Financial news

• Plans to cap domestic energy bills 'weak and confused', says watchdog

  26-02-2018 21:34
  Regulatory policy committee scornful about Tory policy to end ‘rip-offs’ by power companiesThe evidence underpinning ministers’ plans to cap the energy bills of millions of people has been slammed as “weak and confused” by the government’s own watchdog.As the government laid the legislation for the cap in parliament, the regulatory policy committee delivered a withering verdict on the case for a measure that Theresa May said was necessary to stop “rip-of
  
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• Plans to cap domestic energy bills 'weak and confused', say MPs

  26-02-2018 21:34
  Parliamentary committee scornful about Tory policy to end ‘rip-offs’ by power companiesThe evidence underpinning ministers’ plans to cap the energy bills of millions of people has been slammed as “weak and confused” by the government’s own watchdog.As the government laid the legislation for the cap in parliament, the regulatory policy committee delivered a withering verdict on the case for a measure that Theresa May said was necessary to stop “rip-off&rd
  
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• Ripple price news LIVE: XRP surges into green after turbulent 24 hours

  26-02-2018 20:08 via feedproxy.google.com
  RIPPLE started this week with a downward slide, falling to $0.92. The last 24 hours have seen the cryptocurrency dip twice to $0.91 before rising $0.95 in the early afternoon. Here are the latest updates on Ripple's price.
  
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• Bitcoin WARNING: EU Commission says crypto is NOT currency ahead of imminent crackdown

  26-02-2018 19:34 via feedproxy.google.com
  BITCOIN and other cryptocurrencies do not have a "guaranteed value" and should come with a "clear and frequent" warning to investors in order to safeguard them from possible risks to their investments, EU financial services commissioner Valdis Dombrovskis said.
  
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• Step aside, Johnnie! Jane Walker whisky to celebrate women

  26-02-2018 19:22 via theguardian.com
  Diageo to release limited edition bottles of Black Label brand to celebrate women’s causesJohnnie Walker is rolling out a female version of its whisky in the US – Jane Walker.A limited edition run of its 12-year-old Black Label blended whisky will feature a striding woman on the label rather than the top-hatted man normally associated with the brand. Continue reading...
  
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• Russian millions laundered via UK firms, leaked report says

  26-02-2018 19:00 via theguardian.com
  Denmark’s biggest bank believes cash was funnelled through British companies by people linked to Vladimir Putin’s family and the FSB spy agencyA Danish bank accused of money laundering shut down Russian accounts after concluding that they were being used to funnel cash through British companies by members of Vladimir Putin’s family and the FSB spy agency, according to leaked reports.Danske, Denmark’s biggest bank, closed 20 Russian customer accounts in 2013 following a wh
  
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• UK mortgage approvals rise, as interest rate hints drive pound up - as it happened

  26-02-2018 18:40 via theguardian.com
  All the day’s economic and financial news, including the latest UK mortgage approvals data ECB’s Draghi: patience needed for monetary policy UK mortgage approvals rise from four-year lowBank of England deputy governor hints at rate riseBank of Ireland: Brexit uncertainty is hitting investment
  Stock markets rise in chilly trading5.40pm GMT Ahead of a testimony from new Federal Reserve chair Jerome Powell on Tuesday, investors appear to have got over their fears of interest rate hikes,
  
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• Energy storage leap could slash electric car charging times

  26-02-2018 18:32 via theguardian.com
  Development of new material for supercapacitors has potential to raise range to that of petrol carsResearchers have claimed a breakthrough in energy storage technology that could enable electric cars to be driven as far as petrol and diesel vehicles, and recharge in minutes rather than hours.Teams from Bristol University and Surrey University developed a next-generation material for supercapacitors, which store electric charge and can be replenished faster than normal batteries. Continue reading
  
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• UK farmers won't lower standards post-Brexit, says new NFU head

  26-02-2018 18:10 via theguardian.com
  Minette Batters, the National Farmers’ Union’s new president, says good quality, safe food is ‘a public right’ and staying part of a customs union is vitalBritish farmers will not accept lower welfare and hygiene standards under any post-Brexit trade deals, and will fight to remain as part of a customs union, the new president of the National Farmers’ Union (NFU) has pledged.Minette Batters, the first woman to head the powerful farmers’ lobby since its foundat
  
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• The five friendliest countries for expats REVEALED: New Zealand, Iceland and more

  26-02-2018 16:52 via feedproxy.google.com
  WHEN thinking about possible destinations to live abroad, many budding expats will put weather right at the top of the priority list, quickly followed by the scenery and culture.
  
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• Bitcoin LIVE: BTC spikes back to $10k after weekend of price turmoil

  26-02-2018 15:37 via feedproxy.google.com
  BITCOIN'S price has bounced back to the $10k mark after falling to $9,311 over the weekend. There is no apparent reason for the jump in price although reports cite cross-border currency exchange company Circle announcing the acquisition of Poloniex - a leading cryptocurrency trading platform - as a potential cause.
  
