Financial news

• Brexit: manufacturers limiting investment due to shortage of workers

  23-10-2017 21:25 via theguardian.com
  CBI survey of 450 firms reveals most subdued outlook in four years as it warns time is running out for transition dealThe number of manufacturing firms citing a shortage of workers for limiting their investment plans is at its highest for four years, according to a survey by the CBI.
  The employers’ body also found that growth in factory orders had slowed in October to its lowest level in nearly 12 months and that optimism about business conditions had fallen for the first time in a year. C
  
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• Phones4U tycoon John Caudwell claims former partner is 'amazing liar'

  23-10-2017 21:03 via theguardian.com
  ‘Reign of terror’ in force at investment firm Signia Wealth where Nathalie Dauriac was chief executive, hears high courtPhones4U billionaire John Caudwell has accused his former business partner and protégé of being an “amazing liar” who presided over a “reign of terror” at the wealth management firm they co-founded before their close relationship soured.Caudwell told the high court on Monday that he had “loved” his former business pa
  
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• Phones 4U tycoon John Caudwell claims former partner is ‘amazing liar’

  23-10-2017 21:03 via theguardian.com
  ‘Reign of terror’ in force at investment firm Signia Wealth where Nathalie Dauriac was chief executive, hears high courtThe Phones 4U billionaire John Caudwell has accused his former business partner and protege of being an “amazing liar” who presided over a “reign of terror” at the wealth management firm they co-founded before their close relationship soured.Caudwell told the high court on Monday that he had “loved” his former business partner Nat
  
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• City regulator must find a faster and simpler way of redress

  23-10-2017 20:31 via theguardian.com
  FCA inquiry into RBS’s alleged mistreatment of small businesses has taken too long – and even the cleanup at the bank is advancing at snail’s pace It’s the banking investigation that seemingly has no end. In 2014, the Financial Conduct Authority commissioned a review of Royal Bank of Scotland’s alleged mistreatment of small business customers in the period 2008-2013. That inquiry was disgracefully late in arriving and only happened because an independent adviser to
  
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• Financial Reports Could Be Better, Says U.K. Regulator - CFO ... - Wall Street Journal (blog)

  23-10-2017 19:50
  Wall Street Journal (blog)
  Financial Reports Could Be Better, Says U.K. Regulator - CFO ...
  Wall Street Journal (blog)
  The quality of reporting at large, listed U.K. companies is “not always as high as it could be”, according to a review by the Financial Reporting Council.en meer »
  
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• Former City regulator chief to give evidence in private in Lloyds case

  23-10-2017 19:36 via theguardian.com
  Court allows media to report on ‘special arrangements’ put in place for Sir Hector Sants to give evidence to the high court
  Sir Hector Sants, a former chief City regulator, is due to give evidence to the high court in private in relation to a case brought by Lloyds Banking Group shareholders over the information they were provided at the time of the HBOS takeover in 2008.The former chief executive of the Financial Services Authority made an application in July to allow him to give ev
  
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• Car dealer Pendragon issues profits warning; manufacturing confidence falls – as it happened

  23-10-2017 19:26 via theguardian.com
  Shares in major British car dealership Pendragon plunge after it warns that demand for new cars in the UK is slidingLatest: UK manufacturing growth slows, as bosses grow pessimisticBREAKING: Pendragon issues profits warning as consumer confidence wanes
  Business has deteriorated badly in the last quarterCompany blames “decline in demand for new cars”Pretax profits could fall to £60m; City expected £75m
  Pendragon shares have hit a four-year low6.26pm BSTAnd finally... Pendr
  
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• Couple nicknamed 'vampires of debt' took £7m from firm's clients

  23-10-2017 18:35 via theguardian.com
  Adrian and Christine Whitehurst banned from industry but those who sought their help have little chance of compensationA couple who took £7m from thousands of customers who sought help from their debt management firm but spent much of the money on lavish holidays and cars have been banned from the UK financial services industry for life by the sector’s regulator.Adrian and Christine Whitehurst, nicknamed the “vampires of debt”, set up First Step in 2007, promising to help
  
