Financial news

• Netflix valuation breaks $100bn for first time

  22-01-2018 23:27 via theguardian.com
  Video streaming service announces it added 8.33m subscribers in final three months of 2017, including 6.36m internationallyNew subscribers drawn in by shows including Stranger Things, Bright and The Crown helped push the valuation of Netflix past $100bn on Monday for the first time.Releasing its latest quarterly figures the video streaming service announced it had added 8.33 million subscribers in the three months to the end of December.Continue reading...
  
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• Pope Francis urges Davos to fight poverty and injustice; Elton John blasts 'disgraceful' inequality -- as it happened

  22-01-2018 23:12 via theguardian.com
  Latest: Cate Blanchett on refugees, Elton John on inequality Pope Francis: We cannot stay silent in face of injusticeIMF trims UK growth in 2019IMF says Trump tax cuts will give economy short term boost10.12pm GMT That’s all for tonight, from a rather cold and snowy Davos. See you in the morning for full coverage of Day 1. GW 7.40pm GMT Here’s the key message from Bollywood star Shah Rukh Khan’s speech to WEF tonight, as he collected his Crystal Award. “To disfigure a wom
  
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• Bookmakers pay the price for failure to clean up their act on FOBTs | Nils Pratley

  22-01-2018 19:35 via theguardian.com
  Bookies will take a drubbing if the maximum stakes are cut on fixed-odds betting terminals Bookmakers usually celebrate when a heavily backed favourite gets beaten on the line – but not this time. If the Sunday Times’s confident report that the culture secretary, Matt Hancock, will cut maximum stakes on fixed-odds betting terminals (FOBTs) from £100 to £2 proves correct, the bookies will take a drubbing.The City had expected the dead hand of the Treasury to intervene and
  
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• UK firms report 'robust confidence levels' for 2018

  22-01-2018 19:30 via theguardian.com
  PwC survey to mark opening of Davos finds most companies are optimistic about growthNine out of 10 business leaders in Britain are upbeat about the growth prospects for their companies over the coming year despite uncertainty about the impact of Brexit, the consultancy firm PwC has reported.In its annual survey of chief executives to mark the start of the World Economic Forum in Davos, PwC found that optimism about the health of the global economy was boosting confidence. Continue reading...
  
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• Carillion collapse shows need for company reform | Letters

  22-01-2018 19:00 via theguardian.com
  Marilyn Croser of the Corporate Responsibility Coalition calls for worker representatives on boards. Plus letters from William Rae Mccrindle, Liz McGrath, Ben Twist and Steve HowellThe collapse of Carillion (Report, 22 January), following the BHS and Sports Direct scandals, indicates a systemic problem with UK corporate governance. The fate of large corporations is a public concern and only wholesale reform will ensure company boards prioritise long-term value creation over short-term profit. Un
  
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• Business leaders push for new campaign to reverse Brexit

  22-01-2018 18:57 via theguardian.com
  Senior figures in CBI urge lobby group to toughen its message amid concerns over exportsBusiness leaders are privately pushing for a new campaign to reverse Brexit as concerns mount about the viability of government plans to prevent a collapse in exports to Europe.On Monday, the CBI launched its most sustained attack yet on the government’s Brexit strategy by calling for full customs union with the EU and single market participation, even if it means abandoning the pursuit of separate trad
  
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• Tesco to shed up to 1,700 jobs in new management shake-up

  22-01-2018 18:52 via theguardian.com
  Supermarket to remove HR, compliance and customer service roles in cost-cutting bidTesco is stripping out a layer of management from its stores in a move that puts up to 1,700 jobs at risk, in the latest effort by the UK’s biggest supermarket chain to cut costs by £1.5bn. The company said it wouldremove people managers, who handle recruitment and other personnel matters, compliance managers, responsible for health and safety, and customer experience managers, who oversee service in 2
  
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• Jaguar Land Rover to cut production at Halewood

  22-01-2018 18:18 via theguardian.com
  UK’s biggest carmaker blames faltering sales on Brexit vote and tax curbs on diesel fuelJaguar Land Rover, Britain’s biggest car manufacturer, is to cut production at its Halewood plant as it blamed faltering sales after the Brexit vote and a tax crackdown on diesel vehicles.JLR said uncertainty around Brexit and the future of diesel cars had weakened demand. Its sales in Britain and Europe were flat in 2017 and the firm said it it expects tough conditions to continue. Continue readi
  
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• Trump tax cuts will bring short-term global growth surge, says IMF

  22-01-2018 18:15 via theguardian.com
  Davos report says changes will encourage investment, but that shot in the arm will only be short-lived
  The global economy will grow faster than expected this year and next as Donald Trump’s corporate tax cuts provide a short-term shot in the arm, despite fears over rising inequality and overheating financial markets, the International Monetary Fund has said. Launching its latest World Economic Outlook (WEO) report at the annual Davos gathering of the global political and business elite in
  
