Financial news

• Millennials set to reap huge rewards of inheritance boom

  29-12-2017 23:51 via theguardian.com
  Thinktank: younger generation will profit from high value homes owned by baby boomer parents – but not till they are 60 An unprecedented inheritance boom is heading the way of today’s younger generation. But it will result in higher wealth inequality and will arrive too late for most people currently excluded from the property ladder, according to a leading thinktank. Related: We need more inheritance tax, not less | Patrick CollinsonContinue reading...
  
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• FTSE 100 ends 2017 at new record high as global markets celebrate $9tn year - as it happened

  29-12-2017 18:07 via theguardian.com
  All the day’s economic and financial news, as investors count their profits on the final trading day of 2017Latest: FTSE 100 closes at new highMSCI World Index has gained $9 trillion this yearAsian markets have posted best year since 2009
  European markets post best year since 20132017’s top business stories: Ryanair crisis, hackers and a giant rabbit5.07pm GMT Hello again. Here’s our news story about the global stock market rally this year: Related: Global markets end on record
  
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• BITCOIN KIDNAP: Crypto analyst safely returned after expert seized by masked kidnappers

  29-12-2017 18:05 via feedproxy.google.com
  EXMO bitcoin analyst Pavel Lerner has been returned after the 40-year-old was kidnapped.
  
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• Chinese ’shadow debt’ an $18.5 TRILLION market which could COLLAPSE the banking system

  29-12-2017 17:31 via feedproxy.google.com
  AN INVESTIGATION into China’s shadow banking sector has revealed how the threat posed by the country’s rapid accumulation of debt could push Beijing towards a financial crisis.
  
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• Let’s move to Romford, east London: ‘They know how to have a good time’

  29-12-2017 17:30 via theguardian.com
  ‘Historic market town’ is stretching the point, but this is a great place to partyWhat’s going for it? Not, you’d think, the most obvious place in which to see in the new year. (Though with the year we’ve had, who cares?) But you’d be wrong. Romford, as anyone who has been there on a Friday night knows, has the capital’s largest night-time economy outside central London. They know how to have a good time, and I’m sure they’ll be having o
  
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• BITCOIN WARNING: Government issues Ponzi scheme alert over cryptocurrencies

  29-12-2017 17:02 via feedproxy.google.com
  THE Indian government has cautioned cryptocurrency investors as they have compared cyber-currencies such as bitcoin to being similar to Ponzi schemes.
  
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• First-ever shipment of Russian gas unlikely to remain in UK for long

  29-12-2017 16:56 via theguardian.com
  Industry experts say facility in Kent likely to be stopping-off point for liquefied natural gas that could fetch higher price in AsiaThe first-ever shipment of Russian gas to the UK looks likely to head straight back out on another ship, disproving Moscow’s claims that Britain will be reliant on it for supplies this winter.National Grid confirmed that gas from a Russian field targeted by US sanctions had been delivered by a Russian icebreaker to storage facilities at the Isle of Grain in K
  
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• Global markets end on record high after adding $9tn in 2017

  29-12-2017 16:28 via theguardian.com
  Brexit talks progress and Trump tax cuts fuel boom as even fears of war in North Korea, upheaval in Europe and bitcoin bubble fail to dampen spiritsGlobal stock markets have ended 2017 on record highs, gaining $9tn (£6.7tn) in value over the year due to a strong worldwide economy, President Donald Trump’s tax cuts and central banks’ go-slow approach to easing financial support. The FTSE 100 hit a new peak in London, with an all-time closing Continue reading...
  
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• FTSE 100 ends 2017 at new record high as global markets celebrate $9tn year - business live

  29-12-2017 15:40 via theguardian.com
  All the day’s economic and financial news, as investors count their profits on the final trading day of 2017Latest: FTSE 100 closes at new highMSCI World Index has gained $9 trillion this yearAsian markets have posted best year since 2009
  European markets post best year since 20132017’s top business stories: Ryanair crisis, hackers and a giant rabbit2.36pm GMT Amazon’s share price has taken a knock, though, after Donald Trump tweeted that it was getting an unfairly generous dea
  
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• Trump's tax changes to blow a $5bn hole in Goldman Sachs profits

  29-12-2017 14:52 via theguardian.com
  US ‘repatriation tax’ on overseas earnings to be the biggest cost factor in fourth quarter, says investment bankGoldman Sachs has said Donald Trump’s radical US tax changes will knock about $5bn (£3.7bn) off its profits this year.The investment bank said most of the cost would come from Trump’s “repatriation tax” designed to encourage multinationals to bring back the trillions of dollars they hold overseas to avoid tax.Continue reading...
  
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• 2017's top business stories: Whole Foods, hackers and a giant rabbit

  29-12-2017 14:18 via theguardian.com
  Our most-read stories of the year also include Ryanair flight cancellations, Jamie Oliver closures and that Bank of England Brexit forecastThe rich got richer and the poor piled on more debt as shockwaves from the Brexit vote continued to reverberate in 2017.Billionaire George Soros dismissed Donald Trump as a “con-man”, while Britain’s biggest chicken supplier was revealed to have been fiddling its food safety records. Continue reading...
  
