Financial news

• Battersea Power Station to be sold for £1.6bn

  18-01-2018 20:24 via theguardian.com
  Malaysian sovereign wealth fund PNB to buy iconic building in one of UK’s largest ever property dealsBattersea Power Station is to be sold for £1.6bn in one of Britain’s largest ever property deals.Malaysian sovereign wealth fund Permodalan Nasional Berhad (PNB), alongside Employees Provident Fund of Malaysia, have announced their intention to purchase the Grade II listed building, Battersea Power Station Development Company said in a statement on Thursday.Continue reading...
  
  Read more

• Waterstones' annual profits jump 80% as buyers loom

  18-01-2018 20:11 via theguardian.com
  Bookseller reports pre-tax profits of £18m, with sale expected to value business at £200mWaterstones has reported an 80% jump in annual profits, with the bookseller predicting an even brighter future just six years after the rise of the ebook threatened its existence. Sales in 2017 had been buoyed by the success of children’s books by David Walliams as well as JK Rowling’s Harry Potter and the Cursed Child. Non-book items such greetings cards, stationery and educational t
  
  Read more

• Already thinking positively about economic alternatives | Letters

  18-01-2018 20:08 via theguardian.com
  Tom Kibasi on proposals for a ‘digital commons’ and increasing worker ownership, Andy Chapman on Common Good Balance Sheets, and Peter Taylor-Gooby on better education, more training and decent cheap childcareIn introducing his welcome new series on economic alternatives, Aditya Chakrabortty rightly castigates those who continue to promote the failed economic ideas of the past (It’s time to take on the zombies, 17 January). But he underestimates the extent to which a vibrant ne
  
  Read more

• Ryanair referred to HMRC and labour market tsar over pay

  18-01-2018 19:54 via theguardian.com
  Airline says it complies with UK employment law, despite MPs’ call for cabin crew pay inquiryRyanair has been referred to employment and tax authorities for investigation by two parliamentary committees, citing the airline’s “refusal to cooperate” with inquiries over crew pay and conditions.Frank Field, chair of the work and pensions committee, and Rachel Reeves, chair of the business select committee, have written to HMRC and the director of labour market enforcement ask
  
  Read more

• Advertisement

• Vince Cable 'disgusted' with FCA over RBS mistreatment of small firms

  18-01-2018 19:52 via theguardian.com
  Lib Dem leader condemns regulator for failing to expose alleged role of bank’s management in treatment of small businessesVince Cable has attacked the City watchdog for failing to publish a full report into the mistreatment of small businesses by the Royal Bank of Scotland, as MPs lined up to condemn the bank in parliament. The leader of the Liberal Democrats expressed “disgust” that passages of a damning report by the Financial Conduct Authority had not been released, four-and
  
  Read more

• Primark primed to overtake Next as UK's No 2 clothing retailer

  18-01-2018 19:50 via theguardian.com
  Surge in sales of children’s clothing and makeup put budget chain on track to surpass rivalPrimark is on track to overtake Next as the UK’s second biggest clothing retailer this year after strong sales over the winter.Low prices, aviator jackets, children’s clothing and new makeup ranges helped Primark outperform rivals – even though it does not sell online, the source of most sales growth in the sector. Continue reading...
  
  Read more

• The Guardian view on the private finance initiative: replace this failed model | Editorial

  18-01-2018 19:33 via theguardian.com
  Forty years of increasingly dogmatic approaches to the financing of public services have led to the collapse of Carillion and a damning National Audit Office reportLong ago, in a political galaxy far away, privatisation and outsourcing in public services were not always dogmas but instead acts that could involve a degree of pragmatism and some balancing of interests. After the postwar Attlee government and before Margaret Thatcher’s long reign in British politics, decisions about the relat
  
  Read more

• UK's largest estate agent Countrywide issues profit warning

  18-01-2018 19:05 via theguardian.com
  Shares down by almost a fifth as number of UK property sales fall and surveyors report fewer inquiresShares in the UK’s largest estate agent, Countrywide, have tumbled by nearly a fifth after the group issued its second profit warning in three months amid a stalled property market.Countrywide, whose high street brands include Hamptons, Bairstow Eves, Taylors and Gascoigne-Pees, said it had had a disappointing last three months, especially in London and the south-east, with full-year revenu
  
  Read more

• Advertisement

• Asda and Aldi ban sale of energy drinks to under 16s

  18-01-2018 18:47 via theguardian.com
  Move follows calls by campaigners for complete ban over sugar and caffeine content of drinksAsda and Aldi have joined Waitrose in banning the sale of high-caffeine energy drinks to children under 16.
  Asda is the first of the “big four” supermarkets to announce an age restriction, which will apply to 84 products from 5 March. Continue reading...
  
