Financial news

• Carillion crisis deepens amid scramble to save jobs after firm collapses

  15-01-2018 21:39 via theguardian.com
  Thousands of private sector workers at risk and 30,000 small firms owed money may lose outThousands of staff who worked for the collapsed construction firm Carillion inside private sector companies will have their wages stopped on Wednesday unless their jobs are rescued by other firms, the government has said.Experts also said up to 30,000 small firms were owed money by Carillion, which crashed into liquidation on Monday morning, with insolvency practitioners reporting an immediate rush of calls
  
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• The four contracts that finished Carillion

  15-01-2018 20:55 via theguardian.com
  The construction giant’s collapse is a disaster not just for employees and taxpayers, but for public-private partnership policyIt was trusted to build some of the country’s most important infrastructure – from NHS hospitals to much-needed new road projects – yet the foundations of construction giant Carillion were shaky enough for the group to be felled by just four contracts. Two were for much-needed new hospitals – and work on both was immediately halted as the co
  
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• Tesco revamps Clubcard rewards scheme

  15-01-2018 20:51 via theguardian.com
  Supermarket says move will be simpler for customers but critics claim scheme is being devaluedTesco has simplified its Clubcard rewards scheme in a move it said made it easier to understand, but which has led to claims by critics that customers would gain less from participating brands.The UK’s largest retailer has written to its millions of Clubcard holders telling them that it will offer three times the value of their vouchers with more than 100 commercial partners as the standard redemp
  
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• Carillion? Nothing to do with regretful and disappointed Dave | John Crace

  15-01-2018 20:31 via theguardian.com
  David Lidington didn’t have much to say about the collapse – other than that it wasn’t his faultDavid Lidington straightened his tie and put on his most grown-up face. Not easy for someone who naturally has the look of a failing children’s party entertainer. The collapse of Carillion was regrettable and disappointing, he said in statement to the Commons. Moments later he described the liquidation as disappointing and regrettable. It was all disappointingly regrettable. Or
  
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• No-deal Brexit would cost EU economy £100bn, report claims

  15-01-2018 19:51 via theguardian.com
  Trading bloc would suffer more in lost output than thought, although lack of trade deal would cost UK around £125bnA no-deal Brexit would cost the remaining 27 EU nations €112bn (£99.5bn) in lost economic output, according to research by a UK-based thinktank.Although the UK would still be the biggest loser from crashing out of the EU single market and customs union without a new trade deal – with a cost to the economy of £125bn by 2020 – the EU would also suffe
  
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• The Guardian view on Carillion: reaping the consequences of corporate greed | Editorial

  15-01-2018 19:31 via theguardian.com
  The failure of the outsourcing behemoth must be explained. Then we need a better way of managing public servicesTo get a sense of the impact of the failure of Carillion, you only have to look at how far its ripples are spreading. Uncertainty now hangs over Aberdeen’s £750m western bypass, Sunderland’s biggest ever regeneration project, the glamorous new hospital in Liverpool, and another in Smethwick, the £350m Midland Metropolitan hospital. The ripples reach thousands of
  
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• Blame the deluded board members for Carillion's collapse

  15-01-2018 18:50 via theguardian.com
  Lessons must be learned from this corporate calamity; Carillion took too many risks with too much debtResponsibility for Carillion’s collapse lies in the boardroom. It is the job of the directors to manage risk and the eight pages of Carillion’s last annual report devoted to the subject clearly only scratched the surface.Chairman Philip Green should have spent less time wondering about the long-terms risks from Brexit and more time addressing the upfront and present dangers from cost
  
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• Ryanair levies £5 charge to put suitcase in overhead locker

  15-01-2018 17:01 via theguardian.com
  Airline says charge will speed up boarding but consumer groups fear insurance problemsRyanair giveth and Michael O’Leary taketh away. A little over four years since the Irish airline allowed passengers to carry a second bag on board, passengers were on Monday getting to grips with new rules that meant they either had to pay £5 or put their wheelie suitcase in the hold. The airline insisted that the move was fair and would reduce delays, with the caveat that a maximum 100 passengers p
  
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• Arthouse films battle squeeze from Netflix and blockbusters

  15-01-2018 16:30 via theguardian.com
  Mid-budget films such as Darkest Hour are succeeding despite big studios’ dominanceAs the latest clutch of arthouse films – including Darkest Hour and Three Billboards Outside Ebbing, Missouri – are feted during this year’s awards season, the mid-budget film sector is grappling with Hollywood’s blockbuster addiction and the new challenges presented by Netflix and Amazon.The big US studios have become increasingly dependent on big-budget, populist releases that can p
  
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• Personalised number plates – what’s driving the R1S 1NG trend?

