Financial news

• Facebook's value slides by $36bn as data breach rocks shares - as it happened

  19-03-2018 22:08 via theguardian.com
  All the day’s economic and financial news, as social media giant is hit by exposure of data breach involving Cambridge AnalyticaLatest: Facebook shares close down 6.7%Investors spooked by Cambridge Analytica revelationsNew details emerge tonightNo 10 ‘very concerned’ over Facebook data breach by Cambridge Analytica 9.07pm GMT Time for a recap:Around $36bn has been wiped off Facebook’s market capitalisation, after its worst day’s trading in several years. Shares slum
  
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• Barclays wakes up to find a bull called Bramson in the shop

  19-03-2018 20:40 via theguardian.com
  Activist investor Ed Bramson, not known for his charm, makes a move into the big leagueGet ready for some sport at Barclays. Edward Bramson, an activist investor out of New York with a taste for barging into boardrooms and metaphorically smashing up the crockery, has unveiled a 5% stake in the bank.Previous UK targets have included F&C Asset Management, Electra Private Equity and 3i, so Barclays represents a major step-up in ambition. It’s one thing to make a splash in the lower league
  
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• Unite says it has no confidence in Melrose's GKN takeover bid

  19-03-2018 20:25 via theguardian.com
  GKN shares slide as first meeting between union and takeover specialists ends in acrimonyA “full and frank” meeting between trade union officials and the company mounting an £8bn hostile takeover for GKN broke up in acrimony on Monday amid accusations that the would-be buyer would not give assurances on future investment.
  Unite said it had no confidence in bidder Melrose following the meeting, the first time the two sides had got around the table since the controversial hostile
  
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• Gambling watchdog fails to curb fixed-odds betting stakes to £2

  19-03-2018 19:20 via theguardian.com
  Labour deputy ‘deeply disappointed’ as Gambling Commission appears to ‘cave in to industry pressure’MPs campaigning against roulette-style gambling games in UK bookmaking shops have expressed disappointment after the industry regulator failed to recommend cutting stakes on controversial fixed-odds betting terminals (FOBTs) to £2. Continue reading...
  
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• Britain should protect its last global champions | Letters

  19-03-2018 18:59 via theguardian.com
  Post-Brexit, we may wake up to find that most have walked across the Channel – not the best start for Global Britain, writes Professor Chris CarrThe prospect of one of Britain’s longest-lived global champions opting for a European HQ because of Holland’s better protection against short-termist hostile takeover bids poses challenges for Britain’s new industrial policy (Look closer to home for an explanation of Unilever’s Rotterdam move, 16 March).Lever, Reckitt and G
  
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• Activist investor plans shake-up at Barclays after building 5% share

  19-03-2018 18:43 via theguardian.com
  Ed Bramson’s turnaround firm Sherborne Investors gains fourth-largest stake in bankAn activist investor has built up a 5% stake in Barclays in an attempt to shake up the bank’s strategy and boost its share price. Barclays announced on Monday that Ed Bramson’s Sherborne Investors had “acquired voting rights over 5.16% of Barclays’ issued share capital”. The stakebuilding by Sherborne, which describes itself as a “turnaround investment firm”, makes i
  
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• Micro Focus shares plunge by 46% as CEO departs

  19-03-2018 18:23 via theguardian.com
  FTSE 100 tech company loses nearly half its value after rocky merger with HP’s software divisionShares in Micro Focus crashed after the software firm warned sales were falling faster than expected and said that its chief executive had departed after just months in the job.
  The FTSE 100 company lost nearly half its market value by the close of trading on Monday, with the shares down 46% to £10.11.Continue reading...
  
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• UK Financial Regulator Introduces Global Fintech Sandbox, '90%' Success Rate ... - Cointelegraph

  19-03-2018 18:22
  Cointelegraph
  UK Financial Regulator Introduces Global Fintech Sandbox, '90%' Success Rate ...
  Cointelegraph
  Britain's Financial Conduct Authority (FCA) is launching a global fintech regulatory sandbox, after the successful progress of their 2016 release of a UK sandbox, that allows for innovative fintech development without requiring a full, strict ...en meer »
  
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• UK Financial Regulator Introduces Global Fintech Sandb... | News ... - Cointelegraph

  19-03-2018 18:22
  Cointelegraph
  UK Financial Regulator Introduces Global Fintech Sandb... | News ...
  Cointelegraph
  A UK financial regulator stressed the importance of global fintech cooperation, announcing a global fintech sandbox. | News | Cointelegraph.en meer »
  
