Financial news

• EU sticks to 'unilateral' financial services equivalence for future UK relations - GlobalCapital

  22-03-2018 22:59
  GlobalCapital
  EU sticks to 'unilateral' financial services equivalence for future UK relations
  GlobalCapital
  The European Union repeated this week that after Brexit, the UK's financial services access to Europe will be dealt with through “improved equivalence mechanisms”, despite uncertainty over what “improved” means and concerns that granting equivalences ...
  
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• A trade war would be bad, but Trump does have a point

  22-03-2018 20:14 via theguardian.com
  China has been flouting intellectual property rules and it has more to loseHere come the trade wars – possibly. The Trump administration’s imposition of tariffs on $60bn (£42.5bn) of imports from China could be a huge moment for the global economy. Past presidents toyed with the idea of branding China a “currency manipulator” but have always stepped away from action. Trump hasn’t gone down that route, with its ill-defined policy implications, but has instead g
  
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• Ted Baker shares tumble after trading conditions warning

  22-03-2018 19:05 via theguardian.com
  Fashion retailer’s chief executive says wintry weather in Europe and US has deterred shoppersMore than £140m has been wiped off the value of the fashion retailer Ted Baker after it warned that challenging trading conditions had been compounded by the recent heavy snows.The shares tumbled 13% on Thursday after its chief executive, Ray Kelvin, said that wintry weather had deterred shoppers from updating their wardrobes both here and in the US. Continue reading...
  
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• Global markets hit as Trump unveils China tariffs; Bank leaves rates on hold - as it happened

  22-03-2018 18:53 via theguardian.com
  Markets slide on trade war fears, FTSE hits new 15 month lowBank of England votes 7-2 to leave rates on holdBank split over ratesThe pound has jumped, as traders anticipate a rise in May.Last night, the US Fed raised America’s interest rates 5.53pm GMT European markets have closed sharply lower, although off their worst levels, as a combination of factors unnerved investors once more.In an echo of the early February slump, share prices around the globe came under pressure. 5.49pm GMT Here&
  
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• Dow Jones PLUNGES 500 points on back of tech trouble and trade fears

  22-03-2018 17:31 via feedproxy.google.com
  THE DOW Jones, alongside the United States’ two other major stock indexes, fell sharply this afternoon as Wall Street reacts to the threat of a global trade war.
  
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• Marks & Spencer recruits industry veteran to turn around food halls

  22-03-2018 17:04 via theguardian.com
  Current food boss, Andy Adcock, ousted to make way for Stuart Machin after performance deterioratesMarks & Spencer has ousted the boss of its upmarket food halls and drafted in the supermarket industry veteran Stuart Machin with a brief to cut prices and improve the food ranges.Machin, whose career has included stints at Asda, Sainsbury’s and Tesco, worked with the M&S chairman, Archie Norman, in Australia on the turnaround of Coles Supermarkets. Last year Norman warned that M&
  
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• Ripple price news LIVE: Cryptocurrency plunges back into red as XRP dips below $0.70

  22-03-2018 16:50 via feedproxy.google.com
  RIPPLE has plunged back into the red today, as the price drops below $0.70. The third largest cryptocurrency is in informal talks with regulators, banks and payment providers with a view to initially launch its XCurrent software in China. Here are the latest updates on Ripple's price.
  
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• ISAs 2018: How much is the limit on the 2017-2018 ISA?

  22-03-2018 16:47 via feedproxy.google.com
  THE tax year is almost over meaning your annual ISA allowance will soon run out, and reset. Before this happens, make sure you make the most of your tax-free allowance.
  
