Financial news

• World Bank issues warnings on interest rates and inflation

  09-01-2018 22:00 via theguardian.com
  After better than expected growth in the global economy, Bank says financial markets are vulnerable to unforeseen negative newsFinancial markets are complacent about the risks of sharply higher interest rates that could be triggered by better than expected growth in the global economy this year, the World Bank has warned.The Washington-based organisation said that much of the rich west was running at full capacity as a result of a broad-based upswing in activity, but were now vulnerable to a per
  
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• The Guardian view on the future of fracking: keep it in the ground | Editorial

  09-01-2018 20:30 via theguardian.com
  The rewards are uncertain and time limited. Massive investment in a short-lived fuel may not make business senseJust a few short years ago, fracking – the underground extraction of gas from rock – was to revolutionise Britain’s energy production as it has transformed it in the US. Under David Cameron and George Osborne, it was to produce the fuel that would build a bridge from the high-carbon past to the no-carbon future. Just 18 months after the two leading politicians of thei
  
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• The strong case for a citizens’ wealth fund | Letters

  09-01-2018 20:27 via theguardian.com
  Professor Steve Schifferes says a citizens’ wealth fund in the UK could be the key to boosting productivity, tackling inequality, and giving citizens a new sense of control over their lives. Plus Michael Gold says that if the tech giants paid tax properly there would be no $1tn company on the horizonI strongly endorse your editorial (30 December) suggesting that a UK citizens’ wealth fund could make a major contribution to reversing the worrying growth in inequality, particularly wea
  
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• Persimmon pay shambles shows need to ban long-term bonus plans

  09-01-2018 20:13 via theguardian.com
  Persimmon chairman Jeff Fairburn’s £110 bonus is an extreme example, but the whole long-term bonus system is rotten Jeff Fairburn, the £110m chief executive of Persimmon, will have reflected long and hard about how it looks to receive such an enormous personal windfall at a time when executive pay and housebuilders, with their share prices inflated by help-to-buy subsidies for homebuyers, are in the political spotlight.He will have noted that Persimmon’s chairman, and the
  
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• Just Eat 50p surcharge branded a rip-off by customers

  09-01-2018 19:47 via theguardian.com
  Online takeaway firm adds 50p to all payment forms and rebrands it service charge just days before EU ban on fees for credit card transactionsThe online takeaway company Just Eat has been criticised for introducing a 50p service charge on all payments days before its “rip-off” fee for card transactions was due to be banned.The company, which is worth around £5.4bn and has 9 million UK customers, was accused of “dodging” EU rules by imposing the new fee, which applie
  
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• UK must be ready for rise of electric vehicles, says ABB chief

  09-01-2018 19:45 via theguardian.com
  Charging point manufacturer’s CEO warns that UK power grid needs to handle expected 9m electric vehicles by 2030The UK should speed up preparations for the rise of electric vehicles, according to the chief executive of ABB, the world’s largest supplier of fast-charging points.Speaking as the Switzerland-based engineering firm became the first official sponsor of the electric street racing series Formula E, Ulrich Spiesshofer predicted a flood of consumer take-up of plug-in cars. Cont
  
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• Trump to attend Davos despite criticizing forum during his campaign

  09-01-2018 19:18 via theguardian.com
  The president will attend the World Economic Forum after his campaign disparaged the elite annual meeting of billionaires, businessmen and politiciansDonald Trump is set to attend the World Economic Forum in Davos, the elite annual meeting of billionaires, businessmen and politicians.Sitting presidents have rarely attended the event, held at a ski resort in the Swiss mountains, fearing its reputation for elitism may not play well politically at home.Continue reading...
  
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• FTSE 100 closes at new peak, eurozone jobless rate hits near nine-year low - as it happened

  09-01-2018 19:04 via theguardian.com
  All the day’s economic and financial news.Europe’s jobs recovery continuesDimon regrets bitcoin fraud commentMorrisons shares jump after Christmas trading figuresGerman factory growth hits six-year highGermany’s trade surplus has swelledThe agenda6.04pm GMT With Wall Street roaring ahead again, European markets have ended the trading day on a positive note. The positive German economic data has helped sentiment in the eurozone, while the FTSE 100 has hit a new closing high than
  
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• Persimmon chief says he deserves £110m bonus

  09-01-2018 18:53 via theguardian.com
  Housebuilder’s CEO collects first £50m of shares amid row over scheme that could see 140 senior staff sharing £500m payoutThe chief executive of housebuilder Persimmon has insisted he deserves his £110m bonus because he has “worked very hard” to reinvigorate the housing market. Jeff Fairburn collected the first £50m worth of shares on New Year’s Eve from the record-breaking bonus scheme that has been described as “obscene” and “co
  
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• Have you given up on cash?

