Financial news

• London Boat Show 2019 cancelled amid waning interest

  16-05-2018 20:32 via theguardian.com
  Organiser makes decision after ‘insufficient support from large proportion of marine industry’The London Boat Show, once the international showcase for the British marine industry, has scrapped its 2019 event following a lack of interest from exhibitors and waning attendances.The event’s organiser said it made the decision after it became clear there was “insufficient support from a large proportion of the marine industry”. Sales staff at British Marine, the industr
  
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• Lachlan Murdoch ascends as CEO and chairman of new Fox company

  16-05-2018 20:11 via theguardian.com
  Position senior to father Rupert Murdoch, who will serve as co-chairman, marks an actual and symbolic shift in the Murdoch empireLachlan Murdoch will serve as chairman and chief executive of the proposed new “Fox” company – a position senior to father Rupert Murdoch – once the deal to sell Fox assets to Walt Disney is approved by shareholders and regulators, the company said today. Rupert Murdoch will serve as co-chairman of the new Fox entity, which will maintain ownersh
  
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• Carillion is no one-off scandal. Neoliberalism will bring many more | Owen Jones

  16-05-2018 19:52 via theguardian.com
  ‘Recklessness, hubris and greed’ describes the entire system of delivering public services through profit-driven companiesCarillion is no isolated failure, no fluke, no aberration. It is another symptom of a decaying social order that is anti-democratic, inefficient and places profit ahead of people’s needs, aspirations and even lives. That social order is neoliberalism, a term which I accept is probably not bandied around your local pub, and is invariably met with “hur h
  
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• The Guardian view on the Bank of England: keep the menopause out of economic theory | Editorial

  16-05-2018 19:30 via theguardian.com
  Let’s talk about the economy without repeating misogynist mythsThe economy, according to a newspaper headline, is “at a menopausal moment”. The deputy governor of the Bank of England, former Goldman Sachs banker Ben Broadbent, has been quoted as comparing the current slump in productivity to a similar, and much debated, spell of stagnation in the late years of Queen Victoria’s reign. This period was identified in 1952 by the economist Henry Phelps Brown as “the clim
  
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• TUC, CBI and MPs blast Bank of England over 'menopausal' economy comments - as it happened

  16-05-2018 18:56 via theguardian.com
  Deputy BoE governor criticised after saying Britain’s economy is in a “menopausal” phase after passing its productive peak.Latest: Broadbent apologisesCritics: It’s disappointing, lazy and sexist BoE deputy says UK in ‘menopausal’ phaseIntroduction: MPs lift lid on Carillion collapse 5.56pm BST A number of European markets managed to edge higher by the close, but a notable exception was Italy. The FTSE MIB fell sharply after reports the planned coalition gover
  
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• Tata Steel unions urge benefits to be restored after £1.6bn profit

  16-05-2018 18:14 via theguardian.com
  Staff accepted reduction in benefits as they were told alternative was insolvency Tata Steel moved back into profit at the start of this year, in large part due to a boost of more than £1.5bn from the restructuring of its pension scheme, prompting unions to demand that cuts to members’ benefits be reversed.The Indian steelmaker swung to a profit of 146.9bn rupees (£1.6bn) in the three months to the end of March, from a loss of 11.7bn rupees a year earlier. It benefited from a o
  
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• Deliveroo to give staff £10m share pot – but couriers will miss out

  16-05-2018 16:43 via theguardian.com
  People who deliver takeaway food classed as self-employed contractors not employeesDeliveroo is to hand out £10m of shares to 2,000 employees – but not the thousands of couriers who deliver takeaway food for the company.All permanent staff, present and future, at all seniority levels will receive shares but couriers will miss out because Deliveroo classes them as self-employed contractors rather than employees. Continue reading...
  
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• Deputy Bank governor apologises for 'menopausal economy' comment

  16-05-2018 16:35 via theguardian.com
  Ben Broadbent said the UK economy was enduring a slump in productivity similar to late Victorian eraA deputy governor of the Bank of England has apologised for saying the UK economy was in a “menopausal” phase after passing its productive peak.Ben Broadbent was accused of using “lazy, sexist” language when he compared the current state of the economy to the late Victorian era, when a pause between steam technology and the age of electricity contributed to a slump in produ
  
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• Say ‘I do’ to the financial perks of wedded bliss

  16-05-2018 16:20 via feedproxy.google.com
  ALTHOUGH most of us marry for love, notably Prince Harry and his bride Meghan Markle this weekend, there are also financial benefits to tying the knot. So if you are legally wed, make full use of the tax, savings and pension advantages that come with saying "I do".
  
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• Tesla given £25million boost from George Soros as £8billion debt concern mounts

  16-05-2018 15:56 via feedproxy.google.com
  TESLA received a welcome boost today after it was revealed billionaire George Soros invested over £25 million in Elon Musk’s electric carmaker earlier this year.
  
