Financial news

• US stock market hits record high after Trump tax bill success - as it happened

  04-12-2017 22:25 via theguardian.com
  All the day’s economic and financial news, as news that the US Senate has passed a crucial tax reform bill lifts shares and the US dollarLatest: Dow hits record close despite late selloffDow and S&P hit new highsSenate approved sweeping tax changes over the weekend
  Plan cuts US corporation tax rate from 35% to 20%Trump claims people will be “very, very happy”
  Critics says it’s a giveaway for the richEarlier:Housebuilding boosts UK construction
  FTSE 100 jumps 60 points
  
  Read more

• Rio Tinto changes its designated driver

  04-12-2017 19:47 via theguardian.com
  World’s second-biggest mining company bows to behind-the-scenes lobbying and ditches Sir Mick Davis as its choice for chairmanCongratulations, Simon Thompson, current non-executive director of Rio Tinto, you are deemed sufficiently safe to step up to the chairmanship. The world’s second biggest mining company didn’t describe the appointment in this way, of course – but nor did it refer to the extraordinary behind-the-scenes lobbying that killed the hopes of the board&rsqu
  
  Read more

• Palmer & Harvey's pension deficit balloons to £80m

  04-12-2017 19:39 via theguardian.com
  Loss-making grocery supplier’s liabilities increased from less than £30m in 2007 as shareholders received more than £8m a year in dividendsPalmer & Harvey’s pension deficit more than doubled over the past 10 years to £80m, as shareholders and some directors took about £70m in dividends from the heavily indebted and loss-making convenience store supplier.The company, which went into administration last week with the loss of 2,500 jobs and a further 900 at r
  
  Read more

• Wall Street sets record highs after passage of Donald Trump's tax cuts

  04-12-2017 19:38 via theguardian.com
  Investors buy heavily into US shares in wake of Senate’s passage of package of big tax cuts for corporations and high earners Related: US stock market hits record high after Trump's tax victory – business live Shares on Wall Street have hit record levels as financial markets around the world anticipate the biggest package of US tax cuts since Ronald Reagan was in the White House in the 1980s. Continue reading...
  
  Read more

• Advertisement

• Eurogroup president elected: Portugal finance minister Mário Centeno succeeds Dijsselbloem

  04-12-2017 19:16 via feedproxy.google.com
  PORTUGAL'S finance minister, Mário Centeno will be the next president of the Eurogroup after receiving a majority vote from his 18 eurozone counterparts in Brussels on Monday.
  
  Read more

• Fine art to topple fine wine in 2017 luxury investment league

  04-12-2017 19:01 via theguardian.com
  Rich investors burned in the financial crisis are back in the market for modern masterpieces, according to Knight Frank luxury investment indexArt is expected to overtake wine as the best-performing luxury investment asset this year as a growing number of millionaires snap up contemporary masterpieces for their mansions.
  Rich people, hit by a collapse in art pricesafter the 2007-2008 financial crisis, have returned to the market, according to high end estate agent Knight Frank. Art sold at aucti
  
  Read more

• Should all teenagers have a Saturday job?

  04-12-2017 18:46
  The number of schoolchildren with a part-time job has fallen by a fifth in the past five years. We asked the public what they learned by working while in their teensFor many people, having a Saturday job is a rite of passage. But according to new figures, fewer schoolchildren are taking on part-time work than they were five years ago. Jobs for young people aged 13-15 years old – including waiting tables, newspaper rounds and leaflet delivery – require child employment permits, and th
  
  Read more

• Bitcoin latest: Now cryptocurrency is bigger than NEW ZEALAND'S economy

  04-12-2017 18:45 via feedproxy.google.com
  BITCOIN’S incredible surge has dwarfed the market capitalisation of the annual output of entire economies, as well as the estimated worth of some notable billionaires.
  
  Read more

• Advertisement

• The art of the business relationship – how to connect in a professional environment

  04-12-2017 18:38 via theguardian.com
  Cultivating strong working and business relationships is crucial to our productivity and success at all levels. So, what’s the secret to getting off on the right foot, and what’s the best way to navigate tense situations?Building a business is tricky. Firstly, there are the everyday complexities of running a company to take care of, such as overseeing goods supplies, cashflows and resourcing. But there’s also the human element: everything from managing staff to working with new
  
  Read more

• Upward mobility has been shattered. And no one in power cares enough to fix it | Paul Mason

  04-12-2017 18:10 via theguardian.com
  Our economic system didn’t intend to suppress the social mobility of working-class kids, but it has. Now their prospects are so bleak that Labour’s promises to the postwar working class seem practically BolshevikIf I wanted to save capitalism, I would prioritise social mobility. Not Jude the Obscure-style mobility, where it happens over generations, but the kind we achieved in the postwar era. The kind that sent orphan, gang member and naval rating Bernard Schwartz to acting school t
  
  Read more

• Mystery US fund plans $1B UK investment: Financial Times - FierceBiotech

  04-12-2017 16:21
  FierceBiotech
  Mystery US fund plans $1B UK investment: Financial Times
  FierceBiotech
  A U.S. life sciences fund is set to invest up to $1 billion (€840 million) in the United Kingdom biotech sector, the Financial Times reports. The as-yet-unidentified fund will reportedly embark on the spending spree while shifting a “significant” chunk ...
  
