Financial news

• UK interest rates rise not a foregone conclusion, says Bank

  19-04-2018 20:40
  Biggest decisions in next few years will be in response to Brexit negotiations, says CarneyExpectations that UK interest rates will rise in May could be overblown, the governor of the Bank of England has indicated.Mark Carney said that while more rate increases would be coming over the next few years, some of the recent economic data had been softer and inflation had fallen faster than the Bank’s policymakers were predicting in February. Continue reading...
  
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• Market power wielded by US tech giants concerns IMF chief

  19-04-2018 19:16
  Christine Lagarde feels ‘too much concentration in hands of the few’ does not help economyThe head of the International Monetary Fund, Christine Lagarde, has expressed concern about the market power wielded by the US technology giants and called for more competition to protect economies and individuals.Speaking at a press conference to mark the start of the IMF’s spring meeting in Washington, Lagarde said breaking up companies was not the solution, but added that her organisati
  
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• Allergan hovers as Takeda fails with £44bn Shire takeover bid

  19-04-2018 19:15
  Shire shares rise after Allergan said it was considering making an offer for maker of ADHD medicine Adderall Drugs company Shire is at the centre of a multi-billion-pound takeover battle after Botox-maker Allergan emerged as a rival suitor to Japan’s Takeda which is also hoping to clinch a deal.Shire, which makes the ADHD drug Adderall and focuses on rare diseases, was the top FTSE 100 riser on Thursday after Allergan said it was considering making an offer. Shares rose nearly 6%. Continue
  
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• Victory over Pret a Manger means the fight against misleading labels is on | Joanna Blythman

  19-04-2018 18:20
  Challenging terms such as ‘natural’ is difficult, but the Real Bread Campaign’s win against the chain proves it can be doneWhen it comes to labelling, food retailers run rings around their customers, and mainly get away with it. They weave a lexicon of feelgood terms – “fresh”, “handmade”, “artisan”, “local”, “farmhouse”, “healthy”, “natural” – into their marketing messages, which ju
  
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• Shire takeover battle intensifies, as commodity prices boom – as it happened

  19-04-2018 18:07
  Brent crude hits its highest level since November 2014 5.36pm BST At the risk of being cynical.... Saudi Arabia do have a particular motive to keep the oil price high - the impending flotation of energy giant Aramco.If crude is trading at three-year highs, Saudi might get a better price from investors for a stake in its domestic operator.The main focus today is on oil prices, which, since late 2014, have continued to rise to new heights. Saudi Arabia announced their desire to see the prices reac
  
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• WPP contacted by FCA to check if it is in breach of laws

  19-04-2018 17:12
  Watchdog moves to ascertain if there has been any insider information infringement The financial services watchdog has contacted WPP to check if it is in breach of laws relating to insider information regarding the amount of company money that Sir Martin Sorrell is alleged to have misused.The board of WPP has closed down the investigation into Sorrell, as part of his deal to leave the company he founded 33 years ago, but it had told shareholders the “allegations do not involve amounts that
  
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• Shire takeover battle intensifies, as commodity prices boom - business live

  19-04-2018 16:56
  All the day’s economic and financial news, as Brent crude hits its highest level since November 2014Latest: Japan’s Takeda reveals approach for ShireUK retail sales volumes fell 1.2% last month, worse than expectedOil is on a tear
  Traders cite Middle East tensions, and OpecSanctions fears push nickel price to three-year high 3.56pm BST Nickel continues to post strong gains, due to that speculation about new US sanctions on Russian metal producers.Fiona Cincotta, Senior Market Analyst
  
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• Amazon buys exclusive UK rights to US Open tennis tournament

  19-04-2018 16:11
  Five-year $40m deal will give UK Prime subscribers access to grand slam eventAmazon has struck a $40m (£30m) deal for the exclusive UK TV rights to the US Open tennis tournament, as the US firm looks to add to its 100 million Prime subscribers.Amazon, which is in talks with the Premier League to potentially stream matches from 2019 to 2022, has struck a five-year deal starting with this summer’s tournament at Flushing Meadows in New York. Continue reading...
  
