Financial news

• Golf lover’s difficulty over Ryder Cup tickets | Editorial

  31-10-2017 20:59
  Once bought, there is no means to return tickets that you are unable to use and there is plenty of time for people to have accidents, fall ill and even die, writes Andy JenkinsonIt is not just the music industry that needs a system allowing ticket holders to resell them at face value (UK’s £4.5bn music industry ‘under threat from touts’, 31 October). I have bought four tickets for next September’s Ryder Cup in Paris. The security measures seeking to ensure they
  
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• The ‘welfare state’ should be something we’re proud of. Not a term of abuse | Nicholas Timmins

  31-10-2017 20:42
  The phrase has lost its original meaning and become a way to attack those in need of help. We must reclaim it if we’re to build a more cohesive societyRather than talk about “the welfare state” or “social security”, politicians now mainly talk about “welfare” – and so do the general public. And in this discourse, the meaning of the word has more or less been turned on its head. It has precious little these days to do with faring well; rather, &ldqu
  
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• UK financial watchdog to extend reach to small business - Financial Times

  31-10-2017 20:05
  Financial Times
  UK financial watchdog to extend reach to small business
  Financial Times
  UK small businesses will have access to the Financial Ombudsman Service under new plans from the watchdog following scandals involving Lloyds Banking Group and Royal Bank of Scotland. Andrew Bailey, head of the Financial Conduct Authority, told a ...
  Brexit: UK financial watchdog warns bank moves to EU cities likely ...The Independent
  UK watchdog said financial firms reaching Brexit point of no returneu
  
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• Burberry's careful designs are undone as Christopher Bailey bows out | Nils Pratley

  31-10-2017 19:56 via theguardian.com
  The luxury brand has focused on smooth evolution – but the exit of its creative guru has upset its long-term strategyBurberry’s well-paid bosses never quit their jobs, they “transition” out of them. Under the long chairmanship of Sir John Peace, the word has been obligatory at the fashion house and is designed to encourage the impression of smooth corporate progress towards greater conquests.The exit of design guru Christopher Bailey, alongside glowing (and deserved) pers
  
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• UK interest rate rise would not hit house prices, says Moody's

  31-10-2017 18:59
  Ratings agency says property market is resilient despite Brexit uncertainty – but outlook for buy-to-let has got worseThe UK’s property market will take this week’s expected rise in interest rates in its stride, according to ratings agency Moody’s, but it warned that the outlook for the buy-to-let market has worsened significantly.The agency, which along with Standard & Poor’s was widely condemned for awarding triple-A ratings to sub-prime mortgage books before
  
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• 1m tumble dryers posing fire threat still in UK homes, MPs told

  31-10-2017 18:51
  Whirlpool, owner of Hotpoint and Indesit, criticised for only changing consumer advice six months after serious blaze in LondonAn estimated 1m faulty tumble dryers at risk of bursting into flames are still in UK homes, the manufacturer has admitted to MPs.
  Ian Moverley, communications director for Whirlpool, which makes Hotpoint and Indesit tumble dryers, said on Tuesday it had been difficult to get the message out to owners of the remaining faulty machines that they needed to be replaced or mod
  
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• Eurozone outpaces UK with fastest growth since 2011 – as it happened

  31-10-2017 18:37 via theguardian.com
  A strong performance by France has helped the euro area post its strongest annual growth since the debt crisis in 2011Eurozone has posted another quarter of growth
  Eurozone has grown by 2.5% over the last yearUK has only grown by 1.5% in the same timeEurozone jobless rate has fallen to lowest since 2009Earlier:France grew by 2.2% over last yearNewsflash: French GDP rose by 0.5% in the last quarter
  Consumer spending and business investment both jumpedExperts: French recovery is on track 5.37pm GM
  
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• Big energy firms make £1bn profit despite loss of millions of customers

  31-10-2017 18:28
  Ofgem says big six electricity and gas suppliers charged higher prices to consumers who failed to switch The UK’s biggest energy companies made a profit of £1bn last year and have increased their profit margins in recent years despite losing millions of customers to challenger firms, according to Ofgem – the Office of Gas and Electricity Markets.The energy regulator said the big six suppliers enjoyed a healthy margin of 4.5% on average in 2016 by charging higher prices to consu
  
