Financial news

• Brexit deal: Hammond says financial services will not be frozen out

  06-03-2018 23:30 via theguardian.com
  Chancellor disputes French minister’s claim that trade deal cannot include financial sectorPhilip Hammond will insist on Wednesday that Britain can overcome EU opposition and include financial services in a post-Brexit free trade deal.The chancellor is expected to use a speech in the City to challenge the idea – voiced strongly by France’s finance minister on Tuesday – that financial services have never been included in trade deals because of their complexity and the risk
  
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• Trump's tariff plan a black day for the world, BHP boss says

  06-03-2018 22:31 via theguardian.com
  Trade restrictions would be particularly bad for a trading nation like Australia, BHP’s Andrew Mackenzie saysDonald Trump’s proposed tariffs on steel and aluminium imports are a “black day” for the world, according to the chief executive of BHP. Related: Global alarm bells sound over full-blown trade warContinue reading...
  
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• 'Take Trump seriously' Fiat Chrysler CEO issues warning to EU amid fears of trade war

  06-03-2018 22:10 via feedproxy.google.com
  THE European Union must take Donald Trump's threats to impose tariffs on steel and aluminium seriously, the CEO of Fiat Chrysler has warned amid fears of a trade war breaking out.
  
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• Government to review law before self-driving cars arrive on UK roads

  06-03-2018 21:55 via theguardian.com
  Three-year review will consider responsibility in self-driving vehicles and their role in public transportThe government is to review the law before the arrival of self-driving cars on UK roads, considering issues such as whether this type of transport requires new criminal offences.The development of autonomous vehicles is at the heart of the government’s industrial strategy and the three-year law review is considered necessary if it is to stick to the timetable announced in November last
  
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• Elizabeth Warren attacks 'dangerous, wrong' bill to relax rules on US banks

  06-03-2018 21:55 via theguardian.com
  Democratic senator says Congress has forgotten the ‘devastating impact of the financial crisis’ and vows to stop bill passing the SenateCongress has forgotten the “devastating impact of the financial crisis”, Senator Elizabeth Warren said on Tuesday as Republicans moved closer to relaxing banking regulations implemented after the financial crash of 2008. Related: Three ways to remake the American economy for all | Elizabeth WarrenContinue reading...
  
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• F1 tycoon Vijay Mallya’s superyacht impounded over wage dispute

  06-03-2018 20:50 via theguardian.com
  Luxury $93m vessel seized in row over businessman’s failure to pay crew $1m in wagesA $93m (£67m) superyacht owned by Indian multimillionaire Vijay Mallya has been impounded in Malta in a dispute over the businessman’s failure to pay the crew more than $1m in wages.
  Mallya’s 95-metre Indian Empress was boarded by port officials and prevented from leaving Malta on Tuesday as part of the crew’s legal action to recover unpaid wages.Continue reading...
  
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• Debenhams to rent flagship store space to hot deskers

  06-03-2018 20:33 via theguardian.com
  Store closures, leasing space to gyms and now flexible-office firms all part of cost-saving planIn the latest sign of retailers battening down the hatches Debenhams is considering renting space in its flagship London department store to a hot desking firm.The retailer is in talks to rent floor space to flexible-office provider WeWork, as it looks to scale back its high street presence.Continue reading...
  
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• Rage against the machine: self-driving cars attacked by angry Californians

  06-03-2018 20:25 via theguardian.com
  Local residents are hitting back at their new robot neighbors – literally – as reports detail assaults on driverless cars The great promise of self-driving cars is that they will save innumerable lives by removing the most fallible and unpredictable element from vehicle traffic: the human.But in San Francisco at least, fickle human behavior is taking a stand. Continue reading...
  
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• Why did it take the FCA four years to ban Paul Flowers? | Nils Pratley

  06-03-2018 20:12 via theguardian.com
  The investigation into the former Co-op Bank chair went on far too long. It’s high time to speed things upThe antics of Paul Flowers, aka “the Crystal Methodist” from the Co-op Bank, feel like ancient history, so it almost came as a surprise to be reminded that the Financial Conduct Authority was still rooting around past disasters at the “ethical” bank.The regulator’s conclusion: Flowers has been banned from working in financial services, but not because of a
  
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• Brexit: carmakers step up warnings on impact of uncertainty

  06-03-2018 18:53 via theguardian.com
  Vauxhall owner suggests Astra plant’s future in doubt, as other chiefs say investment decisions held upCar manufacturers have stepped up warnings about the impact of Brexit on one of the UK’s key industries, led by suggestions from the owner of Vauxhall that the future of its Astra plant was in doubt.Jaguar Land Rover also said it could not plan to make electric cars in Britain until the terms of its departure from the EU were clear, as a series of industry executives called for clar
  
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• Donald Trump falls down Forbes Rich List as US President's wealth DROPS by $400million

  06-03-2018 18:49 via feedproxy.google.com
  DONALD Trump has fallen down the Forbes’ Annual Rich List for 2018 following his wealth dropping by $400million to $3.1billion .
  
