Financial news

• Shares in spread betting firm Plus500 soar thanks to bitcoin boom

  03-01-2018 21:03 via theguardian.com
  Price jumped 130% last year amid growth in use of derivatives products that allow investors to gamble on cryptocurrenciesThe growth in gambling on the yo-yoing value of cryptocurrencies using risky derivatives products has helped boost the profits of the financial spread betting firm Plus500.The London-listed company’s shares rose 130% in value last year and gained nearly another 25% on Wednesday after it said there had been increased interest throughout 2017 in cryptocurrencies such as bi
  
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• Next is right to greet its Christmas cheer with caution | Nils Pratley

  03-01-2018 20:16 via theguardian.com
  Retailer’s impressive festive season comes at end of a tricky year and its performance may not signal a high street upturnSalvation for retailers? Next’s mildly upbeat report on its pre-Christmas trading was good for share prices in the sector, but nobody overdid the cheer – and rightly so.First, it is hardly a revelation that properly cold weather is useful for shifting coats and jumpers. Second, Next runs to its own financial rules. It can tolerate a 6% plunge in sales in its
  
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• UK leaving single market for TPP could hit workers' rights, union warns

  03-01-2018 19:21 via theguardian.com
  TUC delivers stark warning about labour abuses after trade secretary Liam Fox refuses to rule out membership of TPPTrade unions have issued a warning about the possible impact on workers’ rights if Britain leaves Europe’s single market and instead seeks to join a flagship Pacific trading group after Brexit.After claims that officials had embarked on informal talks about future membership of the Trans-Pacific Partnership (TPP), the TUC general secretary, Frances O’Grady, said su
  
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• US drug firm offers cure for blindness – at $425,000 an eye

  03-01-2018 19:15 via theguardian.com
  Spark Therapeutics says ‘responsible price’ for Luxturna gene therapy ensures access for patients with retinal defectA drug whose inventors claim it can cure a rare form of blindness is to be one of the most expensive medicines ever sold at $850,000 (£630,000).Luxturna is injected directly into the eye to address the root cause of visual impairment by replacing a defective gene in the retina. It is the first gene therapy to be approved for use in the US, and was given the go-ah
  
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• Rail passengers must come before profits | Letters

  03-01-2018 19:05 via theguardian.com
  Readers respond to the sharp rise in UK train fares announced at the start of the yearIt’s outrageous that Chris Grayling plans to bail out Virgin Trains East Coast by up to £2bn – Labour is absolutely right to stand up for passengers (Tom Watson calls on Chris Grayling to quit over ‘grubby’ East Coast rail deal, 31 December). Rail passengers and taxpayers are sick of the rip-off of privatisation, and this bailout is the final straw – 76% of us think the railw
  
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• From Grope Lane to Bell End: do rude street names affect house prices?

  03-01-2018 18:38 via theguardian.com
  The residents of a rudely named road in the West Midlands have launched a petition to have its name changed, the official reason being to ‘protect their kids’ from bullyingAs if we didn’t have enough to worry about in 2018 – what with the continued march to extinction of the natterjack toad and the turtle dove – the year opens with news that our our ancient heritage of rude street names is also evaporating.Shiteburn Lane in the City of London is long gone – it
  
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• Poundland seals £180m financing deal to reduce reliance on Steinhoff

  03-01-2018 18:34 via theguardian.com
  Loan will allow UK retailer to distance itself from scandal-hit South African owner as it reports record Christmas trading Poundland has secured £180m of independent financing that will reduce its reliance on its troubled South African owner Steinhoff International after bumper Christmas trading.Pepkor Europe, the European owner of Poundland, the Pep&Co clothing business and two other chains, has arranged a two-year loan facility from US investment firm Davidson Kempner Capital |Manage
  
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• Why do Easter eggs in January annoy us so much?

  03-01-2018 18:29 via theguardian.com
  Shoppers are reportedly ‘incensed’ that the chocolate eggs appeared in stores straight after Boxing Day – but some supermarkets are determined to stock up earlyPeople are getting very cross about Easter eggs. Specifically, that they are already on sale in some UK supermarkets, despite the fact that the mince pies are barely off the shelves. The Mirror reported that shoppers – ie a handful of grumpy Twitter users – were “incensed”.The hard, hollow, ovoid
  
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• Proposals Announced to Extend Senior Management Responsibilities in UK ... - Lexology

  03-01-2018 18:11
  Proposals Announced to Extend Senior Management Responsibilities in UK ...
  Lexology
  Firms should establish implementation teams, create project plans, design procedures, and take several other measures to prepare for the new rules. The UK Financial Conduct Authority (FCA) has published three more consultation papers (CPs) detailing ...en meer »
  
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• Next results signal a good Christmas for UK retailers

  03-01-2018 18:08 via theguardian.com
  Rising online sales offset fall at high street stores as company upgrades profit expectation to £725mNext has raised hopes for the retail sector by revealing a better than expected Christmas, with strong online sales more than offsetting grim trading at its high street stores.The clothing and home chain said overall sales rose 1.5% in the 54 days to 24 December in a trading statement that kicked off the festive reporting season. A fall of 0.3% had been forecast. Continue reading...
  
