Financial news

• Delay on third runway served Heathrow's owners well

  25-06-2018 20:38 via theguardian.com
  Politicians seem so exhausted in getting project across the line that risk allocation is left for laterThe true scandal in Monday’s Commons vote on expansion at Heathrow wasn’t Boris Johnson’s absence but the fact that the government presented a plan that looks suspiciously like a charter for the airport’s private-sector owners to milk passengers and get other people to pay for their cost overruns.Whatever your view on the expansion of Heathrow, it ought to be easy to agr
  
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• UK epilepsy drug to become first cannabis-based medicine in US

  25-06-2018 20:30 via theguardian.com
  Epidiolex set for autumn launch after US Food and Drug Administration gives approvalA treatment for childhood epilepsy developed by a UK firm has been approved by US regulators and will become the first cannabis-based medicine on the American market.Epidiolex, made by GW Pharmaceuticals, is set to be launched in the autumn after being approved by the US Food and Drug Administration (FDA) for the treatment of two rare and severe forms of epilepsy, Lennox-Gastaut syndrome (LGS) and Dravet syndrome
  
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• BMW will shut UK sites if customs delays clog supply post-Brexit

  25-06-2018 20:08 via theguardian.com
  If Mini and Rolls-Royce parts are caught up in delays, 8,000 jobs could be at at risk BMW has said it will be forced to close its production sites in the UK, putting 8,000 jobs at risk, if components for Mini and Rolls-Royce cars are caught up in customs delays after Brexit.In its starkest warning over Brexit yet, the customs manager of the German carmaker’s UK operations said its manufacturing set-up would not be able to cope with obstructions to its supply chain. Continue reading...
  
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• Iran bans 1,300 imports as economic protest shuts shops in Tehran

  25-06-2018 20:02 via theguardian.com
  Country steels itself against US sanctions threat amid clashes at mass rally over currencyIran is to ban the import of more than 1,300 products amid fears about the impact of US sanctions. The announcement came as traders in Tehran staged a rare protest against rising prices and the fall of the currency to a record low.Related: Iranian rial hits all-time low as citizens scramble for US dollarsContinue reading...
  
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• Don't ask who benefits from tax cuts. Do ask who will pay for them | Greg Jericho

  25-06-2018 20:00 via theguardian.com
  It’s so obvious that tax cuts will lead to service cuts, you might think that was the intention all alongOne of the benefits of having a prime minister and Liberal party as ideologically pro-business as the Donald Trump-led Republican party is that we get a nice taste for the way things are likely to head – and it is very much towards a less equal society.Late last year, the Republican party legislated a massive tax cut for both companies and individuals that ensured the greatest cut
  
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• EU banking regulator calls City's Brexit plans 'inadequate'

  25-06-2018 19:53 via theguardian.com
  EBA says banks cannot yet rely on transition period agreed in principle with BrusselsEurope’s top banking regulator has warned the financial industry its preparations for Brexit are “inadequate” and urgently need pushing forward as Britain moves closer to leaving the EU. Sounding the alarm two years after the Brexit vote, the European Banking Authority told City banks they needed to “rapidly advance” their planning for a hard Brexit – potentially putting the B
  
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• Government rejects plan for £1.3bn tidal lagoon in Swansea

  25-06-2018 18:48 via theguardian.com
  Ministers say project is too expensive but decision sparks widespread criticismThe government has rejected plans for a £1.3bn tidal lagoon in Swansea Bay, dashing industry hopes of Britain leading development of a new source of renewable energy and sparking widespread criticism.Ministers said the project, which would have been subsidised through household energy bills for decades, was too expensive compared to alternatives such as offshore windfarms and nuclear power. Continue reading...
  
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• EU tariffs force Harley-Davidson to move some production out of US – as it happened

  25-06-2018 18:42 via theguardian.com
  Motorcycle manufacturer warns that EU tariffs will force it to move work overseas, as Donald Trump’s trade spat hits US companiesLatest: Motorcycle firm reacts to EU tariffsHarley: EU tariffs will cost $100m/year in short termCould be a blow to MilwaukeeEarlier:Trump to block Chinese firms from investing in US tech companies
  US could restrict tech exports to China too 5.42pm BST The escalation of trade tensions has sent investors scurrying for the sidelines, amid growing fears of an all ou
  
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• Meet the makers behind some of London's top market stalls

