Financial news

• The Guardian view on WTO rules: not a Brexit safety net | Editorial

  05-10-2017 20:50 via theguardian.com
  The Tory free-trade fundamentalists are wrong: the UK has more clout in the world as part of Team EuropeWhen ministers point to a silver lining, check for clouds. So it is with recent boasts of a deal between the UK and Brussels on the division of shared quotas that, under World Trade Organisation auspices, manage food imports from non-EU countries. It is an unglamorous aspect of Brexit, but an instructive one.To summarise crudely, the deal presumes that the current EU quota is unchanged an
  
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• Goldman Sachs boosts post-Brexit plans with Frankfurt office deal

  05-10-2017 20:27 via theguardian.com
  Wall Street bank leases eight floors of new 37-storey block in German financial capital with space for 1,000 staffGoldman Sachs has begun to make plans for Brexit by leasing space in a new Frankfurt tower block that could hold up to 1,000 staff.The Wall Street bank, which employs 6,000 staff in the UK, has been searching for office space in the German financial centre for the last six months as it looks to continue operations across the EU after Brexit. Continue reading...
  
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• Catalonia's political turmoil prompting firms to consider relocating

  05-10-2017 20:18 via theguardian.com
  Banks Sabadell and Caixa among first to respond amid fears about access to rest of Spain and EU if independence is declaredThe prospect of Catalonia declaring independence from Spain has sparked fears that major businesses will have to relocate away from the region to guarantee continued access to the domestic Spanish market and the wider European Union.Catalonia-based banks Sabadell and CaixaBank are expected to be among the first to respond. Their share prices have fallen sharply this week ami
  
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• Fall in rail journeys raises questions for train franchise firms

  05-10-2017 20:01 via theguardian.com
  April to June figures are down nearly 5% against 2016 but industry sources say whole franchise model is based on growthThe number of rail passenger journeys in Britain fell sharply in spring this year, after two decades of virtually constant growth since privatisation.
  Analysts and industry observers said the figures were concerning, while Labour said it raised serious questions about the viability of franchises. Continue reading...
  
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• Pound slides against dollar, UK car sales suffer and Hammond's war chest 'shrinks' – as it happened

  05-10-2017 19:15 via theguardian.com
  Britain is motoring towards its first drop in annual car sales since 2011, after suffering a 9% drop in registrations last monthSterling falls to four week low against the dollarIt’s Official: UK car sales declined by 9.3% last monthSales have fallen for six months running
  Sales down 3.9% so far this yearDiesel sales slump by 21%Sofa sales have also dropped this yearSMMT: Brexit uncertainty is hurting investment6.15pm BSTWith Spanish shares recovering despite the continuing tensions betwee
  
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• Keep the change, please: Australians reject coins as not worth the weight

  05-10-2017 19:00 via theguardian.com
  Survey finds Australians lose an estimated $38m every month in change – and many are entirely relaxed about itAlmost all Australians – 93% – have thrown away a five-cent coin for being annoying to carry, according to a study of more than 1,000 people by the banking group ING.The survey revealed a growing disdain for cash payments across most age groups, and said our aversion to carrying coins costs individuals up to $10 a month in lost change.Continue reading...
  
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• INVIEW's TV tech brings digital delights to the masses worldwide

  05-10-2017 17:40 via feedproxy.google.com
  DIGITAL TV expert Inview Technology is the one to watch as it blazes a trail bringing high end services in affordable formats to Africa and now the US military.
  
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• Tesco whistleblower commissioned report on scale of profit hole, court hears

  05-10-2017 16:57 via theguardian.com
  Amit Soni tells fraud trial he asked his team to draft report on how £200m profit undershoot had occurred, aiming to pass it to grocer’s most senior chiefsThe whistleblower at the centre of the Tesco accounting scandal has told a court that he personally commissioned a detailed analysis of the scale of alleged profits manipulation at the retailer and that his team were “falling apart” in an aggressive environment where his bosses refused to downgrade targets.Amit Soni, a
  
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• Newcastle United investigated over 'systemic abuse of tax system'

  05-10-2017 16:40 via theguardian.com
  Court papers show extent of allegations against Premier League clubHMRC alleges Newcastle used ‘sham’ contracts when signing playersNewcastle United are under investigation over alleged “extensive” tax evasion on player transfers, court papers have shown.Details of the allegations have emerged as the club failed in a legal challenge against search warrants issued to HM Revenue and Customs during Operation Loom, which saw dawn raids by HMRC on premises including St James&r
  
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• The cure for student debt isn’t frugality – it’s reforming the unfair loans system | Poppy Noor

  05-10-2017 16:38 via theguardian.com
  A lecture from the Eton-educated minister Jo Johnson on good housekeeping shows just how out of touch ministers really are with young peopleIt was all going so well. Two days into party conference and the Conservative party had vowed to win over the hearts and minds of young people, and they hadn’t even issued any failed hashtags yet. Someone had suggested upping their Instagram game in a bid to win us over, resulting in some hilarious “behind the scenes” shots. But then educat
  
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• McColl’s founder steps down and cashes in remaining £33.6 million stake

  05-10-2017 16:23 via feedproxy.google.com
  THE co-founder of convenience chain McColl’s has stepped down from the board and cashed in his remaining £33.6 million stake amid speculation that he is set to lead a rescue of grocery wholesaler Palmer & Harvey.
  
