Financial news

• Facebook quarterly revenue up 47% on 2016 as company faces Senate scrutiny

  01-11-2017 23:04 via theguardian.com
  Social network beats expectations with $10.33bn, but Mark Zuckerberg says efforts to fight foreign political interference could hurt future profitsFacebook posted a better-than-expected quarterly revenue of $10.33bn, up 47% from the previous year, on the same day that the social network faced a grilling from US lawmakers over Russian interference in the 2016 US elections.However, Facebook’s CEO, Mark Zuckerberg, warned that his company’s efforts to clamp down on foreign interference
  
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• Lawmakers press UK govt to release Brexit impact studies - Financial Post

  01-11-2017 22:02
  Lawmakers press UK govt to release Brexit impact studies
  Financial Post
  LONDON — British lawmakers are demanding the government release a series of studies it commissioned on Brexit's likely economic impact. The government commissioned 58 reports on the effect leaving the European Union could have on various sectors ...en meer »
  
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• Barclay brothers lose £1.25bn tax case against HMRC

  01-11-2017 21:00 via theguardian.com
  Supreme court rules the taxman will not have to repay Barclay-owned Littlewoods more than £1bn in interest on historic VAT overpaymentsThe billionaire Barclay brothers have lost a legal battle with HM Revenue & Customs, after the supreme court ruled that they are not owed £1.25bn related to tax overpayments.The UK’s highest court ruled on Wednesday that HMRC should not have to repay Littlewoods, the retailer owned Frederick and David Barclay, more than £1bn in “
  
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• Astonishing drop-off in store sales adds to long list of gloom for Next | Nils Pratley

  01-11-2017 20:50 via theguardian.com
  Blaming weather for ‘extremely volatile’ trading fair up to a point, but rate of fall in stores undermines long-term assumptionsTrading is “extremely volatile”, says Next, a description that also applies to the share price. When chief executive Lord Wolfson sounded mildly cheerful (for him) about sales in September, Next’s shares jumped 10%. Now he has joined the rest of the retail brigade in grumbling about the warm October, they fell 9%.Up to a point, blaming temp
  
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• Visits to PPI claims website top 1m since Schwarzenegger advert

  01-11-2017 20:34
  FCA’s £42m campaign, which is fronted by the actor, aims to raise awareness of the August 2019 deadlineThe Financial Conduct Authority has had more than 1.2m hits on its website since enlisting Arnold Schwarzenegger to raise awareness of the deadline for making complaints about payment protection insurance. The City regulator’s advert featuring an animatronic model head of Schwarzenegger was launched at the end of August and is intended to encourage customers to make claims for
  
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• Visitors to PPI claims website top 1m since Schwarzenegger advert

  01-11-2017 20:34 via theguardian.com
  FCA’s £42m campaign, which is fronted by the actor, aims to raise awareness of the August 2019 deadlineThe Financial Conduct Authority has had more than 1.2m hits on its website since enlisting Arnold Schwarzenegger to raise awareness of the deadline for making complaints about payment protection insurance. The City regulator’s advert featuring an animatronic model head of Schwarzenegger was launched at the end of August and is intended to encourage customers to make claims for
  
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• Next shares slump as it warns over 'extremely volatile' sales

  01-11-2017 20:01 via theguardian.com
  Marks & Spencer shares also fall amid pessimism over outlook for retailers in crucial Christmas periodInvestors took fright on Wednesday after Next reported a fall in October high street sales, in the latest sign that retailers face difficult trading conditions in the run-up to the crucial Christmas selling period.Next’s shares closed down more than 9% at £44.71 – the biggest faller in the FTSE 100 – after it warned of “extremely volatile” trading, with sh
  
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• HSBC 'complicit' in South Africa scandal, House of Lords told

