Financial news

• Elon Musk faces CRUNCH Tesla vote as stockholders consider SHOCK REMOVAL

  27-04-2018 21:48 via feedproxy.google.com
  ELON Musk could be removed as chairman of Tesla at a crunch meeting in June, with shareholders preparing for a shock vote.
  
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• TSB customers vent anger as IT meltdown continues

  27-04-2018 19:11 via theguardian.com
  Millions still unable to access accounts, while others report missing payments but bank has yet to find solution The TSB meltdown is likely to drag into the weekend as customers who are unsure whether they have been paid vented their anger at the bank’s inability to resolve the IT crisis.TSB customers continued to report several problems including wages failing to be paid into their accounts – and bills going unpaid as a result. Others said they had been turned away at tills after tr
  
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• Bank of England and ECB set up group to address Brexit fears

  27-04-2018 18:55 via theguardian.com
  Committee will assess potential financial disruption if Britain leaves EU without deal The financial disruption that could result if Britain leaves the European Union without a deal is to be examined by the Bank of England in a joint working group with the European Central Bank.Intense lobbying by banks and insurance companies in the City, fearful that billions of pounds’ worth of cross-border financial contracts would lose their legal status if negotiations failed, appeared to have succee
  
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• May faces cross-party push for public company registers in overseas territories

  27-04-2018 18:48 via theguardian.com
  Amendment has enough Tory backers to implement measure Cameron and Osborne proposed in 2013A group of Tory and Labour backbenchers are increasingly confident they can force Theresa May to introduce public ownership registers in Britain’s overseas territories in an attempt to prevent them from being used to hide “dirty money”.Nineteen Conservative MPs have signed an amendment scheduled for debate in the Commons on Tuesday – theoretically a sufficient number to defeat the g
  
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• Lord Price: 'UK has up to five years of bumps along the road'

  27-04-2018 18:31 via theguardian.com
  Ex-trade minister is optimistic of an eventual good independent trading relationship after BrexitThe former trade minister Lord Price is unswayed. He voted remain and is still a remainer, despite spending a year at the heart of the government Brexit machine. “I voted to remain and if I voted again today I’d vote to remain,” he explained. With the experience of more than a year in the trade department, criss-crossing the world banging the drum for Brexit Britain, he reckons the
  
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• France willing to compromise with US by reviewing WTO rules to be exempt from tariffs

  27-04-2018 18:24 via feedproxy.google.com
  FRANCE’S finance minister is attempting to compromise with president Donald Trump by offering to review the global trade rules of the World Trade Organisation in exchange for Washington giving the European Union an exemption from upcoming steel and aluminum tariffs.
  
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• Pound slides as UK growth slows to brink of stagnation - as it happened

  27-04-2018 18:09 via theguardian.com
  Economists fear Britain’s economy is losing momentum as quarterly growth falls to just 0.1%, the weakest since 2012The pound has hit an eight-week low todayBREAKING: UK growth slows to just 0.1%Construction slumps, manufacturing is sluggishGDP-per-head has shrunk!Government blames the snowOpposition blames the governmentUS grew by around 0.6% per quarterFrance grew by 0.3%; Spain by 0.7%5.08pm BST Britain’s stock market has responded to today’s growth slowdown....by hitting its
  
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• Bitcoin price: Bitcoin affects other cryptos just like major players in stock market

  27-04-2018 17:24 via feedproxy.google.com
  BITCOIN may be unregulated but according to experts the coins work in a near identical way to the stock market.
  
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• Bitcoin ANALYSIS: The REAL reasons why big banking money is heading to crypto

  27-04-2018 16:00 via feedproxy.google.com
  BITCOIN is enjoying another period of heady optimism and industry onlookers are now looking towards the next “explosion” that would send the price rising back towards $20,000.
  
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• US economy slowed in first quarter after Trump's $1.5tn tax cuts

  27-04-2018 15:54 via theguardian.com
  GDP rose from January through March at a lower level than the third and fourth quarters, despite Trump’s promises cuts would boost itUS economic growth slowed moderately in the first quarter, the first preliminary assessment of the health of the economy since Donald Trump signed huge tax cuts into law last year.Gross domestic product (GDP) – a broad measure of goods and services produced in the US – rose at an annual rate of 2.3% from January through March, the commerce departm
  
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• Bitcoin price: Former PayPal CEO explains WHY bitcoin is the 'greatest SCAM in history'

  27-04-2018 15:43 via feedproxy.google.com
  BITCOIN price has rallied in recent weeks following a slump as banks and officials faced pressure to regulate cryptocurrencies but former PayPal CEO Bill Harris explained why he thinks why bitcoin is the “greatest scam in history”.
  
