Financial news

• ‘It goes beyond national boundaries’ Putin rules out Russia having own cryptocurrency

  07-06-2018 23:15 via feedproxy.google.com
  RUSSIAN President Vladimir Putin has dashed any hope of the nation adopting its own cryptocurrency, claiming it “goes beyond national borders”.
  
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• TSB chief under pressure to quit after rebuke from MPs

  07-06-2018 21:05
  Treasury select committee says Paul Pester had ‘not been straight’ about bank’s IT crisisThe TSB chief executive is under mounting pressure to quit after MPs said the bank’s board should give “serious consideration as to whether his position was sustainable”.The Treasury select committee said Paul Pester had “not been straight with” MPs and customers about TSB’s recent IT meltdown, and that the bank’s public communications had often bee
  
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• Landlords and staff are entitled to be angry at House of Fraser | Nils Pratley

  07-06-2018 20:50 via theguardian.com
  Management failures have contributed to its distress while a planned CVA lacks fairness House of Fraser’s radical plan to shut more than half its UK stores and secure rent reductions on others is aggressive. This is a company that reported an operating profit of £19.8m in the UK and Ireland in the financial year to January and would be better placed to attempt reinvention if had not accumulated so much debt – £390m at the last count. Last year, £18.7m was spent on i
  
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• 'Plastic is not cool' – is fashion finally cleaning up its act?

  07-06-2018 18:30 via theguardian.com
  As World Oceans Day approaches, Net-a-Porter’s Lucy Yeomans is leading the way in tackling fashion’s addiction to the ‘plastic drug’. But there’s a long way to goIn April, at a Net-a-Porter event where the online retailer’s trends for this autumn were presented, one of the most popular accessories was not a leather handbag by Gucci or a leopard-print, high-vamp shoe, but the black Net-a-Porter.com-branded “keep” cups that the coffee was served in.
  
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• Hornby gets £18m financing on track

  07-06-2018 16:51 via feedproxy.google.com
  HORNBY has secured a new £18million financing package to rebuild its brands and reverse declining sales.
  
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• UK financial watchdogs need competitiveness remit after Brexit ... - Reuters

  07-06-2018 16:01
  Reuters
  UK financial watchdogs need competitiveness remit after Brexit ...
  Reuters
  Britain's financial regulators should have a formal objective to keep London's banking and insurance sectors globally competitive after Brexit, a senior lawmaker ...
  UK financial watchdogs need competitiveness remit after Brexit - lawmakerNasdaqalle 2 nieuwsartikelen »
  
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• House prices rise by 1.5% in May – Halifax

  07-06-2018 13:43
  Halifax says newly agreed sales and new buyer inquiries are showing signs of stabilisationHouse prices rose by 1.5% in May according to Halifax, partly reversing a steep fall the month before, but leaving average values flat over the year so far.On a quarterly basis, house prices were up just 0.2% in the three months from April to May compared to the previous quarter, while the annual inflation rate stood at 1.9%.Continue reading...
  
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• Single parents still paying more for holidays, says new research

  07-06-2018 13:13
  Despite some tour operators making price adjustments, single-parent families and parents travelling solo are losing out financiallySingle parents are still losing out financially on package holidays, despite moves in the travel industry to cater for them better. According to an investigation by currency exchange firm FairFX, in peak season a single parent travelling with a child can pay up to £500 more than if they were travelling in a couple. This is because many operators continue to cha
  
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• SSE fined £1m for sending inaccurate customer statements

  07-06-2018 13:10
  Ofgem says sum will go into consumer redress fund after bungle that hit 580,000 prepayment meter customersThe big six energy supplier SSE has been ordered by regulators to pay out £1m for issuing more than a million misleading statements to vulnerable customers.The energy regulator, Ofgem, said the firm had agreed to put the sum into a consumer redress fund over a bungle that affected 580,000 customers on prepayment meters. Continue reading...
  
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• House of Fraser: full list of 31 stores under threat of closure

  07-06-2018 12:18 via theguardian.com
  The department store group’s Oxford Street flagship and outlets in other areas face closure as part of a rescue planHouse of Fraser to close more than half of its British stores
  Altrincham
  Aylesbury Continue reading...
  