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• Spoiler alert: Bank of England's hints of May rate rise are not subtle

  22-03-2018 16:44 via theguardian.com
  Ratesetters point to interest increase that appears almost certain unless growth stallsWe’ve been here before. First, the Bank of England says publicly that it thinks interest rates will need to rise. Next, a couple of members of its monetary policy committee break ranks and vote for borrowing costs to go up. Finally, the other members of the committee say they too think that the time is right for action.This is how the Bank of England softened up the public when it raised interest rates f
  
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• De La Rue: what you need to know about firm that lost UK passport contract

  22-03-2018 15:27 via theguardian.com
  The 205-year-old company has business around the world, including making polymer notesLoss of UK passport contract raises questions over jobs in Gateshead
  News that De La Rue has lost the contract to produce UK passports caused the company’s share price to fall by more than 5% in early trading. The company, which is more than 200 years old, describes itself as the world’s largest commercial producer of currency and passports and claims to supply products to two-thirds of all countrie
  
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• Pound SURGES to seven week high against the dollar Bank of England HOLDS interest rates

  22-03-2018 15:25 via feedproxy.google.com
  THE pound has surged to a seven-week high against the dollar as “tectonic plates shift” at the Bank of England and sterling is buoyed by this week's Brexit breakthrough.
  
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• Bitcoin price: Crypto expert claims bitcoin will be worth $30,000 by end of 2018

  22-03-2018 15:20 via feedproxy.google.com
  BITCOIN price could rise to $30,000USD by the end of 2018 if there is widespread adoption by major financial institutions, claimed crypto expert David Drake.
  
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• BITCOIN NEWS: Bitcoin falls as Japanese Government probes crytocurrency giant Binance

  22-03-2018 15:05 via feedproxy.google.com
  BITCOIN plummeted in value to just over $8,600 today after The Japanese Government slapped down cryptocurrency exchange Binance for operating without a licence, according to finance specialists Bloomberg.
  
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• Labour urges crackdown on Russian money laundering through Scotland

  22-03-2018 14:36 via theguardian.com
  Party says almost 17,000 shell companies based in Scotland are flouting the lawLabour has called on the government to stage a crackdown on potential Russian money laundering through opaque shell companies based in Scotland, after finding that nearly 17,000 are flouting the law. More than half of all Scottish limited partnerships (SLPs) - structures originally established in the early 1900s for farm holdings but now popular among private equity firms and investors in the former eastern bloc - hav
  
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• More gloom on the high street as Carpetright announces closures

  22-03-2018 14:34 via feedproxy.google.com
  HIGH-STREET gloom deepened yesterday as Carpetright flagged store closures, Moss Bros sounded a profit warning and Mothercare scrambled to raise funds after a reprieve from its lenders.
  
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• Financial Times UK Business Conference to explore what the future ... - Manchester Evening News

  22-03-2018 14:02
  Manchester Evening News
  Financial Times UK Business Conference to explore what the future ...
  Manchester Evening News
  Will the Northern Powerhouse will provide the right infrastructure to support current and future business?en meer »
  
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• UK interest rates stay on hold but Bank of England hints at rise

  22-03-2018 13:37 via theguardian.com
  Pound up as two members of monetary policy committee vote for quarter-point increaseThe chances of a May rise in interest rates have increased sharply after two members of the Bank of England’s monetary policy committee voted for an immediate hike in borrowing costs.Sterling rose on foreign exchanges on news that Ian McCafferty and Michael Saunders had backed a quarter-point rise in the bank rate to 0.75%. Continue reading...
  
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• Bank of England holds interest rates at 0.5 per cent

  22-03-2018 13:03 via feedproxy.google.com
  THE Bank of England has kept interest rates at 0.5 per cent. Two members of the Finance Committee – Ian McCafferty and Michael Saunders voted for a 0.25 per cent increase – voted to raise the rate but were outvoted by the other seven policymakers.
  
