Financial news

• Freehold of 'worst leasehold abuse' block sold for £180,000

  22-02-2018 23:45
  Anonymous buyer picks up right to collect soaring ground rents on Blythe Court flats from freeholder MPs called ‘crook’The freehold to a block of flats in Birmingham regarded as the worst example of leasehold abuse in the country has been snapped up by an anonymous buyer for £180,000. The deal leaves buyers of the small one-bedroom flats – who thought they would be paying just £250 a year in ground rent – locked into bills of up to £8,000 a year and ulti
  
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• UK: UK Financial Conduct Authority Consults On Benchmarks Enforcement ... - Mondaq News Alerts

  22-02-2018 21:51
  UK: UK Financial Conduct Authority Consults On Benchmarks Enforcement ...
  Mondaq News Alerts
  On February 5, 2018, the FCA published a consultation setting out proposed changes to its Decision Procedure and Penalties manual and its Enforcement Guide. The amendments to DEPP and EG reflect changes introduced by the EU Benchmarks Regulation, which ...en meer »
  
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• Treasury targets Facebook and Google with 'fair' tax system

  22-02-2018 21:02 via theguardian.com
  Chancellor expected to levy tax on digital businesses’ UK revenues rather than profitsThe Treasury is threatening digital companies such as Facebook and Google with a new tax, as it pushes for global agreement on a fairer system for ensuring digital businesses pay their way.The chancellor, Philip Hammond, is expected to use next month’s spring statement to announce the results of a consultation launched by the Treasury in November, on how to update the tax system to reflect the natur
  
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• Eurostar's direct London-Amsterdam tickets on sale after IT hold-up

  22-02-2018 16:30 via theguardian.com
  Technical issues with a reservation system appear to be behind two-day delay that prevented rail customers from booking tickets for the new route, which is due to start in AprilTickets for Eurostar’s new direct high-speed rail service from London to Amsterdam went on sale on Thursday, after a last-minute IT glitch delayed plans for the original launch on Tuesday afternoon.The eagerly anticipated new route starts running on Wednesday 4 April, with fares from London to Rotterdam and Amsterda
  
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• Manchester United end 13-year wait for official YouTube channel

  22-02-2018 15:00 via theguardian.com
  Lure of video-sharing site’s 1.3bn users finally has club ready to play catchup with football rivalsManchester United is to launch an official YouTube channel after a 13-year absence as it looks to build its brand and commercial income in a deal with the world’s biggest video-sharing site.Manchester United is the only Premier League team and the only one of the top clubs globally not to create an official channel since YouTube launched in 2005.Continue reading...
  
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• KFC struggles to give chicken away as store supply crisis continues

  22-02-2018 14:48 via theguardian.com
  Several charities pour cold water on fast-food chain’s stated aim to donate surplus poultryKFC is struggling to find charities to which it can donate thousands of tonnes of surplus chicken that has been stored in an unregistered depot during a supply crisis that has closed 160 stores for almost a week, inquiries by the Guardian suggest.On Wednesday, the fast-food chain said it would have to destroy at least some of the chicken at a cold storage facility in Rugby, Warwickshire. It is run by
  
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• The Brexit economy: things are starting to deteriorate

  22-02-2018 14:30 via theguardian.com
  Cracks are starting to appear in UK economic resilience, with unemployment rising and growth slowing•Experts debate Brexit watch dataThe British economy is showing signs of deteriorating just as the government attempts to reassert its vision for Brexit, according to a Guardian analysis of economic news over the past month that highlights the country’s increasingly fragile position on the world stage. Cracks are beginning to appear in the picture of economic resilience built up during
  
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• How has the Brexit vote affected the economy? February verdict

  22-02-2018 14:30 via theguardian.com
  Each month we look at key indicators to see what effect the Brexit process has on growth, prosperity and trade in the UK• The economy is starting to deteriorate• Experts debate Brexit watch data Continue reading...
  
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• Ex-Carillion director viewed pension fund as 'waste of money'

  22-02-2018 12:33 via theguardian.com
  Comment revealed in meeting minutes as MPs criticise Pensions Regulator and KPMG Carillion’s former finance director considered putting cash into the firm’s pension deficit a “waste of money”, according to the minutes of a meeting written by the pension scheme trustees. The meeting was raised as MPs voiced concerns about Carillion’s attitude to pensions during a parliamentary evidence session in which the Pensions Regulator and accountancy firm KPMG, which audited t
  
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• Is this the worst leasehold block in Britain?

  22-02-2018 11:37
  £8,000 a year ground rent bill for buyers already and rising towards £8m – as watchdog warns time’s up for leaseholdThe freehold to a 1960s block of flats near Birmingham regarded as the worst example of leasehold abuse in Britain will be auctioned on Thursday, as a new report warns that the leasehold system is on borrowed time.Continue reading...
  
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• Energy company promises to pay customers to use electricity

  22-02-2018 08:01
  Octopus Energy offers a tariff that will charge customers according to demandA small energy company has launched a new tariff that will potentially pay customers to use its electricity when demand is low. Octopus Energy’s new Agile tariff tracks wholesale electricity prices, allowing customers to take advantage if there is an excess of supply and the electricity price “goes negative”. Continue reading...
  
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• Play-it-safe banks ‘de-risk’ and freeze out customers

  22-02-2018 08:00
  Anxious not to fall foul of money-laundering rules, much-needed cash is being held in accountsBarclays bank summarily closed my personal and business accounts four years ago and has still not returned £19,221 that was in them. Continue reading...
  
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• Why is no one exposing our failing firms in advance? | Prem Sikka

  22-02-2018 07:00 via theguardian.com
  As MPs hear evidence on the collapse of Carillion, it’s time for auditors to be held to accountSince the collapse of the construction giant Carillion last month, the focus has been on its directors and senior employees, particularly those whose pay packets seemed proportional to the scale of the company’s failure. But today the focus will turn to its auditors at KPMG, as they give evidence to the Commons business select committee. And about time too. In the words of Rachel Reeves, it
  
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