Financial news

• More than 1,500 jobs at risk at Virgin Media and retail group Calvetron

  03-05-2018 20:39 via theguardian.com
  Virgin is closing a call centre in Swansea and Calvetron is to appoint administrators shortlyMore than 1,500 jobs are at risk after Virgin Media announced plans to shut a Swansea call centre, and as the company behind the fashion brands Jacques Vert and Windsmoor teeters on the edge of collapse. More than 1,000 jobs are on the line at Calvetron. Administrators are expected to be formally appointed at the parent group, Calvetron Style Holdings, on Friday for what will be the second time in a year
  
  Read more

• Unilever finds fly in soup after shareholder rebellion | Nils Pratley

  03-05-2018 20:14 via theguardian.com
  Revolt may signal a warning shot and board knows vote won’t necessarily be a walkoverThat’s the starter out of the way – and Unilever’s board will not have enjoyed it. Wednesday’s 36% shareholder rebellion against a pay policy that could hand bigger bonuses to the chief executive, Paul Polman, and his senior colleagues was an embarrassment for a firm that likes to think of itself as being on the side of the angels in governance matters.Unilever got the simple majori
  
  Read more

• House of Fraser may have to pay millions into pension scheme

  03-05-2018 19:51 via theguardian.com
  Hurdle for rescue restructure as ailing retailer bids to secure the support of PPFHouse of Fraser’s rescue restructuring faces a significant hurdle after it emerged that the department store chain may have to fund a multimillion-pound injection into its pension scheme. The ailing retailer could be required to set aside a significant sum in order to secure the support of the pension protection fund (PPF), an industry-backed body that bails out troubled schemes. Continue reading...
  
  Read more

• Bitcoin price: Crypto expert says bitcoin will ‘undoubtedly’ RALLY past all-time HIGH

  03-05-2018 19:01 via feedproxy.google.com
  BITCOIN price plunged in January only weeks after it reached record levels and hit the monumental price of just under $20,000 – but market analyst Mati Greenspan insisted the cryptocurrency will “undoubtedly” rally past its all-time high.
  
  Read more

• Advertisement

• Network Rail is on the wrong track with tree culling | Letters

  03-05-2018 18:32 via theguardian.com
  Clearing trees beside railway lines can cause soil erosion and even land slippageSandra Laville’s article (Mile after mile of stumps: anger at trackside tree cull, 30 April) once again highlights decisions about tree care and management being made without a full understanding of the roles of trees and other vegetation in the landscape. Network Rail’s clearance of trees is being justified as necessary to reduce the risk of accidents (falling branches and trees) and delays (caused by l
  
  Read more

• GBP EUR: 'Political risk is CLIMBING!' Brexit talks to hit holidaying Brits in the pocket

  03-05-2018 17:17 via feedproxy.google.com
  FINANCE boss John Wraith claimed “political risk is rising” because of Brexit talks – threatening to hit British holidaymakers as the GBP continues to suffer against the euro.
  
  Read more

• House of Fraser to make store closures as part of restructuring deal

  03-05-2018 16:51 via feedproxy.google.com
  HOUSE of Fraser is to close stores in a restructuring which will lead to the Chinese owner of Hamleys taking control of the department store group.
  
  Read more

• Bitcoin price LIVE: BTC hits $9k as crypto space becomes 'too big to ignore' for investors

  03-05-2018 16:26 via feedproxy.google.com
  BITCOIN has kept its head above the $9k line overnight despite a number of sharp sell-offs that threaten to derail its momentum north. Ethereum is also rising after clearing the $700 mark earlier today.
  
  Read more

• Advertisement

• Bitcoin Latest: Goldman Sachs market SHOCK - bank plans crypto trades despite 'risk'

  03-05-2018 15:46 via feedproxy.google.com
  GOLDMAN Sachs - one of the most famous names in global investment banking - is set to take on the Bitcoin challenge after its board signed off on the firm’s entry into the crypto futures market.
  
  Read more

• Asda-Sainsbury's merger: MPs fear squeeze on suppliers

  03-05-2018 14:51 via theguardian.com
  Politicians call for watchdog to gauge affects of deal, saying it should not hurt suppliersMPs from two parliamentary committees have called on the competition regulator to examine how the merger of Sainsbury’s and Asda will affect suppliers.The merger of the UK’s second- and third-largest supermarket chains could hand them control of about 30% of the grocery sales, a similar level to Tesco, meaning two businesses would account for 60% of the market in future. Continue reading...
  
  Read more

• Royal Wedding is HALF BILLION POUND advert for Brexit Britain’: How to prepare

  03-05-2018 14:31 via feedproxy.google.com
  THE ROYAL Wedding this May will provide a massive boost for many areas of the UK economy with one consultancy firm claiming that the marriage between Prince Harry and Meghan Markle on May 19 at Windsor Castle could be worth over $500 million.
  
  Read more

• Prospect of UK interest rate rise dims as UK service sector struggles

  03-05-2018 13:07 via theguardian.com
  Hotels and restaurants worst hit amid weaker recovery from cold snap than forecastBritain’s services sector struggled to bounce back in April from the big freeze in March that brought the economy to a grinding halt, increasing the likelihood of the Bank of England holding interest rates at 0.5% next week.Services firms reported the third lowest level of business activity since the EU referendum in 2016 to defy City economists, who expected a stronger recovery from the cold weather in March
  
  Read more

• Tesla shares dive $2BN after Musk slams 'boring bonehead' questions on firm’s finances

  03-05-2018 12:46 via feedproxy.google.com
  TESLA shares are in freefall after the CEO of the electric car firm launched a staggering attack on "bonehead" analysts daring to question the firm’s performance. In a move that wiped $2 billion from the firm’s value, CEO Elon Musk said questions about his firm’s record net loss were “So dry. They’re killing me.”
  