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• Watchdog threat to RBS over treatment of small business customers

  23-10-2017 18:14 via theguardian.com
  Financial Conduct Authority ‘focusing on whether there is any basis for further action’ after independent report The Financial Conduct Authority is considering whether it can take action against Royal Bank of Scotland over the way it treated its small business customers in the five years after the 2008 banking crisis. Publishing a summary of a report it commissioned on the bank’s controversial global restructuring group (GRG), the FCA said lending to small businesses and other
  
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• Car dealer Pendragon issues profits warning; manufacturing confidence falls – business live

  23-10-2017 16:31 via theguardian.com
  Shares in major British car dealership Pendragon plunge after it warns that demand for new cars in the UK is slidingLatest: UK manufacturing growth slows, as bosses grow pessimisticBREAKING: Pendragon issues profits warning as consumer confidence wanes
  Business has deteriorated badly in the last quarterCompany blames “decline in demand for new cars”Pretax profits could fall to £60m; City expected £75m
  Pendragon shares have hit a four-year low3.31pm BSTRight, time for a ro
  
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• Shares in UK's biggest car dealer Pendragon fall by 17%

  23-10-2017 16:19 via theguardian.com
  Brexit uncertainty and air pollution plans hit cars sales as company says decline will continue into 2018Shares in the UK’s biggest car dealer have plunged by 17% after a surprise profit warning which also raised further fears over consumer spending.
  The alert from Pendragon, which trades under the Evans Halshaw and Stratstone fascias, and sold 275,000 new and used cars last year, is the latest in a raft of profit warnings issued in recent weeks by UK companies blaming worsening consumer c
  
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• Arqiva IPO to be UK's largest flotation so far this year

  23-10-2017 16:05 via theguardian.com
  TV, radio and mobile phone mast company which carried first BBC television broadcast expected to be valued at £6bn by listingArqiva, the owner of TV, radio and mobile phone masts across Britain, is to float with a projected market value of £6bn in what will be the UK’s largest stock market listing so far this year.The listing is expected to value the company, which carried the BBC’s first television broadcast in 1936 and is an investor in the YouView TV platform, at about
  
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• CYBER CROOKS strike in house deposit FRAUD

  23-10-2017 15:13 via feedproxy.google.com
  IT should have been the happiest of days for a young couple who were completing on the purchase of their first home.
  
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• Bitcoin hits new high and could rise another 15 PER CENT before next dip

  23-10-2017 13:21 via feedproxy.google.com
  BITCOIN rose to record highs last week with analysts asking how much higher it can go.
  
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• Dr Martens gets big in Japan (and bigger worldwide to boot)

  23-10-2017 13:18 via theguardian.com
  Global sales of fabled DM boots leap 25% to 6m pairs courtesy of new craze in east Asia and rising popularity of new DM’s LiteDemand for Dr Martens boots is booming, helped by a craze in Asia and new, lighter versions of the traditional yellow-stitched boots.
  The company, which is now owned by private equity firm Permira, opened 18 stores last year, including two in Japan and one at Camden Stables in north London. It plans to open a further 20 to 25 shops this year in Japan, continental Eu
  
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• Can we get planning permission before we purchase a house?

  23-10-2017 13:00 via theguardian.com
  We like a place, but only if we can get an extension. How do we proceed?Q Please could you give us some advice about purchasing a property on which we would like to do an extension – but which we wouldn’t want to buy if we cannot get planning permission. There has been no survey as yet. How does the process work? SBA In theory, once your offer is accepted you can make the purchase dependant on getting planning permission before you exchange contracts. However, the extra time this add
  
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• New railcard for 26-30-year-olds revealed but travellers demand TOTAL fare reduction

  23-10-2017 12:58 via feedproxy.google.com
  A NEW railcard offering discounts to train passengers aged up to 30-years-old has been revealed, but critics say fares must come down across the board.
  
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• Games industry turnover tops £500 million thanks to online multi-player boost

  23-10-2017 12:56 via feedproxy.google.com
  UK COMPUTER games industry turnover has increased 8 per cent in the past year to more than £500 million.
  