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• Melrose's £7bn bid for GKN poses threat to UK security, MPs told

  06-03-2018 17:41 via theguardian.com
  Melrose bosses say they will not sell parts of business to China or Russia after warning from unionA proposed £7bn hostile takeover of the UK engineering company GKN by the turnaround specialist Melrose poses a threat to Britain’s national security and must be stopped by the government, MPs have been told.Union leaders said Melrose’s strategy of buying companies and holding on to them for just three to five years was incompatible with GKN, which supplies parts and technology to
  
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• Inequality at 30,000 feet: is aviation the least progressive industry?

  06-03-2018 17:34 via theguardian.com
  Australian firm Qantas is encouraging staff to be more aware of gender and diversity, but sexist dress-codes and vast pay gaps are still airline staplesHere is a question that has probably never crossed your mind: how woke is aviation? Never, that is, until now. A “political-correctness row” has reportedly errupted at the Australian airline Qantas, whose staff have been advised of language that is more respectful of the LGBTI community and others, as part of a “Spirit of Inclus
  
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• North Korea denuclearisation news boosts Wall Street – investors turn to RISKIER assets

  06-03-2018 17:18 via feedproxy.google.com
  US STOCKS opened higher this morning as news of North Korea’s openness to talks with Washington injected renewed energy into the stock market.
  
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• Bitcoin price: Expert warns collapse of cryptocurrency could happen in THIS timeframe

  06-03-2018 15:58 via feedproxy.google.com
  BITCOIN price could collapse to $100 in ten years as beyond its use in criminal activities the actual functions of the cryptocurrency are “very small”, according to Kenneth Rogoff of Harvard University.
  
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• So, Theresa May, renters are human beings too? It doesn’t feel like it | Penny Anderson

  06-03-2018 15:05
  The private rented sector is a harrowing, insecure place. If only the prime minister had asked us tenants how to fix itWe know she was sincere, because she had earlier donned the sacred hi-vis vest of truth. According to Theresa May, I am still a person even though I am a renter. Arguably the most condescending pronouncement of her reign so far was delivered against an unfortunate brick-wall backdrop, creating an open goal for the obvious metaphor generation (suggesting she was bricking it or ha
  
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• Freezing weather melts sales at John Lewis

  06-03-2018 14:49 via theguardian.com
  Gloomy fashion sales weigh on department store chain as icy blast takes toll on high streetThe snow and freezing weather that swept across the UK last week caused a 14% slump in sales at John Lewis, compared with the same week last year.The retailer’s weekly sales data is the first indication of the toll taken by the bitterly cold spell on the high street. Fashion and clothing were particularly hard hit, with sales plummeting nearly 19%.Continue reading...
  
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• Bitcoin news: Does Elon Musk own Bitcoin? How much does he own?

  06-03-2018 14:46 via feedproxy.google.com
  ELON MUSK, the South African billionaire genius behind Paypal and SpaceX, is at the forefront of cutting edge technology. But does the tech entrepreneur own any bitcoin or another form of cryptocurrency, and if so, how much does he have?
  
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• Donald Trump’s wealth has fallen for second year running – Forbes

  06-03-2018 14:43 via theguardian.com
  President is now worth $3.1bn, while Amazon founder Jeff Bezos is world’s richest with $112bnDonald Trump has tumbled more than 200 places in the world ranking of billionaires as a result of his fortune shrinking by more than $400m (£287m) to $3.1bn over the past year.According to Forbes magazine’s annual ranking of the world’s wealthiest people, the US President slipped from 544th richest last year to 766th this year. It is the second year running that Trump’s fort
  
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• Britain is still clueless about the EU’s motives in Brexit negotiations | Tom Kibasi

  06-03-2018 14:42 via theguardian.com
  Brussels’ main aim is to contain Britain and to prevent contagion. The Brexiters are blind to thisWhat works for a lamb will not work for a lion. This was how a senior European official dismissed the idea that Britain could ever be trusted with the same deal outside the EU as Norway enjoys today. After more than 40 years of membership and nearly two years of endless debate about Brexit, there is still virtually no understanding in Britain of how the British are viewed by the rest of Europe
  
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• Brewdog's pink 'beer for girls' criticised as marketing stunt

  06-03-2018 14:05 via theguardian.com
  Craft brewer says it launched repackaged Punk IPA to highlight gender pay inequalityBrewDog’s launch of a pink “beer for girls”, ostensibly to raise awareness about gender pay inequality and sexist advertising, has come in for criticism as a cynical marketing stunt.The independent craft brewer has launched a “new” Pink IPA – in reality a repackaging of its flagship Punk IPA – with a pledge to sell it a fifth cheaper in its bars to “those who identi
  
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• Sainsbury's increases staff pay – but axes paid breaks and bonuses