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• Topps Tiles shares hit four-year low as slowing property market dents sales

  05-10-2017 16:18 via feedproxy.google.com
  SHARES in Topps Tiles hit a four-year low yesterday as a slowing property market dented sales.
  
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• Scheme to avert Brexit staff crisis will come too late, says hospitality industry

  05-10-2017 15:47 via theguardian.com
  British Hospitality Association writes to ministers as it emerges that qualification in hospitality will not be introduced until 2022Government plans to help find an army of British baristas, waitresses and chefs to replace EU workers have been criticised after it emerged they will not be introduced for five years. The British Hospitality Association has written to the immigration minister Brandon Lewis expressing dismay that plans for a new qualification in hospitality will not be introduced un
  
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• END of low rates? Savings and mortgage interest RISES as Bank of England prepares move

  05-10-2017 15:42 via feedproxy.google.com
  SAVERS are being offered higher cash returns, while lenders up mortgage costs, amid expectations the Bank of England will hike interest rates in November.
  
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• UK car sales slide for a sixth month amid falling consumer confidence

  05-10-2017 15:10 via theguardian.com
  Trade body blames Brexit uncertainty and confusion over air quality plans after sales of new diesel cars fall by more than a fifthNew car sales in the UK fell for a sixth month in September, leaving the market on course for its first annual decline since 2011.Car registrations dropped by 9.3% to 426,170, the first time the September market has declined in six years. The Society of Motor Manufacturers (SMMT) and Traders blamed declining consumer confidence given uncertainty over Brexit and confus
  
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• Royal Mail’s employees are striking on behalf of all workers | Polly Toynbee

  05-10-2017 14:40 via theguardian.com
  Rival carriers undercut the Royal Mail by offering far worse pay and conditions. It’s time to stop this race to the bottomPostal workers have just voted to strike. The Tories at their conference gleefully challenged Labour leaders to denounce “illegal” action, assuming the Communication Workers’ Union ballot would never jump the hurdle of Tory laws designed to make strikes virtually impossible. Tough: not only did turnout far outleap the legal minimum, but 89% of votes ba
  
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• Uber's change of tone bodes well for future in London, says mayor

  05-10-2017 14:25 via theguardian.com
  Sadiq Khan contrasts apology from global CEO with management of Uber London, whose licence TfL has refused to renewUber’s change of tone bodes well for the future of the ride-hailing app in London, the city’s mayor has said.Sadiq Khan said the apology from Uber’s chief executive and the different tone struck was an important factor as the company attempts to keep its foothold in the UK capital.Continue reading...
  
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• Financial watchdog boss plays down fears over car loans - Belfast Telegraph

  05-10-2017 11:13
  Belfast Telegraph
  Financial watchdog boss plays down fears over car loans
  Belfast Telegraph
  The head of Britain's financial watchdog has defended the use of car finance products despite widespread fears they could herald the next financial crisis. Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), said the growing ...en meer »
  
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• How can Vodafone charge me £1.50 a minute for an EU call?

  05-10-2017 08:00 via theguardian.com
  I’ve been phoning my partner in Greece from the UK at an eye-watering rate despite changes to roaming rulesMy partner has been in Greece for some weeks. With the changes to the rules on roaming he has been calling me using his normal allowance, but I was shocked to see that my calls to him are charged at an eye-watering £1.50 a minute by Vodafone. What justification can there be for this? PM, LondonIt’s a common misconception that the new rules banning data roaming charges affe
  
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• Tories' energy price cap policy merely passes the buck to Ofgem chief | Nils Pratley

  05-10-2017 07:10 via theguardian.com
  Government relying on someone else to deliver promise and ignoring fact customers who switch fixed tariffs could end up paying more“Welcome to the political hothouse, Dermot Nolan, chief executive of Ofgem. We’re giving you more powers to regulate the energy market. Specifically, we want you to extract the prime minister from a mess of her own making over energy bills by setting a price cap that does all of the following: it will deliver £100 a year in savings for households; i
  
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• Over half of new cancer drugs 'show no benefits' for survival or wellbeing

  05-10-2017 07:01 via theguardian.com
  Of 48 cancer drugs approved between 2009-2013, 57% of uses showed no benefits and some benefits were ‘clinically meaningless’, says BMJ studyMost cancer drugs that have recently arrived on the market have come with little evidence that they boost the survival or wellbeing of patients, research reveals.Forty-eight cancer drugs were approved by the European Medicines Agency between 2009 and 2013 for use as treatments in 68 different situations.Continue reading...
  
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• Retirement WARNING of 'cliff edge' life after working life: 'Some find it challenging'

  05-10-2017 01:01 via feedproxy.google.com
  RETIREMENT dreams turn into a nightmare for one in five pensioners who find it difficult to adjust to life without work, warns a new report.
  
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• Pound v US dollar: GBP exchange rate slides against USD on rising political fears

  05-10-2017 01:01 via feedproxy.google.com
  THE POUND has fallen sharply against the US dollar this morning as investors become increasingly concerned about divisions in the Conservative government.
  
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• Consumer spending BOOST: Dominant services sector grows in uplift for Britain

  05-10-2017 01:01 via feedproxy.google.com
  CONSUMER spending helped Britain’s dominant services sector grow “modestly” last month but firms are more cautious on the year ahead.
  
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• Pound V euro: GBP exchange rate against EUR slides after P45 stunt at Theresa May speech

  05-10-2017 01:00 via feedproxy.google.com
  THE pound has dropped by -0.4 per cent against the euro in the wake of Theresa May's speech at the Conservative Party conference.
  
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