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• RIPPLE to become the new BITCOIN? Surge in new cryptocurrency as banks FAVOUR it

  03-01-2018 18:00 via feedproxy.google.com
  RIPPLE seems to be the one cryptocurrency which can seriously compete with the behemoth bitcoin, due to the fact that banks actually seem to like it.
  
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• China WARNING: Chinese braced for troublesome 2018 as ECONOMIC issues rise to the surface

  03-01-2018 17:45 via feedproxy.google.com
  CHINA’S economy predicts a challenging 2018 as the state’s leaders believe it will experience what it calls three years of “critical battles”.
  
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• Pound dollar exchange rate: Brexit negotiations means 'pessimism priced into the pound'

  03-01-2018 17:33 via feedproxy.google.com
  THE pound is having “pessimism priced into” it because of Brexit but this could mean sterling could make a resurgence against the dollar in 2018.
  
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• US blocks MoneyGram sale to Chinese firm over security concerns

  03-01-2018 17:26 via theguardian.com
  Alibaba founder Jack Ma’s $1.2bn takeover plan is most high-profile Chinese deal to be rejected by Trump administrationAlibaba founder Jack Ma’s plan to acquire money transfer company MoneyGram has collapsed after a US government panel rejected it over national security concerns, the most high-profile Chinese deal to be torpedoed by Donald Trump’s administration.The $1.2bn (£885m) deal’s failure represents a blow forMa, the executive chairman of the Chinese internet
  
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• New cryptocurrency STELLAR enjoys strong start to 2018 with 65% increases

  03-01-2018 16:49 via feedproxy.google.com
  LAST year could easily been seen as the year of cryptocurrencies, but one late arrival has now entered the party.
  
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• Pound euro exchange rate update: Brexit clarification to see sterling soar against euro

  03-01-2018 16:46 via feedproxy.google.com
  POUND STERLING is set to soar against the euro in 2018 as Brexit clarification fuels bullish sentiment.
  
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• Mifid II ‘lifts cloak of secrecy’ from City of London firms: Winners and losers REVEALED

  03-01-2018 16:21 via feedproxy.google.com
  CONTROVERSIAL Mifid II rules which European financial capitals awoke to this morning have been heralded by some as a regulatory disaster in the making - but others have hailed it a much-needed reform for an industry grasping for public trust after the financial crash.
  
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• UK construction growth disappoints while FTSE 100 slips despite positive Next update - as it happened

  03-01-2018 15:34 via theguardian.com
  UK building figures show first slowdown since September, while German jobs data beats forecasts and Next Christmas trading is better than expected 2.34pm GMT After Tuesday’s disappointing UK manufacturing survey, the construction data for December was also underwhelming. The IHS/Markit construction PMI saw a slowdown in growth for the first time since September.All eyes will now be on the UK services figures due out on Thursday to get a clear snapshot of how the country’s economy per
  
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• BITCOIN BOOM: Now PayPal co-founder buys $15-$20million of the digital currency

  03-01-2018 15:31 via feedproxy.google.com
  BITCOIN prices have continued to rise following news Peter Thiel’s investment arm, Founders Fund, has purchased hundreds of millions of the cryptocurrency.
  
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• Liam Fox says UK considering option of joining Pacific trade group

  03-01-2018 15:26 via theguardian.com
  Despite UK being nowhere near the Pacific, international trade secretary says it would be foolish to rule out membership of TPPLiam Fox has said it is too soon to seek out membership of a flagship Pacific trading group, but insisted it would be foolish for the UK to rule out such an option in the future. Speaking during a trip to China, the international trade secretary did not deny that informal talks had taken place about the possibility of Britain becoming a member of the Trans-Pacific Partne
  
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• 'See you!' Ryanair passenger leaves plane via emergency exit – video

  03-01-2018 15:08 via theguardian.com
  Amateur footage shows a frustrated passenger on a Ryanair flight using one of the aircraft’s emergency exits. He ended up perched on the wing while the plane was on the tarmac. The passenger's journey from London to Malaga had been subject to delays, causing him to take matters into his own hands• 'I'm going via the wing': fed-up Ryanair passenger takes the emergency exit Continue reading...
  
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• End of tax-free Saudi Arabia and UAE: Shock new hikes unleashed by Arab states

  03-01-2018 14:21 via feedproxy.google.com
  BOTH Saudi Arabia and the United Arab Emirates have introduced a new value-added tax to boost non-oil income and lessen the fiscal deficits caused by years of low oil prices.
  