  25-06-2018 17:56 via theguardian.com
  From pork loins to concrete planters – traders at the capital’s fourth Urban Village Fete in Greenwich share their passions and productsThe Greenwich peninsula is undergoing a transformation from concrete jungle to a buzzing design and creative space. To celebrate this, each year the peninsula springs to life with music, colour and dancing, as creators from all over London come together for the Urban Village Fete. Curated by Wayne Hemingway, co-founder of Hemingway Design, the event
  
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• At last, a sound plan to tackle obesity. The food industry must not ruin it | Sarah Boseley

  25-06-2018 17:30 via theguardian.com
  A ban on junk food ads and harmful cut-price deals? About time. But corporate power could derail the government’s plansJunk food bogofs (buy one get one free) are no more. Sweets and crisps are out of sight when dad reaches the supermarket till with fractious kids. The ads during Britain’s Got Talent are for cars and shampoo, not pizza or burgers, let alone fries. If everything proposed in the government’s second attempt at a childhood obesity plan actually happens, we could be
  
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• Harley-Davidson to make more bikes overseas as US-EU tariff row grows

  25-06-2018 17:17 via theguardian.com
  Motorcycle firm to shift production to ‘alleviate the EU tariff burden’ after Europe retaliated against Trump’s steel dutiesHarley-Davidson plans to shift the production of some of its bikes out of the US in response to Europe’s new tariffs on motorcycle imports.In a stock market filing, the company said the EU’s reaction to Donald Trump’s steel tariffs, which will add $2,200 (£1,657) to the average cost of a motorcycle exported from the US to Europe, wi
  
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• Uber says it has changed as London licence ban appeal begins

  25-06-2018 16:36 via theguardian.com
  Ride-hailing firm accepts TfL’s initial decision but has passed last three inspectionsUber has launched a legal fight to regain its London licence, claiming that “wholesale” changes to its business practices should allow it to continue operating in the capital – but admitted the original decision to punish the company was right. The San Francisco-based ride-hailing firm was told last year the licence for one of its most important foreign markets would not be renewed becau
  
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• Supermarket watchdog's oversight may extend to Amazon and Boots

  25-06-2018 15:47 via theguardian.com
  Grocery Code Adjudicator hopes to win new powers after complaints from suppliersThe grocery industry watchdog is hoping to win new powers to oversee Amazon and Boots after receiving numerous complaints about their treatment of suppliers.Christine Tacon, the Grocery Code Adjudicator (GCA), already oversees 10 retailers including the big four supermarkets – Tesco, Sainsbury’s, Asda and Morrisons – and has the power to issue multi-million pound fines if suppliers are treated poorl
  
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• Morrisons' paper bag switch is bad for global warming, say critics

  25-06-2018 15:31 via theguardian.com
  Production and disposal of paper bags has greater climate impact than plastic, says Environment AgencyExperts have criticised Morrisons’ decision to switch from plastic to paper bags for fruit and vegetables, branding it a retrograde step for efforts to tackle climate change.This week the supermarket ditched transparent plastic bags in favour of recyclable paper ones, in a move it said was prompted by customers’ worries over pollution. But the step is likely to have unintended conseq
  
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• Government cautiously optimistic on Heathrow vote, says Grayling

  25-06-2018 15:14 via theguardian.com
  Transport secretary claims strong support across political spectrum for third runway The government is “cautiously optimistic” about winning a key parliamentary vote on the expansion of Heathrow airport, the transport secretary, Chris Grayling, has said, defending the controversial idea as being good for the whole of the UK.The Conservatives, who have a three-line whip in place for their MPs, are likely to get significant Labour support in the vote on Monday after Unite called for La
  
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• Oil firm headed by Tory donor refused to pay £14m consultancy bill

  25-06-2018 14:42 via theguardian.com
  Consultant alleges Petrofac refused to pay because of SFO investigation into its activitiesA multinational company run by a major Conservative donor has refused to pay a consultant it hired to advise on a potential contract in Saudi Arabia after the Serious Fraud Office launched an investigation into its activities, according to court documents.The oil and gas services company Petrofac, headed by Ayman Asfari, had received an invoice from Urbania International Management Consultancy for 71m UAE
  
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• David Cameron's schoolmate to receive millions from Mind Gym flotation

  25-06-2018 14:08 via theguardian.com
  Behavioural science firm was co-founded by David Cameron’s schoolmate Octavius BlackThe founders of the behavioural science firm Mind Gym, including a school friend of David Cameron, are poised for a windfall of nearly £50m when the company joins the stock market this week.Octavius Black, who went to Eton with the former prime minister, founded the company in 2000 with the psychologist Sebastian Bailey, and its flotation on Aim at 146p a share on 28 June will value the business at &p
  
