Financial news

• I won’t cry for Homebase, but I fear for our high streets | Stephen Moss

  25-05-2018 18:53
  The home and DIY chain is the latest to succumb to a crumbling industry – but with so many closures and profit losses, will retail manage to survive?I heard the news that Homebase was “closing down” on my way to buy some CDs in HMV – you see, I am one of those rare people who still goes shopping. The conjunction was appropriate because Homebase is not actually closing down. It has been sold, for a pound, to Hilco – the turnaround specialist that rescued the always-o
  
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• Homebase sold to Hilco for £1 putting jobs and 60 stores at risk

  25-05-2018 18:49
  Acquisition of DIY chain ‘an unbelievable disaster’ for Australian group WesfarmersHomebase has been sold to the restructuring specialist Hilco, the owner of HMV, for £1 as the DIY chain’s Australian owner pulls the plug on its disastrous venture into the UK, putting thousands of jobs at risk.
  Wesfarmers, which bought the business for £340m two years ago, said it was offloading the entire 250-store Homebase chain, which has a workforce of just over 11,000.Continue r
  
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• Third of poorer families in England missing out on free food vouchers

  25-05-2018 18:21
  Government-funded coupons provide free fruit, vegetables and milk to qualifying familiesOne in three low-income families are missing out on government-funded vouchers for free fruit, vegetables and milk that are intended to improve the diets of pregnant women, babies and children.Out of 402,384 people on low incomes in England who are eligible to receive Healthy Start vouchers, 135,671 (33.7%) are not doing so, figures show.Continue reading...
  
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• £75bn flotation of Saudi oil giant likely to be delayed until 2019

  25-05-2018 18:05
  Saudi energy minister hints that record-breaking Aramco IPO is running behind scheduleThe stock market flotation of Saudi Arabia’s state oil company is likely to be delayed until next year, according to the country’s energy minister, confirming mounting speculation that the world’s biggest IPO was running behind schedule.Saudi Aramco plans to raise $100bn (£75bn) by selling a 5% stake, dwarfing the $21bn raised by China’s Alibaba Group and valuing the business at $2
  
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• Food firms could face litigation over neuromarketing to hijack brains

  25-05-2018 17:35
  Exclusive: Obesity experts consider lawsuits over marketing they say could be harmful to childrenLeading obesity experts are considering litigation against the food industry in the light of emerging research suggesting that junk food marketing could hijack a child’s brain.Neuromarketing is of growing interest to food companies. Fast food, soft drinks and snack companies increasingly interact with children through social media and online games. Some are beginning to probe further, gathering
  
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• UK fashion sales slide as women spend on gym and restaurants

  25-05-2018 17:21
  Clothing sales to fall for second consecutive year after shift to ‘experience economy’Fashion sales are in retreat across the UK as clothing purchases come under pressure from tight household finances and the lure of the gym, restaurants and entertainment.The volume of clothing sold is expected to fall for the second successive year, declining by 0.5% in 2018 after a fall of 0.8% the year before, as the recent woes of Marks & Spencer are reflected across the high street.Continue
  
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• Hotel Chocolat triumphs in chocolate dispute with Waitrose

  25-05-2018 17:15
  Chocolatier says supermarket has agreed to ‘do the right thing’ and discontinue alleged copycat barsHotel Chocolat is claiming victory in its bitter chocolate dispute with Waitrose, after the supermarket agreed to stop making bars that the confectioner claimed were copycats of its own.The chocolatier’s co-founder Angus Thirlwell said talks had yielded a truce that he hoped to seal with Waitrose’s managing director, Rob Collins, over a cup of cocoa. Continue reading...
  
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• UK nuclear plans 'risk collapse if Hitachi talks fail'

  25-05-2018 16:49
  Japanese group believed to be demanding direct financial support with consumers making up the differenceBritain’s hopes for a number of new nuclear power stations could collapse if the government and the Japanese conglomerate Hitachi fail to make a breakthrough on talks for a plant in Wales, a top nuclear lobbyist has warned.Hiroaki Nakanishi, the firm’s chairman, met Theresa May earlier this month, to press the prime minister for financial support for two reactors at Wylfa on the is
  
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• Netflix puts content above costs but is the policy sustainable?

