Financial news

• UK Treasury, BOE Leaders Argue for Financial Services Agreement With EU - Wall Street Journal

  21-06-2018 22:17
  Wall Street Journal
  UK Treasury, BOE Leaders Argue for Financial Services Agreement With EU
  Wall Street Journal
  LONDON—The U.K.'s top financial policy makers on Thursday made the case for an ambitious agreement on financial services between Britain and the European Union after Brexit, saying arrangements proposed by some in the EU don't go far enough.
  UK finance leaders say openness is key to future prosperityFinancial Post
  UK "looking outside EU for financial partners"Re:locate Magazinea
  
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• Philip Hammond hands Bank of England new powers

  21-06-2018 22:15 via theguardian.com
  Bank will have extra £500bn to provide to economy as Britain prepares for BrexitThe Bank of England will be allowed to provide more than £500bn in lending to the economy without seeking the Treasury’s permission, in a move that reinforces the strength of the UK financial system as Britain prepares to leave the EU. Announcing the plan at the annual Mansion House dinner for bankers in the City of London on Thursday, Philip Hammond, the chancellor, said the changes would help to i
  
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• May and Johnson under pressure as Heathrow expansion vote looms

  21-06-2018 21:27 via theguardian.com
  Resignation of Greg Hands puts Johnson in the spotlight, as he will be out of country when MPs voteTheresa May is facing a fresh crisis after her international trade minister quit in protest at the proposed expansion of Heathrow days before a crunch vote on the issue.
  Greg Hands, whose constituency lies under the flightpath, announced he would step down so he could vote against the government’s plans for a third runway in the Commons on Monday. Continue reading...
  
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• Sir Philip Green launches legal bid to gag BHS-related report

  21-06-2018 20:50 via theguardian.com
  Former BHS owner says report on PwC auditing failures could damage his reputationSir Philip Green is seeking a gagging order to prevent the full publication of a watchdog’s report that casts fresh light on the BHS scandal. On Thursday, Green launched a high court bid to stop the Financial Reporting Council publishing its damning report on the failures of the auditors responsible for checking BHS’s accounts.Continue reading...
  
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• Pound rallies after Bank of England is split on interest rates - as it happened

  21-06-2018 19:58 via theguardian.com
  All the day’s economic and financial news, as the Bank of England is split over interest ratesLatest: Bank votes 6-3 to leaves rates on holdHaldane, McCafferty and Saunders vote to raise ratesEarlier:UK government borrowing has fallenEconomists: Government has more room to boost NHS spending6.30pm BST Hello again. The pound has continued to climb, on the back of the news that three Bank of England policymakers pushed to raise interest rates at this week’s meeting. Sterling has now ri
  
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• Heineken takes minority stake in UK's Beavertown Brewery

  21-06-2018 19:22 via theguardian.com
  Dutch beer maker says £40m investment will allow craft brewer to build new breweryDutch brewer Heineken will take a minority stake in Beavertown Brewery to give the London-based craft beer maker the £40m it needs to build a new brewery and visitor site. Beavertown, founded by Logan Plant, the son of British rocker and Led Zeppelin frontman Robert Plant, announced the deal on Thursday, ending weeks of speculation about the partnership.Continue reading...
  
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• Netflix paid no UK corporate tax last year – and got a €200k rebate

  21-06-2018 17:37 via theguardian.com
  Netflix UK earned £500m but most revenues are booked through Netherlands HQNetflix received a €199,000 (£174,000) tax rebate from the UK government last year and paid no corporation tax, despite making £500m in revenue from British subscribers to the streaming service.The US company which has a market capitalisation of $174bn (£131bn) is bigger than Disney and almost six times the value of Sky. It booked a pretax profit of just €1.2m in the UK last year. Continu
  
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• Martin Sorrell criticises WPP over its handling of his forced departure

  21-06-2018 17:17 via theguardian.com
  Advertising tycoon says he was treated unfairly and blames a high-level leak for his exitSir Martin Sorrell has used his first public appearance since being forced to leave the advertising group WPP to criticise the board of his former company, dismiss suggestions that he paid for a sex worker on company expenses, and complain he was not treated fairly.
  “What has happened could have come out significantly differently,” he said. “I’ll just leave it at that. There were othe
  
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• St Albans commuters kick at train station gates amid Thameslink chaos

  21-06-2018 17:02
  Signalling failure on network already disrupted by new timetable causes angerCommuters frustrated by severe disruptions on the trains have taken their anger out on the gates of a station in Hertfordshire, kicking and pushing through them after they were closed to prevent overcrowding.
  On Thursday passengers at St Albans were turned away from the platforms following a disruption to East Midlands and Thameslink trains during the morning rush-hour due to a six-mile signalling failure at Luton that
  
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• Trader's €1bn deals voided after 'demo' platform mix-up

  21-06-2018 15:07 via theguardian.com
  British brokerage sued after Harouna Traoré traded before realising it was live systemA share trader from France who racked up a €10m (£8.8m) profit using a British brokerage’s platform he initially thought was a training system is suing the company after it seized his earnings.Harouna Traoré had opened a €20,000 account with Valbury Capital last summer after using a simulation of its trading software to practise dealing in equity futures, according to the Fin
  
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• Nato secretary general calls on UK to maintain defence spending - Financial Times