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• If greedy bosses have broken capitalism, who will fix it? | Hugh Muir

  23-10-2017 12:41 via theguardian.com
  Don’t be fooled: corporations can’t be relied on to reset the economy. Capitalism needs more regulation and stronger unionsThought for the day comes from the book of Luke: “There will be more joy in heaven over one sinner who repents than over 99 righteous ones who do not need to repent.” Might we place in the repenting category the UK boss of bankers Santander, the former chairs of Marks & Spencer and HSBC, and the heads of the Confederation of British Industry, Barc
  
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• Worker shortage of carpenters, joiners and bricklayers hampering small building companies

  23-10-2017 12:38 via feedproxy.google.com
  MOST smaller building firms are struggling to hire carpenters, joiners and bricklayers, a report shows.
  
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• Pound v US dollar: GBP flat as UK businesses push for transitional deal

  23-10-2017 12:21 via feedproxy.google.com
  THE pound has traded in a narrow range against the US dollar today, at an exchange rate of $1.318.
  
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• London's £10 T-charge comes into effect in fight against toxic car fumes

  23-10-2017 12:04 via theguardian.com
  Drivers of older, more polluting petrol and diesel cars in centre of capital now liable for fee on top of congestion chargeDrivers of the most polluting vehicles must from now on pay a daily charge of up to £21.50 to drive in to central London.From Monday, people driving older, more polluting petrol and diesel vehicles will be liable for the £10 T-charge, on top of the congestion charge of £11.50, which has been in place since 2003. Continue reading...
  
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• Public backs ban on long-term unpaid internships, study finds

  23-10-2017 11:45 via theguardian.com
  New research by the Social Mobility Commission also found 80% in favour of requiring firms to advertise opportunitiesA majority of people support a ban on long-term unpaid internships and the introduction of new rules preventing companies from organising short-term spots via informal channels, a study suggests.The research was released by the Social Mobility Commission on Monday, as parliamentarians prepared to debate a bill proposing a ban on work experience placements lasting more than four we
  
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• Air France boss says UK carriers must play by the EU court's rules after Brexit

  23-10-2017 11:12 via theguardian.com
  Jean-Marc Janaillac says he is happy to see British airlines fly on the continent – as long as they accept European Court of Justice controlAs the head of Europe’s largest intercontinental airline, Jean-Marc Janaillac can speak with authority on the complexities of cross-border travel. He carries some political insight, too, because he is chief executive of a business, Air France-KLM, that is 17%-owned by the French government.At the intersection of pan-European travel and politics l
  
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• Exposed! UK probes SA presidential hopeful Nkosazana Dlamini ... - BizNews

  23-10-2017 11:06
  BizNews
  Exposed! UK probes SA presidential hopeful Nkosazana Dlamini ...
  BizNews
  Nkosazana Dlamini-Zuma is on the list of individuals accused of illegally washing the proceeds of criminal activity through global financial systems.en meer »
  
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• UK household financial worries ease despite the prospect of higher Bank of ... - The Independent

  23-10-2017 09:32
  The Independent
  UK household financial worries ease despite the prospect of higher Bank of ...
  The Independent
  British households' financial worries have eased to their lowest since June, despite the prospect of higher Bank of England interest rates and a reliance on borrowing to make up for falling employment income, a survey showed on Monday. The IHS Markit ...en meer »
  
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• Pet Supermarket takes my money but fails to deliver the goods

  23-10-2017 08:00 via theguardian.com
  I spent £60 with it and now can’t get any response to calls, emails or tweetsI ordered over £60-worth of goods from Pet Supermarket (pet-supermarket.co.uk) in early October and expected to receive them within 3–5 working days, but they have not turned up. I have been trying to call, email, and tweet and all I’ve had are auto replies to emails, promising to reply within 24 hours. I phoned three or four times but hung up after being endlessly put on hold. They took pa
  
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• Meet the teens making thousands from selling online