  25-05-2018 16:07
  Streaming service needs even more subscribers to keep paying for expensive hitsNetflix briefly overtook Disney as the world’s biggest media company this week but some analysts are wondering if the streaming service’s rapid growth is sustainable. The company behind Stranger Things and The Crown must continue producing hits, poaching Hollywood talent and gaining subscribers at a rapid rate if it is to justify the faith of an investment community that pushed its valuation to nearly $162
  
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• UK growth hits five-year low of 0.1% as business investment falls – as it happened

  25-05-2018 15:18
  Economists warn that Britain’s economy is losing momentum after growth almost stalled in the first three months of the yearBREAKING: UK only grew by 0.1% in the first quarter of this yearBusiness investment fell, construction sector shrank
  This is the second estimate of UK GDP in Q1 2018ONS: The economy performed poorly last quarterLast night, Bank of England governor issued new Brexit warning 2.16pm BST Time for a quick recap.Remember, our economy and the UK GDP isn't tanking because of m
  
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• Unions say rail staff verbally abused after 'meltdown Monday'

  25-05-2018 14:53
  RMT demands better protection for staff from irate passengers as delays continueUnions have demanded better protection for frontline rail staff from irate passengers as cancellations and delays continued on the Govia Thameslink Railway and Northern rail lines.The RMT said numerous platform staff and onboard crew had been verbally abused, taking the brunt of frustration after a new timetable was introduced on Sunday – with the service deteriorating through the week.Continue reading...
  
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• Time's up for best-before dates. Which fresh foods keep best?

  25-05-2018 14:06
  Tesco is to stop using date stamps on own-brand produce. Which fruit and veg improves with age and which loses most nutrients?Best-before dates have expired, at least for fruit and vegetables. This week Tesco revealed it is to stop using the date stamps on almost 70 of its own-brand products in an attempt to tackle food waste. But is older produce as good for you as fresher stuff?Many nutrients, including certain vitamins in fresh produce, are unstable and levels drop after items are harvested.
  
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• EUROZONE CRISIS: Start 'deficit procedure' against Italy, EU urged as Brussels panics

  25-05-2018 13:38 via feedproxy.google.com
  ANGELA Merkel and the European Commission have been ordered to act now over as a new eurosceptic, anti-establishment government takes power in Rome.
  
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• Why is Canadian Bank of England boss mark Carney SO pro-Remain ask investors?

  25-05-2018 13:23 via feedproxy.google.com
  THE BANK of England could turn back to quantitative easing measures if the results of the ongoing trade negotiations between the UK and EU result in a “disorderly” Brexit, according to Mark Carney.
  
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• 'BE NEUTRAL!' Bank of England's Carney accused of using 'Brexit as a scapegoat'

  25-05-2018 13:23 via feedproxy.google.com
  THE BANK of England could turn back to quantitative easing measures if the results of the ongoing trade negotiations between the UK and EU result in a “disorderly” Brexit, according to Mark Carney.
  
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• Homebase SOLD for £1 to Hilco: 250 stores at risk after ‘unbelievable disaster’ in retail

  25-05-2018 12:57 via feedproxy.google.com
  HOMEBASE has been sold for £1 after its Australian owner ended its "misguided" attempt to crack the UK market leaving the future of 12,000 workers and 250 stores at risk.
  
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• LA Times among US-based news sites blocking EU users due to GDPR

  25-05-2018 12:43
  LA Times, Chicago Tribune and others redirect to pages saying sites are currently unavailable in most European countriesThe general data protection regulation, which has come into effect, has prompted a number of prestigious US-based websites including the Los Angeles Times and Chicago Tribune to shut off access to internet users in the EU.Visitors to newspapers owned by Tronc Inc – formerly Tribune Publishing – which also includes the New York Daily News, the Baltimore Sun, Orlando
  
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• Pound euro exchange rate: GBP stumbles as UK GDP growth disappoints

  25-05-2018 12:24 via feedproxy.google.com
  THE pound came under pressure on Friday morning, falling as investors reacted to confirmation that the UK’s second-estimate Q1 GDP reading only grew by 1.2 per cent over the last 12 months.
  
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• UK economy posts worst quarterly GDP figures for five years

  25-05-2018 12:04
  Growth slumps to 0.1% on weak business investment and household spendingThe weakest household spending for three years and falling levels of business investment dragged the economy to the worst quarter for five years, official statisticians have said. The Office for National Statistics confirmed its previous estimate that GDP growth slumped to 0.1% in the first quarter, while sticking to its view that the “beast from the east” had little impact. Continue reading...
  
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• Whatever happened to that $35,000 Tesla Model 3 you still can’t buy?

