Financial news

• Bitcoin warning: RBS boss compares cryptocurrency to DANTE'S INFERNO

  07-12-2017 23:12 via feedproxy.google.com
  THE boss of the Royal Bank of Scotland has declared Bitcoin should come with a warning from Dante’s Inferno - “abandon all hope ye who enter here”.
  
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• Bitcoin surges over $15,000 despite 'Dante's Inferno' warning – as it happened

  07-12-2017 22:13 via theguardian.com
  Royal Bank of Scotland’s chairman says central bankers should hang an ‘abandon hope’ warning over bitcoinLive: Friday’s business newsBitcoin likened to Dante’s Inferno as currency tops $15,000$64m in cryptocurrency stolen in ‘sophisticated’ hack 9.13pm GMTTime to recap:life is a highway pic.twitter.com/UebRu0uTXzBitcoin's market cap just passed Visa's.Yes, that Visa:
  Largest electronic payment processor in the world
  $8.9 trillion in 141 billion transacti
  
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• A tax haven blacklist without the UK is a whitewash | Prem Sikka

  07-12-2017 20:59 via theguardian.com
  The EU’s targeting of low-income countries smacks of imperialism. There is so much the international community can do to tackle tax avoidanceAt the heart of the intensifying debate about fairness and inequality is tax. Who can think without shuddering of the opportunity costs incurred by needy economies robbed of the tax to which they are entitled? In that context, and against the backdrop of exposure exercises such as the Paradise Papers, there was understandable enthusiasm for the Europe
  
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• Hedge fund boss pays himself £270m, despite hedge fund only making £200m

  07-12-2017 20:27 via theguardian.com
  It is understood that Sir Chris Hohn reinvested most of the money back into his Children’s Investment FundHedge fund manager Sir Chris Hohn paid himself £270m last year – £70m more than his Children’s Investment Fund made in profit.Hohn, the son of a Jamaican car mechanic who emigrated to Britain in the 1960s, collected $363.9m (£270m) in dividend payments from the hedge fund he set up in 2003. His pay is 1,800 times that collected by the prime minister.Contin
  
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• GVC and Ladbrokes Coral: David gambles on Goliath

  07-12-2017 20:12 via theguardian.com
  Last year’s merger with Coral gave Ladbrokes greater size, but only increased the appeal for the acquisitive GVCLadbrokes Coral’s bosses will try to sound cheerful about the prospect of being taken over by GVC Holdings, the company behind Sportingbet and Foxy Bingo. But, on the long view, this deal would be a corporate humiliation.Ladbrokes is one of the oldest names in British bookmaking and still collects the largest revenues. It traces its roots to 1886 and, under chairman Cyril S
  
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• More than 800 senior Asda shopfloor staff face pay cut or redundancy

  07-12-2017 20:01 via theguardian.com
  In document seen by the Guardian, retailer tells staff it needs to cut operating costs to ‘close price gap’ with rivals Aldi and LidlMore than 800 senior Asda shopfloor workers are facing a pay cut or redundancy in the new year after the supermarket chain embarked on another cost-cutting exercise.Store staff have been briefed this week on a proposal that could mean 842 section leaders being removed from its store management teams. Thousands of other workers will also be affected by a
  
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• Labrokes Coral reopens £3.9bn takeover talks with Foxy Bingo owner

  07-12-2017 19:33 via theguardian.com
  Value of deal could be £800m less depending on outcome of government review into fixed-odds betting terminalsLadbrokes Coral and online gambling rival GVC have renewed talks about a takeover which could be valued at £3.9bn – but with the proviso that the deal could be cut by £800m depending on the final result of a government review of controversial fixed-odds betting terminals (FOBTs).GVC, owner of Foxy Bingo, said it was willing to pay at least £3.1bn in cash and
  
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• Gig economy workers in UK risk missing out on £22,200 of pension

  07-12-2017 18:16 via theguardian.com
  Being classified as employees would mean automatic enrolment in workplace pension and employer contributionsMore than a million workers in Britain’s gig economy risk missing more than £22,000 each from being wrongly labelled as self-employed, according to research that shows the dangers posed to people in fragile employment.The insurance firm Zurich said forcing gig economy companies to classify their workers as employees rather than self-employed would mean automatic enrolment in a
  
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• Gig economy workers in UK risk missing out on £22,000 of pension

  07-12-2017 18:16
  Being classified as employees would mean automatic enrolment in workplace pension and employer contributionsMore than a million workers in Britain’s gig economy risk losing more than £22,000 each from being wrongly labelled as self-employed, according to research that shows the dangers posed to people in fragile employment.The insurance firm Zurich said forcing gig economy companies to classify their workers as employees rather than self-employed would mean automatic enrolment in a w
  
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• BITCOIN BOOM: Cryptocurrency will SMASH $100,000 mark by 2020, expert predicts

  07-12-2017 18:11 via feedproxy.google.com
  THE Bitcoin rally could continue for some weeks yet, with one analyst predicting the cryptocurrency will reach $20,000 by the end of the year and a staggering $100,000 over the next two or three years.
  
