Financial news

• 25,000 children in Britain are problem gamblers, report finds

  12-12-2017 23:32 via theguardian.com
  Gambling Commission says children encounter gambling through social media and computer gamesYoung people and gamers’ gambling: what are your experiences?About 25,000 children aged between 11 and 16 are problem gamblers, with many learning to bet via computer games and social media, according to a report that has prompted warnings that Britain is “sleepwalking into a future public health storm”.
  In its annual survey of youth gambling (pdf), industry regulator the Gambling Commis
  
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• World Bank to end financial support for oil and gas extraction

  12-12-2017 23:19 via theguardian.com
  Bank announces in Paris it ‘will no longer finance upstream oil and gas’ after 2019 in response to threat posed by climate changeThe World Bank will end its financial support for oil and gas extraction within the next two years in response to the growing threat posed by climate change.In a statement that delighted campaigners opposed to fossil fuels, the Bank used a conference in Paris to announce that it “will no longer finance upstream oil and gas” after 2019. Continue
  
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• World Bank to end financial support for oil and gas exploration

  12-12-2017 23:19 via theguardian.com
  Bank announces in Paris it ‘will no longer finance upstream oil and gas’ after 2019 in response to threat posed by climate changeThe World Bank will end its financial support for oil and gas exploration within the next two years in response to the growing threat posed by climate change.In a statement that delighted campaigners opposed to fossil fuels, the Bank used a conference in Paris to announce that it “will no longer finance upstream oil and gas” after 2019. Continue
  
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• Inflation rises to 3.1%, adding to UK cost of living squeeze

  12-12-2017 22:49 via theguardian.com
  Dearer computer games, smaller than expected falls in airfares, plus rising food, transport and clothing costs spur rate to near six-year highThe government has admitted households are feeling the pain from rising inflation after the cost of living rose to a near six-year high of 3.1% in November.Amid fears that the intensifying pressure on living standards will hit high street spending in the runup to Christmas, the financial secretary to the Treasury, Mel Stride, said 2018 would bring better n
  
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• UK fuel prices could rise by 3p a litre after North Sea pipeline closure

  12-12-2017 20:48 via theguardian.com
  RAC warns price of unleaded petrol could climb to 123.76p as oil price is sent soaring by string of incidents The RAC has warned British drivers they could be paying 3p a litre more for fuel by Christmas after the shutdown of a major North Sea pipeline hit oil prices.The warning came as an explosion at a key European gas hub in Austria and disruption to supplies in Norway pushed gas prices to multi-year highs. Continue reading...
  
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• Westfield sale looks like a knee-jerk reaction to the Amazon age | Nils Pratley

  12-12-2017 20:32 via theguardian.com
  The rush to consolidate by owners of large shopping centres suggests they are seeking protection from the rise of online rivalsThe crisis of confidence among owners of large shopping centres is contagious. Last week it was Hammerson, the Birmingham Bullring folk, bidding for Intu, owner of Gateshead’s Metrocentre. Now, on grander scale, French giant Unibail-Rodamco is paying $25bn (£18.5bn) to own Westfield, the Australian outfit that has erected its multistorey car parks, with malls
  
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• Ryanair pilots based in Ireland to stage one-day strike next week

  12-12-2017 20:04 via theguardian.com
  Up to 117 pilots expected to take action, with airline’s flights to and from Dublin, Shannon and Cork likely to be affectedPilots working for Ryanair in Ireland have called a one-day strike next week, potentially disrupting flights for Europe’s biggest airline on its home territory.
  Flights to and from Dublin, Shannon and Cork are likely to be affected by the walkout on Wednesday.Continue reading...
  
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• UK faces Christmas squeeze as inflation hits 3.1%, outpacing wages – as it happend

  12-12-2017 19:27 via theguardian.com
  Food, fuel, airline fares and recreational costs have driven the cost of living up at its fastest rate since March 2012Rising food prices mean Christmas dinner will cost moreBreaking: UK inflation jumps to 3.1%
  Shoppers must be savvy this ChristmasWeak pound is still causing a cost of living squeezeChart: Pay is lagging behindBoE’s Mark Carney must explain it to Philip HammondEarlierOil price jumped after North Sea pipeline shut 6.27pm GMT A late ps: petrol prices may rise by 3p per litre,
  
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• EU announces €9bn in funding for climate action

  12-12-2017 18:57 via theguardian.com
  EU funds will be focused on clean energy, and sustainable cities and agriculture, with Bill and Melinda Gates Foundation also pledging $300m towards climate adaptationThe European commission has announced funding of €9bn (£8bn) for action on climate change, one of a flurry of measures from governments, businesses and investors aimed at achieving the goals of the 2015 Paris agreement.The EU funds will form part of the bloc’s External Investment Plan, and will be focused on sustai
  
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• Palmer & Harvey: 400 more workers lose jobs weeks before Christmas

  12-12-2017 18:42 via theguardian.com
  Administrators say they have failed to secure deal to sell part of wholesaler, resulting in new round of redundanciesMore than 400 more people have lost their jobs at the groceries wholesaler Palmer & Harvey less than a fortnight before Christmas as administrators’ attempts to sell part of the business failed.The group, which delivered goods to 90,000 grocery and convenience stores, including Tesco, Sainsbury’s and the Costcutter chain, called in administrators last month, result
  