  Read more

• US-China trade talks begin with Trump call for 'level playing field' - business live

  03-05-2018 12:38 via theguardian.com
  All the latest economic and financial news, as a US delegation lands in Beijing for crucial negotiations that could avert a trade warIntroduction: US delegation is in China for trade talks
  Treasury secretary Mnuchin leads big delegationTalks could de-escalate recent tensions.. or not
  President Trump wants a level playing fieldChina says it won’t be bullied 11.38am BST Chinese foreign ministry spokeswomen Hua Chunying says Beijing hopes to make progress with America - but only if there is m
  
  Read more

• Pound v US dollar: GBP capitalises as US Fed leaves interest rates unchanged

  03-05-2018 12:27 via feedproxy.google.com
  THE pound squeezed out even more gains against the US dollar on Thursday morning. This was supported by a small recovery in the UK’s services sector.
  
  Read more

• Lidl offers locally grown cannabis to Swiss shoppers

  03-05-2018 11:40 via theguardian.com
  Supermarket takes advantage of law change to sell ‘relaxing’ tobacco alternative You may have heard about their cut-price stollen, and possibly their surprisingly flavoursome jam. But you probably won’t have sampled the latest range offered by the supermarket chain Lidl: locally grown cannabis. Two products derived from hemp flowers are being offered in Swiss stores as an alternative to rolling tobacco.Continue reading...
  
  Read more

• Pound V euro: GBP exchange rate drops as UK services PMI misses forecasts

  03-05-2018 11:37 via feedproxy.google.com
  THE pound has declined slightly against the euro today, following news that the UK services sector grew by less than expected in April. Since the dip, the pound has been worth around €1.134.
  
  Read more

• Coalition berates Commonwealth Bank over failure to notify customers after data breach

  03-05-2018 11:01 via theguardian.com
  Christian Porter says loss of backup tapes with details of almost 20 million accounts ‘very disappointing’Christian Porter has lambasted the Commonwealth Bank (CBA) for failing to notify its customers of a data breach in which it lost backup tapes with details of almost 20 million accounts spanning 15 years.Although the incident occurred in 2016, before new laws that require mandatory reporting for serious breaches, the attorney general told Sky News on Thursday that he and other cus
  
  Read more

• I thought I was buying tickets for Aretha Franklin and Stevie Wonder – but it was a tribute act

  03-05-2018 08:00 via theguardian.com
  Viagogo didn’t make this clear, while Live Nation and Ticketmaster didI paid £287.46 for a ticket to see Stevie Wonder and Aretha Franklin in concert on the Viagogo website. Later, when checking the website of the concert venue, I discovered that it was a tribute performance by other artists. There is no mention of this on Viagogo, whereas other websites, like Live Nation and Ticketmaster, make this clear.Continue reading...
  
  Read more

• Why Silicon Valley can’t fix itself

  03-05-2018 07:00 via theguardian.com
  Tech insiders have finally started admitting their mistakes – but the solutions they are offering could just help the big players get even more powerful. By Ben Tarnoff and Moira WeigelBig Tech is sorry. After decades of rarely apologising for anything, Silicon Valley suddenly seems to be apologising for everything. They are sorry about the trolls. They are sorry about the bots. They are sorry about the fake news and the Russians, and the cartoons that are terrifying your kids on YouTube.
  
  Read more

• Gold demand at weakest in first quarter since 2008 financial crisis

  03-05-2018 06:00 via theguardian.com
  World Gold Council reveals global fall of 7% on a year ago to 973.5 tonnesGlobal demand for gold dropped between January and March, posting its weakest first quarter since the 2008 financial crisis, as the economic outlook improved while wild swings on world stock markets drove the price higher.Demand for gold fell 7% on a year ago to 973.5 tonnes, according to the World Gold Council, which represents producers. It blamed the fall on a 15% slump in investment in gold bars to 254.9 tonnes as inve
  
  Read more

• Tesla posts record $710m net loss as it struggles to produce Model 3 cars

  03-05-2018 02:53 via theguardian.com
  Elon Musk got testy with analysts amid concerns over company’s future, after it burned through $745.3m in cash during important quarterTesla posted a record $709.6m net loss in the first quarter and burned through $745.3m in cash while struggling to crank out large numbers of its Model 3 mass-market electric car.The loss and cash burn announced Wednesday raised questions about the company’s future and whether it would be able to pay all of its bills by early next year without more bo
  
  Read more

• TalkTalk and Vodafone dishing up 'worst UK customer service'

  03-05-2018 01:01 via theguardian.com
  Ofcom finds broadband users with TalkTalk and Vodafone mobile customers got worst treatment among providersTalkTalk and Vodafone have been named as the UK’s worst broadband and mobile providers respectively for customer service.Ofcom, the media and broadcasting regulator, has listed the broadband, landline and mobile phone providers as having the worst customer service records, based on a comprehensive survey. Continue reading...
  
  Read more

• Co-op offers 'no frills' cremation service

  03-05-2018 01:01 via theguardian.com
  No mourners and smaller bills option offered as firm notes trend for life celebrations over funeralsThe UK’s largest funeral director is to launch a no-frills cremation service in the next few weeks, amid changing attitudes to death and a shift towards celebratory gatherings rather than traditional funerals.Co-op Funeralcare reports growing interest in direct cremations – a cheaper and more basic option than the normal service, with no mourners present, typically followed by a scatte
  
  Read more

Follow @financialnwsUK on Twitter!