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• Gordon Ramsay’s restaurant group hit by £3.8m loss

  16-05-2018 15:20 via theguardian.com
  Kavalake to close Maze in London but five new venues will be opened overseasGordon Ramsay’s restaurant group has swung to a multimillion pound loss as it plans to shut one of its flagship venues, Maze in London’s Mayfair, and open five new restaurants overseas.Kavalake, the holding company for the group – which includes some of London’s most famous restaurants such as Petrus, Savoy Grill, Maze and Bread Street Kitchen – reported a pre-tax loss of £3.8m in the
  
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• Top Novartis lawyer steps down over Michael Cohen payments

  16-05-2018 14:27 via theguardian.com
  Novartis announced one of its top legal experts, who signed a $1.2m contract with Michael Cohen in February 2017, is resigningSwiss pharmaceutical giant Novartis on Wednesday announced the retirement of its top legal expert, as he apologised for payments made by the firm to Donald Trump’s personal lawyer Michael Cohen.The announcement came after Novartis was dragged into the scandal over Cohen’s payment of $130,000 to US adult film actor Stormy Daniels just days before the 2016 presi
  
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• EU facing NIGHTMARE as Italy coalition to demand £219bn debt WIPED as it RIPS UP rulebook

  16-05-2018 14:27 via feedproxy.google.com
  ITALY’S prospective coalition will try to get £219billion WIPED off its debt as it re-writes the eurozone rulebook.
  
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• Bank deputy fails test for top job with 'menopause' comment | Nils Pratley

  16-05-2018 14:22 via theguardian.com
  Ben Broadbent’s remarks about the UK economy suggest he can’t be trusted to conduct an interview safelyThe chancellor’s job of choosing the next governor of the Bank of England just got slightly easier. A basic requirement of being the nation’s senior central banker is an ability to avoid making crassly sexist remarks. Ben Broadbent, one of four deputy governors and thus an internal candidate for the big job, has just failed the test after describing the UK economy as &ld
  
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• Bank of England says UK economy ‘menopausal' despite RECORD job data

  16-05-2018 14:13 via feedproxy.google.com
  THE BANK of England has warned the UK economy is entering a “menopausal” phase, claiming Britain is heading for a downturn, despite a series of impressive financial data being announced.
  
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• Pound euro exchange rate: GBP stumbles as BoE deputy takes swipe at UK economy

  16-05-2018 13:10 via feedproxy.google.com
  THE pound to euro exchange rate saw all its gains cut short this morning as the pairing began to tumble. It comes after the Bank of England deputy Governor Ben Broadbent described the UK’s economy as having been in a “menopausal” condition.
  
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• Pound US dollar exchange rate: GBP hits worst levels of 2018 against USD

  16-05-2018 12:57 via feedproxy.google.com
  THE pound to US dollar exchange rate tumbled to its worst levels of 2018 as it remains trading in the region of $1.349. The exchange rate is now down around 8 cents from the highs struck in April.
  
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• When attitude trumps experience – lessons on hiring your first employee

  16-05-2018 12:08 via theguardian.com
  Looking for that perfect new recruit? Many founders discover they need to take both personality and qualifications into consideration – as well as trusting their gut“There’s no magic wand or one single channel to find the right candidate,” reckons Anthony Sherick, managing director of IT recruitment firm Technojobs. “Word of mouth, jobs sites and social media are the best starting points, but be aware that other entrepreneurs will probably be looking for the same ta
  
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• New labelling helps UK shoppers avoid plastic packaging

  16-05-2018 11:17 via theguardian.com
  Iceland is among the first supermarkets to introduce the new ‘trust mark’ that shows shoppers which food packaging has no hidden plastic in itA new plastic-free “trust mark” is being introduced today, allowing shoppers to see at a glance whether products use plastic in their packaging.The label will be prominently displayed on food and drink products, making it easier for consumers to choose greener alternatives. Continue reading...
  
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• How did First Utility turn a £950 refund into £1,562 debt?

  16-05-2018 08:00 via theguardian.com
  It admitted it calculated our bill wrongly and paid us the money – then it asked for more backA gross error by First Utility will leave me and my young family in financial difficulties. When we sold our house last summer I called the company with the final meter readings and was informed that we were due a £950 refund, which they paid.Six months later a letter arrived at our new address asking me to settle an outstanding bill of £1,562. First Utility told me they had made a ser
  
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• Average person will need £260,000 for retirement, says report

  16-05-2018 07:01 via theguardian.com
  Younger workers without own property will have to save much more to enjoy a basic income
  The average person will have to save £260,000 over their lifetime to enjoy a basic income in retirement, climbing to £445,000 if they are unable to get on the property ladder, according to a report by a former government pensions minister.In a gloomy assessment of the outlook for today’s millennial generation, Steve Webb said most savers in the government’s auto-enrolment scheme were
  
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• 'Recklessness, hubris and greed' – Carillion slammed by MPs

  16-05-2018 01:01 via theguardian.com
  Select committees accuse directors of putting their own rewards ahead of all other concernsMPs dole out the blame over Carillion’s collapse
  Carillion collapsed as a result of “recklessness, hubris and greed” among directors who put their own financial rewards ahead of all other concerns, according to an excoriating report into the firm’s demise that spreads the blame between board members, the government, accountants and regulators.The company, which managed huge construc
  
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