  Read more

• Five top cities for business startups outside of the M25

  18-01-2018 18:34 via theguardian.com
  The UK is a nation of inventors and entrepreneurs, with 75 new companies launched every hour. But don’t assume this is London-centric – regional clusters of activity are thriving too The High Growth Small Business urban hub league table says that three out of every five high-growth small businesses are located outside of London and the south-east of England. Not only that, they’re responsible for creating one in three new jobs – that’s up to three times the number c
  
  Read more

• As inflation crushes wage rises, banks turn off lending taps to households

  18-01-2018 18:24 via theguardian.com
  Office for National Statistics’ family spending report shows household spending increase but much is fuelled by debtThere is little for the average household to cheer these days as inflation crushes paltry earnings increases. Inflation is running at 3% while wage rises can manage no more than 2.5%. Worse for the average household, the banks are beginning to turn off the lending taps that have allowed them to boost their incomes with cheap debt.Things were better in the year to April 2017,
  
  Read more

• Carillion crisis: UK banks offer help to small firms, as task force launched - as it happened

  18-01-2018 18:17 via theguardian.com
  Lloyds, HSBC and RBS all promise to help small businesses, as the government sets up a Carillion task forceAfternoon summary: Banks offer help; task force begins work BEIS department sets up Carillion task force
  Debate on RBS’s Global Restructuring GroupLloyds offers £50m help to small firmsNationwide to take on Carillion staff 5.15pm GMT Time for a quick recap of the main points. Related: Carillion taskforce to discuss how to prevent domino effect on UK economyRelated: Corbyn on Car
  
  Read more

• Planning rules to be strengthened in UK to protect music venues

  18-01-2018 18:13 via theguardian.com
  Property developers to be responsible for soundproofing when building near to venuesA campaign to stop grassroots music venues being threatened with closure when housing is built nearby has won support from ministers, who said developers must be responsible for soundproofing new-build properties.Sajid Javid, the housing secretary, said he would work with the music industry to improve planning policy. The comments followed a campaign backed by Sir Paul McCartney and Pink Floyd’s Nick Mason.
  
  Read more

• Banks extend £225m lifeline to Carillion subcontractors as firms offer jobs

  18-01-2018 17:09 via theguardian.com
  Taskforce of high street banks, trade bodies and businesses draw up measures to limit job losses as unions press government to act High street banks have made more than £225m available to help businesses put at risk by the failure of Carillion, while companies have offered to take on staff who were working for the firm when it collapsed into receivership.A taskforce of banks, businesses and construction industry trade bodies met with the business secretary on Thursday to discuss ways to co
  
  Read more

• Chemring under criminal investigation by UK fraud office

  18-01-2018 17:07 via theguardian.com
  Inquiry includes subsidiary and employees at weapons and defence systems manufacturerThe Serious Fraud Office (SFO) has launched a criminal investigation into alleged money laundering, bribery and corruption at the grenade and ammunition manufacturer Chemring, one of its subsidiaries and individuals associated with the businesses.
  Chemring, based in Romsey, Hampshire, designs and makes products such as decoys, flares, detonators and grenades. It also develops systems to protect aircraft and ship
  
  Read more

• When it comes to estate agents, the future could be purple

  18-01-2018 15:59 via theguardian.com
  Falling sales and the lengthening time taken to sell a home is hurting traditional estate agentsPlot the share price of Purple Bricks against Countrywide over the past few years and it tells you all you need to know about where estate agency is heading.Purple Bricks, the internet upstart offering fixed-price home selling for £849, has seen its share price more than quadruple from 95p at its start of trading on 18 December 2015 to 422p now. On that same day shares in traditional estate agen
  
  Read more

• Unions call denial of minimum wage to North Sea workers ‘national disgrace’

  18-01-2018 14:19 via theguardian.com
  Official pay guidance won’t apply beyond 12 miles in UK waters, leaving out most crews dismantling oil and gas rigsUnions have said it is a “national disgrace” that workers dismantling old North Sea oil and gas rigs will be paid less than the minimum wage, despite new promises by ministers to protect people working in UK waters.The government issued guidance on Thursday that it said would ensure seafarers, people who are based on vessels as opposed to fixed installations such a
  
  Read more

• Airbus finally secures lifeline for A380 with Emirates deal

  18-01-2018 14:17 via theguardian.com
  Gulf airline to buy 20 planes, with option for 16 more, allaying fears about superjumbo’s futureThe A380 superjumbo has been thrown a lifeline after its biggest customer, Emirates, agreed to buy up to 36 more planes from Airbus.The European airplane manufacturer had warned that without the deal, which had been long in the negotiation, it might have to close down its A380 production line.Continue reading...
  