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• UK financial watchdog to propose mediation service for small businesses - Financial Times

  31-10-2017 15:11
  The Independent
  UK financial watchdog to propose mediation service for small businesses
  Financial Times
  The scandals swirling around two of the largest UK lenders and their treatment of small businesses has prompted the financial regulator to propose a new mediation service for smaller corporate customers. The Financial Conduct Authority will publish in ...
  Brexit: UK financial watchdog warns bank moves to EU cities likely to be ...The Independent
  UK watchdog said financial firms reaching Brexi
  
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• The Devil House in Barcelona – in pictures

  31-10-2017 14:23
  A property fit for Halloween – it was built following a Faustian pact. You’ll just need to agree a £535,000 bank loan Continue reading...
  
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• Five million in their 50s ready to work past pension age and 300,000 NEVER want to retire

  31-10-2017 08:31 via feedproxy.google.com
  MILLIONS of workers in their fifties plan to work on past their retirement age, according to a new report.
  
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• A basic income for everyone? Yes, Finland shows it really can work | Aditya Chakrabortty

  31-10-2017 07:00
  Mark Zuckerberg, Bernie Sanders and Elon Musk back the idea. And trials suggest it can liberate jobless people from a life of humiliationIn a speck of a village deep in the Finnish countryside, a man gets money for free. Each month, almost €560 (£500) is dropped into his bank account, with no strings attached. The cash is his to use as he wants. Who is his benefactor? The Helsinki government. The prelude to a thriller, perhaps, or some reality TV. But Juha Järvinen’s story
  
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• Online divorce extended in £1bn justice system shake-up

  31-10-2017 01:28
  ‘Smart forms’ will bring savings for Ministry of Justice by cutting down on paperwork and processing timeAll married couples will be able to apply for a divorce online as part of a £1bn change to the justice system. The Ministry of Justice (MoJ) said the scheme, which was being tested at three sites in the UK, would be rolled out across the country to allow all uncontested divorces to be conducted using an online application process.Continue reading...
  
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• Reverse cuts or backing for universal credit may collapse, says thinktank

  31-10-2017 01:01
  Urgent £3bn cash injection needed to bolster confidence in failing system after welfare cuts, says Resolution FoundationPublic confidence in universal credit will collapse without an urgent £3bn cash injection to reverse cuts that are set to leave millions of families worse off, an influential thinktank has warned.The Resolution Foundation says a spree of Treasury-driven welfare cuts since 2015 has left universal credit unable to meet its original aims of strengthening work incentive
  
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• Gordon Brown memoirs: Barclays' RBS bid in 2008 is a staggering revelation

  31-10-2017 01:01 via theguardian.com
  Barclays’ appetite for blind risk and greed in the midst of financial crisis is an intriguing tale – somebody should now spill all the beansGordon Brown is not alone in thinking errant British bankers got off lightly in the 2008 financial crisis. We should also be worried that the former prime minister thinks the new criminal offence of reckless misconduct that causes a financial institution to fail, which was introduced after the crisis to address the perceived legislative weaknesse
  
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• Gordon Brown: Bankers should have been jailed for role in financial crisis

  31-10-2017 01:01 via theguardian.com
  Ex-PM warns failure to take tougher stand has made it inevitable that rogue bankers will again gamble with public moneyGordon Brown has claimed bankers should have been jailed for their fraudulent and dishonest behaviour during the financial crisis that led to Britain’s deepest post-war recession and his defeat in the 2010 general election.The Labour former prime minister used the second extract from his memoirs to warn that the failure to take a tougher line with wrongdoing – as pur
  
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• Nationwide to pass on interest rate rise to mortgage customers

  31-10-2017 00:26 via theguardian.com
  People on the building society’s variable rates would see a 0.25% increase in their monthly bill, if the Bank raises the base rate to 0.5%Nationwide has paved the way for an across-the-board increase in mortgage costs by announcing that a 0.25% interest rate rise would be passed on in full to its 600,000-plus variable-rate home loan customers.The building society said that if, as is widely expected, the Bank of England lifts the base rate by 0.25% to 0.5% on Thursday, it would increase bot
  
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