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• UK Financial Regulator Introduces Global Fintech Sandbox, '90 ... - Cointelegraph

  19-03-2018 18:20
  Cointelegraph
  UK Financial Regulator Introduces Global Fintech Sandbox, '90 ...
  Cointelegraph
  A UK financial regulator stressed the importance of global fintech cooperation, announcing a global fintech sandbox.en meer »
  
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• Why a UK eyewear company partnered with a controversial Instagram star

  19-03-2018 18:13 via theguardian.com
  Kirk & Kirk has found recognition in a competitive market with standout designs and an unexpected social media collaboration with pathologist assistant Nicole AngemiEven with a unique product it can be challenging for a small- or medium-sized business to set itself apart. Eyewear company Kirk & Kirk has come up with an unusual solution. To give its product a boost it has teamed up with Instagram star and pathologist assistant Nicole Angemi for a limited-edition line of eyewear that has r
  
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• The music channel investing in the here and now, by bringing the past to life

  19-03-2018 18:13 via theguardian.com
  David Pick, founder of Vintage TV, didn’t miss a beat expanding abroad, after spotting a niche in the market for timeless classicsFour decades ago, the way we consumed music was radically transformed. TV channels began broadcasting non-stop pop videos, 24/7. Hits were forged, budgets spiralled and careers were launched overnight. Slowly, however, these music channels began to lose their allure – many played a repetitive cycle of chart fodder programmed by algorithms, or a stream of r
  
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• Channel 4 reveals 28.6% gender pay gap

  19-03-2018 18:06 via theguardian.com
  Broadcaster also reveals that two-thirds of its top 100 best paid staff are menWomen at Channel 4 earn almost 30% less in average hourly pay than men working at the broadcaster, where two-thirds of the top 100 best paid staff are men. Related: Gender pay gap: what we learned in week threeContinue reading...
  
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• Are retirees 'hit' by Labor's policy, and what is a wealthy household? | Greg Jericho

  19-03-2018 18:00 via theguardian.com
  Retirees might have lower incomes but more wealth because of property and superannuation. That’s why housing affordability is so crucialThe ALP’s policy to end the cash rebate of dividend imputation has brought out the usual pre-budget argument over who is rich a bit earlier than usual. But the debate has also very nicely brought attention to the importance of wealth holdings. This is vital because as people enter retirement they can be quite income poor (and very much taxable-income
  
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• Claire's: tween jewelry and ear piercing retailer files for bankruptcy

  19-03-2018 17:04 via theguardian.com
  Company becomes the latest mall fixture to declare bankruptcy following Toys R Us and Sports AuthorityAmerica’s teens may have to find somewhere else to get their ears pierced. Claire’s, the chainstore known for its tween jewelry and ear piercing, declared bankruptcy on Monday, the latest retailer to succumb to the online shopping revolution.Claire’s made the move as it announced it was looking to restructure $1.9bn in debts it built up after being taken over by Apollo Global M
  
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• How economies could insure themselves against the bad times | Robert Shiller

  19-03-2018 16:52 via theguardian.com
  Issuing GDP-linked bonds is akin to buying insurance against economic distressThe time has come for national governments around the world to start issuing their debt in a new form, linked to their countries’ resources. GDP-linked bonds, with coupons and principal that rise and fall in proportion to the issuing country’s GDP, promise to solve many fundamental problems that governments face when their countries’ economies falter. And, once GDP-linked bonds are issued by a variety
  
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• Bitcoin price: Will G20 regulation kill cryptocurrencies? Traders warned of price drops

  19-03-2018 16:40 via feedproxy.google.com
  BITCOIN and other cryptocurrencies will take centerstage at the G20 summit in Argentina over the next few days, but how will the threat of global regulation impact crypto prices?
  
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• Persimmon paid three executives a combined £104m in 2017

  19-03-2018 16:35 via theguardian.com
  Big payouts unaffected by housebuilder’s move to cut bonuses following backlashThe housebuilder Persimmon paid its chief executive, Jeff Fairburn, and two other executives a combined £104m last year.
  The news follows a political and shareholder backlash against pay at the top of the FTSE 100 company, which prompted it to slash bonus payouts to the three executives by more than £50m in February. Continue reading...
  