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• First-timers face paying nearly 50% more than other buyers for UK homes

  07-12-2017 16:32 via theguardian.com
  FCA says new buyers may pay far more interest as they have to take out longer mortgages than previous generationsFirst-time buyers could pay nearly 50% more than existing home owners for their property because typically they are spreading their mortgage repayments for longer periods of over 35 years.According to analysis by the Financial Conduct Authority (FCA), which has scrutinised 10 years of mortgage data, taking out a £200,000 home loan for 35 years rather than 25 years at a 3% intere
  
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• Older entrepreneurs employ more staff than start-ups run by younger people

  07-12-2017 16:28 via theguardian.com
  Centre for Economics and Business Research says older generations are driving national productivityThe older generations are the new entrepreneurs, creating employment and driving national productivity, according to research by the Centre for Economics and Business Research (CEBR).Entrepreneurs aged over 50 employed more people than start-ups run by younger individuals for the first time in 2016, the research found.Continue reading...
  
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• House prices continue to outstrip inflation, but growth starting to slow, new figures show

  07-12-2017 16:27 via feedproxy.google.com
  UK house prices are continuing to rise year on year, but the rate of growth is starting to slow as Britons struggle with affordability.
  
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• RBS boss likens bitcoin to Dante’s Inferno as currency tops $15,000

  07-12-2017 15:56 via theguardian.com
  Call from Sir Howard Davies to take action on digital currency follows warnings from other senior figures in financeBitcoin has been likened to Dante’s Inferno by the chairman of the Royal Bank of Scotland. As the digital currency surged towards $16,000 on Thursday, Sir Howard Davies suggested it should carry a similarly apocalyptic warning for investors.Davies, a former head of the UK’s top financial watchdog, called on the Bank of England and other authorities around the world to l
  
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• Top pay in universities is rising – but most staff aren't seeing any benefits | Sally Hunt

  07-12-2017 15:50
  University staff salaries have fallen by 16% since 2009, and now pensions are being slashed. We need leaders who will look out for us – not their pay packetsSally Hunt is the secretary general of the University and College Union
  Higher education prides itself on its individuality, but there has always been a lot of groupthink at the top. I can remember the unending faux consultations in the run up to the Browne review when almost everyone agreed that tripling tuition fees would be the star
  
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• M&S selling stoneless avocado that could cut out risk of injuries

  07-12-2017 15:35 via theguardian.com
  Retailer’s ‘cocktail avocado’ can be eaten whole and may help end problem of people slicing their hands while removing stoneMarks & Spencer has begun selling a stoneless avocado that could help banish the pain of “avocado hand”.The so-called cocktail avocado is 5cm-8cm (2in-3in) in length and has a smooth, edible skin, meaning it can be sliced or eaten whole.Continue reading...
  
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• Bitcoin surges over $15,000 despite 'Dante's Inferno' warning – business live

  07-12-2017 15:16 via theguardian.com
  Royal Bank of Scotland’s chairman says central bankers should hang an ‘abandon hope’ warning over bitcoinSir Howard Davies: Authorities should warn about bitcoin risksDavies: We need that Dante’s Inferno warningUS banks worried about bitcoin futuresBitcoin has surged again...
  ...but $64m stolen in ‘sophisticated’ hackSterling below $1.34 as EU crisis rumbles on2.16pm GMTBitcoin buyers aren’t heeding Sir Howard Davies’s warning.The cryptocurrency ju
  
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• Why Brexit progress must be made: Europe storms ahead with growth figures

  07-12-2017 15:07 via feedproxy.google.com
  ECONOMIC growth in Europe was higher than predicted between July and September, prompting increased concern over the slow pace of Brexit talks.
  
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• Power from mini nuclear plants 'would cost more than from large ones'

  07-12-2017 15:06 via theguardian.com
  UK government study finds electricity would be nearly a third pricier than it would from plants such as Hinkley Point CElectricity from the first mini nuclear power stations in Britain would be likely to be more expensive than from large atomic plants such as Hinkley Point C, according to a government study.Power from small modular reactors (SMRs) would cost nearly a third more than conventional large ones in 2031, the report found, because of reduced economies of scale and the costs of deployin
  
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• Poundland owner Steinhoff shares CRASH amid accounting scandal

  07-12-2017 14:58 via feedproxy.google.com
  THE owner of Poundland lost up to two thirds of its value yesterday amid an accounting scandal.
  
