
  
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• Former executives of oil and gas group Afren to face fraud charges

  26-09-2017 14:13 via theguardian.com
  SFO accuses ex-bosses over payments they received via secret companies relating to more than $400m of Nigeria business dealsThe former boss and chief operating officer of Afren, a London-listed oil and gas exploration business, are to be charged with criminal offences in relation to an alleged £45m fraud that led to the collapse of the £2bn company.Osman Shahenshah, 55, the ex-chief executive, and Shahid Ullah, 58, formerly chief operating officer, appeared in Westminster magistrates
  
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• Surge in number of UK working mothers with dependent children

  26-09-2017 13:31 via theguardian.com
  ONS points to stepchange as figures show 4.9m mothers with dependent children are in work in 2017, up from 3.7m in 1996The number of mothers with dependent children employed in Britain has surged by more than a million over the past two decades, according to official figures.The Office for National Statistics said there had been a step-change in the employment rate for working mothers since records began in 1996 with almost three-quarters of women with dependent children either in full-time or p
  
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• Belfast workers 'holding their breath' for verdict in Bombardier trade dispute

  26-09-2017 13:19 via theguardian.com
  Thousands of jobs in Northern Ireland at risk if US authorities side with rival plane maker Boeing over state subsidiesUnions said Bombardier’s workers in Belfast were “holding their breath” as they await the verdict of US authorities on a trade dispute between the Canadian firm and its rival plane maker Boeing, the repercussions of which could put at risk about 4,000 jobs in Northern Ireland.The US Department of Commerce is expected to announce its decision on Tuesday, after A
  
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• Bank warned not to raise interest rates amid squeeze on households

  26-09-2017 13:00 via theguardian.com
  Ex-MPC member David Blanchflower says there is ‘absolutely no basis’ for Bank of England to raise rates as early as NovemberThe Bank of England has been warned against raising interest rates from as early as November, as a monthly Guardian analysis of the economy indicates pressure growing on households in the aftermath of the Brexit vote.One year since Threadneedle Street’s emergency rate cut to 0.25% from 0.5% to avert a post-Brexit vote recession, the Guardian’s tracke
  
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• 'You have to pay us!' Guy Verhofstadt DEMANDS UK pay Brexit bill to the ... - Express.co.uk

  26-09-2017 12:55
  Express.co.uk
  'You have to pay us!' Guy Verhofstadt DEMANDS UK pay Brexit bill to the ...
  Express.co.uk
  ARCH-FEDERALIST MEP Guy Verhofstadt ordered the United Kingdom to take "financial responsibility" over Brexit and pay a divorce bill to Brussels. By Aurora Bosotti. PUBLISHED: 11:46, Tue, Sep 26, 2017 | UPDATED: 11:56, Tue, Sep 26, 2017 ...en meer »
  
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• Brexit latest: Guy Verhofstadt calls on UK to take financial ... - Express.co.uk

  26-09-2017 12:55
  Express.co.uk
  Brexit latest: Guy Verhofstadt calls on UK to take financial ...
  Express.co.uk
  ARCH-FEDERALIST MEP Guy Verhofstadt ordered the United Kingdom to take 'financial responsibility' over Brexit and pay a divorce bill to Brussels.en meer »
  
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• Should interest rates go up as Brexit approaches? Experts debate the data

  26-09-2017 12:41 via theguardian.com
  Two former MPC members differ on what recent indicators mean for the economy, and whether it is time for dearer borrowingProfessor of economics at Dartmouth College, New Hampshire, and member of the Bank of England’s monetary policy committee from June 2006 to May 2009 Continue reading...
  
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• UK personal bank deposits growing at slowest rate since 2009

  26-09-2017 11:49 via theguardian.com
  British consumers are dipping further into their savings amid a squeeze from rising prices and falling real wages, figures showBritish consumers have been dipping further into their savings amid a squeeze from rising prices and falling real wages, figures show, as growth in personal bank deposits fell to the slowest annual rate since the height of the financial crisis. Annual growth in personal deposits with high street banks fell to 2.2% in August, in the weakest month since May 2009, according
  
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• HBOS compensation chief criticised by Noel Edmonds insists he is independent

  26-09-2017 09:42 via theguardian.com
  Russel Griggs, who has faced vitriol from fraud victims, on the review he is heading for Lloyds and why it is taking so longNoel Edmonds has a major problem with Prof Russel Griggs, the man appointed by Lloyds Banking Group to assess compensation claims for customers caught up in a £245m fraud.The Deal or No Deal host wants a £300m payout although Lloyds has set aside only £100m to cover claims from a total of 67 customers.Continue reading...
  