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• Gambling nearly took my life: betting terminals should have a £2 maximum stake | Matt Zarb-Cousin

  19-03-2018 15:47
  The government must dramatically cut the price of a spin, and give some protection to addictsIf the government were to legalise crack cocaine tomorrow, vendors would be sparse and its consumption would be tightly regulated. It wouldn’t be advertised on TV, either – and certainly not during live sporting events.The only logic to legalising something highly addictive is that it would regulate its consumption to limit the harm to the user. So given we know that drug addiction is neurolo
  
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• Ripple price news LIVE: XRP makes slight recovery after crypto crash sees value plunge

  19-03-2018 15:20 via feedproxy.google.com
  RIPPLE made a slight recovery overnight after shedding almost half its value in a cryptocurrency crash that saw all the major tokens plunge into the red. Here are the latest live updates and price valuations on Ripple today.
  
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• POUND LIVE: Pound SOARS on Euro and Dollar as transitional Brexit deal on the table

  19-03-2018 15:06 via feedproxy.google.com
  THE pound is currently up against the dollar and euro ahead of David Davis UK's lead Brexit negotiator and the Michel Barnier EU's negotiator meeting today to discuss a possible transitional deal.
  
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• Pension 2018: State pension increase is coming into force in April – how much will you get

  19-03-2018 14:58 via feedproxy.google.com
  STATE pensions will increase next month with the biggest jump since April 2012, the Government has confirmed. But how much will you gain from the state pension changes?
  
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• German firm Siemens to set up a 3D printing factory worth £27m in Worcester

  19-03-2018 14:44 via feedproxy.google.com
  SIEMENS, the German giant have announced they will be setting up the UK’s biggest 3D printing factory in Worcester worth £27million.
  
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• Pound V euro: GBP SOARS as Downing Street nears agreement on Brexit transition deal

  19-03-2018 12:26 via feedproxy.google.com
  THE pound euro exchange rate surged this morning as markets prepared for the possibility of a potential breakthrough on a Brexit transitional deal. Markets are currently awaiting a news conference which will likely be the highlight for the pound today.
  
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• FRC investigates ex-Carillion directors over financial reporting

  19-03-2018 10:55 via theguardian.com
  Accounting watchdog scrutinises statements prepared by Richard Adam and Zafar Khan from 2014 to 2017 Britain’s accounting watchdog has started an investigation into two former finance directors of Carillion, the construction firm that collapsed in January, confirming last week’s Guardian report.The Financial Reporting Council said it is investigating the conduct of Richard Adam and Zafar Khan, in relation to their reporting of financial statements of the failed government contractor
  
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• Pound v US dollar: GBP exchange rate improves after BCC upgrades UK growth forecast

  19-03-2018 10:37 via feedproxy.google.com
  THE pound has improved against the US dollar today, making one pound worth $1.392. While this is not as good as last week’s high of $1.399, it still represents a positive start for the week’s trading.
  
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• Shopping mall owner Hammerson rejects French firm's £4.9bn offer

  19-03-2018 10:21 via theguardian.com
  One of Europe’s biggest shopping mall operator fails to gain a foothold in the UK French mall operator Klépierre has approached Hammerson with a £4.9bn bid proposal in an attempt to break up the UK property firm’s agreed acquisition of Intu.Hammerson shares jumped 24% to 542.4p on news of the proposal, which values the business at 615p a share. Continue reading...
  
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• Bitcoin price LIVE: BTC at $8k as Bitcoin enthusiasts wait to see G20 reactions

  19-03-2018 09:33 via feedproxy.google.com
  AS THE G20 summit takes place in Buenos Aires on Monday and Tuesday, fans of the cryptocurrency wish to see some regulation implemented. However, the G20 seems to be resisting calls to do so, even from some of its own members.
  
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• Facebook and Cambridge Analytica face mounting pressure over data scandal

  19-03-2018 08:29 via theguardian.com
  Growing calls in US and UK for investigations to explain data breach affecting tens of millionsFacebook and the analytics company that worked with Donald Trump’s election team have come under mounting pressure, with calls for investigations and hearings to explain a vast data breach that affected tens of millions of people.
  In Britain, the head of the parliamentary committee investigating fake news accused Cambridge Analytica and Facebook of misleading MPs after revelations in the Observer
  
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• ‘Urgent regulation needed’ to stop abusive practices by letting agents

