Financial news

• US escalates trade dispute with UK and Canada over Bombardier

  06-10-2017 23:05 via theguardian.com
  Plans for further 80% duty on export of aircraft built by company that employs more than 4,000 people in BelfastThe US has escalated its trade dispute with Britain and Canada by announcing plans to slap a further 80% duty on the export of planes built by Bombardier.The move follows complaints by Boeing that Canadian-owned Bombardier, which employs more than 4,000 people in Belfast, had dumped its C Series jets at “absurdly low” prices. Continue reading...
  
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• Royal Mail threatens legal action against union over strike plan

  06-10-2017 20:13 via theguardian.com
  Postal service has written to CWU warning it will seek high court injunction if it does not withdraw notice of industrial actionRoyal Mail will take legal action against the union representing postal workers if it does not withdraw its notice of a 48-hour strike by Monday.
  The Communication Workers Union (CWU) is planning a walkout of 110,000 of its members from 19 October in a dispute over pensions, pay and jobs. Union members voted overwhelmingly in favour of industrial action in a ballot. Con
  
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• Ferrari showroom cleaners strike for living wage: 'They want us out'

  06-10-2017 20:05 via theguardian.com
  London pair suspended without pay after asking for an increase to their £7.50-an-hour wage after five years of serviceBest friends Freddy Lopez and Angelica Valencia Bolanos have spent six evenings a week for the past five years polishing the white tiled floors of the Ferrari and Maserati showrooms in the Royal Borough of Kensington & Chelsea – London’s richest district.Although the work is arduous and has left them struggling with health problems, they enjoyed their jobs a
  
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• CaixaBank: Spain's third largest bank joins exodus from Catalonia

  06-10-2017 19:44 via theguardian.com
  After Banco Sabadell’s shock move to Alicante, Caixa announces shift to Valencia amid post-independence vote uncertainty Spain’s third largest bank is to move its registered office from Catalonia in the latest fallout for businesses from the political tensions in Spain.The announcement by CaixaBank that it was shifting its legal base to Valencia came hours after the Catalan government set up a crisis committee in an effort to halt the threatened haemorrhage of business out of the reg
  
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• US employment falls for first time in seven years amid hurricane destruction - as it happened

  06-10-2017 18:09 via theguardian.com
  Non-farm payrolls fell by 33,000 last month as Hurricanes Harvey and Irma triggered a record drop in employment in the hospitality and leisure sectorsHalifax report: UK houses prices grow at fastest rate in eight months
  Pound hits four-week low against dollar as Tory infighting buildsUK productivity falls in the second quarter and lags G7 average 5.09pm BSTA stronger euro left European markets flagging, not helped by the continuing concerns about the stand-off between the Spanish government and
  
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• 2 Sisters warned in 2009 staff could be changing poultry label dates, says MP

  06-10-2017 18:01 via theguardian.com
  Shadow business secretary’s claim comes as food watchdog widens investigation into scandal-hit supermarket supplierThe 2 Sisters Food Group was warned eight years ago that staff could be changing the dates on its chicken products, it has emerged as food industry regulators widened their investigation into the business to 12 poultry processing plants operated by the company.Jack Dromey, the shadow business secretary, said he had told the multimillionaire owner of 2 Sisters, Ranjit Singh Bop
  
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• Your bag for life doesn't have to carry a food poisoning risk. Here's what to do

  06-10-2017 17:42 via theguardian.com
  Environmental health officers are urging consumers not to switch back to plastic following recent warnings that raw foods can spread harmful bacteria. So how can you keep your reusable bags hygienic? The Chartered Institute of Environmental Health (CIEH) is urging consumers to continue to shop for food with reusable “bags for life”, fearing that worries about the food poisoning risks could trigger a backlash and even a resurgence in the use of thin plastic bags.Continue reading...
  
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• Let’s move to Dollis Hill, north-west London: ‘It could have been Silicon Hill’

  06-10-2017 17:30 via theguardian.com
  Research labs once lined the North Circular, but now this is a cosmopolitan suburb with wonderful views and a lovely parkWhat’s going for it? When I’m bored, I like to imagine another fate for Dollis Hill. Today, it’s a synonym for suburbia, the hill striped with 1920s semis, the tube station sucking in and belching out its daily diet of commuters; but it’s a cosmopolitan kind of suburb, and those semis soon filled with aspirant Jewish émigrés from the East
  
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• The Tories must seize this chance to make UK homes energy efficient

  06-10-2017 16:56 via theguardian.com
  Politicians may debate the merits of a cap on energy bills but making our leaky houses energy efficient is the solution that all political parties should unite behindAs the letters began to fall off the slogan behind Theresa May during her leader’s speech at the Conservative party conference, it was hard not to see symbolism. Not just of a premiership under threat, but also of a signature policy falling apart within hours of being announced.
  The cap on energy bills was a pledge in the Cons
  
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• Labour has won the argument on energy bills. The Tories must now deliver | Caroline Flint