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• Labour pledge to bring PFI contracts in-house alarms business leaders

  26-09-2017 09:17 via theguardian.com
  Shadow chancellor receives standing ovations at conference but CBI says plan could send investors ‘running for the hills’Britain’s business groups have reacted with alarm to a pledge by the shadow chancellor, John McDonnell, to bring billions of pounds’ worth of PFI projects and their staff back under government control.McDonnell received repeated standing ovations from Labour activists in Brighton as he rattled through the party’s manifesto pledges on the economy &
  
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• 'Come with an open mind': the people who live at work

  26-09-2017 08:00 via theguardian.com
  Communal living is growing popular with freelancers and business owners happy to network round the dinner tableWhen 26-year-old Australian Adam Saez moved to London a little over a year ago, he had the idea of launching a fitness app inspired by his job as a personal trainer.
  Not knowing anyone in the city, he looked online for a flatshare and stumbled across the Collective, a communal living property company. Now, 14 months later, he’s settled into his co-living space and is moving forwar
  
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• ADT burglar alarm stayed silent while I was being robbed

  26-09-2017 08:00 via theguardian.com
  The thief passed the sensor but it apparently was on a ‘pet sensitive’ settingI was burgled recently and lost my laptop and PlayStation. My home alarm was on and in working condition (confirmed by ADT), but it didn’t activate despite burglars passing a sensor. I have since found out that this was because my alarm sensor was set up to be “pet sensitive”. I have no pets and ticked this on the contract. We did a test and my 6ft husband could move past the sensor uprigh
  
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• Cancelled Ryanair flight passengers warned to check insurance policies

  26-09-2017 07:30 via theguardian.com
  The beleaguered Irish airline is refunding passengers for cancellations but getting compensation for all those other pre-paid holiday extras will be a much harder proposition warn consumer expertsAs Ryanair launches a massive seat sale offering one million flights from £4.99, travel insurance companies are warning all air passengers to check the small print of their insurance policies.The huge sale follows Ryanair’s recent PR catastrophe, in which the low-cost airline was forced to c
  
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• How to save money on broadband and mobile phones

  26-09-2017 07:00 via theguardian.com
  Saving Money Week Are you paying too much for your home technology? Here are some ideas to make your budget stretch furtherAs our 24/7 reliance on technology has increased, so have the costs. According to the communications regulator, Ofcom, the average household spend on home phones, broadband and mobiles now stands at £85.25 per month. According to Broadbandchoices.co.uk, customers switching broadband suppliers could save up to £336 a year by getting the best deal, while Citizens A
  
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• A piece of history in Menai Bridge – in pictures

  26-09-2017 07:00 via theguardian.com
  A Grade II-listed former ferryman’s cottage could be yours for just £15,000 Continue reading...
  
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• This summer was greenest ever for energy, says National Grid

  26-09-2017 01:01 via theguardian.com
  Carbon emissions pushed to lowest level yet as first subsidy-free large solar power project opens in the UKThe UK has set a new landmark for clean energy after the National Grid announced that the electricity powering the UK’s homes and businesses this summer was the greenest ever.The record comes as the first subsidy-free large solar power project opens in the UK, in what the government described as a significant moment for the energy sector. Continue reading...
  
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• London's financial industry moots post-Brexit court to ensure UK law ... - Telegraph.co.uk

  26-09-2017 01:01
  Telegraph.co.uk
  London's financial industry moots post-Brexit court to ensure UK law ...
  Telegraph.co.uk
  The City of London has “no appetite” for a bonfire of EU regulations after Brexit, representatives of UK-based financial firms said yesterday, as they unveiled ...en meer »
  
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• London's financial industry moots post-Brexit court to ensure UK law doesn't ... - Telegraph.co.uk

  26-09-2017 01:01
  Telegraph.co.uk
  London's financial industry moots post-Brexit court to ensure UK law doesn't ...
  Telegraph.co.uk
  Financial firms in London want continued access to the EU market after Brexit. Credit: Oli Scarff/Getty Images. James Crisp, Brussels correspondent. 26 September 2017 • 12:01am. The City of London has “no appetite” for a bonfire of EU regulations after ...en meer »
  
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• City firms urge free trade agreement for financial services after Brexit

  26-09-2017 01:01 via theguardian.com
  London and Frankfurt will lose out to New York and Singapore if UK and EU do not agree deal, says reportLondon and Frankfurt will lose out to New York and Singapore unless a free trade deal on financial services after Brexit is agreed, according to leading City businesses.The report from key banks, law firms and fund managers in the UK proposes a “bespoke” free trade agreement once Britain leaves the EU. Continue reading...
  
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