  01-11-2017 19:51 via theguardian.com
  Lord Hain alleges bank ignored suspicious activity related to row surrounding Jacob Zuma’s links to Gupta familyHSBC has been accused of “possible criminal complicity” in a money laundering scandal involving South Africa’s wealthy Gupta family.Speaking in the House of Lords on Wednesday, two weeks after he first voiced concerns about UK links to the probe, Lord Hain said he had handed new evidence to the chancellor about the alleged involvement of a British bank in the &l
  
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• Supermarket swing: Sainsbury's launches own-brand vinyl albums

  01-11-2017 19:48 via theguardian.com
  Store to release compilation albums as it looks to consolidate its position as one of the largest vinyl sellers in the UKThere really will be rockin’ in the aisles soon, as Sainsbury’s launches a new line of own-brand vinyl albums to take advantage of booming record sales.The supermarket chain already claims to be one of the largest vinyl sellers in the UK, selling one in every 20 records and dominating the hideously titled “grocery vinyl market”. Vinyl now regularly outs
  
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• Next shares dive as sales miss City forecasts – business live

  01-11-2017 19:17 via theguardian.com
  British manufacturing strengthened in October, but the City faces up to 75,000 job losses after BrexitBoE on impact of BrexitUK manufacturing output rose last monthBritish factories are doing well, say expertsEarlier:Introduction: Next warns of ‘extremely volatile’ trading
  High street sales fell a ‘sickening’ 7.7%Shares drop almost 8% in early trading 6.17pm GMTCommenting on the Fed decision, Kully Samra, UK managing director of Charles Schwab, said: A widely expected mov
  
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• Inhumane resources: how not to sack your employees

  01-11-2017 18:22
  The bus company director who summarily shut down his business this week is not the first boss to treat his staff with contempt – here are four more cringeworthy casesWe have all dreamed of sending the boss the big flip-off email, the final flounce-out, a few choice putdowns, a trenchant structural analysis of the company’s medium-term flaws, a colossally ironic final wishing of good luck. But what if you are the boss?If you are Somerset bus company director Sydney Hardy, it turns out
  
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• City could lose 10,000 jobs on day of Brexit, says Bank of England

  01-11-2017 17:39 via theguardian.com
  Deputy governor Sam Woods admits forecasts of 75,000 job losses in long term are ‘plausible’The Bank of England has warned that 10,000 jobs could leave the City on “day one” after the UK leaves the EU.Sam Woods, a deputy governor of the Bank, also admitted that forecasts of 75,000 job losses over the long-term were “plausible” at an appearance before peers on the Lords EU financial affairs sub-committee on Wednesday. Continue reading...
  
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• Plan to shut free-to-use cash machines could lead to ‘ATM deserts’ in UK

  01-11-2017 17:26 via theguardian.com
  Industry lobby group warns of catastrophe and urges government to step in to prevent closure of 10,000 Link ATMsOne in five of the 55,000 free-to-use cash machines in the UK could be at risk of closure after proposals were announced to change the way the ATM network operates.Concerns arose after Link, which runs the network, announced a month-long consultation on cutting the fees that the 38 members of the network pay each other when customers take out cash. Continue reading...
  
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• Energy price cap may not be ready for winter 2018, says minister

  01-11-2017 16:47 via theguardian.com
  Business secretary Greg Clark refuses to commit to a deadline for consumer protection measure under questioning from MPsThe business secretary has refused to promise that an energy-bill price cap will be in place by next winter, after warning that the government could not guarantee legislation would be passed in time.Greg Clark repeatedly refused to commit to the cap for 11m households being imposed by winter 2018-19, under questioning from MPs on Wednesday. Continue reading...
  
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• RIP the supermarket ‘big shop’ – why we ditched the trolley for the basket

  01-11-2017 15:58 via theguardian.com
  A new report says that people are more likely to buy meals on the way home from work or even visit twice a day to pick up ‘a few bits’Name: The Big Shop.Age: As old as the supermarket. So, about 60 years in the UK. Continue reading...
  
