Financial news

• New cryptocurrency finds unlikely fan in Harry Redknapp

  12-10-2017 20:15 via theguardian.com
  Former Tottenham Hotspur manager urges people to get involved with Electroneum in rare tweet firm says he was not paid forWarnings about bitcoins and other cryptocurrencies are coming from all directions. The City watchdog has said the bitcoin industry is unregulated and investors could be wiped out. Jamie Dimon, the chief executive of JP Morgan, has called them a fraud and said the entire bitcoin system will blow up. Even Vladimir Putin, Russia’s president, has said cryptocurrencies are r
  
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• The Guardian view on the IMF’s message: yes, tax the super-rich | Editorial

  12-10-2017 20:05 via theguardian.com
  The Reagan-Thatcher revolution changed society’s beliefs about taxes for the worse. It’s a good thing the IMF agrees with Labour that we need a rethink if we want economic growth shared fairlyThe International Monetary Fund has been on quite a journey from the days when it was seen as the provisional wing of the Washington consensus, an ideology that promoted the false idea that growth was turbo-charged by scrapping welfare policies and pursuing privatisations. These days the IMF is
  
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• The Guardian view on an energy price cap: a stopgap, not a strategy | Editorial

  12-10-2017 20:04 via theguardian.com
  Theresa May wanted this to be the policy that parked a tank on Labour’s lawn. Not like this, it won’tThere is much to be said for a limited cap on energy prices. But the details of the government plan that was published on Thursday, promising lower bills for 11 million households, are so vague and its political purpose so brazen that it needs to be treated with great caution. Buyer, beware.It is now the stuff of political legend that when Ed Miliband first proposed the idea of a cap
  
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• FTSE 100 soars to record closing high following Brexit talks deadlock

  12-10-2017 19:43 via theguardian.com
  Impasse between UK and EU triggers sell-off of pound, but analysts say record high is not vote of confidence in British economyThe FTSE 100 has reached a new closing high after an impasse in the latest round of Brexit talks triggered a sell-off of the pound.The stock market made up of the UK’s biggest companies closed up 22 points (0.3%) at 7556.24. Continue reading...
  
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• FTSE 100 hits record closing high as Brexit rattles the pound - as it happened

  12-10-2017 19:43 via theguardian.com
  Britain’s stock market has closed at a new high tonight, as fears over a hard Brexit weigh on sterlingLatest: FTSE 100 climbs to new closing peak
  FTSE 250 also hits a recordEarlier:Lagarde seeks certainty over BrexitSterling falls as Barnier says Brexit talks are deadlocked
  British lenders plan consumer credit clampdown
  UK housing market stalls as London prices fall 6.41pm BSTThat’s all for tonight, as City traders catch a breather after another busy day.Here’s a brief recap of
  
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• Top firms given four years to appoint ethnic minority directors

  12-10-2017 19:04 via theguardian.com
  Measures introduced after review finds only 85 of 1,050 directors in FTSE 100 companies are from ethnic minoritiesBritain’s biggest companies have been given four years to appoint one board director from an ethnic minority background as part of a package of measures outlined in a government-backed review into the lack of diversity at the top of corporate Britain.Sir John Parker, the chairman of the mining company Anglo American, who conducted the review, said it should be a wake-up call fo
  
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• HSBC hire John Flint as bank's new chief executive replacing Stuart Gulliver

  12-10-2017 18:01 via feedproxy.google.com
  HSBC has appointed John Flint as the bank’s new chief executive.
  
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• Eurozone CRISIS: EU economy could be WIPED OUT by another financial bubble, IMF warns

  12-10-2017 17:38 via feedproxy.google.com
  THE euro could be destroyed by a financial bubble that is the legacy of the bloc's banking crisis, the International Monetary Fund has warned.
  
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• House prices bubble: UK cities where values could soon CRASH

  12-10-2017 17:04 via feedproxy.google.com
  HOUSE prices in almost 20 English cities and towns could be in a dangerous bubble that is close to bursting, a national mortgage broker has warned.
  
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• Royal Mail halts 48-hour strike after obtaining high court injunction

  12-10-2017 16:41 via theguardian.com
  Communication Workers Union lawyers fail to rebuff attempt at Royal Courts of Justice to stop 19 October postal strikeRoyal Mail has halted Britain’s first planned national walkout by postal workers since it was privatised, after successfully applying for a high court injunction.Lawyers for the Communication Workers Union failed to rebuff an attempt at the Royal Courts of Justice to stop a 48-hour walkout from 19 October.Continue reading...
  