  19-03-2018 08:00 via theguardian.com
  One London worker’s room rented from Citiside turned out to be a health hazard, but he faces a battle to get out of his contractWhen Alex Cannan moved to London to take up a new job, he found a room to rent for £145 a week on Spareroom.com. It was advertised by an individual called Sara, but when he applied he found himself dealing with a letting agent, Citiside, which confirmed the room was available to view.On arrival at the agency, he was informed that the room had already been le
  
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• Marks & Spencer makes the mother of all errors

  19-03-2018 08:00 via theguardian.com
  It failed to deliver the flowers for Mother’s Day and offered no explanationMy wife ordered a Mother’s Day bouquet from Marks & Spencer for her mother in Lancashire and selected delivery on Saturday 10 March, the day before. Two days later it had still not arrived. M&S has not replied to emails or explained what happened. I went to its Facebook page and it looks as though this happened all over the country and also in previous years. RS, Sherbourne, KentJudging by other posts
  
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• Interest-only mortgages: how to tackle the shortfall

  19-03-2018 08:00 via theguardian.com
  From remortgaging to speaking to your lender, there are a number of ways borrowers can ensure they keep their homeIt is the mortgage that has been labelled a ticking timebomb. The City regulator recently warned about the significant number of people with interest-only mortgages who are in danger of losing their homes as they may be unable to repay what they owe at the end of the loan term.Following the latest alarm bell from the Financial Conduct Authority (FCA), consumer groups are now working
  
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• I’m 64 with a poor credit history – how can I remortgage?

  19-03-2018 08:00 via theguardian.com
  It’s worth looking at options such as equity release mortgages that could help you stay in your home Q My wife and I are stuck. We live in a house that we’ve had for 25 years and our interest-only mortgage is due for repayment in six months’ time. Our lenders are being very decent about a possible short-term extension. But our plan of getting a remortgage in my wife’s name (she’s young enough to get a repayment mortgage) has come a cropper. Nobody, it seems, will gi
  
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• Adapt or die: a new breed of trade union can save the fossils of old | John Harris

  19-03-2018 07:00
  Fast, loud and agile unions working at the frontiers of precarious employment are setting the pace for the futureThere is a group of organisations in this country whose most senior roles are almost exclusively the preserve of middle-aged white men. These people do not seem terribly interested in the future, even though it poses grave threats to them and what remains of their power. Indeed, as the economy is endlessly disrupted and transformed, it appears their instinctive response is to bury the
  
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• Snapchat's UK ad revenue set to overtake Twitter's next year

  19-03-2018 06:01 via theguardian.com
  UK arm – which earns about 10% of app’s global ad revenues – is forecast to bring in £181mSnapchat is so popular in Britain that its advertising revenue will overtake Twitter’s UK revenue in 2019, and revenue from consumer magazine and cinema advertising within two years.The seven-year old phone app is hugely popular with younger users, many of whom have flocked from older social media platforms such as Facebook, and advertisers are beginning to spend increasingly l
  
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• High-interest 'doorstep loans' need to be regulated says charity

  19-03-2018 01:01 via theguardian.com
  Citizens Advice calls for curbs on home credit plans, which can charge interest rates of 1,557%Britons saddled with high-interest “doorstep loans” should be given the same protection as people with payday loans and be saved millions of pounds’ worth of excess charges a year, said Citizens Advice. In the UK, more than 1.6 million people use loans sold door-to-door – which are also known as home credit – and the market is one of the largest for high-cost credit, the c
  
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• Happy escape from online slipper stitch-up

  19-03-2018 01:01 via feedproxy.google.com
  FEARS of being fleeced forced customer Annie Hunt to have second thoughts about her Ugg footwear order from website Frowon.com.
  
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• Car hire 'extras' bump up rental costs for HOLIDAYMAKERS

  19-03-2018 01:01 via feedproxy.google.com
  HOLIDAYMAKERS are set to face spiralling car hire costs when they pick up their motors at rental desks this spring thanks to the price of expensive ‘extras’, a new study has found.
  
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• CBI urges UK to avoid loss of up to €1bn a year in EU research funding

  19-03-2018 01:00 via theguardian.com
  Business group wants Britain to become associate member of R&D programme after BrexitBritain’s biggest business lobby group is seeking to prevent the loss of as much as €1bn (£882m) in annual European funding for scientific research and technological development, which has been thrown into doubt by Brexit. According to a briefing paper seen by the Guardian, the CBI is calling for the government to state its intention to renew its membership of the EU framework programme for
  
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