Financial news

• British Gas loses 100,000 customer accounts since start of year

  14-05-2018 19:57
  Owner Centrica is warned that looming price rises will increase number of households switching
  British Gas has shed more than 100,000 customer accounts since the start of the year, its parent Centrica has revealed, as the UK’s largest energy provider was warned that looming price rises will increase the number of households switching to rival firms.The rate of people leaving British Gas slowed, from 823,000 quitting between July and October last year, to the loss of 111,000 customer accoun
  
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• UK bookmaker values rise by over £1.5bn as sports betting to be legal in US

  14-05-2018 19:30 via theguardian.com
  Paddy Power Betfair, 888 and William Hill enjoy gains after US supreme court rulingThe value of London-listed gambling firms, including 888, Paddy Power Betfair and William Hill, surged by more than £1.5bn after the US supreme court struck down a nationwide ban on sports betting that has stood for 26 years.The court upheld a legal challenge by the state of New Jersey, which argued that the Professional and Amateur Sport Protection Act of 1992 (PASPA) was unconstitutional. Continue reading.
  
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• Construction of central London new-build flats fell by a quarter in 2017

  14-05-2018 17:42
  Apartments housed in developments dubbed ‘posh ghost towers’ struggle to sellConstruction of luxury flats in central London dropped by a quarter last year, with apartments housed in developments dubbed “posh ghost towers” struggling to sell. New-build starts in the capital in 2017 dropped by 25.4% compared with 2016, according to a report by London Residential Research and the luxury estate agents London Central Portfolio (LCP). Continue reading...
  
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• ‘Stop Italy suffocating’: EU faces £109million cost of ‘nightmare’ Five-Star coalition

  14-05-2018 17:15 via feedproxy.google.com
  THE European Union is preparing for an Italian assault on the bloc's unpopular austerity measures imposed on the country in 2011 as part of Brussels' controversial ‘Save Italy’ economic recovery plan.
  
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• China 'opens up its capital markets to foreign investors' as $13 trillion economy SOARS

  14-05-2018 16:39 via feedproxy.google.com
  CHINESE companies are gaining recognition on the global stage after 200 were added to a leading portfolio today.
  
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• Mothercare close to rescue plan that will speed store closures

  14-05-2018 16:11 via theguardian.com
  Beleaguered retailer finalising restructuring package that will tap investors for more fundsMothercare is close to agreeing a rescue plan that includes raising fresh funds from investors and accelerating store closures.The struggling childrenswear and maternity retailer said it was finalising a comprehensive restructuring and refinancing package to put the business on a stable and sustainable financial footing.Continue reading...
  
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• Why a rising dollar risks unbalancing the world outside the US | Mohamed El-Erian

  14-05-2018 15:04 via theguardian.com
  The sharp shift in exchange rates destabilises emerging economies and threatens trade talksArgentinian president Mauricio Macri’s government has asked the International Monetary Fund for a loan that it hopes can stem a peso rout that has driven up interest rates, will slow the economy, and threatens the reform programme. This reversal of fortune for the economy partly, though far from fully, reflects broader pressure created by the US dollar’s recent appreciation – a process th
  
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• The rise of Patreon – the website that makes Jordan Peterson $80k a month

  14-05-2018 14:45 via theguardian.com
  In five years, online membership service Patreon has attracted two million patrons supporting 100,000 ‘creators’ to the tune of $350m – including nearly $1m a year for rightwing psychologist Jordan Peterson. So what’s the secret of its success?
  The internet has transformed creative industries. Words, music, video, images and games can be distributed worldwide, instantly and for free, delivering a cornucopia of delights to your screens and mine. The problem is that, histor
  
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• Markets shrug off prospect of new Italian government - business live

  14-05-2018 14:29 via theguardian.com
  All the day’s economic and financial news, as Italy’s League and Movement Five Star move towards forming a new governmentAlliance between Far-right League and anti-establishment M5S?
  Programme may include lower taxes, and earlier retirementEuro has risen, as European markets look calmPresident to meet with party leaders this afternoon 1.29pm BST From Rome, our correspondent Angela Giuffrida has the latest on the Italian government talks: Italy’s anti-establishment Five Star Mov
  
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• Mothercare will tap shareholders for cash as part of rescue plan

  14-05-2018 13:32 via theguardian.com
  Beleaguered retailer finalising restructuring and refinancing package, as shares plunge 10%Mothercare is close to agreeing a rescue plan that includes raising fresh funds from investors and revamping its store portfolio.The company said it was finalising a comprehensive restructuring and refinancing package to put the business on a stable and sustainable financial footing.Continue reading...
  