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• Bob Katter says there is an 'unpleasant odour' to Adani-linked airport

  22-01-2018 18:00 via theguardian.com
  Townsville and Rockhampton councils to spend $34m on airport hundreds of kilometres from either cityOutspoken federal MP Bob Katter has questioned why two Queensland councils are paying $34m to build an airport to service a massive Adani coalmine, saying there is an “unpleasant odour” to the deal.In October Townsville and Rockhampton councils announced they would spend $18.5m and $15.5m respectively on an airport, hundreds of kilometres away from either city, at the Carmichael coalmi
  
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• More small firms handed right to complain about their bank

  22-01-2018 17:47 via theguardian.com
  City watchdog to allow up to 160,000 more firms to access the ombudsmanMore small businesses are to be given access to the financial ombudsman to complain about their banks under plans put forward by the City watchdog after scandals at Royal Bank of Scotland and Lloyds. The Financial Conduct Authority (FCA) said it wanted to give as many as 160,000 more companies access to the ombudsman service, which until now has handled relatively small complaints on behalf of consumers and the smallest of fi
  
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• Fears for future of UK onshore wind power despite record growth

  22-01-2018 17:35 via theguardian.com
  2.6GW of capacity built in 2017 before subsidies ban industry says will make generation dearer
  A record amount of onshore wind power was built in the UK last year, but government policy has been stalling the sector and risked increasing energy bills for consumers, the industry has warned.Turbines capable of generating 2.6GW were installed across Britain in 2017 as developers rushed to meet the government deadline for securing subsidies. The previous record was 1.3GW in 2013. Continue reading...
  
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• Profit from renewables: how you can benefit

  22-01-2018 17:32 via theguardian.com
  A raft of climate and emissions related legislation that will affect businesses is coming into force. What will the implications be for your firm – and how are other companies already boosting their bottom line through energy innovation?Continue reading...
  
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• UK government urged to investigate insurer 'discrimination' against mentally ill

  22-01-2018 17:22 via theguardian.com
  Charities and MPs demand response after insurance companies accused of penalising people with depression and anxietyMPs and campaigners have launched an urgent appeal for the government to take action after the Guardian revealed insurers are preventing people with mental illnesses from getting access to cover.Individuals who have suffered mild depression or anxiety, or one-off mental health episodes, have been consistently refused life and other kinds of insurance, adding to their financial inse
  
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• Bookmakers weigh up judicial review against FOBT curbs

  22-01-2018 17:15 via theguardian.com
  Major firms dismayed at suggestion of cutting top bet to £2 before end of official consultation•A silent addiction but at worst it takes livesThe government could face a high court showdown with bookmakers over fixed-odds betting terminals (FOBTs), amid industry dismay at suggestions that ministers have decided to cut maximum bets on the machines to £2.The stock market value of some of the UK’s biggest bookmakers slumped by more than £660m on Monday, following report
  
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• Think you can spot scammers? Just 9% of Britons really can

  22-01-2018 16:21 via theguardian.com
  Home Office-backed campaign offers advice to help people protect themselves from fraud An official campaign to protect consumers against financial fraud has been launched after a survey showed that only 9% of people were able to correctly identify scam texts and emails in an online test.
  Monday marks the start of Take Five to Stop Fraud Week, which is backed by the Home Office and financial institutions, and aims to combat one of Britain’s fastest-growing crimes. According to the governmen
  
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• UK universities face disruption as staff back industrial action

  22-01-2018 15:44 via theguardian.com
  Higher education staff at 61 universities vote to protest over proposed changes to pensionsTens of thousands of university students could face disruption to their studies next month after higher education staff voted in favour of industrial action in protest at potential changes to their pensions.Members of the University and College Union (UCU) at 61 universities backed industrial action amid widespread concern about new pension proposals that they fear would result in a typical lecturer losing
  
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• UK shelves financial services Brexit position paper - Financial Times

  22-01-2018 15:20
  Financial Times
  UK shelves financial services Brexit position paper
  Financial Times
  Theresa May has been accused of leaving the City of London “in the dark” after the government admitted a long-expected paper setting out its trade goals for financial services after Brexit may never be published. Last autumn, senior City figures say ...
  The 5 biggest risks Brexit poses to Europe's financial marketsBusiness Insider
  UK Government Hit for Failing to Publish Brexit Position Paper on Fina
  
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• iPhone X lifts Dixons Carphone sales

  22-01-2018 13:53 via theguardian.com
  Retailer plays down prospect of store closures as full-year profits slide after tough first halfDixons Carphone has said that higher iPhone sales lifted its revenues over the Christmas period, as it confirmed a change in leadership and a steep drop in full-year profits.The chief executive, Sebastian James, is leaving to run Boots and in April will hand over to Alex Baldock, currently boss of the online retailer Shop Direct. The finance director, Humphrey Singer, is also leaving. Continue reading
  