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• Overall UK happiness levels given English boost, ONS says

  26-02-2018 14:51
  Latest Office for National Statistics survey reveals small increases in life satisfaction and happinessDespite household budgets coming under pressure from inflation and a government struggling with Brexit negotiations, people who live in England are getting happier year in, year out, according to official figures.Since 2011 the Office for National Statistics has asked a series of questions to the over-16s about their levels of life satisfaction, whether they feel worthwhile and how anxious they
  
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• YOU’VE CAPITULATED! Labour faithful accuse Corbyn of cowering to EU and Remain pressure

  26-02-2018 14:46 via feedproxy.google.com
  LABOUR leader Jeremy Corbyn has called for “full tariff-free” access to the EU customs union in a major Brexit speech this morning, leading to criticism from within his own party over his CAPITULATION over Brexit.
  
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• UK mortgage lending rises but banks warn on 'sluggish' economy

  26-02-2018 14:32
  Business investment levels remain subdued amid Brexit uncertainty, says UK FinanceLending for mortgages jumped in January by nearly a tenth, but borrowing by businesses to invest dropped back amid Brexit uncertainty, according to official figures that paint a “sluggish” picture of the UK economy. Total mortgage lending rose by 9.7% to £21.9bn in January compared with the same month a year ago, according to UK Finance, the body that represents all the major high street banks. Mu
  
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• What's the best way to save for a deposit for a flat?

  26-02-2018 14:28
  I’m hoping to save £25,000 and will use a help-to-buy Isa – where else should I put my money? Q I have a good credit rating, am disciplined with money and earn £27,000. I am hoping to save about £25,000 to put down as a deposit when I buy a flat costing between £80,000 and £90,000. I will be 48 or 49 when I am ready to buy and would like a mortgage term of 18 years so that it’s paid off just as I retire. (I intend to overpay so hopefully will be pa
  
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• GKN faces renewed fight with 'asset stripper' Melrose

  26-02-2018 13:57 via theguardian.com
  Firm could increase bid for engineering group as concerns grow over impact on UK industryThe hostile battle for control of GKN, one of Britain’s oldest engineering groups, is expected to come to a head this week as it reports annual results, which could prompt an increased bid from Melrose.The aerospace and automotive parts manufacturer is fighting for its life after rejecting a £7.4bn offer from Melrose, a corporate turnaround company that specialises in buying unloved industrial as
  
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• Government urged to give those with debt problems a year's grace

  26-02-2018 13:56
  Ministers are considering a ‘breathing space’ of six weeks – but campaigners want to go much further The government has been called on to grant a “breathing space” of up to a year to people who are struggling under debt, so that they can get back on their feet and manage the money they owe.Debt campaigners want the Treasury to dramatically extend existing proposals for a six-week grace period in which debtors would be protected from enforcement proceedings and mount
  
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• EU ON EDGE: Eurozone investors spooked as markets brace for Italian and German shock

  26-02-2018 13:55 via feedproxy.google.com
  ITALY is sending shockwaves through the EU ahead of its most potentially de-stabilising election in years and market investors are spooked as anti-EU sentiment dominates the agenda.
  
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• Weinstein film studio expected to file for bankruptcy

  26-02-2018 13:48 via theguardian.com
  Last-ditch talks to sell the Weinstein Company for $500m have collapsed, says boardHarvey Weinstein’s film and TV production company is to file for bankruptcy after the sexual harassment scandal that has engulfed the beleaguered firm scuppered a last-ditch $500m (£356m) deal to save the business.The company’s board said it would have to file for bankruptcy protection following the collapse of revived talks to sell to an investor group led by Maria Contreras-Sweet, a former offi
  
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• Making a TRAVEL insurance MEDICAL claim: what you need to know

  26-02-2018 13:48 via feedproxy.google.com
  This is one of the peak times for travel insurance as holidaymakers raise more claims during winter months than at any other time. Figures from insurer Direct Line Travel reveal there’s one claim for every 67 overseas trips that Brits make, the equivalent of £45,000 every hour.
  
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• Travel claim lands customer with debt threats after Seattle illness

  26-02-2018 13:30 via feedproxy.google.com
  Travel insurance saved tourist Chris Breskal over £1,000 in medical bills after he fell ill during a trip to America’s west coast. But although he got well, all did not end so brilliantly at first after he returned last autumn.
  
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• Pound V euro: GBP rate gets boost as mortgage approvals rise

  26-02-2018 11:22 via feedproxy.google.com
  THE pound has firmed against the euro during Monday’s early trading session following some positive UK lending news. Mortgage approvals in January have risen for the first time in four months.
  