  Read more

• Gucci confirms its offices were raided over suspected tax evasion

  04-12-2017 16:04 via theguardian.com
  Fashion house follows Prada and Dolce & Gabbana in facing investigation as tax authorities seek to recover more than €1bnThe Italian fashion house Gucci has confirmed that its offices in Milan and Florence were raided last week over suspected tax evasion.The company, which is owned by the French luxury group Kering, was forced to issue a statement after the Italian newspaper La Stampa reported on Saturday that police had spent three days searching the offices, including its new Milan he
  
  Read more

• Bitcoin: UK and EU plan crackdown amid crime and tax evasion fears

  04-12-2017 16:01 via theguardian.com
  Cryptocurrency close to record high despite news Treasury plans to end traders’ anonymityThe UK and other EU governments are planning a crackdown on bitcoin amid growing concerns that the digital currency is being used for money laundering and tax evasion.The Treasury plans to regulate bitcoin and other cryptocurrencies to bring them in line with anti-money laundering and counter-terrorism financial legislation. Traders will be forced to disclose their identities, ending the anonymity that
  
  Read more

• UK could SAVE £470 million-a-year on POINTLESS EU agencies

  04-12-2017 15:40 via feedproxy.google.com
  THE UK is set to save £470 million-a-year by axing unnecessary spending on EU agencies, according to new research.
  
  Read more

• 'Time to grow up' Treasury plans to regulate Bitcoin welcomed

  04-12-2017 15:24 via feedproxy.google.com
  The UK Government is reportedly pushing changes to EU-wide legislation which would mean that the many global Bitcoin exchanges are obliged to carry out due diligence on customers and report and suspicious transactions.
  
  Read more

• Brexit BEER MATS distributed in Wetherspoon pubs to slam 'misleading' business leaders

  04-12-2017 15:20 via feedproxy.google.com
  PUB operator JD Wetherspoon issued a new beer mat today highlighting its support for the British fishing industry and accusing business leaders of “misleading” the public on Brexit.
  
  Read more

• Care home provider under threat as Labour attacks 'profit-first' firms

  04-12-2017 15:16 via theguardian.com
  Four Seasons Health Care, which looks after 17,000 residents, could go into administration after talks are derailedLabour has criticised the role of high finance in social care, as it emerged that a US investment fund could make hundreds of millions of pounds if Four Seasons Health Care, which looks after 17,000 elderly and vulnerable people, goes into administration.Concern for the survival of Four Seasons is mounting as talks aimed at staving off a collapse were derailed by haggling between pr
  
  Read more

• Institute of Economic Affairs believes UK to have a STRONG future despite BREXIT

  04-12-2017 14:50 via feedproxy.google.com
  DESPITE gloomy predictions over Brexit the Institute of Economic Affairs believe the UK will enjoy a strong few years as nervousness surround Brexit dies out.
  
  Read more

• Donald Tusk cancels plans and calls EMERGENCY meeting with EU banking bosses before Brexit

  04-12-2017 13:53 via feedproxy.google.com
  EUROPEAN Council President Donald Tusk cancelled a trip to Israel and the Palestinian Territories planned for this week due to a “critical moment” in Brexit negotiations, an EU official has confirmed
  
  Read more

• MPs call on competition watchdog to probe energy giant merger

  04-12-2017 13:31 via theguardian.com
  Planned SSE-npower deal seen as bad for UK consumers with new entity along with British Gas holding almost 50% of energy share, warn MPsAn influential group of MPs has called on the competition watchdog to investigate the merger of two of the UK’s biggest energy companies, warning it threatens to be a bad deal for households.The intervention by the business, energy and industrial strategy (BEIS) committee adds to the mounting pressure for an inquiry into SSE and npower combining to create
  
  Read more

• Toys R Us confirms plans to shut at least 26 UK stores

  04-12-2017 13:22 via theguardian.com
  Troubled US retailer says it needs to act as its warehouse-style outlets are ‘too big and expensive’Struggling US retailer Toys R Us has confirmed plans to close to a third of its permanent UK stores but says all the branches will remain open through Christmas and the new year.Up to 800 jobs are threatened by the potential closure of at least 26 of Toys R Us’s 84 permanent UK stores from spring next year. It is seeking to reduce the size of a further 26 stores along with rent r
  
  Read more

• Co-op to sell food past its 'best before' date in bid to cut waste

  04-12-2017 11:55 via theguardian.com
  Goods such as pasta, crisps and rice will be cut to 10p and sold for a further month at East of England Co-opA major retailer has become the first to start selling food that is past its “best before” date in a drive to reduce food waste.From this week, the East of England Co-op – the biggest independent retailer in East Anglia – will sell tinned goods and dried food such as pasta, crisps and rice for a nominal 10p once they reach their best-before date. The offer will not
  
  Read more

• Hollywood film director's London home – in pictures

  04-12-2017 11:51 via theguardian.com
  Filled with taxidermy, communist posters and art, this house owned by the Godzilla director is definitely a blockbuster Continue reading...
  