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• 'Legalized loan sharking': payday loan customers recount their experiences

  22-01-2018 13:00 via theguardian.com
  The Consumer Financial Protection Bureau has ordered a review of rules on short-term loans. Three customers say companies lured them into a trapMick Mulvaney, White House budget director and interim director of the Consumer Financial Protection Bureau, recently announced a review of rules on payday loans.Payday loan companies focus on the needy, often operating out of strip malls or corner stores. Interest can be 300%, plus fees. Borrowers often hand over post-dated checks which are cashed if th
  
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• CBI chief calls for urgent ‘jobs first’ Brexit transition deal

  22-01-2018 11:08 via theguardian.com
  Staying inside EU customs union is vital, Carolyn Fairbairn will tell Theresa May
  The leader of Britain’s biggest business lobby group is to call for a “jobs first” Brexit transition deal to be negotiated within 70 days.In a speech on Monday, Carolyn Fairbairn, the CBI director general, will also call for Theresa May’s government to show greater urgency in Brexit talks to give clarity to companies that will otherwise need to trigger alternative plans, including moving job
  
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• Should I use the help-to-buy scheme for a new-build home?

  22-01-2018 11:00 via theguardian.com
  I’ll need to repay 12.5% of the value when I pay the loan off – I might lose out if it’s worth more Q My wife and I have reserved a new-build property in Surrey costing £600,000. We are now considering whether or not to use the help-to-buy scheme. If we did we would put down a deposit of 7.5%, get a help-to-buy loan of 12.5% and a mortgage of 80% of the value of the house. If we didn’t use the help-to-buy scheme, we would have a 10% cash deposit and 90% mortgage.Ass
  
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• Amazon's first checkout-free grocery store opens on Monday

  22-01-2018 09:01 via theguardian.com
  Using ‘just walk out’ technology to end queues, Amazon Go fires a warning to the high streetAmazon will open its first checkout-free grocery store to the public on Monday, moving forward with an experiment that could dramatically alter bricks-and-mortar retail. The Seattle shop, known as Amazon Go, relies on cameras and sensors to track what shoppers remove from the shelves, and what they put back. Cash registers and checkout lines become superfluous: customers are billed after leavi
  
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• Virtual reality and Mr Men books: companies reveal their unusual recruitment tools

  22-01-2018 08:00 via theguardian.com
  Firms are moving away from CVs and application forms and using everything from workshops to kids’ books to find employees Children’s books may not form part of the recruitment process for most businesses, but for shoe repair and key-cutting business Timpson, there’s one kids’ favourite that’s, erm, key, to its hiring process. When recruiting new shop staff, rather than scanning a CV or application form, Timpson’s senior staff look to Roger Hargreaves’ Mr
  
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• Ryanair: passengers fight for expenses if flights are delayed

  22-01-2018 08:00 via theguardian.com
  Solicitor says dodging legitimate claims are not ‘isolated incident’ but ‘company policy’When Linda Fisher booked a three-day break in Berlin to visit her boyfriend last August, Ryanair was the cheapest option. But she has paid a high price for choosing the budget airline. The flight took off late at night after a delay of just under three hours and, half an hour before it was due to land at Berlin Schönefeld, passengers were told that they were being diverted to Han
  
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• Dyson V8: why is the pricing an Absolute farce?

  22-01-2018 08:00 via theguardian.com
  Different models are priced far apart – the company should dust off its namesI wanted to buy a Dyson V8 Absolute vacuum cleaner, which appeared to drop in price around Black Friday but went back up shortly after. I decided to wait until after Christmas in the hope of benefiting from a further price drop. But which V8 model should I buy? Out there is the Absolute, the Animal, the Absolute Total Clean and Absolute Pro. John Lewis has been advertising the Absolute (a Which? best-buy vacuum cl
  
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• It’s not just Carillion. The whole privatisation myth has been exposed | Polly Toynbee

  22-01-2018 07:00 via theguardian.com
  Across Britain, councils have been forced into costly and ineffective PFI contracts. Now many are breaking freeThe era of “private good, public bad” is drawing to a close. Unshakeable faith in Margaret Thatcher’s privatisation creed is being killed off not just by counter-ideology, but by the sheer irrationality, expense and failure of so many private contracts. Carillion’s spectacular collapse makes big headlines, but out of the spotlight local councils, under extreme st
  
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• Lift councils’ housebuilding cap, say MPs

  22-01-2018 01:01 via theguardian.com
  Government urged to allow more borrowing to help hit target of 300,000 new homes a yearAn influential cross-party committee of MPs has urged the government to lift a cap on the amount of money councils can borrow to build homes, as it delivered a mixed verdict on the chancellor’s measures to boost housebuilding.
  With a stated commitment to raise housebuilding levels to 300,000 a year, Philip Hammond used his autumn budget to increase the borrowing cap for councils in some areas to £1
  
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