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• Half a million UK businesses in financial distress as interest rate hike looms - The Independent

  01-11-2017 13:54
  The Independent
  Half a million UK businesses in financial distress as interest rate hike looms
  The Independent
  The number of British companies in significant financial distress has jumped to nearly half a million as fears rise that an expected interest rate rise will push thousands over the edge. The Begbies Traynor Red Flag report found that 448,011 firms were ...
  Thousands of firms face significant financial distress ahead of possible interest ...City A.M.
  Almost half a million UK firms in 's
  
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• Iceland supermarkets to accept old £1 coins until New Year’s Eve

  01-11-2017 13:14 via theguardian.com
  Toy retailer The Entertainer will also take round pounds until 31 December, as Royal Mint says up to 450m are still in circulationThey are no longer legal tender, but shoppers will be able to continue using round pounds in hundreds of shops for at least another two months. Iceland, the food retailer, has announced it will accept payments in old £1 coins until 31 December.It is not the only retailer to make such a commitment: toy shop chain The Entertainer, which has 140 stores, has said it
  
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• UK house prices pick up but still under pressure, says Nationwide

  01-11-2017 09:50 via theguardian.com
  Lender says shortage of homes on the market and low mortgage rates are offsetting squeeze on household incomesUK house price growth edged up to a three-month high in October, but pressure on household budgets is weighing on the market according to Nationwide.Annual growth in house prices picked up to 2.5% from 2.3% in September, as a shortage of homes on the market and low mortgage rates propped up prices, the lender said in its monthly report. Prices rose 0.2% over the month, taking the average
  
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• Tackle UK's north-south divide with pledge on infrastructure, say experts

  01-11-2017 09:42 via theguardian.com
  Government should guarantee access to transport, schools, hospitals and digital access, says industrial strategy commissionBritain’s north-south divide should be tackled by a government pledge in its new industrial strategy to provide every citizen with decent transport, schools, hospitals and digital access, an expert body says.The independent industrial strategy commission on Wednesday urged ministers to tackle Britain’s regional imbalances by committing to universal basic infrastr
  
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• The UK Financial Conduct Authority Named As A Best Employer For Race In ... - Exchange News Direct

  01-11-2017 08:41
  The UK Financial Conduct Authority Named As A Best Employer For Race In ...
  Exchange News Direct
  The Financial Conduct Authority has today has been named by Business in the Community as one of the UKs Best Employers for Race in a new listing published today (01 November 2017). Creating a Best Employers for Race list was one of the ...en meer »
  
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• The UK Financial Conduct Authority Named As A Best Employer For ... - Exchange News Direct

  01-11-2017 08:41
  The UK Financial Conduct Authority Named As A Best Employer For ...
  Exchange News Direct
  The Financial Conduct Authority has today has been named by Business in the Community as one of the UKs Best Employers for Race in a new listing ...en meer »
  
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• The UK has the most regionally unbalanced economy in Europe. Time for change

  01-11-2017 08:00 via theguardian.com
  To reinvigorate our economy and end the productivity crisis, our industrial strategy needs direction - and a rethink on the role science and technology can playFor a long time, industrial strategy was something that belonged in the 1970s, along with British Leyland and cars with square steering wheels. But after the decade of stagnation that followed the 2007 financial crisis, the idea that our economy might need some strategic direction no longer seems far-fetched. Later this month, the governm
  
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• Why Britain is ditching the weekly shop

  01-11-2017 07:41 via theguardian.com
  Big supermarket trollies on the decline, while vegetarian prepared meals, juniper berries and Sicilian wine are on the riseJumbo trollies are on their way out, Britain now prefers blueberries to strawberries and sales of vegetarian ready-meals are on the rise, according to a new report on food shopping habits. Two-thirds of Britons now nip to a supermarket more than once a day, and one in 10 people decide what to buy for an evening meal just before they eat it – often stopping to shop for
  
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• Properties with fishing rights – in pictures

  01-11-2017 07:30 via theguardian.com
  If you get hooked on one of these houses then call the agent and reel it in Continue reading...
  
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