Financial news

• Wall Street bounces back, but FTSE 100 suffers biggest fall since Brexit vote - as it happened

  06-02-2018 23:36 via theguardian.com
  The Dow Jones has surged by 567 points as the US stock market roared back from its slump on Monday, but European stocks had a bad dayFull story: Stocks tumble as concerns grow over febrile global markets
  Explainer: Five factors behind the global plungeSign up: All the business news you need 10.36pm GMT Time for a recap, after another hectic day in the markets.The US stock market has roared back from its slump on Monday, in a highly volatile trading session. After initially sliding, the Dow Jones
  
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• Bitcoin PENSION launched - but critics warn of HUGE risk as investors may lose ALL capital

  06-02-2018 23:24 via feedproxy.google.com
  BITCOIN could be used in revolutionary new retirement pension systems - although critics argue the new scheme by US company CoinIRA comes with a massive risk as investors could lose all their capital.
  
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• Leave our pensions alone! Aegon reveal people AGAINST removing pension freedoms

  06-02-2018 21:44 via feedproxy.google.com
  THE PENSION system should not be changed, Aegon has revealed after a survey showed opposition to proposals to place restrictions on pension freedoms by the Work and Pensions Select Committee.
  
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• Bitcoin warning: Draghi calls out bitcoin as 'high risk' investment

  06-02-2018 21:16 via feedproxy.google.com
  THE president of the European Central Bank has warned banks about the dangers of cryptocurrencies as he branded bitcoin a "high risk" investment.
  
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• UK stocks tumble as concerns grow over febrile global markets

  06-02-2018 20:49 via theguardian.com
  FTSE 100 slumps 2.6% to 7,141 to wipe all gains on year’s trading but New York recovers late onShares in London plunged for a sixth day and by the largest amount since the Brexit vote as concerns grew that febrile global stock markets, which have lost $4tn (£2.9tn) in value since Friday, were in the grip of panic-selling.The FTSE 100 slumped 2.6% to 7,141 to wipe out all the gains from this year’s trading and set the index of Britain’s most valuable companies on course fo
  
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• Dow Jones Average update: Why is the FTSE down today? Index falls 2.64%

  06-02-2018 20:40 via feedproxy.google.com
  THE DOW Jones Industrial Average has stabilised after a collapse sent shockwaves around the globe on Monday. But why is the FTSE 100 down today?
  
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• Groupthink about Monday’s ‘correction’ is slightly alarming | Nils Pratley

  06-02-2018 20:26 via theguardian.com
  Analysts and pundits have been too quick to agree that recent sell-offs are nothing more than a resetA storm in a teacup? A healthy correction? Have investors, or at least those fooled by two years of unnatural calm in stock markets, merely been handed an overdue lesson that share prices can fall suddenly as well as rise smoothly? Will we be sleeping soundly again by the end of the week?The not-much-to-worry-about school has history on its side. Most stock market wobbles do not develop into some
  
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• Stock market sell-off: five factors that explain the global plunge

  06-02-2018 20:12 via theguardian.com
  Analysts are still attempting to explain the mood swing that caused Monday’s dramatic slide. We look at five key factorsStock market turmoil – live coverageAfter three days of volatility and sell-offs in the global equity markets, analysts are still attempting to explain the mood swing. It is inexplicable, on the face of it, that an optimistic US jobs report on Friday would trigger a strong negative reaction. But in her final interview after four years as Fed chair, Janet Yellen note
  
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• New Look stores at risk of closure as sales fall at struggling retailer

  06-02-2018 19:44 via theguardian.com
  Chairman Alistair McGeorge says firm is weighing up restructuring options such as a CVAThe troubled fashion retailer New Look has confirmed store closures could be on the cards as the new management team battles to arrest falling sales. The New Look executive chairman, Alistair McGeorge, said the private equity-backed retailer was weighing up a restructuring process known as a company voluntary arrangement (CVA), which is used by struggling retailers to close loss-making stores or agree rent red
  
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• Listening to Carillion's bosses, you're surprised it survived so long

  06-02-2018 19:42 via theguardian.com
  Giving evidence to MPs the firm’s baffled top brass regretfully shifted blame for the downfallIt turns out we’ve all been asking the wrong question. There’s no great secret to why Carillion went bust. The only real mystery is what took the company so long when so many were hell-bent on running it into the ground.First up in a marathon four-hour session before a joint meeting of the business and work and pensions select committees were the former interim chief executive, Keith C
  
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• The Guardian view on trade with the EU: not just politics | Editorial

  06-02-2018 19:30 via theguardian.com
  How Britain trades with the rest of the world is much more important than the politics of the Tory partyThe insurgency on the Tory backbenches is turning into open warfare. The irreconcilable Brexiter Jacob Rees-Mogg is now the strong favourite to replace Theresa May. And although no one can yet foresee the precise sequence of events that might precipitate a challenge, the threat of a coup has so incensed Anna Soubry, the former business minister who has emerged as one of the most passionate voi
  
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• The Guardian view on hostile takeovers: creating value for bankers | Editorial

  06-02-2018 19:27 via theguardian.com
  Britain’s industrial base has been whittled away because the country has been in ideological hock to the City – whose bankers, lawyers and accountants rake in huge fees in takeover battlesIn 2016 Theresa May launched her campaign to become Conservative party leader and Britain’s prime minister with a speech that promised to do “something radical” about corporate takeovers. She warned that “transient shareholders … are not the only people with an interes
  
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• Ocado uses £150m from shareholders for warehouse robots

  06-02-2018 19:26 via theguardian.com
  Shares fall as online grocer reveals it has made a small loss and anticipates dented profits next yearOcado has tapped shareholders for £150m as it pumps cash into fine-tuning the expensive technology behind its hi-tech warehouses where groceries are picked by robots. The online grocer revealed it had made a small loss of £500,000 on sales of £1.3bn in the year to 3 December 2017. The Ocado chief executive, Tim Steiner, also warned that plans to step up investment in 2018 would
  
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• Christian Louboutin faces setback in fight to trademark red sole

  06-02-2018 18:43 via theguardian.com
  ECJ advocate general says combination of colour and shape may be refused trademark protectionFrench shoemaker Christian Louboutin, famous for his stiletto heels, has suffered a severe setback in his battle to protect the trademark red sole.Related: Christian Louboutin: How killer heels conquered fashionContinue reading...
  
