Financial news

• Son of QC jailed for five years over part in £108m fraud

  10-11-2017 21:07 via theguardian.com
  Jonathan Anwyl one of six men jailed for fake eco-investment schemes marketed as tax breaks for wealthy investorsThe son of a judge was jailed on Friday for his part in a £108m fraud scheme of “astonishing greed” targeting the super-rich and famous people’s desire to help the environment and avert climate change. Jonathan Anwyl, an Oxford and Eton-educated son of a retired crown court judge, helped run a scheme of “utter dishonesty, sophisticated planning and astoni
  
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• Turbulence continues for Airbus as one of first A380s exits service

  10-11-2017 20:57 via theguardian.com
  Superjumbo launched in 2007 to be parked at remote French airport – but hotly anticipated major order could end woeOne of the first A380s to take to the skies a decade ago will be taken out of service in a remote French airport next week, as the manufacturer Airbus hopes for a major order to allay doubts over its superjumbo’s long-term future. An A380 launched by Singapore Airlines in 2007 will be parked at Tarbes airport in the Pyrenees by its owner, a German aircraft leasing compan
  
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• HSBC shut down accounts linked to Gupta scandal

  10-11-2017 20:39 via theguardian.com
  Bank admits concerns for the first time about its potential ties to growing South Africa scandal after closing accounts held by ‘front companies’HSBC has revealed that it closed accounts linked to South Africa’s Gupta family corruption investigation, admitting for the first time concerns about its potential ties to the snowballing scandal.The bank said it had also flagged up its worries to the financial crime expert who has overseen its money-laundering controls since it was fi
  
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• The Guardian view on the Paradise Papers: not all is lost | Editorial

  10-11-2017 19:59 via theguardian.com
  The tax avoidance revelations have unleashed a demand for reform and social justice. Only a rash government would ignore itBono owns a bit of a Lithuanian shopping centre. The Queen finances a whisker of BrightHouse, the household goods business accused of exploiting its customers. Lewis Hamilton dodged VAT on his private jet with the finesse of an F1 champion. These are just a few of the headline details that have emerged this week out of the Paradise Papers, a leak of 13.4m files from the offs
  
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• EU gives UK two-week deadline on Brexit divorce bill

  10-11-2017 19:23 via theguardian.com
  Michel Barnier says progress is needed on financial settlement as Irish border issue emerges as challenge for UK government
  The EU’s chief Brexit negotiator, Michel Barnier, has set the British government a deadline of two weeks to give “vital” clarification on the financial commitments it is willing to honour, at the end of a sixth round of Brexit talks that offered scant evidence of any progress.The issue of the border on the island of Ireland has also emerged as a serious ch
  
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• Bitcoin price: Cryptocurrency plummets $1000 ahead of bitcoin gold split

  10-11-2017 19:03 via feedproxy.google.com
  BITCOIN prices took a blow today, falling below £5,328.46 just days before a planned software update will release bitcoin gold.
  
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• Lawyers and unions hail 'landmark ruling' against Uber; FTSE 100 hits six-week low - as it happened

  10-11-2017 18:46 via theguardian.com
  Uber drivers must be treated as workers, judge rules, meaning they qualify for minimum wage and holiday payLatest: Uber loses ruling over drivers’ rightsGood news for thousands of workersUber could appeal againEarlier:Breaking: UK trade deficit better than expectedUK exports to EU rose in the last quarter
  Manufacturing growth beats forecasts 5.46pm GMTAnd finally....European stock markets have closed for the week, in the red.The FTSE100 closed down 51 points, or 0.7%, at 7432. That’s
  
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• Uber loses appeal in UK employment rights case

  10-11-2017 18:28 via theguardian.com
  Ride-hailing app had appealed against ruling that drivers were workers with minimum-wage rights and not self-employedThe ride-hailing firm Uber has lost its appeal against a ruling that its drivers should be classed as workers with minimum-wage rights, in a case that could have major ramifications for labour rights in the growing gig economy.The US company, which claims that drivers are self-employed, said it would launch a further appeal against the Employment Appeal Tribunal decision, meaning
  
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• Let’s move to Frome, Somerset: ‘You want community? You got it’