  15-01-2018 15:43 via theguardian.com
  Record numbers of motorists are buying private plates, which, at the top of the market, can sell for £500,000In an era when we’re all supposed to be flaunting our individuality, the trend for personalised car number plates has apparently never been higher. The Driver and Vehicle Licensing Agency (DVLA), which sells new and never-issued registrations, sold 374,968 last year, an increase of 12%.Among private dealers, who sell pre-owned plates, business is just as good. James Saperia, w
  
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• Carillion's 'highly inappropriate' pay packets criticised

  15-01-2018 15:40 via theguardian.com
  Stricken firm’s bosses will still benefit despite collapseThe main lobby group representing UK bosses has savaged the “highly inappropriate” pay packets awarded to directors running the now-collapsed construction giant Carillion.The Institute of Directors also accused directors and shareholders of the stricken firm of failing to provide “appropriate oversight” of the company, which is involved in a host of major government projects and vital public services and slum
  
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• British cars: black overtakes white as most popular colour

  15-01-2018 15:38 via theguardian.com
  Record sales of grey cars attributed to uncertain times as popularity of primary colours ebbsBritain’s cars have returned to the dark side, with black now the most popular colour for buyers of new vehicles. More than half a million black cars were registered in 2017, overtaking white as the colour of choice for the first time since 2012.Continue reading...
  
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• Carillion: what went wrong and where does it go from here?

  15-01-2018 12:21 via theguardian.com
  Key questions answered on the liquidation of the construction firm and its implications for staffThe construction firm Carillion, which is involved in a host of major government projects including HS2, has gone into compulsory liquidation. Continue reading...
  
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• Fears fallout from Carillion collapse will spread to other companies

  15-01-2018 12:19 via theguardian.com
  Concerns over the wider supply chain after insolvency of construction company with 450 public sector contractsThe government has moved to dispel mounting concern about the knock-on effect of construction firm Carillion’s collapse, amid fears for the many companies and workers that relied on it for business.Carillion, which managed hundreds of public sector projects and vital public services, collapsed into liquidation after last-ditch rescue talks failed, with a team from accountancy firm
  
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• So you're thinking about investing in bitcoin? Don't

  15-01-2018 11:00 via theguardian.com
  A collective insanity has sprouted around the new field of ‘cryptocurrencies’, causing an irrational gold rush. I know you’re tempted, but don’t be a foolI’ve been watching this bitcoin situation for a few years, assuming it would just blow over.
  But a collective insanity has sprouted around the new field of “cryptocurrencies”, causing an irrational gold rush worldwide. It has gotten to the point where a large number of financial stories – and ques
  
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• Virgin Media users who move to no-service areas hit with exit fees

  15-01-2018 08:00 via theguardian.com
  The broadband service is only available to 50% of the country – yet there’s a penalty of up to £240 to end a contract earlyWhen Rick Llewellyn moved house, he duly notified his cable and broadband provider Virgin Media of his new address. To his astonishment, he was told that Virgin could not supply his new area and that he would therefore have to pay £150.83 to terminate his contract early. He was also required to return his Virgin equipment at his own expense, or face a
  
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• Why was I harassed over a water bill that’s nothing to do with me?

  15-01-2018 07:59 via theguardian.com
  Castle Water sent me bills at the wrong house number when I’m a Thames Water customerCan you please stop Castle Water harassing me to pay bills for a next door property which is nothing to do with me. I live at number 26 and pay Thames Water. For some unexplained reason, Castle believes I live at 25, and keeps sending me bills there which my neighbour passes on. Despite me repeatedly telling the firm there is a mistake, debt collectors have insisted I owe £567 and threaten additional
  
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• Average UK property asking price up £2,000, says Rightmove

  15-01-2018 07:01 via theguardian.com
  Property website warns buyers not to be too optimistic, with sales down 5.5% and average time taken to sell homes lengthening significantlyThe average price of a property coming on to the market in January is up by nearly £2,000 compared with December, but sales are down by 5.5% on the same period a year ago.Rightmove, which tracks 90% of the UK property market, said there had been a “busy start” to 2018, with more than 4m visits a day to its site, up nearly a tenth on last yea
  
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• Forget bitcoin and ripple: Next cryptocurrency BOOM uncovered as verge amid rivals plunge

  15-01-2018 02:34 via feedproxy.google.com
  THE NEXT cryptocurrency boom could be about to take place as analysts predict "verge" is the latest coin to see growth rocket at a similar rate to ripple.
  
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• Householders could face fines for using fly-tippers

  15-01-2018 01:01 via theguardian.com
  Action to combat unlicensed waste carriers to be taken after Environment Agency uncovers 850 illegal dumping sites in a yearHouseholds whose rubbish ends up being dumped illegally by unauthorised disposal companies could face fines under plans being considered by the government. Councils could be given the power to directly fine people caught using unlicensed waste carriers following a consultation by the Department for Environment, Food and Rural Affairs (Defra). Continue reading...
  
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• Carillion lenders consider appeal to save firm from collapse

  15-01-2018 01:01 via theguardian.com
  Despite late rescue bid, administrators prepare to take action, prompting fears for 43,000 jobs, major projects and crucial public services Construction firm Carillion is hoping for an eleventh-hour rescue to save it from collapse amid fears for the future of a host of major government projects and day-to-day services, from schools to hospitals, prisons and the army.Related: Labour demands answers on 'high-risk' Carillion contractsContinue reading...
  
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