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• Bitcoin price prediction: Dr Doom says bitcoin will hit ZERO in huge CRASH

  06-02-2018 18:37 via feedproxy.google.com
  AN economist known for his negative economic predictions has called a price crash on bitcoin as authorities clamp down on the cryptocurrency.
  
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• MAPPED: World stock market collapse - the day the world lost $4TRILLION as stocks plunge

  06-02-2018 17:58 via feedproxy.google.com
  AS THE opening bell rang on Wall Street today, stock markets across the world were already reeling from a third day of chaotic trading which saw markets in Asia and Europe suffer dramatic losses.
  
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• Former Carillion directors branded 'delusional' at MPs' Q&A

  06-02-2018 17:54 via theguardian.com
  Executive pass up chance to repay bonuses during committees’ questions• Highlights from the Carillion directors’ evidence to MPsFormer directors of Carillion turned down the chance to hand back their bonuses voluntarily, as MPs branded them “delusional characters” willing to blame everyone but themselves for the government contractor’s failure.Seven former Carillion directors gave evidence to MPs at the start of a joint inquiry by two select committees into the
  
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• Dow Jones average: Will there be a global stock market crash?

  06-02-2018 17:26 via feedproxy.google.com
  THE Dow Jones Industrial Average is showing some slow signs of recovery following yesterday’s dramatic collapse that saw it shed more than 1,000 points. But will there be a global stock market crash?
  
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• Man, 95, in hospital after being told to pay share of £2m bill to remove cladding

  06-02-2018 16:19
  Son says his father has no way of raising money because his flat is unsaleable due to fire risk
  A 95-year-old resident of a London high rise with Grenfell Tower-type cladding has been taken to hospital after being told he had to pay a share of the £2m bill for repair works, a tribunal has heard.The freeholder of the Croydon Citiscape apartment block, which is linked to property tycoon Vincent Tchenguiz, has said it is not obliged to fund the works, while the management company is arguing l
  
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• Stock market fall looks like a correction, not a crash | Larry Elliott

  06-02-2018 10:56 via theguardian.com
  Investors fear the era of cheap money is coming to an end, but shares are likely to bounce back•Stock market turmoil – live coverageIt was just like the bad old days in financial markets. Screens in dealing rooms turned a sea of red as stock markets plunged in the familiar domino style: first Wall Street, then Asia and finally Europe.This was the first big share price fall of Donald Trump’s presidency and there was a notable absence of tweeting from the White House boasting abou
  
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• Pressure grows on DPD and Theresa May after courier dies of diabetes

  06-02-2018 10:03 via theguardian.com
  MPs and customers speak out after courier firm fined Don Lane for not finding cover while at doctor’s appointmentDowning Street’s adviser on modern work has described the death of a diabetic DPD delivery driver as “shocking”, as Marks & Spencer said it would be seeking answers from the parcel company over the driver’s treatment.Matthew Taylor said the government must urgently address poor quality work in Britain after the Guardian revealed how Don Lane, a 53-yea
  
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• HMRC warns it’s a taxing time as fraudsters swoop

  06-02-2018 08:00
  Just as returns have to be completed, out come the phishing emails and textsI received an email claiming to be from HM Revenue & Customs telling me I was due a tax refund and asking me to click on a button to claim it. I suspected it was a scam and checked with HMRC, which told me it would never send out such correspondence by email. Other readers should be warned not to reply to such emails.GA, Morpeth, Northumberland Continue reading...
  
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• Talk is cheap: the myth of the focus group

  06-02-2018 07:00 via theguardian.com
  Focus groups make us feel our views matter – but no one with power cares what we think. By Liza FeatherstoneIn the early 1950s, the Betty Crocker company had a problem: American housewives liked the idea of cake mix, but they weren’t actually buying it. And so the company approached Ernest Dichter, a Viennese psychologist who had pioneered a new kind of market research, and asked him to find out why.At the same time, the relatively new processed-food industry was determined to push r
  
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• FTSE 100 loses £77BILLION in two days as global markets bloodbath strikes

  06-02-2018 01:01 via feedproxy.google.com
  THE FTSE 100 had nearly nearly £50billion wiped off the London index today as the market fell prey to a global stock sell-off sparked by fears that rising inflation could force central banks to hike interest rates at the end of two harrowing days for global markets.
  
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• Dow Jones suffers worst day in over six years as global stock markets plunge

  06-02-2018 00:48 via theguardian.com
  The Dow Jones industrial average dropped 4.6% as investors fled amid fears of rising interest rates: ‘This was volatility unleashed’Stock market turmoil – live updates
  US stocks took a further steep plunge on Monday, with the Dow Jones industrial average dropping 1,175 points, the largest one-day points fall on record and erasing all the gains made so far this year. Related: Why are global stock markets falling?Continue reading...
  
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