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• Is Philip Hammond right to be so Tiggerish over the economy? | Larry Elliott

  27-04-2018 15:36 via theguardian.com
  Weak GDP growth of first quarter could be low point but chancellor faces serious headwindsPhilip Hammond was in an upbeat mood when he held a breakfast at the British embassy in Washington DC during last week’s spring meeting of the International Monetary Fund. The economy had turned a corner, the chancellor insisted, once again comparing his mood to the ever-cheerful Tigger in AA Milne’s Winnie the Pooh stories.Whether Hammond remains quite so Tiggerish in the light of the latest UK
  
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• Martin Sorrell's WPP pay plunged to £13.9m for last year in charge

  27-04-2018 14:39 via theguardian.com
  Former chief executive’s 2017 remuneration was below £70.4m in 2015 and £48.1m in 2016Sir Martin Sorrell, the former chief executive of WPP, pocketed £13.9m for his last year in charge of the world’s largest advertising services group – far below the £70m he took home in 2015. Sorrell, who resigned earlier this month over a scandal involving an investigation into alleged financial misconduct at the company he founded, was one of the UK’s best-paid
  
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• Amazon site awash with counterfeit goods despite crackdown

  27-04-2018 13:35 via theguardian.com
  Guardian investigation finds knockoff items and used goods sold as new on MarketplaceAmazon is rife with potentially dangerous counterfeits and other knockoff goods despite years of attempts to crackdown on mis-selling on its platform, a Guardian investigation can reveal.The global internet giant, which this week revealed that its daily revenues had hit a record $550m (£400m) a day, now spans a huge range of businesses from TV production to web hosting but faces an ongoing challenge to pol
  
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• Deutsche Bank to cut 1,000 jobs as withdrawal begins for 'backwards' bank

  27-04-2018 12:47 via feedproxy.google.com
  DEUTSCHE Bank staff are paying the price for years of mismanagement after 300 bankers were sacked this week as part of the German giant’s messy withdrawal from investment finance. More jobs are thought to be at risk with a leading German paper claiming the final figure could rise to over 1,000.
  
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• Legal & General aims to offer 3,000 affordable homes a year

  27-04-2018 12:04 via theguardian.com
  Insurer says it will build and buy properties to address ‘chronic shortfall’ of affordable homesUK insurer Legal & General is launching an affordable housing business with the aim of delivering 3,000 new homes a year within four years.L&G said it was in the process of recruiting a management team to run the new division, which is expected to both build and buy homes to address a “chronic shortfall” of affordable housing. Continue reading...
  
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• RBS profits treble to £792m in first quarter as costs fall

  27-04-2018 11:39 via theguardian.com
  Bailed-out bank easily beats forecasts but US expected to impose multimillion-pound fineProfits at Royal Bank of Scotland more than trebled in the first three months of 2018, easily beating expectations as income rose and costs fell.The bailed-out bank, which is still majority owned by UK taxpayers reported first-quarter profits of £792m, compared with £259m for the same period last year. Continue reading...
  
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• The battle for Sky: what next for Murdoch, Comcast and Disney?

  27-04-2018 11:26 via theguardian.com
  US firm Comcast’s rival bid is expected to spark a complex game of cat and mouseComcast is attempting to outfox Rupert Murdoch’s attempt to take over Sky, by lodging its own bid for the pay-TV group. Meanwhile, Disney is waiting in the wings with a $66bn (£47bn) bid for Murdoch’s 21st Century Fox entertainment business, which includes a 39% stake in Sky. This complex game of cat and mouse involving three global media heavyweights is set to play out over the summer.Continu
  
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• UK economy suffers weakest period of GDP growth in five years

  27-04-2018 11:25 via theguardian.com
  ONS figures show construction output slump as rate in first quarter slows to 0.1%Larry Elliott: is Hammond right to be so Tiggerish over economy?
  Britain’s economy slowed to a virtual standstill in the first three months of 2018, the weakest period of activity in more than five years.Office for National Statistics figures showed a sharp contraction in the construction sector, weaker manufacturing growth and a squeeze on consumer spending power contributed to GDP growth of 0.1% in the first
  
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• What does the TSB fiasco tell us about banking in Britain? | Patrick Collinson

  27-04-2018 08:00 via theguardian.com
  The crisis raises questions about what happens when online fails and there is little backupTSB stands for Totally Shambolic Bank, according to some headlines, after its online and mobile services went into meltdown following a botched IT transfer. It was by any measure the worst failure by a British bank since RBS left its customers locked out of their accounts in 2012.So what does the TSB fiasco teach us about banking today? Continue reading...
  
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• I was denied boarding a plane – all because of a hyphen

  27-04-2018 08:00 via theguardian.com
  I’m a frequent flyer, but my double-barrelled name is a passport to problemsI have a hyphenated surname which is run together without the hyphen on airline tickets.This has never caused problems before, but recently I’ve been harassed at airports by Etihad Airways staff who have threatened to deny boarding because the name on the ticket does not match the hyphenated version on my passport.Continue reading...
  
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• Homes for sale in former chapels – in pictures

  27-04-2018 08:00 via theguardian.com
  Sing your own praises in these properties from Brighton to North Yorkshire Continue reading...
  
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• Whirlpool and retailers selling its tumble dryers 'give poor safety advice'

  27-04-2018 01:01 via theguardian.com
  Which? says customer services gave wrong advice about models at risk of catching fireThe white goods manufacturer Whirlpool and retailers selling its products are failing to give correct safety information to customers affected by tumble dryers at risk of catching fire, a consumer group has warned.Which? said its undercover investigation found that customer service representatives from Whirlpool and retailers AO.com, Argos, Co-op Electrical, Currys PC World, John Lewis and Very/Littlewoods were
  
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• Amazon doubles quarterly profits to $1.6bn – and hikes annual cost of Prime

  27-04-2018 00:23 via theguardian.com
  Company announces cost of Prime subscription will increase $20 to $119 for US customers, after share price soars to record high of $1,625As Amazon reported that it had more than doubled its profits to $1.6bn in the first three months of 2018, the company announced that the cost of a Prime subscription would increase to $119 from $99 per year for US customers.The results sent the company’s shares soaring 7% to a new record of $1,625 in after-hours trading, adding billions to the fortune of
  
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