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• Generation rent: why I’ll never live in a place with a kitchen big enough for sex

  29-12-2017 14:00 via theguardian.com
  I can’t imagine anything less erotic than a sink-side seductionThere’s a cliched scene in Hollywood movies in which two people – usually a couple, but not always – succumb to their passions in the kitchen. Items that live on kitchen counters are swept to the floor, while a lingerie-clad woman jumps on the worktop, because she doesn’t have a roommate who minds breakages.There’s only one thing that crosses my mind when I see that scene: bloody hell, th
  
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• Why 2018 will be a rum year (possibly)

  29-12-2017 13:32 via theguardian.com
  UK sales look to top £1bn in a year, following the boutique path to riches cut by gin. Unlike ‘mother’s ruin’, however, rum is fiddly and expensive to makeRevellers in need of festive spirit are reaching for rum in record numbers, new figures show, suggesting the pirate’s tipple of choice is primed to mimic the ongoing resurgence of gin.There is more than one way to make rum but the process always starts with sugar cane. Typically, the cane is crushed in a mill, pro
  
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• Bacon without the guilt? Nitrite-free rashers to hit British supermarkets

  29-12-2017 09:48 via theguardian.com
  Northern Irish food manufacturer Finnebrogue says its Naked Bacon contains no preservatives, E numbers or allergensBacon that is said to be free of nitrites, preservatives, E numbers and allergens will soon appear on supermarket shelves in what is being called “a remarkable feat of food technology”.
  The Northern Irish food manufacturer Finnebrogue claims its Naked Bacon contains no nitrites – salts from chemical or natural sources added as a preservative, anti-microbial agent a
  
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• Homebase boss opts for three-month time-out back home in Australia

  29-12-2017 09:33 via theguardian.com
  Extended break to see family likely to raise City eyebrows as Bunnings struggles to crack DIY market in UKThe UK boss of Bunnings is taking a surprise three-month break as the new Australian owner of Homebase struggles to crack Britain’s DIY market. Peter “PJ” Davis will start his extended period of leave in mid-January, a decision that will raise eyebrows in the City. Continue reading...
  
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• Rail passengers lost 3.6m hours in delays in 2016-17, says Which?

  29-12-2017 08:00 via theguardian.com
  Virgin Trains East Coast had highest proportion of significant delays, with 3.7% of services running 30 to 120 minutes latePassengers lost at least 3.6m hours due to significantly delayed trains in 2016-17, according to research.
  Delays of at least half an hour affected 7.2m passenger journeys in Britain, the consumer group Which? said. Continue reading...
  
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• Is this the future? Dutch plan vast windfarm island in North Sea

  29-12-2017 07:00 via theguardian.com
  Advanced plans by Dutch power grid aims to build power hub possibly at Dogger Bank whose scale would dwarf current offshore sites
  Britain’s homes could be lit and powered by windfarms surrounding an artificial island deep out in the North Sea, under advanced plans by a Dutch energy network.The radical proposal envisages an island being built to act as a hub for vast offshore windfarms that would eclipse today’s facilities in scale. Dogger Bank, 125km (78 miles) off the East Yorkshire
  
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• American reams: why a ‘paperless world’ still hasn’t happened

  29-12-2017 07:00 via theguardian.com
  In a world seduced by screens, the future of paper might seem uncertain. But many in the industry remain optimistic – after all, you can’t blow your nose on an email. By David J UngerOld Mohawk paper company lore has it that in 1946, a salesman named George Morrison handed his client in Boston a trial grade of paper so lush and even, so uniform and pure, that the client could only reply: “George, this is one super fine sheet of paper.” And thus Mohawk&
  
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• UK to sink to the bottom of OECD wage growth index in 2018

  29-12-2017 01:01 via theguardian.com
  British workers to be worse off among wealthy nations as Brexit inflation diminishes pay, TUC analysis show Britain is set to have the worst wage growth of any wealthy nation next year, ranking behind Italy, Greece and Hungary, according to analysis by the TUC. The UK is forecast to come bottom from 32 Organisation for Economic Co-operation and Development wealthy nations for wage performance in 2018, according to the study of OECD figures by the unions’ umbrella group.Continue reading...
  
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• Thatcher warned Major about exchange rate risks before ERM crisis

  29-12-2017 01:01 via theguardian.com
  National Archives: private warning came just five weeks into Major’s premiership and 20 months before Black WednesdayMargaret Thatcher privately warned John Major that he was in danger of making a mistake of Churchillian proportions on exchange rate policy and risked pitching the British economy into recession, the cabinet papers reveal.Her warning to her anointed successor as prime minister came 20 months before “Black Wednesday”, when the pound crashed out of the European exc
  
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