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• Liam Fox ridiculed for being only member of new UK board of trade

  12-10-2017 16:26 via theguardian.com
  Lib Dems say board is ‘job-creation scheme’ for international trade secretary after it emerges he is sole official memberA new board of trade unveiled by the government has been met with derision after it was revealed that the international trade secretary, Liam Fox, is the only official member.Announcing the board on Thursday, the Department for International Trade said it would “ensure the benefits of free trade are spread throughout the UK”, naming more than a dozen ad
  
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• Energy price cap is riddled with breezy assertions and lazy assumptions | Nils Pratley

  12-10-2017 15:49 via theguardian.com
  Theresa May’s bill is a populist move based on suspect notions – but there is little doubt suppliers brought it on themselvesContain your excitement: a full price cap on energy bills is coming, probably not in time for this winter but for Christmas next year. Most people’s enthusiasm, one suspects, will be determined by whether they’re on a standard variable tariff or have switched to a fixed cut-price deal. The former group should enjoy a saving, although maybe not the f
  
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• Theresa May's energy price cap could last until 2023

  12-10-2017 15:39 via theguardian.com
  PM vows to fix ‘broken’ market as bill says regulator Ofgem should limit electricity and gas suppliers’ most expensive tariffsThe energy bills of 11m households will be capped for as long as five years under legislation put forward by government, which the Conservatives have said could save people up to £100 a year.The draft energy bill compels regulator Ofgem to change the licence conditions for energy suppliers so that they are forced to cap electricity and gas prices.C
  
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• UK banks plan biggest squeeze on consumer credit since 2008

  12-10-2017 14:32 via theguardian.com
  Clampdown on credit cards and overdrafts follows warnings from Bank of England and others of growing debt mountainBritish banks are planning the biggest squeeze on consumer credit since late 2008, when the economy was in the depths of recession, according to a Bank of England survey.The clampdown follows warnings that Britain’s debt mountain has risen to dangerous levels as households struggle with rising shop prices and low wage growth. Continue reading...
  
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• Homes are not assets to be passed on to children, says minister

  12-10-2017 10:18 via theguardian.com
  Labour says Jackie Doyle-Price resurrected ‘dementia tax’ by saying taxpayer should not ‘prop up’ people with care needsHomes should not be seen as assets for parents to pass to their children, a Conservative minister has said in new footage recorded from the party’s conference, which Labour said resurrected the idea of a “dementia tax”.The social care minister, Jackie Doyle-Price, told a fringe meeting that many older people were “sitting in homes
  
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• May's energy price cap will cover about two-thirds of households

  12-10-2017 08:46 via theguardian.com
  PM vows to fix ‘broken’ market as bill says regulator Ofgem should limit electricity and gas suppliers’ most expensive tariffsThe energy bill of about two-thirds of households will be capped under draft legislation to be set out by the government on Thursday, as Theresa May vowed to fix what she called a “broken” market.The government revealed on Thursday that the cap will be an absolute rather than relative one, where the gap between a supplier’s cheapest and
  
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• We're sold on millennial pink and La La Land yellow, finds John Lewis

  12-10-2017 08:06 via theguardian.com
  Annual retail report identifies what’s hot among shoppers, including avocado tools and beard products, while satnav sales crashThis has been the year of millennial pink, khaki and La La Land-inspired yellow. The colours of 2017 are revealed in the latest John Lewis retail report, in which the department store identified the key trends of the year – and the itemsbut have now passed their sell-by dates.The passion for millennial pink – described by the fashion glossies as blush w
  
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• Hackers rack up £12,000 phone bill and providers passed it on to me

  12-10-2017 08:00 via theguardian.com
  Pennine and Focus Group blame each other after hundreds of premium rate overseas calls were billed to my companyI run a small company and incur monthly phone bills of about £140. Recently, however, I was charged £3,075 for more than 200 calls to overseas premium rate numbers over a four-day period. My provider, Focus Group, was unaware of the charges until I contacted it. It placed a bar on all international calls and premium rate numbers, but advised me that a further £8,282 h
  
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• National living wage has caused biggest fall in low pay since 70s, says thinktank

  12-10-2017 01:01 via theguardian.com
  George Osborne’s living wage has not caused predicted job losses, says Resolution Foundation, but Britain is still too reliant on low-paid workMore than 300,000 people on low incomes were given a pay boost by the government’s new “national living wage”, dispelling fears that the move to raise minimum salary levels would trigger widespread job losses.The Resolution Foundation said Britain had experienced its biggest fall in low pay since the 1970s following the introductio
  
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• National living wage 'has caused biggest fall in low pay since 1970s'

  12-10-2017 01:01 via theguardian.com
  NLW has not resulted in predicted job losses, says Resolution Foundation, but Britain is still too reliant on low-paid workMore than 300,000 people on low incomes were given a pay boost by the government’s new “national living wage”, dispelling fears that the move to raise minimum salary levels would trigger widespread job losses.The Resolution Foundation said Britain had experienced its biggest fall in low pay since the 1970s following the introduction of the national living w
  
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• National living wage brings 'biggest fall in low-paid workers since 1970s'

  12-10-2017 01:01 via theguardian.com
  NLW has not resulted in predicted job losses, says Resolution Foundation, but Britain is still too reliant on low-paid workMore than 300,000 people on low incomes were given a pay boost by the government’s new “national living wage”, dispelling fears that the move to raise minimum salary levels would trigger widespread job losses.The Resolution Foundation said Britain had experienced its biggest fall in low-paid workers since the 1970s following the introduction of the national
  
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