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• UK retail sales rise eases pressure on high street

  22-03-2018 12:17 via theguardian.com
  Slight uplift in February is not enough to make up for weak December and JanuaryTough trading conditions for Britain’s hard-pressed retail sector eased slightly in February, according to official figures showing the first increase in sales in three months.The Office for National Statistics said retail sales volumes were up by 0.8% last month but that the increase was not enough to make up for the weakness of spending in December and January – two crucial months for the sector. Contin
  
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• Frontmen for shell companies could face jail in UK property crackdown

  22-03-2018 12:12
  Two years in jail or unlimited fine could await those who break laws on ownership transparencyFrontmen of foreign shell companies that are used to hide the true ownership of some of London’s most expensive properties could face up to two years in jail and unlimited fines under new government plans.The government announced the new sanctions on Thursday as it unveiled plans to set out draft laws this summer to lift the secrecy surrounding foreign ownership of billions of pounds worth of Brit
  
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• Number of UK restaurants in 'significant' financial trouble up 8 ... - This is Money

  22-03-2018 11:59
  This is Money
  Number of UK restaurants in 'significant' financial trouble up 8 ...
  This is Money
  The number of restaurants experiencing `significant´ financial distress has surged to 11091 in March - up 8% on a year earlier.
  More than 11,000 UK restaurants in financial distress, research ...Norfolk Eastern Daily Pressalle 3 nieuwsartikelen »
  
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• Pound V euro: GBP on strong form ahead of Bank of England interest rate decision

  22-03-2018 11:50 via feedproxy.google.com
  THE pound is on strong form against the euro this morning ahead of the Bank of England’s interest rate decision later today. Markets are now preparing for the possibility that the BoE could be increasingly hawkish at today’s meeting.
  
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• Pound v US dollar: GBP exchange rate rockets ahead of BoE interest rate decision

  22-03-2018 11:30 via feedproxy.google.com
  THE pound to US dollar exchange rate has seen a rise today, which has pushed the pairing into the region of $1.417. This is the best pound US dollar exchange rate since early February.
  
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• UK government sets up cryptocurrency taskforce - Financial News

  22-03-2018 08:49
  Financial News
  UK government sets up cryptocurrency taskforce
  Financial News
  The UK's main financial watchdogs are to team up and investigate the risks and rewards of digital money and its technology. It comes less than a month after Bank of England governor Mark Carney warned that cryptocurrencies like bitcoin were "failing ...
  
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• The UK should get behind the EU's radical tax plan for tech firms | Nils Pratley

  22-03-2018 08:02 via theguardian.com
  The proposed local revenue tax, intended to operate until an international solution can be agreed, deserves support
  Radical stuff from the European commission: it is proposing a tax on the revenues of large digital companies operating in the EU, to be levied at 3%. The idea breaches the basic principle that corporate taxes should be charged on profits, not turnover, and thus will cause conflict with the US and probably a few EU countries too. But Brussels deserves support.No measure to date has
  
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• Scammed and the bank won’t pay up? Beware the Section 75 get-out clause

  22-03-2018 08:00 via theguardian.com
  We fell for a scam website but Santander wouldn’t refund our money under the Consumer Credit ActI booked a villa holiday in Mallorca for £1,624.76 with an online company called Balearic-Travel.com. The firm then stopped all contact. The night before our departure, I researched the company online and discovered it was a fraudulent website which had scammed others. I immediately contacted my bank, Santander, and made a claim for a refund under Section 75 of the Consumer Credit Act. But
  
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• Consumer watchdog cracks down on sale of 18,000 fake Indigenous objects

  22-03-2018 07:41
  Australian Competition and Consumer Commission alleges Birubi Art sold Aboriginal cultural artefacts made in IndonesiaAustralia’s consumer watchdog is taking federal court action against an Indigenous art wholesale company over the alleged sale of thousands of fake Indonesian-made “Aboriginal” cultural artefacts, as part of a crackdown ahead of the Commonwealth Games.Birubi Art Pty Ltd, an Australian-owned wholesaler of artworks and souvenirs with a registered office near Brisb
  
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• Post-Brexit passports set to be made by Franco-Dutch firm

  22-03-2018 01:01 via theguardian.com
  UK firm De La Rue loses race for £490m deal, prompting fears of job losses at Gateshead factoryThe post-Brexit blue passport will not be produced by the British firm that makes the current burgundy version, with sources suggesting the contract will be awarded to a Franco-Dutch firm instead.Changing the colour is regarded by some Brexiters as a powerful symbol of Britain’s restored sovereignty. Continue reading...
  
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