Financial news

• Brexit and its implications for the UK financial services industry - Harvard Law School News

  03-10-2017 21:43
  Harvard Law School News
  Brexit and its implications for the UK financial services industry
  Harvard Law School News
  Niamh Moloney LL.M. '93, professor of Financial Markets Law and incoming Head of the Law Department (2018-2019) at the London School of Economics, spoke at Harvard Law School on Sept. 27 on the complex question of the United Kingdom's exit from ...
  
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• IMF warns that using consumer debt to fuel growth risks crisis

  03-10-2017 21:20 via theguardian.com
  International organisation joins Bank of England in voicing concern over high levels of household borrowing The International Monetary Fund has issued a warning to governments that rely on debt-fuelled consumer spending to boost economic growth, telling them they run the risk of another major financial collapse.In a report before the IMF’s annual meeting in Washington next week, it said analysis of consumer spending and levels of household debt showed that economies benefited in the first
  
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• Force India F1 boss Vijay Mallya re-arrested over money-laundering

  03-10-2017 21:15 via theguardian.com
  Tycoon denies Indian government’s claim he supported his Formula One team with money-laundered cashVijay Mallya, the flamboyant multimillionaire co-owner of the Force India Formula One team and self-proclaimed “King of the Good Times”, was arrested on Tuesday over allegations of supporting his F1 team with money-laundered cash. The Indian government accuses Mallya, 61, of fleeing to the UK to avoid arrest in relation to £1bn of unpaid debts. The crown prosecution service
  
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• 2 Sisters admits 'other areas of concern' at West Bromwich chicken plant

  03-10-2017 21:02 via theguardian.com
  Food group says suspending production at scandal-hit plant will cost up to £500,000 a week but the incident is a ‘wake-up call’The 2 Sisters Food Group has admitted it has found “other areas of concern”, centred on food hygiene standards, at its scandal-hit West Bromwich chicken processing plant, which was shut down at the weekend.The country’s largest supplier of supermarket chicken suspended production at one of its main processing plants on Sunday in the wa
  
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• Royal Mail looks set to deliver a long and bitter dispute | Nils Pratley

  03-10-2017 21:00 via theguardian.com
  Staff, who have voted for a Christmas strike, are miles away from management on how to fix the pensions gapSir Vince Cable, business secretary in the coalition government, was right about Royal Mail being a risky investment at privatisation in 2013. The biggest risk – industrial action – is now arriving and looks serious.Members of the Communication Workers Union (CWU) have voted overwhelmingly to strike over the company’s proposal to cut pension benefits. The City had anticipa
  
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• Tesco could have faced £600m 'black hole', fraud trial hears

  03-10-2017 20:16 via theguardian.com
  Court hearing case against former directors of supermarket chain told finance staff quit over concerns about unlawful practicesTesco could have faced an accounting black hole of £600m in 2014 if misreporting practices had continued, and two finance staff quit because of concerns over unlawful practice, according to the prosecution in a legal action against three former directors at the supermarket chain.Carl Rogberg, the former finance director of Tesco UK, John Scouler, the former commerc
  
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• Frugal students won't need help from their parents, says Jo Johnson

  03-10-2017 19:56 via theguardian.com
  Universities minister says those struggling to live on maintenance loan can choose to get by in other waysStudents facing high living costs at university can choose to live frugally and it is not always up to parents to supplement loans, universities minister Jo Johnson has said.Responding to questions about the pressure on parents to supplement maintenance loans, the minister conceded there may be a gap between the loans provided and the actual cost of living at university.Continue reading...
  
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• Uber and TfL plan more talks after meeting fails to resolve London row

  03-10-2017 19:17 via theguardian.com
  Ride-hailing firm says it is ‘determined to make things right’ in London as CEO Dara Khosrowshahi leads bid to regain licenceUber and Transport for London are to hold further peace talks after failing to reach an agreement at a summit where the ride-hailing app’s chief executive launched an attempt to win back its licence.
  Dara Khosrowshahi, who took over as Uber CEO in August, flew to London for the emergency meeting with the TfL commissioner, Mike Brown, on Tuesday. The pair
  
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• China’s emissions trading scheme puts Australian companies on notice