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• UK drives into e-vehicle fast lane with 11% sales rise

  19-04-2018 15:16
  Electric vehicles’ share of new UK registrations rises to 2%, still falling far short of Norway’s 48%Sales of electric cars in the UK have risen 11% on last year, putting the country in the premier league of those ditching petrol and diesel engines, though it is still miles behind Norway and China.An analysis of the latest global sales of electric vehicles found that nearly half the vehicles registered in Norway in the first three months of 2018 were electric (48%), compared to just
  
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• Grubs up: supermarket offers Spanish shoppers insect-based snacks

  19-04-2018 14:52
  Carrefour chain’s new range includes spicy chilli buffalo worms and smoked cricketsThe supermarket giant Carrefour is offering shoppers in Spain the chance to challenge their palates, help the planet and torment unpopular dinner guests with a range of insect-based products.The French multinational is stacking the shelves of more than 300 of its Spanish branches with delicacies including spicy chilli buffalo worms and energy bars made from dark chocolate, figs and powdered crickets.Continue
  
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• Animatronic Arnie pushes PPI complaints to four-year high

  19-04-2018 14:45
  A 40% rise reported on back of advert featuring model head of Arnold Schwarzenegger An advertising campaign featuring an animatronic head of Arnold Schwarzenegger urging people to “make a decision, do it now!” has helped push complaints about payment protection insurance (PPI) to a four-year high.The total amount of compensation paid since January 2011 to people who were mis-sold the policies is £30bn. In January 2018 alone, banks and other financial firms paid £415m. Con
  
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• Black men arrested at Philadelphia Starbucks feared for their lives

  19-04-2018 14:41
  Rashon Nelson and Donte Robinson shocked that incident escalated Pair were waiting for business meeting before 12 April incidentTwo black men arrested at a Philadelphia Starbucks said they were just waiting for a business meeting – and a week later still wonder how that could have escalated into a police encounter that left them fearing for their lives.Related: Starbucks to close 8,000 US stores for racial-bias trainingContinue reading...
  
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• Shire rejects takeover approach; Commodity prices boom; UK retail sales slide - business live

  19-04-2018 14:37
  All the day’s economic and financial news, as Brent crude hits its highest level since November 2014Latest: Japan’s Takeda reveals approach for ShireUK retail sales volumes fell 1.2% last month, worse than expectedOil is on a tear
  Traders cite Middle East tensions, and OpecSanctions fears push nickel price to three-year high 1.37pm BST Shares in Shire have now dropped back to £38.98, leaving them around 3.7% higher today. 1.19pm BST Newsflash: Takeda has confirmed that it has a
  
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• Snow joke: March retail sales fell 1.2% amid beastly weather

  19-04-2018 14:06
  ONS blames 7.4% decline in petrol sales on ‘beast from the east’, which dragged down sectorRetail sales fell steeply in March owing to a slump in petrol sales when the “beast from the east” hit Britain.Volume of sales fell 1.2% in March from February, with petrol sales down 7.4%, the Office for National Statistics said. The ONS blamed the slump on the cold spell, when large parts of the UK were brought to a standstill by heavy snow and bitter cold weather. Analysts had be
  
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• Choc horror: four-fingered KitKat set to lose protected EU status

  19-04-2018 14:05
  Chocolate bar not well enough known in all member states for shape to merit trademark status, European court of justice toldThe shape of the four-finger KitKat bar is set to lose its EU-wide protected trademark status after the European court of justice was instructed that the chocolate was not well enough known in Belgium, Ireland, Greece and Portugal.An appeal by Nestlé, the maker of KitKat, against an earlier ruling should now be thrown out, the court’s advocate general advised ju
  
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• Centenarian club: wealthiest investors expect to reach 100

  19-04-2018 13:55
  A UBS poll reveals more than half of high-net worth individuals are confident of such a milestoneMore than half of of the world’s wealthiest investors expect to live to the age of 100, according to a survey.Swiss investment bank UBS polled 5,000 high-net worth individuals (HNWIs), defined as having at least $1m in investable assets, across 10 countries including Germany, the UK, US and Taiwan, and found that 53% were confident of becoming centenarians. This is considerably higher than the
  
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• Tesla factory to be investigated over safety concerns

  19-04-2018 13:02
  California base faces claims of unreported injuries as it struggles to roll out Model 3Tesla is facing an investigation by Californian safety regulators into reports of serious injuries at its factory in Fremont, California, where it is struggling to scale up production of its Model 3 mass-market electric car.The California Occupational Safety and Health Administration said on Wednesday it had begun an inspection on Tuesday, a day after the news website Reveal alleged that Tesla failed to disclo
  