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• Mulberry targets Asia growth after 'successful initial trading period in Japan'

  07-12-2017 14:47 via feedproxy.google.com
  MULBERRY hailed the early eastern promise of a joint venture deal in Japan to counter “uncertain” trading in the UK despite a tourist spending splurge in London.
  
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• Labrokes Coral reopens takeover talks with Foxy Bingo owner

  07-12-2017 14:41 via theguardian.com
  Value of deal could change by £800m depending on outcome of government review into fixed-odds betting terminalsLadbrokes Coral and online gambling rival GVC have reopened talks about a takeover whose value could change by £800m depending on the final result of a government review of controversial fixed-odds betting terminals (FOBTs).GVC, owner of Foxy Bingo, said it was willing to pay £3.1bn in cash and shares for Ladbrokes, just a year after the latter completed its merger wit
  
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• GE to cut 1,100 UK jobs

  07-12-2017 14:05 via theguardian.com
  Company blames fall in demand for new power stations and lack of investment for cost-cutting driveUS firm General Electric plans to cut 1,100 jobs from its UK power infrastructure business as part of a Europe-wide cost-cutting exercise, blaming a fall in demand for new power stations and dwindling investment by its clients.The job losses would affect staff in Rugby and Stafford, reducing GE’s 18,000-strong UK workforce by 6%. The company plans to cut 12,000 jobs globally. Continue reading.
  
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• Hammerson to became Britain's biggest property company thanks to Intu deal

  07-12-2017 13:00 via feedproxy.google.com
  THE owner of Birmingham’s Bullring shopping centre has agreed to buy the operator of Lakeside and Manchester’s Trafford Centre to create Britain’s biggest property company.
  
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• Bitcoin price soars $2,400 OVERNIGHT with currency now bigger than economy of PORTUGAL

  07-12-2017 12:59 via feedproxy.google.com
  THE Bitcoin price has soared close to 20 per cent in just 24 hours, gaining $2,400 between Wednesday and Thursday.
  
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• Homes near Christmas markets – in pictures

  07-12-2017 12:32 via theguardian.com
  Treat yourself with these properties close to festive shopping opportunities, from Birmingham to ViennaContinue reading...
  
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• Pound v US dollar: GBP unsteady as EU gives UK government 48 hours to save Brexit

  07-12-2017 11:43 via feedproxy.google.com
  THE UK government’s scramble for satisfactory progress in phase one of Brexit negotiations has dragged the pound lower versus the US dollar this morning.
  
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• ESPN: can The Worldwide Leader in Sports manage its own decline?

  07-12-2017 11:00 via theguardian.com
  The sports broadcaster has been buffeted by layoffs, declining revenue and a stormy political climate. Will it adapt to a changed media landscape?In the summer of 1998, ESPN did what successful American sports entities tend to do: it opened a restaurant. Located in Baltimore, the ESPN Zone was less a place to grab a bite than a 35,000-square-foot monument to the broadcast company’s ascendancy – home to a baseball batting cage, a mural of local athletic heroes signing the Declaration
  
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• My credit rating was sullied after fraudster took out a payday loan

  07-12-2017 08:00 via theguardian.com
  My personal details were used to get a loan that was never repaid, and it will take me 45 days for my rating to return to normalSomebody took out a payday loan in my name with Lending Stream. They combined my name, address and date of birth with their own bank account, mobile number and email address to get hold of £440 and then defaulted on repayment.Continue reading...
  
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• Don’t let the Tories fool you: we must borrow to invest | Owen Jones

  07-12-2017 07:00 via theguardian.com
  There will be a rightwing backlash against Labour’s strategy for reviving the economy, but it is clearly the right approachHere is a story about how crude dogma and a factually baseless political attack line are wrecking the country’s future. Britain desperately needs investment, and with interest rates this low it would be economic madness not to borrow to fund it.Even a Conservative cabinet minister such as Sajid Javid has broken ranks to demand £50bn of borrowing to solve th
  
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• China's debt levels pose stability risk, says IMF

  07-12-2017 02:00 via theguardian.com
  Health check of financial system says reforms have not gone far enough and notes similarities to US before 2008 crisisFears that China risks being the cause of a fresh global financial crisis have been highlighted by the International Monetary Fund in a hard-hitting warning about the growing debt-dependency of the world’s second biggest economy.The IMF’s health check of China’s financial system found that credit was high by international levels, that personal debt had increased
  
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• Philip Hammond causes storm with remarks about disabled workers

  07-12-2017 01:42 via theguardian.com
  Disability charity Scope and others call for chancellor to withdraw his comments implying disabled people are to blame for sluggish economyDisability charity Scope called on Philip Hammond to withdraw his “totally unacceptable and derogatory comments” after he said Britain’s sluggish productivity could partly be blamed on more disabled people in the workforce .In Wednesday’s treasury select committee, the chancellor was asked about low economic productivity levels, which
  
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