  09-01-2018 17:52 via theguardian.com
  We’d like to find out from you about the ways a reduction in cash use is changing UK society. Share your views and experiencesTechnology is making it ever easier to avoid using cash. Card payments overtook cash purchases in UK stores last year and contactless transactions have surged to account for about one third of all purchases. Online shopping appears to be on a continuous upward trajectory and smart phone “touch and go” payment methods such as Apple Pay and Android Pay can
  
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• Top startup tips: six things I wish I’d known

  09-01-2018 17:22 via theguardian.com
  ‘Part of me had this vision that I’d work five hours a day and then play PlayStation for the rest of the time.’ The founder of Kaizen marketing agency on the realities of setting up a business
  When you’re starting your own business, there’s a steep learning curve, even for the most able of us. Here, Pete Campbell, founder of award-winning marketing agency Kaizen, shares six lessons he learnt when setting up the company. Campbell built his first website aged 11 and i
  
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• Burberry and Gucci help Oxfam to a winning online Christmas

  09-01-2018 16:40 via theguardian.com
  Designer clothes, cameras, blankets and throws prove popular as charity’s total sales rise 1.2% on previous yearOxfam proved a Christmas hit with UK shoppers as vintage designer party clothing and first-edition books helped drive a sharp rise in online sales over the festive season.
  The charity said Burberry, Barbour, Gucci, Whistles and Boden were among the most popular clothing brands searched for on its online shop, where sales jumped by a third in the eight weeks to 23 December. Camera
  
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• Byron burger chain unveils rescue plan that could shut almost 1 in 3 branches

  09-01-2018 16:04 via theguardian.com
  Restructuring process would shut some of company’s 67 restaurants in bid to shore up financial positionTrouble burger restaurant chain Byron has announced a financial rescue plan that could close up to 20 shops a decade after it first opened its doors.The company has launched a restructuring process known as a company voluntary arrangement (CVA) as it tries to lower its rental bill and focus on a smaller number of profitable restaurants. Continue reading...
  
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• Fracking firm gets green light to test for oil at Balcombe … again

  09-01-2018 15:58 via theguardian.com
  Approval by West Sussex council comes as another shale company plans a legal challenge against Scotland’s fracking ban
  Fracking firm Cuadrilla has been given the go-ahead to explore for oil near a West Sussex village that was the site of the UK’s biggest anti-fracking protests.The approval came as another shale company said it was planning a legal challenge against Scotland’s fracking ban. Continue reading...
  
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• We can undo privatisation. And it won’t cost us a penny | Will Hutton

  09-01-2018 15:38 via theguardian.com
  Three-quarters of British voters want our rail, gas and water renationalised but it’s expensive – there is a business model that offers the best of both worldsPublic ownership is fashionable again. Turning over Britain’s public assets, lock, stock and barrel into private ownership and relying only on light-touch regulation to ensure they were managed to deliver a wider public interest was always a risky bet. And that bet has not paid off.Recent polls show an astonishing 83% in
  
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• Daily Mail accuses Virgin of censorship after trains stop selling its papers

  09-01-2018 14:51 via theguardian.com
  Virgin Trains says it will stop selling Mail and giving it away in first-class, because paper is incompatible with its beliefsVirgin Trains and the Daily Mail have become embroiled in a row after the rail company announced it had stopped selling the newspaper on its services because it was “not compatible” with its brand or beliefs.Virgin Trains operates the west coast mainline, which includes trains from London to Manchester, Liverpool, Birmingham and Scotland. Continue reading...
  
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• Ripple price news LIVE: Ripple price FALLS 30% in a day - Ethereum takes back second spot

  09-01-2018 12:46 via feedproxy.google.com
  THE PRICE of Ripple fell more than 30 per cent on Monday with its rival Ethereum racing ahead to become the second biggest cryptocurrency behind Bitcoin. Here is the latest news and price updates.
  