  Read more

• Supermarkets under pressure to reveal amount of plastic they create

  18-01-2018 14:12 via theguardian.com
  Leading UK retailers say information is too ‘commercially sensitive’ to reveal, following Guardian report they make almost 1m tonnes a year
  Nearly 1m tonnes every year: supermarkets shamed for plastic packaging
  Supermarkets are coming under growing pressure from politicians and campaigners to reveal the amount of plastic they create, and pay more towards its safe disposal, following a Guardian investigation.Amid mounting concern about the devastating environmental impact of plastic p
  
  Read more

• I was an outsourced Carillion hospital worker. Here’s what I learned | Polly Toynbee

  18-01-2018 13:25 via theguardian.com
  It’s low-paid workers who pay the price of shifting state debt off the Treasury’s books. I know: I’ve seen the process at workA while ago I worked for Carillion as a hospital porter. Or at least I worked for an agency that provided labour for Carillion – as these outsourcers always themselves outsource, to cut costs further. I was researching my book Hard Work, but try as I might, in every single public sector job I failed to work for the public sector. Every minimum-wage
  
  Read more

• Donald Trump is hampering fight against climate change, WEF warns

  18-01-2018 13:11 via theguardian.com
  World Economic Forum outlines huge increase in all five eco risks since the US president assumed officeThe World Economic Forum delivered a strong warning about Donald Trump’s go-it-alone approach to tackling climate change as it highlighted the growing threat of environmental collapse in its annual assessment of the risks facing the international community.In the run-up to the US president’s speech to its annual meeting in Davos, Switzerland, next week, the WEF avoided mentioning Tr
  
  Read more

• Pets and package holidays – how over-65s drive UK consumer spending

  18-01-2018 13:03 via theguardian.com
  Household expenditure on cars, holidays and pets drives recovery but signs emerge of a slowdownSpending by British households has returned to its pre-financial crisis levels in real terms, driven by purchases of cars and spending by older consumers on package holidays and pets. Figures from the Office for National Statistics showed average weekly spending in the UK rose to £554.20 in the financial year ending March 2017, an increase from £533 the previous year. Transport and recreati
  
  Read more

• Parents pay to plug gaps in free childcare funding, survey finds

  18-01-2018 12:53 via theguardian.com
  Only a third of places under government scheme found to be completely free, with fees often charged for meals and nappiesParents are being forced to subsidise the government’s flagship childcare policy, which offers 30 free hours at nursery for three- and four-year-olds, a survey has suggested. Nurseries have long complained that the hourly rates paid by the government are too low and a poll by the Pre-school Learning Alliance has indicated they are clawing money back by charging for meals
  
  Read more

• Company fined for making 75m PPI calls in four months

  18-01-2018 11:05 via theguardian.com
  Information Commissioner’s Office says company failed to identify itself and used ‘added value’ phone numbersA claims handling company that bombarded consumers with 75m nuisance phone calls in four months has been fined £350,000 by the Information Commissioner’s Office (ICO).Miss-sold Products UK made the automated calls promoting its payment protection insurance (PPI) claims service without the recipients’ consent, which is against the law, the ICO said.. Con
  
  Read more

• Costa Coffee loses its froth as sales fall

  18-01-2018 10:02 via theguardian.com
  Chain warns of subdued demand as shoppers shun high street and artisan rivals perk upBritain’s biggest coffee shop chain, Costa Coffee, has suffered a fall in sales at its high street stores and warned consumer demand would remain “subdued”.
  Costa’s owner, Whitbread, said like-for-like sales at its UK outlets had fallen 1.5% in the 13 weeks to 30 November. Costa Express machines, which are mainly in petrol stations and convenience stores, fared much better, with 6.7% unde
  
  Read more

• Why won’t City Cruises apologise after a boat collided with a bridge?

  18-01-2018 08:00 via theguardian.com
  After the incident, the crew put on life jackets but did not give them to terrified passengersI took a boat trip along the Thames with City Cruises in November. The boat collided with a bridge wall and the impact broke four windows and there was a smell of burning. The crew put on life jackets but did not give them to terrified passengers. And at no stage was there an apology. HB, London Continue reading...
  
  Read more

• From mother's ruin to modern tipple: how the UK rediscovered gin

  18-01-2018 06:24 via theguardian.com
  Scourge of Hogarth’s London has been transformed 260 years later into booming craft industryGin parties, gin menus, ginvent calendars and even a Ginstitute hotel: the UK’s renewed passion for all things gin is fast creating a whole new industry.There are 315 distilleries in Britain – more than double the number operating five years ago. According to figures collected by HM Revenue & Customs, which hands out licences to produce spirits, nearly 50 opened last year, while just
  
  Read more

Follow @financialnwsUK on Twitter!