  23-10-2017 08:00 via theguardian.com
  Generation Z are building business empires from their bedrooms using sites such as Depop and eBayEntrepreneurial teens are selling hyped merchandise on resale platforms such as Depop – and earning mega-bucks. Every Thursday morning, a snake-like queue forms outside streetwear brand Supreme’s store in Soho as fans line up in the hope of walking away with bags filled with limited edition clothing “dropped” that day.Among the fanatics are teenagers, and they’re not jus
  
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• UK energy firms call on chancellor to boost carbon tax

  23-10-2017 07:01 via theguardian.com
  SSE and Drax tell Philip Hammond they need longer-term clarity on price floor if they are to replace coal power plantsTwo of Britain’s biggest energy companies have called on Philip Hammond to strengthen a carbon tax that has driven a dramatic collapse in coal power generation, arguing it is essential for the shift to cleaner energy.SSE, the UK’s second largest energy supplier, and Drax, which runs the country’s biggest power station in North Yorkshire, urged the chancellor to
  
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• Craft beer boom pushes number of UK breweries past 2,000

  23-10-2017 07:01 via theguardian.com
  More than 300 brewers opened in 2016, in reversal of much-criticised consolidation of beer trade over past 70 yearsMore than 300 new breweries were launched in the UK last year as a boom in craft beer sales encouraged startups with specialist offers ranging from gluten-free beer to ale made from leftover bread. Growth in sales of craft beer in both pubs and supermarkets has encouraged more people interested in home brewing to raise money and open their own microbreweries. Continue reading...
  
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• Brexit fears are holding back manufacturing investment, study finds

  23-10-2017 07:01 via theguardian.com
  Survey of companies finds half are holding back planned investment because of uncertainty over exit from EUBritain’s manufacturers are putting the brakes on investment plans as uncertainty over Brexit makes them more reluctant to spend money on new factories and machinery, a report reveals.The amount invested by UK manufacturers in new plant and machinery has slowed to 6.5% of turnover, from 7.5% last year, according to a survey by EEF, the industry trade body, as companies press the pause
  
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• Owning a car will soon be a thing of the past | John Harris

  23-10-2017 07:00 via theguardian.com
  The idea that we will surrender our prized motors can look far-fetched. But as cities clamp down on vehicle use, technology is putting a utopian vision in reachIf ours is an age in which no end of institutions and conventions are being disrupted, it shouldn’t come as a surprise that one of the most basic features of everyday life seems under serious threat. If you are fortunate enough to live in a house with a drive, look outside and you will probably see it: that four-wheeled metal box, w
  
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• Welsh government plans minimum pricing for alcohol sales

  23-10-2017 01:01 via theguardian.com
  Rebecca Evans to introduce bill to Welsh assembly that will ‘make it an offence for retailers to sell strong alcohol at low prices’A new law that will introduce a minimum price for the sale of alcohol in Wales has been unveiled by the Welsh government.The public health (minimum price for alcohol) (Wales) bill is expected to be introduced before the Welsh assembly on Monday by the public health minister, Rebecca Evans. Continue reading...
  
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• US makes fresh threat to scupper Bombardier deal putting 1,000 UK jobs at risk

  23-10-2017 01:01 via feedproxy.google.com
  US AEROSPACE company Boeing is launching a war of words with Airbus and Bombardier after they joined forces to save 1,000 jobs in Belfast and complete a $1bn contract.
  
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• Pound exchange rate: Travel bug holds overseas holiday market resilience

  23-10-2017 01:01 via feedproxy.google.com
  THE travel bug remains strong among holidaymakers, despite fluctuations in the pound.
  
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• PENSION TAX SCANDAL: Retirees face being 'over-taxed by a massive £100 MILLION'

  23-10-2017 01:01 via feedproxy.google.com
  PENSION savers are likely to be over-taxed by a massive £100 million this year under a "tax first, question later" approach by the Treasury.
  
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• France ready to PUNISH UK shipping as EU fails to plan for Brexit no deal, chief fears

  23-10-2017 01:01 via feedproxy.google.com
  BRITAIN’S shipping industry hit out at the European Union for failing to prepare for a Brexit ‘no deal’.
  
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