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• Gig economy? Pizza Express dishes up live music to beat restaurant blues

  26-02-2018 11:16 via theguardian.com
  Chain converts 50 outlets into venues after shows starring Martin Kemp, Goldie and othersPizza Express is converting up to 50 restaurants into live entertainment venues after appearances from artists such as Goldie and Spandau Ballet’s Martin Kemp at existing outlets proved successful with diners. The chain is fighting back against competition from the likes of Franco Manca as well as the switch to takeaways via the likes of Deliveroo, in a tough business environment that has led a string
  
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• Pound LIVE: Sterling SOARS to $1.40 mark as air chief says he's 'confident' over Brexit

  26-02-2018 11:04 via feedproxy.google.com
  THE POUND has returned to the symbolic $1.40 against the Dollar as business confidence begins to return despite the lack of clarity over the government's Brexit position.
  
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• Households could save £100 a year as energy price cap moves closer

  26-02-2018 09:47
  Theresa May says government legislation will ‘force energy companies to change their ways’Legislation to cap energy prices for 11m households across Britain will go before parliament today.The Domestic Gas and Electricity (Tariff Cap) Bill compels regulator Ofgem to implement the cap once the law has given it new powers. Continue reading...
  
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• Goldcar refuses car or refund after late flight arrival

  26-02-2018 08:49
  We couldn’t even get our insurance cover back and had to make a new booking for £108We hired a car from Goldcar for collection at Malaga airport. The flight was more than an hour late and we were told the booking was no longer valid as we had arrived more than 15 minutes late, that it was non-refundable and, incredibly, so was our insurance cover. In effect, our whole booking was worthless. We had to pay £108 to hire another car with the firm. RC, London Cancelling pre-paid car
  
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• Driving school's cut-price lessons leave learners on the road to nowhere

  26-02-2018 08:49
  After paying upfront for a £99 package, many have received no tuition and no refundIt was an irresistible offer – 10 beginner driving lessons for £99 from a company that called itself “the most-liked driving school on Facebook”. Most of those who signed up to the national franchise, Drive Dynamics, were young people on tight budgets – students, single mothers and newly arrived immigrants. Now many have found they have paid out for nothing. The promised instruc
  
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• Generational battle lines harden over pensions

  26-02-2018 08:36
  Thinktank warns that older workers are not bearing their share of the pensions burden
  If the personal finances of every household could be ranked, the period following the 2008 financial crisis puts the baby boomer on top. There is a counterpoint to this, say campaigners for older savers, which is the level of interest rates over the period. Surely a decade of ultra-low rates favours borrowers and most of them are young.Likewise, final salary pension schemes, dominated as they are by the older g
  
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• Starbucks trials 5p takeaway cup charge in attempt to cut waste

  26-02-2018 08:26
  People buying hot drinks in cardboard cups in 35 London branches will pay ‘latte levy’Starbucks will be the first UK coffee chain to trial a “latte levy” – a 5p charge on takeaway coffee cups – under plans that aim to reduce the overuse and waste of 2.5bn disposable cups every year.In the latest offensive in the war against plastic waste, the chain said it hoped the move, starting on Monday, would help change behaviour and encourage customers to switch to reus
  
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• Interest rate rise of 1% would cost average UK homeowner £930 a year

  26-02-2018 07:01
  A Bank of England rate change would add £10bn to UK mortgage bill, Savills saysA 1% rise in interest rates would add around £10bn to the UK’s mortgage bill, according to analysis from estate agent Savills. The increase would equate to adding £930 a year to the cost of servicing the average mortgage. Borrowers on variable rate deals influenced by movements in the Bank of England base rate would be the first to feel the pain, putting the annual mortgage bill up by £4.
  
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• Time to spend your old tenners – just three shopping days left

  26-02-2018 07:00
  200m £10 notes are still in circulation with £1bn likely to miss 1 March deadline, says Bank of England
  The cut-off date for using old-style paper £10 notes is fast approaching, with just three shopping days left before the Thursday 1March deadline when they cease to be legal tender.But figures from the Bank of England suggest there remain about 200m tenners worth £2bn still in circulation.Continue reading...
  
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• Vote Leave donations raise further concern over Melrose's GKN bid

  26-02-2018 01:01 via theguardian.com
  Unite demands to know if Melrose bosses who donated thousands support a hard Brexit
  Political efforts to force the business secretary, Greg Clark , to intervene in the hostile takeover bid for industrial giant GKN have intensified with an accusation by Britain’s largest trade union that bosses of bidder Melrose support a hard Brexit that will damage manufacturing jobs.Research by Unite shows Melrose’s executive chair, Christopher Miller, and his wife, Monica, donated £37,500 to
  
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• Ex-Carillion CFO sold £800,000 in shares after retirement

  26-02-2018 01:01 via theguardian.com
  Richard Adam’s shares sales took place before KPMG audit which led to profit warningCarillion’s former finance director sold nearly £800,000 of shares after retiring last year shortly before the firm’s collapse, according to evidence published by MPs.Richard Adam, who had managed Carillion’s finances for a decade, offloaded £534,000 of shares on 1 March last year, three months after stepping down from the company, before selling a further £242,000 of sto
  
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