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• House of Fraser to shut half its stores, costing up to 6,000 jobs - business live

  07-06-2018 09:48 via theguardian.com
  All the day’s economic and financial news, as House of Fraser announces plans to shut 31 stores and lay off thousands of staffLatest: These House of Fraser stores are shutting
  More than half its stores will closeChairman: We need to do this to surviveEarlier:German factory orders fell 2.5% in April
  Economists: It’s a bad sign8.48am BST John Pal, retail expert at Alliance Manchester Business School, says retailers such as House of Fraser are facing a ‘perfect storm’.Rising
  
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• Universal credit tips poor into hardship, says charity

  07-06-2018 09:46
  Joseph Rowntree Foundation says cuts, debts and housing costs push poor over the edgeMore than 1.5 million people in the UK, including more than 350,000 children, experienced destitution last year, a study has found, meaning they regularly went without food, toiletries, adequate clothing or shelter.The Joseph Rowntree Foundation says a “tangled combination” of benefit cuts, delays and sanctions, together with harsh debt-recovery practices and high housing rental costs pushed people a
  
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• Thames Water to pay back £65m to customers as part of penalty package

  07-06-2018 08:30 via theguardian.com
  Ofwat finds company’s board did not have ‘sufficient oversight and control’ over fixing leaks
  Thames Water is to pay back £65m to customers as part of a £120m package of penalties after being castigated by the regulator for its failure to tackle leaks.
  An Ofwat investigation found the company’s board did not have “sufficient oversight and control” of its leakage performance. Continue reading...
  
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• Thames Water to pay back £65m to customers as part of leakage penalty

  07-06-2018 08:30
  Ofwat finds company’s board did not have ‘sufficient oversight and control’ over fixing leaksThames Water, Britain’s biggest water company, is to pay back £65m to customers as part of a £120m package of penalties after being castigated by the regulator for its failure to tackle leaks.
  Ofwat, the watchdog for an industry that is battling calls for renationalisation, found the Thames Water board did not have “sufficient oversight and control” of its
  
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• China's interference will not stop with Qantas. How will open societies respond? | Kevin Carrico

  07-06-2018 08:22 via theguardian.com
  China’s rapid economic growth is changing the way businesses, academics, and politicians around the world talkIn April of 2018, China’s aviation regulator set a deadline for more than 40 airlines around the world to make changes to the contents of their websites. These companies’ supposed mistake: failing to describe the self-ruled democratic island of Taiwan as “part of China.” Never mind that Beijing has never exercised sovereignty over Taiwan: many companies yiel
  
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• No priority check-in or boarding makes BA business class a joke

  07-06-2018 08:00 via theguardian.com
  My flight from Sofia to London had none of the perks of paying extraI booked BA Club [business] class to fly from Sofia, Bulgaria, to London Heathrow because I have a disability. There was no priority check-in, no fast-track security or priority boarding, and no extra space between seat rows. DG, London Continue reading...
  
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• Disneyland workers face ruthless exploitation. Their fight is our fight | Bernie Sanders

  07-06-2018 08:00 via theguardian.com
  Amid rampant inequality in America, Disney workers’ fight for a living wage could serve as inspiration for othersI recently went to Anaheim, California, the home of Disneyland. I wasn’t there to take my grandchildren to meet Donald Duck or Mickey Mouse or have them go on the rides. I was there to attend a rally with 2,000 Disney workers who are being ruthlessly exploited by Disney, an extremely powerful and wealthy multi-national corporation. The rally was organized by a number of un
  
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• Carillion's accountants and lawyers will get £70m to manage collapse

  07-06-2018 07:01 via theguardian.com
  Taxpayers to foot the £148m bill for failed outsourcing firm, says National Audit OfficeAccountants and lawyers will earn £70m managing the fallout from the collapse of Carillion, according to the National Audit Office, with taxpayers expected to foot a bill of more than £150m.In a report into the government’s handling of the outsourcing company, the NAO said the liquidation of Carillion showed the government had “further to go” in understanding the financial
  
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• AMP faces fourth class action over fee-for-no-service scandal

  07-06-2018 05:16 via theguardian.com
  Wealth manager also being sued over allegedly misleading Asic after banking royal commission revelationsWealth manager AMP will face a fourth class action over revelations it charged customers for advice they never received and then repeatedly misled the corporate regulator.Law firm Slater and Gordon announced on Thursday it had filed proceedings against the financial giant on Thursday. The firm described the case as “likely to be one of Australia’s largest ever investor class action
  
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• Twickenham Studios to open Liverpool outpost

  07-06-2018 01:10 via theguardian.com
  Art deco building that was once home to Littlewoods could become ‘Hollywood of the north’One of Britain’s major film studios is to open an outpost in one of Merseyside’s most loved buildings as Liverpool pushes to become the “Hollywood of the north”.Twickenham Studios – famous for award-winning films such as Blade Runner and The Italian Job as well as more recent TV hits Three Girls, McMafia and Black Mirror – has agreed to take 8,000 sq metres spa
  
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