  25-05-2018 12:00
  As tax credits threaten to run out and more powerful and expensive versions launch, buyers are still waitingThis week saw Tesla’s enigmatic chief executive Elon Musk take to Twitter to announce two more powerful, and more expensive, versions of the auto firm’s Model 3 – the much lauded “mass market” vehicle that appears, for now, to be veering further and further away from its $35,000 price tag.
  The new dual-motor Model 3 and its souped-up range-topping “perfo
  
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• New York stock exchange has its first female leader in 226-year history

  25-05-2018 12:00
  Stacey Cunningham’s appointment as NYSE president raises hopes that the glass ceiling has finally cracked on Wall StreetStacey Cunningham, who began her career as a summer intern on the New York stock exchange 24 years ago, will become the first woman to head the 226-year-old financial market on Friday, an appointment that raises hopes that the glass ceiling may have finally cracked on Wall Street.But has it? Cunningham takes up the position as the financial services sector is struggling t
  
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• Pound US dollar exchange rate: GBP slumps as UK GDP at five-year low

  25-05-2018 11:37 via feedproxy.google.com
  THE pound continued its retreat against the US dollar this morning as markets reacted to the release of the UK’s latest GDP estimate. The pound US dollar exchange rate is currently at around $1.3362.
  
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• UK will build own satellite system if frozen out of EU's Galileo – chancellor

  25-05-2018 10:06
  Philip Hammond says UK to ‘go it alone’ after Brexit if Brussels carries out access threatThe chancellor, Philip Hammond, has warned that the UK will build its own satellite navigation system to rival the European Union’s €10bn (£9bn) Galileo project if Brussels carries out its threat to block access.The European commission has cited legal issues about sharing sensitive information with a non-member state to justify its decision to shut British firms out of the proje
  
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• Football tickets: how resale sites rip off fans – video

  25-05-2018 08:32
  A Guardian investigation has uncovered evidence of football tickets being sold illegally in vast quantities, thanks to an alliance between professional touts and websites that escape the law because they are based overseas. Through covert filming, we reveal a widespread practice that rips people off and that experts say is putting fans at risk Continue reading...
  
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• Sainsbury’s Bank and Santander pass the buck when I fall victim to ID fraud

  25-05-2018 08:00
  The fraudulent loan is still showing on my credit record months later and neither bank seems botheredLast year I was the victim of identity fraud. When checking my credit report, I discovered a current account at Santander I had not applied for. The fraudster had taken out a loan from Sainsbury’s Bank for £11,420 and paid it into the Santander account. Sainsbury’s was informed and it raised an indemnity against Santander to recover the money, but told me my credit file would no
  
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• Homes with a studio for sale – in pictures

  25-05-2018 08:00
  Brush up on your painting skills or just enjoy the extra work space in these properties, from Dorset to Derbyshire Continue reading...
  
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• Bitcoin price slump: investor explains why he STILL thinks bitcoin will hit $25,000

  25-05-2018 08:00 via feedproxy.google.com
  BITCOIN has slumped in recent days but one bullish investor is vigorously defending his claim that the cryptocurrency is likely to hit $25,000 during a TV interview.
  
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• Touts using football resale sites rip off fans and put them at risk

  25-05-2018 07:00
  Guardian investigation finds vast numbers of tickets being sold on again despite it being illegalFootball tickets are being touted on resale websites in vast numbers, a Guardian investigation has found, prompting warnings that fans are being ripped off and their safety put at risk.Undercover filming has revealed how websites including Viagogo and Ticketbis exploit alliances with professional touts to bypass laws drawn up to improve fan safety, and prevent touting, following the Hillsborough disa
  
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• Secondary ticketing: how it works, law, pitfalls and future

  25-05-2018 07:00
  The internet has transformed an industry once dominated by street-based touts Secondary ticketing refers to the practice of reselling tickets for an event, such as a rock concert or a football match.The law regarding secondary sale of football tickets is clear: it is illegal unless the club has given express authorisation, such as Manchester City’s partnership with Viagogo. However, it is still perfectly legal to resell tickets for other events such as gigs and concerts, as long as the sal
  
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• How Britain let Russia hide its dirty money

  25-05-2018 07:00
  For decades, politicians have welcomed the super-rich with open arms. Now they’re finally having second thoughts. But is it too late? By Oliver BulloughIn March, parliament’s foreign affairs committee asked me to come and tell them what to do about dirty Russian cash. As a journalist, I’ve spent much of my career writing about financial corruption in the former Soviet Union, but the invitation came as something of a surprise. After all, ever since I was at school in the 1990s,
  
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