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• SpotMini: headless robotic dog to go on sale in 2019

  14-05-2018 13:31 via theguardian.com
  Former Google robotics outfit Boston Dynamics announces 30kg quadruped will be available to buy for an as yet unknown priceFormer Google robotics outfit Boston Dynamics, famed for its advanced humanoid and canine automatons, has announced that it will begin sale of its headless robotic SpotMini next year.At a robotics conference in California, the company’s founder Marc Raibert announced that the slightly creepy SpotMini was currently in pre-production and scheduled for large-scale product
  
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• WPP chairman faces investor revolt over unpublished Martin Sorrell report

  14-05-2018 12:14 via theguardian.com
  Roberto Quarta should be ousted for handling of chief executive’s exit, says Glass LewisThe WPP chairman, Roberto Quarta, faces a shareholder revolt over the departure of the former chief executive Sir Martin Sorrell, after influential advisory group Glass Lewis recommended that investors vote against his re-election at the advertising giant’s annual meeting next month.In a report to investors, Glass Lewis said it had “severe reservations” about issues including the failu
  
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• Pound v US dollar: GBP making steady advance despite falling retail footfall

  14-05-2018 12:09 via feedproxy.google.com
  THE pound has been making a steady advance against the US dollar today. The pound US dollar exchange rate is currently worth around $1.358, which represents a rise of 0.3 per cent.
  
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• British Gas owner hit by record boiler callouts in 'beast from the east'

  14-05-2018 11:46 via theguardian.com
  Energy firm faced higher repair costs but huge energy demand during cold snap, says CentricaBritish Gas owner Centrica has said its profits are on track, after the “beast from the east” cold snap led to higher demand for energy but drove up callout costs for boiler repairs. The UK’s biggest energy supplier had its busiest ever week for boiler repairs during the cold weather in February and March, leading to callout costs that will drive its services unit’s first-half prof
  
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• Pound V euro: GBP steady as Italy close to forming new Eurosceptic coalition government

  14-05-2018 10:51 via feedproxy.google.com
  THE pound euro exchange rate is muted this morning as investors appear calm amid Italy’s two prominent Eurosceptic populist parties being on the verge of forming a coalition. The pound euro exchange rate is currently at around €1.1341.
  
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• With or without Trump, we must back UN's education drive | Larry Elliott

  14-05-2018 10:40 via theguardian.com
  Rich countries have the chance to show multilateralism is not dead by backing $10bn initiativeAll things considered, the United Nations could have chosen a better week to launch an initiative designed to raise $10bn to invest in global education. That this is not exactly a golden age for multilateralism was underlined last week when Donald Trump decided that the US was going to pull out of the Iran nuclear deal despite strong lobbying from Germany, France and the UK. Trump has his own way of doi
  
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• Cornish tin mining moves closer to revival as developer plans float

  14-05-2018 10:14 via theguardian.com
  Cambourne’s South Crofty mine closed in 1998 after operating for more than 400 yearsTin mining is set for a comeback in Cornwall, as a Canadian company that plans to reopen the South Crofty mine in 2021 announced it would float on the London stock market next month to help fund the venture.
  Vancouver-based Strongbow Exploration acquired the rights to the tin mine in the Cornish town of Pool in July 2016. After operating for more than 400 years, South Crofty was the last tin mine to close i
  
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• Inside Shanghai's robot bank: China opens world's first human-free branch

  14-05-2018 08:30 via theguardian.com
  ‘Little Dragon’ can chat to customers, accept bank cards and check accounts. She joins a growing army of robot workers in China’s citiesXiao Long, the latest employee at the Jiujiang Road branch of the China Construction Bank is never late for work. “Welcome to China Construction Bank,” she chirps to customers arriving at the Shanghai branch, flashing her white teeth. “What can I help you with today?” Xiao Long, or “Little Dragon”, is not you
  
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• Why was buying a Harveys sofa such an uncomfortable experience?