  06-03-2018 13:44 via theguardian.com
  Supermarket’s 130,000 store workers to receive at least £9.20 an hour, more than Aldi and LidlSainsbury’s is increasing basic pay for its shop-floor staff but axing paid breaks, premium pay for Sundays and an annual bonus – resulting in a pay cut for some staff.The supermarket group said most staff would receive about an 8% rise in annual pay, after accounting for the removal of a half-hour paid break every eight-hour shift and a 15-minute paid break for seven-hour shifts
  
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• France warns UK Brexit free trade deal must not include financial services - The Local France

  06-03-2018 13:31
  The Local France
  France warns UK Brexit free trade deal must not include financial services
  The Local France
  Any post-Brexit free trade deal struck between Britain and the European Union must not include financial services, French Economy Minister Bruno Le Maire said Tuesday before meeting his UK counterpart. Le Maire's comments are a strong response to ...
  French finance minister: Equivalence best solution for UK financial services after ...Reuters
  Le Maire says UK financial services sector ca
  
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• The end of Quantitative Easing? Euro to SOAR as confident ECB meets on Thursday

  06-03-2018 13:23 via feedproxy.google.com
  GLOBAL money markets will turn their attention to the ECB meeting later this week for clues as to how and when the bank will withdraw its hefty stimulus programme.
  
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• City watchdog bans ex-Co-op bank boss for sending emails about sex and drugs

  06-03-2018 13:04 via theguardian.com
  FCA says Paul Flowers lacks the ‘fitness and propriety’ required to work in financial servicesThe disgraced former Co-operative Bank boss Paul Flowers has been banned from the financial services industry by the City watchdog for inappropriate use of the bank’s phone and computer systems to access premium-rate chat lines and trade sexually explicit messages.The ban comes more than four years after the bank came close to collapse due to a £1.5bn black hole in its accounts.
  
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• Italian Election Latest: Markets hold firm but expert warns of Brexit ‘domino effect'

  06-03-2018 12:39 via feedproxy.google.com
  THE ITALIAN election has shocked political commentators after the centre-left was replaced by a rising tide of euro-scepticism. However, the markets are yet to fully respond with analysts now claiming that a hung parliament was “widely expected”, and the true disruption is yet to come.
  
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• Pound V euro: GBP exchange rate trades narrowly as risk of global trade war looms

  06-03-2018 12:03 via feedproxy.google.com
  THE pound is trading within a narrow band against the euro today, with the financial markets also recovering as the perceived risk of a global trade war ebbs.
  
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• Pound v US dollar: GBP exchange rate stabilises as Trump trade concerns recede

  06-03-2018 11:24 via feedproxy.google.com
  THE pound is trading a bit more firmly against the US dollar this morning as fears over a possible trade war appear to have receded. The pound US dollar exchange rate is currently at around $1.385.
  
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• Just Eat sees £600m wiped off stock market value after surprise loss

  06-03-2018 11:23 via theguardian.com
  Online takeaway firm’s shares dive as it takes £180m hit in Australia and plans £50m investmentJust Eat had nearly £600m wiped off its stock market value after the online takeaway firm booked a loss for 2017 and revealed plans to invest £50m in its delivery network.Its shares fell by 12%, making it the biggest early faller in the FTSE 100, after the company posted a pre-tax loss of £76m for last year. The loss came on the back of a £180m charge in Austra
  
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• Virgin Trains’ ‘automatic refund’ is way off track

  06-03-2018 08:35 via theguardian.com
  My train was halted with no explanation, but Virgin hasn’t repaid me as it shouldIn January I travelled by Virgin West Coast from London Euston to Carlisle. We were told of “potential problems further up the line” and some hours later the service terminated at Preston. I, and a few hundred others, had to queue for a coach to Carlisle. I waited an hour. There was no apology or explanation. I later learned that the line north of Preston had been closed since that morning but ther
  
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• The 0% city: how Manchester developers dodge affordable housing

  06-03-2018 08:15
  The revelation that none of Manchester’s 15,000 planned houses qualify as ‘affordable’ is no surprise if you look at the city’s relaxed attitude towards developers15,000 new Manchester homes and not a single one ‘affordable’
  In February, consultants Deloitte named Manchester one of Europe’s fastest-growing cities. Much of that growth is centred around the centre, where in the year 2000, four years after an IRA bomb blew up much of the downtown shopping d
  
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• Splitting up with a joint account? Beware the debt trap

  06-03-2018 08:00 via theguardian.com
  When couples break up either one can be 100% liable for money owedAfter Jennifer Davis* tried to shut down the joint account she shared with her former partner, she got a rather nasty surprise. Her other half had taken out £2,500 without her knowledge before they had split up, and the bank demanded repayment before allowing the account to be closed, saying that both of them were liable for the debt.Her experience illustrates a persistent problem highlighted by financial experts around cont
  
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