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• Amazon Prime passes 100m subscribers mark

  19-04-2018 12:49
  Service that bundles fast delivery with video and music streaming edges closer to Netflix’s 125 million subscribersAmazon has revealed that it has more than 100 million subscribers to its Prime service, which bundles free shipping with video and music streaming services and other perks to keep shoppers locked into its brand.Jeff Bezos, its chief executive, revealed the subscription numbers in his annual letter to shareholders. The service, which costs users £79 in the UK or $99 in th
  
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• March retail sales fell 1.2% due to beastly weather

  19-04-2018 11:51
  ONS blames 7.4% decline in petrol sales on ‘beast from the east’, which dragged down sectorRetail sales fell steeply in March owing to a slump in petrol sales when the “beast from the east” hit Britain.Volume of sales fell 1.2% in March from February, with petrol sales down 7.4%, the Office for National Statistics said. The ONS blamed the slump on the cold spell, when large parts of the UK were brought to a standstill by heavy snow and bitter cold weather. Analysts had be
  
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• UK retail sales hit by Beast from the East; oil and nickel prices surge - business live

  19-04-2018 11:36
  All the day’s economic and financial news, as Brent crude hits its highest level since November 2014Latest: UK retail sales volumes fell 1.2% last month, worse than expectedWorst quarter for retail sales in a yearOil is on a tear
  Traders cite Middle East tensions, and OpecSanctions fears push nickel price to three-year high 10.01am BST Lisa Hooker, consumer markets leader at PwC, says the 1.2% fall in retail sales last month is disappointing - but there are some reasons for optimism:&ldquo
  
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• Debenhams profits slump 85% after being bitten by 'beast from the east'

  19-04-2018 09:43
  Shares slide after department story chain reports fall in profits and like-for-like salesDebenhams has blamed tough trading conditions and bad weather for an 85% slump in pre-tax profits, after the “beast from the east” forced the retailer to temporarily shut almost 100 stores.The department store group said like-for-like sales declined 2.2%, or 2.8% at constant currencies, in the 26 weeks to 3 March, against a “challenging UK market background”.Continue reading...
  
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• Is the promised 50% discount all talk?

  19-04-2018 08:00
  Talkmobile offered it, but Vodafone says no dealI was a Talkmobile customer and, as it’s being taken over by Vodafone, I went to a Vodafone store to upgrade my phone. I was told I had to call Talkmobile for a PAC code to transfer my number and when I did, the operative said that if I upgraded over the phone, I’d get 50% off my £24 monthly bill for the entirety of my two-year contract. Vodafone, however, says this is incorrect, and that when my contract is taken over, the 50% de
  
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• Fake it till you make it: meet the wolves of Instagram

  19-04-2018 07:00
  Their hero is Jordan Belfort, their social media feeds display super-rich lifestyles. But what are these self-styled traders really selling? By Symeon BrownThe original Wolf of Wall Street, Jordan Belfort, was a rogue trader convicted of fraudulently selling worthless penny stocks to naive investors. His biopic, starring Leonardo DiCaprio as the ostentatious, money-obsessed huckster, was a box-office hit in 2013. Although it may have been intended as a cautionary tale, to thousands of young mill
  
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• Researchers create super sponge that mops up oil spills

  19-04-2018 06:49
  Australian scientists say new polymer can remove crude oil and diesel from seawater• Sign up to receive the top stories in Australia every day at noon Oil spills could be soaked up by a new floating substance that combines waste from the petroleum industry and cooking oil, according to new research led by South Australia’s Flinders University.The new polymer, made from sulphur and canola cooking oil, acted like a sponge to remove crude oil and diesel from seawater, according to a new
  
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• Rogue landlords should have properties confiscated – MPs report

  19-04-2018 01:01
  Committee calls on government to give local councils power to punish ‘most egregious offences’Rogue landlords should have their properties confiscated by local councils, according to a cross-party report from MPs into Britain’s private rented sector. Current financial penalties are “meaningless” in deterring the worst, criminal offenders among landlords, according to the housing, communities and local government committee.The committee also called for greater protec
  
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