  06-10-2017 16:31 via theguardian.com
  We have been arguing for years that the big six overcharge customers. Theresa May must ensure there is fair pricing and transparency• Caroline Flint is a former shadow energy secretaryTheresa May’s defence of free market capitalism didn’t begin well. The headline from that speech – aside from the various calamities – was a price cap imposed on a failing energy market.As far back as 2011, I argued that the public was being ripped off by the energy giants. The governme
  
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• Britain’s productivity crisis matters. Don’t expect Philip Hammond to mention it | Duncan Weldon

  06-10-2017 16:00 via theguardian.com
  Slower economic growth is likely in the next few years, and it’s going to harm living standards. The chancellor should stock up on headache tabletsThe news that the government’s independent fiscal watchdog, the Office for Budget Responsibility, is about to slash its forecasts should not have come as a surprise. The chancellor’s fiscal plans were based on forecasts dating back to March this year and already looked to be, once again, too optimistic. The IMF, the OECD and, most no
  
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• US loses jobs for first time in seven years as hurricanes buffet market

  06-10-2017 14:39 via theguardian.com
  33,000 jobs lost in September, ending longest period of uninterrupted growthAnalyst says underlying ‘job market remains sturdy and strong’The US jobs market stalled in September, losing 33,000 jobs, as Hurricanes Harvey and Irma took their toll. It was the first time in seven years that the US monthly total had recorded a fall.The US economy had added an average of 176,000 new jobs a month so far this year but as the labor department had predicted the storms, which caused fatal and c
  
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• Fall in productivity puts pressure on Hammond before budget

  06-10-2017 14:13 via theguardian.com
  OBR also expected to cut productivity forecasts, wiping out about two-thirds of chancellor’s £26bn budget ‘war chest’The productivity of UK workers fell in the three months to June, piling pressure on the chancellor, Philip Hammond, before his budget next month. Despite increasing numbers of hours put in by workers, labour productivity as measured by output per hour fell by 0.1% in the three months to June, according to the Office for National Statistics. That continues a
  
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• Brexit boost as Dutch financial services firm TMF Group moves headquarters to ... - Express.co.uk

  06-10-2017 14:06
  Express.co.uk
  Brexit boost as Dutch financial services firm TMF Group moves headquarters to ...
  Express.co.uk
  DUTCH financial services firm TMF Group gave a boost to the City with plans to move its headquarters from Amsterdam to London after lining up a £1 billion float on the London Stock Exchange next month. PUBLISHED: 00:01, Fri, Oct 6, 2017 | UPDATED: ...
  
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• DFS annual profits slump as customers reign in on big spends after weak pound

  06-10-2017 13:30 via feedproxy.google.com
  ANNUAL profit at furniture retailer DFS slumped by more than a fifth as consumers reined in spending on big-ticket items and a weak pound pushed up costs.
  
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• Brexit WIN: Toyota set to build new Auris car at Derby plant based on THIS Brexit detail

  06-10-2017 12:13 via feedproxy.google.com
  CAR giant Toyota is set to build the next edition of the Auris model in Derbyshire, securing investment and thousands of jobs in Britain - as long as the Government secures a transitional Brexit deal.
  
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• UK house prices rising at fastest rate for eight months, says Halifax

  06-10-2017 11:42 via theguardian.com
  Mortgage lender’s survey bucks trend of other recent reports suggesting housing market is weakeningUK house prices rose at their fastest rate for eight months in September as buyers shrugged off Brexit uncertainty and fears of a slowdown in consumer spending, according to one of Britain’s biggest mortgage lenders.The latest Halifax house price survey showed a 4% price rise in the three months to September compared with the same period last year, up from a 2.6% annual rise in August a
  
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• POUND EURO LIVE: Pound SINKS amid fears Theresa May to be REPLACED by Boris Johnson

  06-10-2017 09:50 via feedproxy.google.com
  THE pound has plunged against the euro, amid fears Theresa May will be forced out as leader of the Conservatives and replaced as Prime Minister by Boris Johnson, at a crucial juncture in Brexit talks.
  
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• Pound hits four-week low as Tory infighting builds - business live

  06-10-2017 09:33 via theguardian.com
  The pound hit a four-week low against the dollar as uncertainty mounts over Theresa May’s future as Prime Minister 8.33am BSTIt’s pretty quiet in markets across Europe this morning, as markets await the main event at 1.30pm with the publication of the US non-farm payrolls report in September.Markets are feeling a little more relaxed about developments in Spain, where politicians in Catalonia do no seem able to agree on the best way forward. For now at least, that is helping to ease i
  
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• Stalling car sales should put the brakes on Bank's November rate rise plan | Nils Pratley

  06-10-2017 08:36 via theguardian.com
  An interest hike looks increasingly risky amid fears over motoring loans and diesel power and uncertainty over a Brexit dealThe 9.3% fall in new car registrations in September – a figure even weaker than expected – is alarming. September is the second-biggest month in the car trade and it is now odds-on that registrations will fall in 2017 for the first time in six years.One can argue all day about usefulness of car sales as a barometer of general economic confidence, but the figures
  