  14-05-2018 08:00
  The cushions went flat after three months and we were forced to sit on the floorWe bought a sofa and chair from Harveys which arrived in mid-November last year. By the end of January all the static cushions had gone flat and so uncomfortable that we are now sitting on the floor. Harveys sent an independent assessor. He weighed the cushions and said they were OK so there was no manufacturing fault. It then refused to take it further. I pointed out the cushions are so flat we can feel the springs
  
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• The lettings club where tenants are fined £90 for leaving dirty dishes

  14-05-2018 08:00
  Rent from Lifestyle Club London and you are a ‘member’ … and that’s a whole new grey areaIt was when Paolo Sanchez* needed to find affordable accommodation in London that he was lured by a Facebook ad offering a large, attractive room for a reasonable rate. Cleaning, utilities, broadband and council tax were thrown in. He applied, and moved into a eight-bedroom house-share in Hackney for £900 a month. Only then did he realise what he had let himself in for.“T
  
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• New graduates want to be their own boss – here's how to do it

  14-05-2018 08:00
  More than half the current crop of university leavers say they are planning go it alone as entrepreneurs or freelancers – what advice could help them make self-employment a success?As the academic year draws to an end, research has shown that more than half of UK students are turning their backs on graduate jobs to go it alone. According to a study by Solopress, 56% of students are considering setting up their own business, and only 33% are planning to apply to graduate schemes once they l
  
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• Can I get a residential mortgage with immediate consent to let?

  14-05-2018 08:00
  I bought a house but am renting it out as I’m working in a different city for a couple of years Q I bought my house in 2015 with a mortgage with an interest rate fixed for two years. At the end of the two years at the beginning of 2017, I remortgaged onto another two-year fixed-rate deal. However, in November 2017, I secured a job in a different city. I subsequently let out my home to tenants and obtained a consent to let from my mortgage lender for the remainder of my fixed-rate term (due
  
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• Shoppers desert UK high streets to put more jobs at risk

  14-05-2018 07:01
  Decline bigger than same period in recession-hit 2009 and one in 10 town centre shops lie emptyShoppers are deserting the high street in greater numbers than during the depths of the recession in 2009, creating a brutal climate that is putting thousands more retail jobs at risk.The coming days will be crucial to the future of a handful of household names, including Mothercare and Carpetright, which are trying to persuade investors to make vital cash injections so they can jettison unwanted store
  
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• Shoppers desert UK high streets, putting more jobs at risk

  14-05-2018 07:01
  Decline bigger than same period in recession-hit 2009 and one in 10 town centre shops lie emptyShoppers are deserting the high street in greater numbers than during the depths of the recession in 2009, creating a brutal climate that is putting thousands more retail jobs at risk.The coming days will be crucial to the future of a handful of household names, including Mothercare and Carpetright, which are trying to persuade investors to make vital cash injections so they can jettison unwanted store
  
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• Morrisons offers boost to 'honesty' fridge network

  14-05-2018 07:01 via theguardian.com
  Supermarket’s £45,000 funding will double number of fridges distributing food to communitiesA fledgling UK network of community or “honesty” fridges, which offer free food to those with limited means, is set to double in size in six months, thanks to funding from a major supermarket.The Community Fridge Network, run by environmental charity Hubbub, is to receive £45,000 from Morrisons, it will be announced this week, allowing it to increase the total of 31 fridges t
  
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• HMRC spending on debt collectors up by more than 500% in three years

  14-05-2018 07:01
  2017 figure of £39.1m suggests it may be stepping up pressure on those who cannot pay tax bills
  The amount HMRC pays to private-sector debt collectors has risen by more than 500% in three years, suggesting it may be stepping up the pressure on people who cannot pay their tax bills. The figure rose to £39.1m in 2017, which was 62% higher than the £24.1m that HMRC spent on these services in 2016, according to the accountancy firm UHY Hacker Young, which obtained the data. The fig
  
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• Carillion displayed utter contempt for suppliers – Frank Field

  14-05-2018 07:01 via theguardian.com
  Failed government contractor used suppliers to ‘prop up a failing business model’ and conceal true debt, say MPsCarillion used suppliers to “prop up a failing business model” and conceal true levels of debt, say MPs investigating the failed government contractor.The parliamentary inquiry into the collapse of a company that provided a host of vital public services, including catering in schools, prison maintenance and construction of new NHS hospitals will conclude on Wedn
  
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• Bitcoin BOOST: Wall Street TITAN Goldman Sachs gives ‘BACKING’ to cryptocurrency

  14-05-2018 03:21 via feedproxy.google.com
  A MAJOR decision from leading investment bank Goldman Sachs could prove to be good news for Bitcoin investors by offering a huge confidence boost and potentially a rise in prices, it has emerged.
  
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