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• UK shoppers spend £1bn more on groceries at Christmas

  09-01-2018 12:44 via theguardian.com
  Aldi and Lidl are the biggest winners, while Tesco is the fastest-growing of the big four supermarketsConsumers spent £1bn extra on groceries this Christmas as they shrugged off concerns about the economy to increase sales by 3.8%, slightly ahead of inflation.Aldi and Lidl were the biggest winners, both increasing sales by 16.8% in the three months to 31 December, according to the latest data from Kantar Worldpanel. They were able to attract 1 million more shoppers over the period as peopl
  
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• Bitcoin price WARNING: Expert claims bitcoin is a BUBBLE that 'WON'T have a good ending'

  09-01-2018 12:32 via feedproxy.google.com
  BITCOIN price continued to surge since the start of the new year but one expert struck a stern warning against invest in the cryptocurrency as it “doesn’t have staying power.”
  
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• Lidl expansion: Plans for biggest UK distribution centre, creating up to 1,000 jobs

  09-01-2018 12:07 via feedproxy.google.com
  LIDL is expanding with plans for its biggest UK distribution centre, creating up to 1,000 jobs.
  
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• Pound v US dollar: GBP exchange rate tumbles on rising Fed rate hike bets for 2018

  09-01-2018 11:14 via feedproxy.google.com
  THE pound US dollar exchange rate fell sharply this morning as investors become more optimistic on the chances of multiple rate hikes from the Federal Reserve in 2018.
  
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• Bitcoin to TAKE OVER: Expert says cryptocurrencies are a SOCIAL PHENOMENON

  09-01-2018 11:02 via feedproxy.google.com
  BITCOIN and other cryptocurrencies like Ripple and ethereum will become a “social phenomenon” in 2018, a cryptocurrency investor has claimed.
  
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• Mothercare shares fall after festive sales slide and warning over lower annual profits

  09-01-2018 10:44 via feedproxy.google.com
  MOTHERCARE became the latest high street casualty after a festive sales slide, as figures reveal the squeeze on household spending from rising food inflation.
  
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• Pound euro exchange rate update: Hard Brexit reshuffle sees sterling hold strong

  09-01-2018 10:34 via feedproxy.google.com
  POUND STERLING has taken a slight dip against the US dollar after Theresa May kept a strong Brexit element within her Cabinet amid an eventful reshuffle.
  
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• Bitcoin price THREAT: 'Ethereum price will TRIPLE!' Founder says it WILL surpass bitcoin

  09-01-2018 10:34 via feedproxy.google.com
  BITCOIN price could soon be threatened by the growing cryptocurrency Ethereum as co-founder Steven Nerayoff predicts his creation will triple in value by the end of the year.
  
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• Bitcoin price THREAT: ‘We’re Apple and IBM!’ Battle HEATS UP between bitcoin and ethereum

  09-01-2018 10:15 via feedproxy.google.com
  BITCOIN is facing serious competition from new cryptocurrencies and ethereum’s co-founder has warned there could soon be a digital currency battle.
  
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• POUND LIVE: Sterling flat but Brussels bristles over €13bn Brexit black hole reality

  09-01-2018 08:38 via feedproxy.google.com
  THE POUND is totally flat at the start of the day as the bloc begins to worry over how to best fill a €13bn black hole in its budget after Brexit.
  
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• My Virgin Active discount that wasn’t fit for purpose

  09-01-2018 08:00 via theguardian.com
  After buying Vitality Health insurance my membership fee should have been cutI have been a member of Virgin Active in Nottingham since last summer – paying £50 a month – but having recently bought Vitality health insurance, I was entitled to a discount which reduces it to £32. I contacted Virgin by phone twice to discuss this, and was told to show evidence of my Vitality membership and fill in a new form. I was advised that the reduced amount would start next month but, w
  
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• Catch the East Coast line – a fast track to Tory incompetence and scandal | Aditya Chakrabortty

  09-01-2018 07:00 via theguardian.com
  Though we’ve seen the awful cost of government ideology, this bailout may be its biggest outrage yetIn 1787, a splendid metaphor was born. Catherine the Great of Russia set out on a cruise along the River Dnieper to survey a new colony. To wow the empress, her lover, Prince Gregory Potemkin, organised fake villages along the bank and tricked out his men as honest serfs. As Catherine’s boat floated by, the serfs stood and cheered – then stripped off, dismantled their settlements
  
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