  03-10-2017 19:00 via theguardian.com
  The launch of China’s national carbon market could also harm the competitiveness of Australian productsFor a brief and shining moment in 2012, Australia was at the global forefront of climate change action, as one of the first countries to implement a carbon pricing mechanism. It lasted only two years, and was repealed amid much fanfare by the Abbott government in July 2014. During its time, Australian companies and industries exposed to the carbon pricing mechanism took a long hard look a
  
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• UK construction suffers shock contraction; IMF warns on household debt – as it happened

  03-10-2017 18:57 via theguardian.com
  British builders warn that political and economic uncertainty has hit demand, as activity shrinks for first time in 13 months
  IMF says household debt is bad for growthUK construction activity shrunk last monthWorst reading in 14 months as “Brexit blight’ bitesHousebuilding hit by ‘fragile confidence’Construction PMI fell to 48.1, from 51.1.
  CIPS: Brexit blight is causing damageWorld stock markets hit record highs 5.57pm BSTWith Wall Street hitting new highs and Spanish sh
  
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• Royal Mail workers vote for industrial action

  03-10-2017 18:21 via theguardian.com
  Majority of Communication Workers Union members back first strike since the company was privatised four years agoPostal workers are on the verge of a strike in a dispute over pensions, pay and conditions.The Communication Workers Union (CWU) announced on Tuesday that a majority of its 111,000 members in Royal Mail had voted for industrial action, the first since the company was privatised four years ago. Continue reading...
  
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• Catalonia Independence Referendum: Spain's stock market SINKS as markets fear for country

  03-10-2017 17:07 via feedproxy.google.com
  SPAIN’S stock market continued to sink on Tuesday, furthering heavy losses from Monday, as investors panicked about the future of the country after Catalans voted in favour of independence.
  
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• Las Vegas shooting sees gun company shares SOAR after massacre

  03-10-2017 15:52 via feedproxy.google.com
  THE Las Vegas shooting has seen gun manufacturer stocks jump in a chilling reaction to the massacre.
  
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• Colman's Mustard could cut ties with Norwich as Unilever mulls closure

  03-10-2017 15:06 via theguardian.com
  Future of the company’s plant in the city is in doubt after Britvic, which co-owns the site, said it would be pulling out in 2019Colman’s Mustard could be on the brink of severing its historical links with Norwich after Unilever said it was reviewing the future of its factory in the city.Colman’s has been based in Norfolk since Jeremiah Colman started his mustard and flour business on the outskirts of Norwich in 1814. The brand also sponsored the city’s football team for
  
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• UK has highest inflation rate among world’s top economies, says OECD

  03-10-2017 14:25 via theguardian.com
  Rising cost of imports such as food and fuel since Brexit vote is pushing prices to rise at faster rate than anywhere in G7 The UK has the highest inflation rate among the world’s top economies, in the latest sign the Brexit vote is contributing to a squeeze on living standards. The increased cost of importing food and fuel is pushing prices to rise at a faster rate than anywhere in the G7 group of leading global economies, according to the Organisation for Economic Co-operation and Develo
  
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• Ryanair pilots face HMRC investigation over airline's employment structures

  03-10-2017 13:50 via theguardian.com
  Airline uses Irish limited companies to employ some UK-based pilots, thus curbing its obligations for benefits such as sick payRyanair pilots are being investigated by HM Revenue & Customs over complex employment structures imposed on them by the no-frills airline.Several experienced pilots told the Guardian that they have faced tax investigations relating to the way in which they are employed by Ryanair. Europe’s busiest airline is already grappling with a PR disaster caused by errors
  
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• Lending to UK firms at risk after Brexit, Bank of England warns

  03-10-2017 12:55 via theguardian.com
  Bank says not enough preparations being made by EU companies to keep operating in UK after it leaves bloc in March 2019 The Bank of England has warned that lending to businesses could dry up after Brexit because not enough preparations are being made by companies in the EU to keep operating in the UK after March 2019.Companies from European Economic Area countries – EU member states, Iceland, Liechtenstein and Norway – provide about 10% of lending to UK businesses and would need to r
  
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• UK construction in contraction for first time since Brexit vote aftermath

  03-10-2017 12:26 via theguardian.com
  September PMI records negative growth for first time in more than a year following a sustained drop in new workBritain’s construction industry has contracted for the first time since the immediate aftermath of the Brexit vote, as rising political uncertainty leads to a sustained drop in new work. September data revealed a difficult month for building companies, as new projects failed to materialise to replenish jobs planned before the referendum. The drop in workload was attributed to frag
  