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• Cott deal with Refresco raises concerns for UK competition regulator - Financial Post

  03-01-2018 13:31
  Financial Post
  Cott deal with Refresco raises concerns for UK competition regulator
  Financial Post
  Cott beverages CEO Jerry Fowden speaks during the company's AGM in Toronto on Tuesday May 4, 2010. Cott Corporation (NYSE: COT; TSX:BCB) today announced a progress update on the United Kingdom ("UK") Competition Markets Authority ("CMA") process in ...en meer »
  
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• UK construction industry optimism slumps to five-year low, survey reveals

  03-01-2018 12:52 via theguardian.com
  Brexit concerns, high import costs and fears of economic slowdown lead to fall in volume of commercial projectsBritain’s construction industry is its least optimistic for five years amid fears over Brexit and an economic slowdown, according to a survey. Despite some pockets of strength as building firms won the most work for several months in December, the balance of companies expecting a rise in output levels over the next 12 months was the weakest recorded since mid-2013, according to th
  
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• Spotify sued for $1.6bn in unpaid royalties as it reportedly files for IPO

  03-01-2018 12:21 via theguardian.com
  The music streaming service faces a claim on behalf of artists including Neil Young and Janis Joplin as it prepares a share saleMusic streaming service Spotify has been sued by a music publishing company for $1.6bn (£1.18bn), for hosting songs it allegedly doesn’t have the full rights to. The news comes at an awkward moment for the tech company, which is reportedly preparing for a stock market sale.Wixen, a Californian company that collects royalties on behalf of artists including To
  
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• HS2 contractor Carillion investigated by FCA

  03-01-2018 10:22 via theguardian.com
  Firm behind major UK construction projects faces legal scrutiny over claims of ‘timeliness and content of corporate announcements’ Carillion is under investigation by Britain’s financial watchdog in another blow to the troubled construction firm, which is involved in several major building projects in the UK.
  The company said the Financial Conduct Authority had started an investigation into the “timeliness and content of announcements” made by Carillion between 7 De
  
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• The UK's financial watchdog is investigating troubled construction firm Carillion - Business Insider

  03-01-2018 09:55
  Business Insider
  The UK's financial watchdog is investigating troubled construction firm Carillion
  Business Insider
  The Financial Conduct Authority is looking into announcements made by the firm in 2016 and 2017, over which time Carillion's profits declined and shares plummeted. Carillion said it was cooperating fully with the investigation. LONDON – The UK's ...en meer »
  
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• UK's Financial Conduct Authority: Statement On Transitional ... - Exchange News Direct

  03-01-2018 09:32
  UK's Financial Conduct Authority: Statement On Transitional ...
  Exchange News Direct
  Under Article 54(2) of the Markets in Financial Instruments Regulation (“MiFIR”), an EU Central Counterparty (CCP) or trading venue may apply to its Competent Authority for a transitional arrangement in relation to exchange-traded derivatives, under ...en meer »
  
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• 'I'm going via the wing': fed-up Ryanair passenger takes emergency exit

  03-01-2018 08:16 via theguardian.com
  Man arrested after shocking fellow travellers on delayed flight to Malaga by opening door and climbing on to wing – taking hand luggage with himAn impatient Ryanair passenger shocked fellow travellers when he forced his way out of the emergency exit after getting fed up with waiting to disembark his flight from the UK to Spain.
  The man, reportedly a 57-year-old Polish national, ended up perching on the wing of flight FR8164 with his hand luggage as the plane sat on the tarmac at Malaga air
  
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• Losing sleep over the illegal sale of melatonin on eBay

  03-01-2018 08:00 via theguardian.com
  The sale of over-the-counter melatonin in the UK is illegal, but a reader is worried because it is readily available on eBayI have discovered that melatonin is being sold on eBay in the UK, despite being banned for sale over the counter. I’m concerned people can buy it online without establishing their suitability or the appropriate dosage.ME, London Continue reading...
  
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• Apple leads race to become world's first $1tn company

  03-01-2018 07:00 via theguardian.com
  Tech giants likely to pass record valuation if share price rises echo 2017 performance with Amazon, Google, Microsoft and Facebook in with a chanceThe race is on to become the world’s first trillion-dollar company, with all eyes fixed on tech giants such as Apple, Amazon, Facebook and Alphabet, the parent company of Google. Financial commentators and investors predict 2018 will herald the first firm with a stock market valuation of $1tn (£738bn) or more, if technology share prices co
  
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• Marks & Spencer sells its 72 Hong Kong stores to franchise partner Al-Futtaim

  03-01-2018 01:01 via feedproxy.google.com
  MARKS & SPENCER has sold its store network in Hong Kong and Macau to franchise partner Al-Futtaim as it overhauls its overseas operations.
  
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• Digital streaming behind biggest rise in UK music sales for two decades

  03-01-2018 01:01 via theguardian.com
  Platforms such as Apple Music and Spotify plus renaissance in vinyl records help fuel fastest annual growth since 1998A surge in music streaming via digital services including Spotify and Apple Music has prompted the fastest growth in UK music consumption since the late 1990s.UK consumers bought the equivalent of more than 135m albums last year across all formats – which include CDs, vinyl, digital downloads and streams from subscription services. Continue reading...
  
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• BP braced for £1.1billion hit but longer-term gains from Trump tax reforms

  03-01-2018 01:00 via feedproxy.google.com
  BP will take a $1.5billion hit but flagged longer-term gains from US President Donald Trump's corporate tax reforms.
  
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