  10-11-2017 17:30
  It’s the capital of so-called flatpack democracy, grassroots DIY politicsWhat’s going for it? When the revolution comes, it will start here, a small historic market town deep in wildest Somerset. Frome’s got form. It rioted time and again in the 18th century when the wool trade slumped and the price of gruel skyrocketed. Nonconformism flourished. By the 1970s it had become one of those spots where hippies escaped the rat race, a utopia gently scented with patchouli oil. In 2015
  
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• End of days for global stock markets as Japan and Europe hit by disaster

  10-11-2017 17:04 via feedproxy.google.com
  A STRING of global stock financial disasters have recently plagued the stock market sparking fears of a worldwide economic disaster.
  
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• Alpha Financial Markets Consulting UK Limited's (AIM:AFM) EPS Grew 21.4% In ... - Simply Wall St

  10-11-2017 15:47
  Simply Wall St
  Alpha Financial Markets Consulting UK Limited's (AIM:AFM) EPS Grew 21.4% In ...
  Simply Wall St
  In this commentary, I will examine Alpha Financial Markets Consulting UK Limited's (AIM:AFM) latest earnings update (31 March 2016) and compare these figures against its performance over the past couple of years, as well as how the rest of the ...
  
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• Barnier calls on UK to clarify financial payment - Kuwait News Agency

  10-11-2017 15:44
  Capital.com
  Barnier calls on UK to clarify financial payment
  Kuwait News Agency
  BRUSSELS, Nov 10 (KUNA) -- The EU's chief Brexit negotiator Michel Barnier said Friday that the UK has two weeks to clarify what amount it will pay as part of the financial settlement with the EU. "This is absolutely vital if we are to achieve ...
  Barnier: The EU needs an answer on the UK's financial settlement in two weeksNew Europe
  EU steps up pressure over UK´s financial obligationsCapital.com
  Belgium: EU G
  
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• Central banks are back in the dock | Barry Eichengreen

  10-11-2017 15:24 via theguardian.com
  Compromising independence to enhance political accountability would be like throwing the baby out with the bathwater. They must stay free On 11 November 1997, the Bank of England took a big step towards independence, courtesy of the second reading in the House of Commons of a bill amending the Bank Act of 1946. The bill gave legislative affirmation to the decision, taken by the then-chancellor of the exchequer, Gordon Brown, to free central bank operations from governmental control. This was a l
  
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• Saudi Arabia oil giant to get £1.5BN Treasury cheque to float in London

  10-11-2017 15:09 via feedproxy.google.com
  BRITISH taxpayers will back a £1.5 billion loan to Saudi oil titan Aramco in a bid to persuade them to float in London.
  
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• 'It's a game I play to win': how the top 1% really feel about paying tax

  10-11-2017 14:32
  After revelations about offshore wealth in the Paradise Papers and the IMF coming out in favour of higher taxes for the rich, we ask some of Britain’s top earners if they feel they pay their fair shareThe Paradise Papers have shed new light on how the world’s richest people hide their wealth offshore, driving up inequality levels across the world. “Tax havens are at the root of a massive intergenerational transfer of wealth which enriches the old and impoverishes the young,&rdq
  
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• High street sales flop under WORST October for more than decade – and WEATHER is to blame

  10-11-2017 14:15 via feedproxy.google.com
  THE high street suffered its worst October for more than a decade as fashion sales felt the heat from unusually warm weather.
  
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• Sadiq Khan: Holiday Inn owner has broken vow to pay living wage

  10-11-2017 13:30 via theguardian.com
  Intercontinental Hotels pledged to pay rate to secure the title of official hotels provider to the 2012 London OlympicsThe mayor of London, Sadiq Khan, has accused the owner of the Holiday Inn and Crowne Plaza hotel chains of reneging on a commitment to pay the living wage to staff in the capital.Intercontinental Hotels pledged to pay the higher wage rate to secure the title of official hotels provider to the 2012 London Olympics. Continue reading...
  