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• Libor posed risk to UK financial stability, says BoE - Financial Times

  03-10-2017 12:09
  Financial Times
  Libor posed risk to UK financial stability, says BoE
  Financial Times
  Policymakers at the Bank of England have said for the first time that they feared financial markets' reliance on Libor created a significant risk to UK financial stability. The BoE's Financial Policy Committee first judged in March that there was a ...en meer »
  
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• Brazil, China and US deals lift production in UK factories

  03-10-2017 11:55 via feedproxy.google.com
  BUMPER orders for overseas markets boosted output at Britain’s factories in September.
  
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• Pound v US dollar: GBP slides against USD as UK construction sector contracts

  03-10-2017 11:30 via feedproxy.google.com
  THE pound fell against the US dollar again this morning as activity in Britain’s construction sector unexpectedly shrank last month.
  
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• Pound V euro: GBP slumps on construction contraction and Brexit critique

  03-10-2017 11:30 via feedproxy.google.com
  A PAIR of disappointing developments have weakened the pound today, leading to a moderate decline against the euro. For the GBP/EUR exchange rate, this has meant a slide to €1.128.
  
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• POUND LIVE: Pound FALLS amid Brexit economy fears after shock data

  03-10-2017 10:39 via feedproxy.google.com
  THE pound dropped to a two week low against the euro after worse than expected economy data, while the European Union's chief Brexit negotiator Michel Barnier warned there has not been enough progress in talks.
  
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• Monarch collapse was timed to keep disruption to minimum, says CEO

  03-10-2017 09:48 via theguardian.com
  Executives knew airline’s fate on Saturday but waited more than 24 hours to go into administration to allow CAA to prepareThe collapse of Monarch was timed to avoid more disruption and could not have been averted because of Britain’s insolvency laws, the airline’s chief executive has said.Monarch was placed into administration at 4am on Monday, triggering Britain’s biggest peacetime repatriation of stranded air travellers, which is expected to take about two weeks to comp
  
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• It’s time the Tories woke up to the universal credit nightmare | Patrick Butler

  03-10-2017 08:30 via theguardian.com
  Despite growing evidence, the work and pensions secretary has declared the benefits system fit for action. Now many more face debts, eviction and hungerIt is full speed ahead on universal credit. “It’s working,” David Gauke, the work and pensions secretary, declared to the Conservative party conference on Monday, in doing so disregarding a huge weight of evidence to the contrary, and confounding the massed ranks of critics in and outside of the party who are calling for an urge
  
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• Don't make us sell our homes! Pensioners' anger at spiralling cost of social care bills

  03-10-2017 08:00 via feedproxy.google.com
  BRITONS do not want to sacrifice their family homes to pay any old age care bills, new research has found.
  
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• British Gas broke into my flat and changed the meter

  03-10-2017 08:00 via theguardian.com
  I don’t want a pre-paid meter, but I do want accurate billingI have spent months trying to get British Gas to sort out a meter problem in an empty flat we are renovating. In January the company changed the meter and I paid the final bill for the old meter. I subsequently received another bill which showed a reading from the meter that had been removed. I rang through my own reading from the new meter and was told that a revised bill would be sent. When that arrived it was still wrong. Cont
  
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• Otterburn Castle – in pictures

  03-10-2017 07:00 via theguardian.com
  Ever fancied being a landowner? You get 32 acres for your £1.4m … and much more Continue reading...
  
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• 'Supply-chain bullying' to be tackled with first-ever small business commissioner

  03-10-2017 01:01 via feedproxy.google.com
  MIDLANDS businessman Paul Uppal has been urged to curb “supply chain bullying” by larger firms after being appointed the first-ever small business commissioner.
  
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• Stanley Gibbons 'dependent on support' of its bank as woes grow for stamps specialist

  03-10-2017 01:01 via feedproxy.google.com
  STAMP dealer Stanley Gibbons is “dependent on the ongoing support” of its bank.
  
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• Cala Group blasts 'understaffed' councils for 'unnecessary' planning delays

  03-10-2017 01:01 via feedproxy.google.com
  CALA Group has slammed “understaffed” councils for planning delays as the upmarket homes builder posted its fifth straight year of record revenue and profit.
  
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