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• Energy price cap will not take effect this winter, says industry

  06-10-2017 08:35 via theguardian.com
  Consumers likely to have to wait until late 2018 for legislation promised by Theresa May to take force
  Energy industry figures have said it is virtually impossible for Theresa May’s wide-ranging cap on energy bills to take effect this winter, as ministers suggested bills for some consumers could be capped within months.Draft legislation will be published next week to help the regulator Ofgem cap prices for the 12m households in England, Wales and Scotland on standard variable tariffs, the
  
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• Asos and New Look to join anti-slavery event in Leicester

  06-10-2017 08:35 via theguardian.com
  Meeting of regulatory organisations aims to improve the treatment of workers in the textile industryRetailers Asos and New Look will join the UK’s anti-slavery watchdog and about 40 other regulatory agencies in Leicester on Friday as the city looks to improve the treatment of workers in its textile industry.Sir Peter Soulsby, the mayor of Leicester, who organised the event, said: “We have to acknowledge there are unethical and illegal working practices in the industry, which are prev
  
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• Hidden cost of getting in touch with Secret Escapes

  06-10-2017 07:59 via theguardian.com
  I have pointed out that the holiday firm is legally obliged to offer a basic rate phone number, but it just doesn’t want to knowThe holiday website Secret Escapes offers only one number for its customer service and it costs up to 62p a minute to call. I pointed out to the firm that since June 2014 firms must offer a basic rate number for after-sales enquiries, but it insisted it abides by the regulations. The CEO, Alex Saint, told me that it’s my “prerogative” if I disagr
  
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• DFS profits sag by more than 20% as shoppers cut back spending

  06-10-2017 07:38 via theguardian.com
  Retailer, which also owns Sofa Workshop and Dwell chains, says weak pound has driven up costs of imported materialsDFS, the sofa retailer, has announced a 22% plunge in annual profits as consumers cut back on big-ticket purchases.
  The company, which also owns Sofa Workshop and Dwell and has 113 shops in the UK and Ireland, said profits dropped from £64.5m to £50m for the year to 29 July, although revenues edged up 0.9% to £763m.Continue reading...
  
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• Church-backed cleaning firm to give staff London living wage and guaranteed hours

  06-10-2017 07:01 via theguardian.com
  Clean for Good, backed by a church, aims to win business from established firms with its promotion of ethical principlesA church-backed commercial cleaning company which pays its staff the London living wage is aiming to win business from established firms by promoting ethical principles.Clean for Good aims to provide a fairer deal for workers in an industry known for low wages, antisocial hours and poor working conditions.Continue reading...
  
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• Electric commuter plane, backed by Boeing, could take off in 2022

  06-10-2017 02:46 via theguardian.com
  Small airliner powered by two electric motors would seat up to 12 passengers and cheaply fly trips under 1,000 miles (1,600 km)A Seattle-area startup backed by the venture capital arms of Boeing and JetBlue Airways has announced plans to begin selling a hybrid-electric commuter aircraft by 2022.The small plane is the first of several planned by Zunum Aero, which said it would seat up to 12 passengers and be powered by two electric motors, dramatically reducing the travel time and cost of trips u
  
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• Car sales plunge following waning consumer confidence and uncertainty surrounding diesel

  06-10-2017 01:01 via feedproxy.google.com
  THE UK is heading for its first annual fall in new car sales since 2011 as waning consumer confidence and confusion about the future of diesel engines sent sales crashing by over 9 per cent last month.
  
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• Brexit boost as Dutch financial services firm TMF Group moves headquarters to London

  06-10-2017 01:01 via feedproxy.google.com
  DUTCH financial services firm TMF Group gave a boost to the City with plans to move its headquarters from Amsterdam to London after lining up a £1 billion float on the London Stock Exchange next month.
  
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• Pound V euro: GBP exchange rate slides as Tory rebel group 'ready to oust Theresa May'

  06-10-2017 01:00 via feedproxy.google.com
  THE pound continued to trend lower against the euro this morning following reports that a group of Tory rebels were plotting to oust Prime Minister Theresa May.
  
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• Deltic Group nightclubs operator ramps up merger bid with Revolution Bars

  06-10-2017 01:00 via feedproxy.google.com
  NIGHTCLUBS operator Deltic Group has stepped up its bid to gatecrash a rival takeover bid for cocktail bars firm Revolution Bars.
  
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• Ryanair's Michael O’Leary apologises for jibes about his pilots

  06-10-2017 00:49 via theguardian.com
  Airline boss had accused employees of being precious and full of their own self-importance after company was forced to scrap thousands of flightsThe Ryanair chief executive, Michael O’Leary, has issued an unprecedented apology to his pilots in an attempt to stem the crisis at the Irish airline, which has cancelled thousands of flights and faced the threat of an employee revolt.The airline had to scrap the bookings of more than 700,000 passengers last month due to an apparent shortage of pi
  
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