  Read more

• Financial Times European Business Schools ranking puts Cass 4th ... - City, University of London (press release)

  04-12-2017 11:44
  City, University of London (press release)
  Financial Times European Business Schools ranking puts Cass 4th ...
  City, University of London (press release)
  FT European Business Schools puts Cass in top 5 in UK.en meer »
  
  Read more

• Union launches new legal action over blacklisting of builders

  04-12-2017 11:17 via theguardian.com
  Unite case names four men who chaired organisation that monitored construction workers and follows £10m payout last yearThe Unite union is seeking compensation for more than 70 construction workers who were “blacklisted” by some of Britain’s biggest construction firms.The new legal action targets key individuals involved in a shadowy organisation, the Consulting Association, which the construction industry used to monitor more than 3,000 building workers. Continue reading
  
  Read more

• The US is exporting obesity – and Trump is making the problem worse | Kenneth Rogoff

  04-12-2017 10:58 via theguardian.com
  Pushing processed foods and sedentary lifestyles on the world is jeopardising global health gainsAs Donald Trump’s administration throws sharp elbows in trade negotiations and systematically rescinds regulations introduced by Barack Obama, one casualty is likely to be efforts to fight the global obesity epidemic. Left unchecked, rapidly rising obesity rates could slow or even reverse the dramatic gains in health and life expectancy that much of the world has enjoyed over the past few decad
  
  Read more

• We have a new mortgage and would like to travel for a year. Can we do it?

  04-12-2017 08:00 via theguardian.com
  We need to know if we’ll have to change our mortgage to a buy-to-let, even if we don’t plan to make a profit Continue reading...
  
  Read more

• The millennials donating 10% of their pay to save the world

  04-12-2017 08:00 via theguardian.com
  Young high-earners can help the underprivileged with a clear conscienceWITH a six-figure salary from a London private equity firm, it could be expected that Grayden Reece-Smith would be living it up on eye-wateringly expensive holidays or driving a suitably flash sports car around south London, where he lives. Instead, the 28-year-old lives a very different existence to his peers and gives away everything he earns over £42,000 – a figure he calculated he could comfortably live on.Ove
  
  Read more

• Our Virgin train was delayed … and so was our ‘automatic’ refund

  04-12-2017 08:00 via theguardian.com
  It promises that under its ‘delay repay’ system the money would land in our account in three days. But nothing happenedI am very frustrated with Virgin Trains West Coast. I bought advance tickets from its website – two reduced tickets for a senior costing £14.50 each and one for £22, for a total of £51 – largely because it is offering automatic refunds if a train is delayed. Sure enough, our train from Crewe to Euston on 5 November was well over 90 minut
  
  Read more

• Big banks putting UK's free-to-use ATM network at risk, warns peer

  04-12-2017 07:01 via theguardian.com
  Former Treasury committee chair John McFall says public must be told if banks are reneging on pledge to support Link’s free cash machinesThe public should be told whether the big banks are refusing to support a free-to-use cash machine network, according to the politician who led the campaign a decade ago to maintain access to ATMs around the UK.
  Proposals to change the way the Link network operates have prompted fears that up to 10,000 of the 55,000 free-to-use ATMs could either close or
  
  Read more

• Facebook's new London office brings 800 jobs to the capital

  04-12-2017 07:00 via theguardian.com
  The tech giant’s new building will focus on engineering, and will also house LDN–LAB, a new scheme to nurture UK tech startupsFacebook will create 800 new jobs in London over the next year, increasing its UK workforce by more than 50%, as it opens a new office in the capital on Monday.
  The US tech giant has had offices in the UK for 10 years, but its expansion marks a vote of confidence in the UK amid the uncertainty of Brexit. Continue reading...
  
  Read more

• UK government warned over sharp rise in child and pensioner poverty

  04-12-2017 01:01 via theguardian.com
  Almost 400,000 more UK children and 300,000 more pensioners plunged into poverty in past four years, new study findsHundreds of thousands of children and older people have been plunged into poverty in the past four years, according to a stark analysis laying bare the challenge to families trying to keep up with the cost of living in Britain. The research from the Joseph Rowntree Foundation (JRF) found almost 400,000 more children and 300,000 more pensioners in the UK were living in poverty last
  
  Read more

• Garden owner seeks refund in damage dispute

  04-12-2017 01:01 via feedproxy.google.com
  WHEN builders working in a neighbouring property damage yours, how do you make sure you don’t foot the repair bill and the job is done properly?
  
  Read more

• Brexit labour shortage will force UK to import more fruit – winemaker

  04-12-2017 01:01 via theguardian.com
  Kent producer issues warning, with horticulture already experiencing shortfall of nearly a third of seasonal workers The chief executive of Chapel Down, an official wine supplier to 10 Downing Street, has said Britons will “starve” if the door is closed to foreign fruit pickers after Brexit.England’s biggest winemaker, based in Kent, relies on EU workers to pick grapes for its drinks, which also include beer, cider and gin. Continue reading...
  
  Read more

Follow @financialnwsUK on Twitter!