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• Gas and electricity fuel price rises at triple rate of inflation

  10-11-2017 13:30
  Latest data shows utility bills soar by 139%, as incomes rise 78%
  Gas and electricity companies have been the biggest culprits for raising prices over the past 20 years, according to an analysis published just a day after utility giants SSE and npower revealed plans for a mega-merger – prompting fears of yet more price rises.The research found that the cost of utilities has risen at triple the rate of inflation over the past two decades. Continue reading...
  
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• UK panel rules Uber drivers have rights on wages, time off - Financial Post

  10-11-2017 13:24
  Financial Post
  UK panel rules Uber drivers have rights on wages, time off
  Financial Post
  FILE - In this Friday, Sept. 22, 2017 file photo, an Uber App is displayed on a phone in London. Britain's Employment Appeal Tribunal Friday Nov. 10, 2017 ruled that drivers of the ride-hailing service Uber are entitled to basic protections such as a ...
  UK panel to rule on whether Uber drivers are employeesFinancial Expressalle 149 nieuwsartikelen »
  
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• Venezuela to go BANKRUPT in 48 hours triggering $60BILLION global financial crisis

  10-11-2017 13:22 via feedproxy.google.com
  VENEZUELA is on the brink of an official default potentially sparking huge financial chaos across the world.
  
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• Barnier says EU needs an answer from UK on financial settlement in ... - ForexLive

  10-11-2017 13:19
  ForexLive
  Barnier says EU needs an answer from UK on financial settlement in ...
  ForexLive
  The Brexit presser continues 10 Nov circus show Roll up, roll up - we do not have to settle everything in detail, need sincere and real progress - if no deal in Dec ...en meer »
  
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• Barclays in major security breach as it admits posting out pin numbers with new cards

  10-11-2017 12:39
  The bank’s actions are leaving account holders vulnerable, with many fearing their cards and pins could easily fall into the wrong hands Barclays has admitted it has a “known” technical problem that is resulting in thousands of letters containing pin numbers being sent out in the post alongside new debit cards. In the wrong hands, the card and pin can be used to empty a Barclays account, with customers facing a massive battle to get their money back.The bank is in the middle of
  
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• London's love affair with Saudi Aramco smacks of Brexit desperation | Nils Pratley

  10-11-2017 12:28 via theguardian.com
  The timing of the Treasury’s loan guarantee for the state oil giant deepens a sense of grubby games being playedSaudi Aramco is worth somewhere between $1tn and $2tn, depending on whose estimate you prefer. In short, Saudi Arabia’s state-owned oil company is not short of a few dollars. Why on earth, then, would UK government think it necessary to offer Aramco a $2bn loan guarantee?The official answer is that this is just business as usual. The UK Export Finance agency exists to promo
  
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• Weaker pound helps boost UK factory output for fifth month in a row

  10-11-2017 12:00 via theguardian.com
  Statistics also show better trade performance, but construction has officially fallen into recessionA weaker pound and a pick up in the global economy helped deliver the fifth straight monthly rise in UK factory output in September, providing a much-needed boost to Philip Hammond ahead of his budget later this month.After a bruising period for the government, the improved performance by manufacturing will provide the chancellor with tentative evidence that the economy is edging out of the period
  
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• Broadband and landline users to get automatic compensation for poor service

  10-11-2017 11:56
  Ofcom says new scheme could result in customers receiving a total of £142m a year in payoutsBroadband and landline customers who suffer poor service will receive a share of more than £140m a year from a new automatic compensation scheme being set up by the UK’s biggest providers.The telecoms regulator, Ofcom, said that the new scheme – which will make providers pay automatically for slow repairs, missed appointments and delayed installations – could result in custom
  
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• John Lewis Christmas ad 2017: watch the video of Moz the monster

  10-11-2017 11:32 via theguardian.com
  See the chain’s £7m campaign, filmed by an Oscar-winning director and featuring Elbow’s cover of a classic Beatles tuneSome of the world’s top creative minds have been employed. Millions have been spent. The film has been months in the making and shrouded in secrecy. But this is not the release of a Hollywood blockbuster – it is the launch of the John Lewis Christmas advertising campaign.Over the past decade the department store chain has turned its festive adverts
  
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• UK's Financial Conduct Authority: Capita Financial Managers To Pay Up To £66 ... - Exchange News Direct

