Financial news

• Bargain Booze owner Conviviality must raise £125m to halt bankruptcy

  21-03-2018 20:17 via theguardian.com
  Firm issues third profits warning; says it will meet investors to raise funds via a share placingBargain Booze’s owner, Conviviality, has made clear it is likely to go bust unless it can raise £125m, as it issued its third profits warning in a month.The company, in a stock exchange announcement, said it was holding meetings with investors to raise £125m via a share placing that would help it pay a £30m tax bill due at the end of the month, fund overdue payments to credito
  
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• FCA reviews approach to UK financial penalties - Financial Times

  21-03-2018 19:29
  Financial Times
  FCA reviews approach to UK financial penalties
  Financial Times
  The UK financial watchdog is reviewing its approach to how it levies penalties, which have swung from record highs to new lows during the past five years. The Financial Conduct Authority said on Wednesday that it would launch a consultation on ...
  
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• Interserve agrees refinancing deal to ease fears over its future

  21-03-2018 19:17 via theguardian.com
  Shares rise almost 26% as government contractor reaches agreement with lendersThe struggling construction and support services firm Interserve, a major government contractor, has struck a refinancing deal with its banks.The news pushed its shares up nearly 26% to 87.9p. Continue reading...
  
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• Why have we given up our privacy to Facebook and other sites so willingly?

  21-03-2018 18:43 via theguardian.com
  Cambridge Analytica’s ransacking of millions of Facebook users’ data has triggered a backlash against the social network – and highlighted how much personal information we share without thinking of the consequencesMark Zuckerberg breaks silence on Cambridge Analytica
  Facebook is on the ropes. A week of revelations about Cambridge Analytica’s use of data gleaned from the social network has left the world demanding answers. The company can’t seem to decide: is it outr
  
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• Elon Musk wins approval for 'staggering' pay deal with potential $55bn bonus

  21-03-2018 18:34 via theguardian.com
  Musk would trigger payout if he builds Tesla into $650bn companyCorporate governance experts query ‘staggering’ pay restructureElon Musk, the billionaire founder of the electric car company Tesla, has won approval for a new pay deal that could land him a $55.8bn (£40bn) bonus, smashing all compensation records.Tesla’s shareholders voted to approve Musk’s pay deal at a meeting in Fremont, California, despite warnings from corporate governance experts who have called
  
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• The housing boom is over – and the RBA isn't busting to raise rates | Greg Jericho

  21-03-2018 18:00 via theguardian.com
  With slowing house price growth, high debt levels and weak wages growth, the bank’s in no rushThe latest residential price data shows a continued slowing of growth which reflects the end of the housing boom. Whereas the prices of apartments and flats alone had been slowing, now the prices of established houses are following suit.Related: Australian housing stuck between a rock and a hard place | Greg JerichoContinue reading...
  
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• Carpetright, Moss Bros, Kingfisher and New Look hit by retail woes

  21-03-2018 17:26 via theguardian.com
  Flooring retailer says it will close more stores and suit hire firm issues profits warning
  The gloom on the high street deepened on Wednesday as struggling Carpetright said it was set to close stores, Moss Bros issued a stark profits warning, B&Q reported falling sales, Mothercare said it remained in talks with its bankers and New Look’s creditors voted to slim down the struggling fashion retailer.Carpetright, Britain’s biggest carpet retailer, did not reveal how many outlets mig
  
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• Forget financial incentives – it’s purpose and values driving the employees of the future

  21-03-2018 17:04 via theguardian.com
  Innovation, resourcefulness and diversity of thought are key to success. London Business School gives leaders of tomorrow the skills to adaptIf there were one word that could be used to describe the employees of the future, it would be “diverse”.Multiple generations in the workforce will collaborate globally, not only as permanent employees, but also as project workers and freelancers, managing a portfolio of tasks and choosing how, where and when they work. And although diverse, the
  
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• Facebook, Google and Amazon could pay 'fair' tax under EU plans

  21-03-2018 16:33 via theguardian.com
  Tech firms would pay wherever they have digital presence, regardless of staff locationAmazon, Google and Facebook could be made to pay a “fair” share of tax under new European Union proposals on digital companies that could heighten transatlantic tensions.The European commission called for large technology companies to pay a 3% tax if they make money from user data or digital advertising in a country, regardless of their bricks-and-mortar presence. As well as social media companies m
  
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• High street gloom: which chains are feeling the pain?

  21-03-2018 16:20 via theguardian.com
  Clutch of high street stores are among those under pressure
  Carpetright, Moss Bros, Kingfisher and New Look hit by retail woesNumber of shops: 593Employees: 15,300 Continue reading...
  
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• PwC charges more than £20m for first eight weeks of Carillion collapse

  21-03-2018 14:48 via theguardian.com
  MPs call fees ‘superhuman’ as accounting firm admits it won’t know final bill until June
  MPs have accused the accountancy firm tasked with salvaging money from Carillion on behalf of its creditors and pensioners of charging “superhuman” fees, after it racked up a bill for £20.4m in eight weeks. Partners from PricewaterhouseCoopers told the Commons work and pensions committee on Wednesday that they had no idea how much they would ultimately charge, admitting it
  
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• How SMEs are mapping out new markets with mobile technology

  21-03-2018 12:30 via theguardian.com
  Facebook recently added more cross-border tools to help businesses find new international customers quickly and easily• Advertiser content This article was paid for, produced and controlled by the advertiser rather than the publisher. It is subject to regulation by the Advertising Standards Authority. This content is produced by the advertiser with no involvement from Guardian News and Media staffExpanding internationally used to be the preserve of big companies. But technology is levelling
  
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• Facebook investors may want to quiz Mark Zuckerberg | Nils Pratley

  21-03-2018 08:44 via theguardian.com
  Cambridge Analytica data scandal has hit share price, so it is right to ask how the boss is running the firmPoliticians and regulators won’t be the only people who want a word with Mark Zuckerberg. With Facebook’s shares sliding more than 10% since the data breach involving Cambridge Analytica, shareholders would probably also like to quiz their chief executive about how he has been running the firm.But what are outside investors’ chances of exerting real influence? What if, af
  
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• A red weather warning wasn’t enough for us to get a taxi refund

  21-03-2018 07:59 via theguardian.com
  Onward Travel Solutions wouldn’t refund our trip although our holiday had to be cancelledIn February I booked a taxi by telephone from Onward Travel Solutions to Glasgow airport for the following day and to bring us back on 18 March. I paid £90 in advance by debit card. A few hours later, a red weather warning was put in place and Glasgow airport was closed. When it became clear our trip could not go ahead our holiday company was great and gave us a full refund. We contacted Onw
  
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• UK surge in housing costs for poorest 'worst in western Europe'

  21-03-2018 01:01 via theguardian.com
  Report finds costs of housing for people earning £16,000 a year rose by 45% from 2010 to 2016The cost of a home for the lowest earners has risen faster in Britain than anywhere in western Europe, fuelling a “worrying” increase in homelessness, a Europe-wide investigation has found.Housing costs for people who earn about £16,000 a year increased by 45% between 2010 and 2016, compared with an average rise of 10% for the lowest earners across Europe, according to a report by
  
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