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• Europe's biggest mall owner buys Westfield for $25bn

  12-12-2017 18:33 via theguardian.com
  France’s Unibail-Rodamco to become world’s largest shopping centre operator after snapping up Australian companyEurope’s biggest commercial property company is to buy Westfield, the Australian company behind the UK’s two highest-earning shopping centres, in a $25bn (£19bn) deal that will create the world’s largest mall operator.Unibail-Rodamco of France, which owns Forum des Halles in Paris, plans to roll out Westfield centres in Europe and the US. The Lowy fa
  
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• Financial services bringing offshore jobs back to the UK, research says - International Investment

  12-12-2017 17:18
  International Investment
  Financial services bringing offshore jobs back to the UK, research says
  International Investment
  Despite UK's pending exit from the EU, London remains world's number one financial centre with financial services companies based in UK are increasingly bringing their offshored operations back, according to research published today. According to the ...en meer »
  
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• New mortgage lending in UK reaches highest level since 2008

  12-12-2017 17:07
  Boom driven by people remortgaging homes to lock- in cheap deals as proportion lent to first-time buyers fallsBritish households are taking on the highest levels of fresh mortgage debt since the beginning of 2008, spurred by low interest rates from the Bank of England, even as the proportion of first-time buyers dwindles. Banks extended new mortgage commitments to borrowers worth £69.6bn in the three months to the end of September, an increase of 14% on the same period in 2016 and the high
  
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• A shocking way to fund UK care homes | Nils Pratley

  12-12-2017 15:21 via theguardian.com
  The Four Seasons Health Care crisis is mainly down to financial engineering gone wrong. Have we learned nothing?Why is Four Seasons Health Care, the country’s largest care homes operator, in financial difficulty? Why is the regulator, the Care Quality Commission, having to prod and cajole creditors to agree a standstill on debt repayments to prevent the business falling into administration? Why is this crisis happening only six years after the failure of Southern Cross, which at the time w
  
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• Althea Efunshile joins Channel 4 board after government U-turn

  12-12-2017 14:40 via theguardian.com
  Former Arts Council England deputy chief executive was only candidate for all-white board rejected by culture secretary last yearThe government has appointed Althea Efunshile, a former deputy chief executive of Arts Council England (ACE), to the board of Channel 4, in a dramatic U-turn after the culture secretary blocked her appointment a year ago in favour of four white men.Efunshile was the only one of five candidates for Channel 4’s board rejected by Karen Bradley in November 2016.Conti
  
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• UK Christmas shoppers to spend record £4.2bn on food and drink

  12-12-2017 14:36 via theguardian.com
  Friday 22 December on course to be biggest ever shopping day for food and drink as families stock up for Christmas DayShoppers in the UK will spend a record £4.2bn on food and drink in the final week before Christmas, shrugging off higher prices caused by the fall in the value of the pound since the EU referendum.
  Total spending on festive feasts will be up by 3.6%, with Friday 22 December the busiest day as families prepare for the big day, according to analysts at Nielsen. Continue readi
  
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• Bitcoin buyer beware: US SEC warns 'extreme caution' over cryptocurrency investments

  12-12-2017 12:25 via theguardian.com
  Head of US financial regulator concerned by lack of protections saying there are ‘substantial risks of theft or loss, including from hacking’The head of the US Securities and Exchange Commission has warned bitcoin and other cryptocurrency investors to beware of scams and criminal activity in the sector.In the financial regulator’s strongest statement yet, SEC chair Jay Clayton said: “If a promoter guarantees returns, if an opportunity sounds too good to be true, or if you
  
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• How big oil is tightening its grip on Donald Trump's White House

  12-12-2017 12:00 via theguardian.com
  The oil industry has stalled action on climate change from the inside and sold America on fossil fuels – and its influence goes back further than people realizeWhen Rick Perry was interrupted by climate-change protesters during his address to the National Petroleum Council in late September, the energy secretary was ready with a retort.“You want to talk about something that saves lives? It’s the access to energy around the globe,” Perry said, countering a woman worried ab
  
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• What a performance, trying to swap our tickets for The Ferryman

  12-12-2017 08:00
  When my husband was taken ill on the day of the show, the theatre didn’t respond to emails or callsMy husband and I were booked to attend the Royal Court production of The Ferryman at the Gielgud theatre, London, in October. The play is set close to where I grew up in Ireland and, having saved up the £130 ticket price, we were particularly looked forward to it. However, on the day my husband, aged 82, was ill and I couldn’t leave him alone. I phoned customer services as soon as
  
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• UK jobs boom is petering out, claims employers' survey

  12-12-2017 01:01 via theguardian.com
  Manpower poll shows hiring staff is flatlining in London and depicts firms as the least confident for five years about taking on new workersBritain’s employers are the most pessimistic about hiring staff than at any time in five years, underscoring fears over the number of new jobs available as the country prepares to leave the EU. A poll of 2,102 employers across nine different industry sectors found a net balance of just 4% were planning to increase staff levels rather than make cuts in
  
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