  10-11-2017 08:56
  UK's Financial Conduct Authority: Capita Financial Managers To Pay Up To £66 ...
  Exchange News Direct
  The Financial Conduct Authority has today announced that Capita Financial Managers Limited (CFM) has been publicly censured and will pay up to £66 million to those investors who suffered loss as a result of investing in the Guaranteed Low Risk Income ...en meer »
  
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• How the Saudi Arabia corruption crackdown will play out

  10-11-2017 07:00 via theguardian.com
  The Vision 2030 plan to transform the kingdom’s economy was causing great uncertainty even before the sweeping arrests delivered a seismic shockOn the face of it, nothing much in Saudi Arabia has changed as a result of the sweeping crackdown on royals and businessmen accused of corruption last weekend.Saudi officials insist that the biggest economic transformation of the country’s economy since the discovery of oil in the 1930s – the Vision 2030 Strategy of Crown Prince Mohamme
  
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• StubHub and Viagogo offices raided in ticket touting investigation

  10-11-2017 04:00
  Competition and Markets Authority officials seize data relating to schemes that allegedly benefit industrial-scale toutsInvestigators have raided the offices of ticket resale companies StubHub and Viagogo as part of a probe into suspected breaches of consumer law in the “secondary ticketing” industry, the Guardian has learned.Officials from the Competition and Markets Authority seized information about the companies’ relationship with prominent ticket touts, who harvest tickets
  
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• Vodafone challenges BT by partnering with CityFibre to bring ultrafast broadband

  10-11-2017 01:01 via feedproxy.google.com
  VODAFONE has challenged BT by partnering with network developer CityFibre to bring ultrafast broadband to up to 5 million homes and businesses by 2025.
  
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• The Crusader: Homeowner in council tax battle

  10-11-2017 01:01 via feedproxy.google.com
  WHY am I stuck with a higher rate council tax band when my neighbours are in a lower one, yet our homes are the same?
  
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• Sainsbury’s suffers sharp slowdown in sales as it battles fierce grocery competition

  10-11-2017 01:01 via feedproxy.google.com
  INVESTORS checked out of Sainsbury’s after a sharp slowdown in sales growth as it battles fierce grocery competition and a “challenging” non-food market.
  
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• Legal costs capped for those who can't pay energy bills

  10-11-2017 01:01
  Charges incurred by gas and electricity companies limited to £150 after Ofgem rules to protect improverished customersGas and electricity customers who have fallen so far behind with their payments that they are forced to have a prepayment meter, are to have their court and legal charges capped at £150 by the energy regulator. Ofgem said that energy suppliers typically bill customers £400 – but sometimes as much as £900 – to cover the costs they incur when the
  
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• Gender pay gap widening for women in their 20s, data shows

  10-11-2017 01:01
  Figures show gap in age group is five times greater than six years ago, with some women starting careers worse off than male counterpartsThe gender pay gap for women in their 20s is growing after years of decline, with some young women being paid less than men from the start of their careers, figures have revealed. The figures were released on Friday, named as Equal Pay Day and the day of the year when women in effect begin to work for free due to the pay gap. Continue reading...
  
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• Star Wars boosts Walt Disney empire as TV business falters

  10-11-2017 01:00 via feedproxy.google.com
  STAR WARS lifted Walt Disney shares on Thursday as the promise of a new film trilogy overshadowed disappointing quarterly results and struggles at the media company's television business.
  
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• Halfords knocked by weaker pound as half-year profits tumble

  10-11-2017 01:00 via feedproxy.google.com
  HIGHER costs resulting from a weaker pound punctured half-year profits at Halfords Group.
  
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• Are the Murdochs at war over the future of their media empire?

  10-11-2017 01:00 via theguardian.com
  Rupert Murdoch’s relationship with younger son James questioned after news that 21st Century Fox considers selling film studio and stake in Sky to DisneyRupert Murdoch’s relationship with his younger son James is being called into question in the aftermath of the revelation that his company 21st Century Fox was considering selling its film studio and stake in Sky to rival Disney.The potential sale of Fox has already been interpreted by financial analysts as a recognition by the Murdo
  
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