  21-06-2018 14:53
  Financial Times
  Nato secretary general calls on UK to maintain defence spending
  Financial Times
  Nato secretary general Jens Stoltenberg called on the UK to maintain its role as one of the world's biggest spenders on defence after Prime Minister Theresa May asked Gavin Williamson to explain what it means to be a tier one military power. At a ...en meer »
  
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• Dear officials, Northern rail routes are not ‘valueless’ – your government is | Lisa Nandy

  21-06-2018 14:33
  Emails passed to me reveal the transport department’s contempt for passengers as a changed timetable causes misery• Lisa Nandy is the Labour MP for WiganFor four weeks, as Northern rail passengers have struggled with delayed, cancelled and overcrowded trains, ministers have been at pains to tell us how much they care. The prime minister expressed “tremendous sympathy”. The transport secretary, Chris Grayling, declared from the despatch box that “commuters in the nort
  
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• New divides over oil prices as Opec heads for crunch meeting

  21-06-2018 14:11 via theguardian.com
  Why Saudi Arabia is pushing for a big production hike, while Iran and Venezuela oppose oneThe world’s major oil-producing countries are under pressure from the US, China and Russia to pump more crude and bring down oil prices. But Opec’s crunch meeting in Vienna on Friday finds the oil cartel divided after nearly two years of unity over production curbs, which were due to run until the year’s end.Continue reading...
  
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• Sainsbury’s takeover of Asda could do with some rigorous scrutiny | Nils Pratley

  21-06-2018 11:53 via theguardian.com
  Let’s hope the Competition and Markets Authority can get clearer answers than this committeeThe grilling by MPs of the bosses of Asda and Sainsbury’s was painful. Not for Roger Burnley and Mike Coupe, but for poor viewers obliged to listen to Neil Parish – the verbose chair of the environment, food and rural affairs select committee – answer his own questions rather than try to extract useful information.It really shouldn’t take 20 minutes to solve the non-mystery o
  
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• Pound euro exchange rate: GBP holding against EUR ahead of BoE meeting

  21-06-2018 11:31 via feedproxy.google.com
  THE pound euro exchange rate is currently at €1.137, with the pairing virtually unchanged from this morning’s opening levels. The pound is in a holding pattern with the euro this morning, with GBP investors reluctant to make any moves before the Bank of England concludes its June policy meeting this afternoon.
  
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• Bitcoin price LIVE: BTC 'exhausted' at $6k - 'bottoming process' could sink crypto to $4k

  21-06-2018 10:23 via feedproxy.google.com
  BITCOIN is fighting back after news of yet another hack on an exchange in South Korea sent crypto prices tumbling this week. However, one expert has warned that bitcoin's “bottoming process” has began and prices could soon sink down to "$4,500".
  
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• Dixons Carphone profits fall 24% amid warning of no quick fix

  21-06-2018 10:05 via theguardian.com
  New boss Alex Baldock says ‘we have plenty of work to do’ but is confident in long termThe new Dixons Carphone boss, Alex Baldock, has underlined his warning that fixing the retailer’s problems will take time, as he reported a 24% plunge in profits.The UK electricals and mobile phone retailer, which disclosed a huge data breach last week, has been hit by the lack of technical innovation in mobile phones, meaning customers are updating their handsets less frequently. Many are al
  
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• Universal credit puts ‘welfare savings’ before human beings' lives | Frances Ryan

  21-06-2018 09:00
  The ever-delayed benefit reflects a decade of so-called reforms that are not only causing misery but also wasting a fortuneTheresa May’s pledge of £20bn for the NHS without any evidence of how she’d pay for it other than the phantom “Brexit dividend” is the sort of fudging of numbers we’ve become used to seeing from Conservative ministers. The National Audit Office released a damning report last week into the ever-delayed universal credit, finding, among other
  
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• Dixons Carphone CRISIS: Mobile giant reports 24% fall in profits as 100 stores TO GO

  21-06-2018 08:56 via feedproxy.google.com
  ELECTRICAL retailer Dixons Carphone has reported a 24 percent fall in profits to £382 million for the year to April 28 and has warned that profits will fall again in the year ahead.
  
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• Eurozone recession chances '5/10' - bloc crippled by political crisis

  21-06-2018 08:27 via feedproxy.google.com
  THE EUROPEAN Central Bank is feeling the pressure over its unexpected climbdown on GDP growth with one leading foreign exchange expert warning that recession likelihood is now "around 5/10 at present."
  
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• Why did GWR slam the brakes on my bike booking?

  21-06-2018 08:00 via theguardian.com
  I reserved space for two cycles on a train, but was only sent one ticketI made a telephone booking with GWR for two return train tickets, including reservations for two cycles, from London Paddington to Plymouth. My tickets arrived, but the reservation confirmation for the second bike was missing. I rang GWR seven times and wrote once asking for the missing ticket. On each occasion it refused, claiming first that it was not possible to make an advance reservation for a bike (not true), then that
  
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• Disney ups Fox offer to £54bn

  21-06-2018 06:18 via feedproxy.google.com
  A BLOCKBUSTER of a bidding war for 21st Century Fox intensified yesterday as Walt Disney offered $71.3billion for the bulk of Rupert Murdoch’s prized entertainment assets.
  
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