Financial news

• House of Fraser's future hangs in balance amid CVA battle

  03-06-2018 21:05 via theguardian.com
  Retailer has reached deadlock with Chinese owner as it seeks to avoid administrationThe future of the embattled House of Fraser department store chain was hanging in the balance this weekend, as deadlock between its Chinese owner and lenders threatened to scupper its planned rescue package.
  The GMB and shopworkers’ union Usdaw are watching from the sidelines, anxious about the risks of financial collapse for the store’s 17,000 employees, who work in its 59 stores across the UK.Contin
  
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• George Soros says EU should compensate Italy over migration

  03-06-2018 17:49 via theguardian.com
  Strong showing of far-right parties partly due to Europe’s ‘flawed’ migration policiesThe billionaire philanthropist and financier George Soros has called for the EU to compensate Italy for migrants landing there, as the country’s hardline new interior minister made his first official trip a provocative one, to one of their main arrival points.Matteo Salvini, the far-right leader of the League, travelled to the port of Pozzallo in Sicily on Sunday, with a blunt warning th
  
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• Greece relaxes capital controls to prove worst of turmoil is over

  03-06-2018 16:54 via theguardian.com
  Confidence-boosting decision is taken as country prepares to exit third bailout programmeGreece is to take a substantial step towards easing capital controls – restrictions associated with the worst days of economic crisis – as it prepares to exit its current bailout programme. Signalling that confidence is gradually returning to the country’s banking system, the leftist-led government has doubled the amount depositors will be able to withdraw from their accounts as of Monday.C
  
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• FCA chief: 'mutual recognition' would suit everyone post-Brexit

  03-06-2018 16:27 via theguardian.com
  UK’s most experienced finance regulator Andrew Bailey is frustrated with EU positionAndrew Bailey’s focus last week was on high-cost credit and measures to curb the gouging of vulnerable consumers. This week the chief executive of the Financial Conduct Authority will be centre stage as he defends – or not – his plan to water down London’s stock market rules for the likes of the oil behemoth Saudi Aramco, an issue that deeply divides the City.Already this year Bailey
  
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• The rust belt is being sold a lie – China has funded US spending

  03-06-2018 13:10 via theguardian.com
  The president’s bizarre solutions to the US trade deficit threaten to send his country into recessionFirst it was Europe, Canada and Mexico. Now Donald Trump’s focus has switched to the real target for his trade war: China. Wilbur Ross, the US commerce secretary, is in Beijing for talks aimed at reducing America’s $30bn-a month-deficit. Exports of Chinese high-tech manufactured goods are top of Ross’s list.Make no mistake: Trump’s strategy is a sign of weakness not
  
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• The EU’s problem is the same as Britain’s: austerity

  03-06-2018 08:00 via theguardian.com
  The addiction to economic pain is shared by Brussels and by Tories who see in Brexit a renewed ‘Thatcher revolution’George Soros is right: Europe faces an existential crisis, not least because of an addiction to austerity that has certainly contributed to Italy’s summer of discontent. This makes it all the more urgent that the time-and resource-consuming wastefulness of Brexit be brought to an end, and the sooner the better. There are huge problems facing Europe: in addition to
  
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• How can BT just give away our broadband connection?

  03-06-2018 08:00 via theguardian.com
  We moved to a house in the Scottish Highlands that had internet ... then it didn’t. Now, there is no room at the exchangeWe recently moved to a house in the Scottish Highlands. Knowing that broadband was likely to be an issue we were careful to buy a property with an existing internet connection. However, after moving in, BT could only connect our phone line. After a great deal of to-ing and fro-ing, it seems that our home’s broadband line had been given to someone else. We have been
  
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• Europe wants to take the heat out of Trump’s steel war. That might be risky

  03-06-2018 08:00 via theguardian.com
  The EU exports a lot to America, and fears US tariffs. But playing for time may just encourage the president to press onDonald Trump’s decision to slap tariffs on imported steel and aluminium presents the rest of the world with a stark choice: fight fire with fire or play for time.Despite all the bellicose rhetoric that accompanied the well-signalled protectionist action from Washington, the latter course is the preferred option for now. Brussels and Beijing have already made it clear
  
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• GVC investors voting down executive pay are likely to be backing a loser

  03-06-2018 07:59 via theguardian.com
  Some of the gambling giant’s investors will oppose what is being proposed at the AGM, but such protests rarely succeedIt’s deja vu all over again. When the shareholders of gambling company GVC meet in Gibraltar for the firm’s AGM this week, there is expected to be a rebellion over bloated executive pay packets.Chief executive Kenny Alexander has been awarded £45m in share options since 2016 while chairman Larry Feldman has picked up share options worth £22.5m, thank
  
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• Britain’s low-paid face decade of wage squeeze

  03-06-2018 01:05 via theguardian.com
  Global competition and automation will affect those earning up to £15,000The wages of 10 million low-paid workers have stalled for two decades and face pressure for a decade to come, according to a bleak assessment of Britain’s future jobs market.Global economic competition, automation, the shift to the gig economy and a widening regional divide will see further pressure placed on the incomes of those earning between £10,000 and £15,000, it warns. Continue reading...
  
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