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• UK epilepsy drug set to be first cannabis-based medicine in US

  25-06-2018 13:52 via theguardian.com
  US Food and Drug Administration is expected to approve Epidiolex for autumn launchA treatment for childhood epilepsy developed by a UK firm is expected to be approved by US regulators this week, becoming the first cannabis-based medicine on the American market.Epidiolex, made by GW Pharmaceuticals, is expected to receive official approval from the US Food and Drug Administration by Wednesday and the drug would then be launched in the US in the autumn. It should be available to prescribe by docto
  
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• Hermes couriers are workers, not self-employed, tribunal rules

  25-06-2018 11:58 via theguardian.com
  Group of 65 couriers entitled to employment rights, minimum wage and holiday pay
  A group of Hermes couriers have won their fight to be treated as workers instead of independent contractors in what has been described as one of the most significant victories against exploitation of gig-economy workers.
  An employment tribunal in Leeds ruled that the couriers were entitled to receive the minimum wage and holiday pay, and to reclaim unlawful deductions from their wages, because they had incorrectly b
  
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• Countrywide seeks fresh funding as property sales slide

  25-06-2018 10:05 via theguardian.com
  UK’s biggest estate agency group issues fourth profit warning in eight monthsShares in Britain’s biggest estate agent, Countrywide Properties, have plunged 25% after it issued its fourth profit warning in eight months and called on shareholders to raise fresh funds to cut its debt.Countrywide, the company behind Hamptons, Bairstow Eves, Taylors and Gascoigne-Pees, has been hit hard by a downturn in the housing market in London and the south-east, a botched revamp of the business and
  
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• Little green bag: Morrisons revives paper in war on plastic

  25-06-2018 08:37 via theguardian.com
  Supermarket chains begins UK rollout of paper bags for loose fruit and vegetablesMorrisons is reviving traditional brown paper bags for loose fresh fruit and vegetables, in a move it says will prevent 150m small plastic bags from being used every year.The paper bags are being rolled out from Monday and will be in all of the supermarket chain’s 493 stores by the end of the summer. Made from 100% recyclable paper, they have a see-though paper strip to help shoppers and staff identify the pro
  
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• Why didn’t Virgin Active freeze my membership in my maternity leave?

  25-06-2018 08:00 via theguardian.com
  Gym staff promised me I wouldn’t have to pay – but I ended up being charged £1,000I joined Virgin Active in 2016, and in February 2017, in the late stages of my pregnancy, a staff member offered to freeze my membership, but agreed to let me swim in the pool at no cost as this was the only activity I was still capable of – and only once or twice a week.She told me she had agreed with her manager this could only continue for three months. I took this to mean that, after tha
  
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• I've met a new partner – how can I ensure my kids get my house?

  25-06-2018 08:00 via theguardian.com
  At the age of 86, I’m moving in with a younger gentleman, but I don’t want the children to lose their inheritanceQ I’m wondering if you could give me some advice please. I am 86 and own my own house which I want to sell in order to buy a bungalow.I have recently met a younger gentleman who will be moving in with me. The bungalow will be in my name and will be bought using the proceeds from the sale of my current home. Assuming I die before my partner, how can I ensure that afte
  
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• Crying foul: footballer told he could lose his house over unpaid bill

  25-06-2018 08:00 via theguardian.com
  Zeli Ismail bought a freehold property for cash – but he was caught out by an obscure chargeProfessional footballer Zeli Ismail had never heard of a“rentcharge” when he bought his freehold home in Wolverhampton in May 2015. But the overlooked clause in his property’s deeds has led to the Bury midfielder facing large legal bills and threatened with eviction.Ismail’s story is rare – but terrifying. He bought his home outright, and settled down to family life wit
  
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• Tobacco: activist investors pressure £20bn companies over child labour

  25-06-2018 07:00 via theguardian.com
  Despite tobacco giants’ policies against child labour, the practice remains widespread, experts sayThe world’s biggest tobacco companies are coming under mounting pressure over child labour and working conditions in fields globally, from Zimbabwe to North Carolina.The firms are facing intense scrutiny from unions, NGOs and academics. Continue reading...
  
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• London still the most desirable city for overseas workers

  25-06-2018 06:01 via theguardian.com
  UK overall drops to fifth in survey because of cross-border movement fears after BrexitLondon has retained its position as the most desirable city for overseas workers, beating New York, Berlin and Barcelona, according to the latest study by the Boston Consulting Group and totaljobs.com. The UK overall, however, has dropped three places in the country rankings over concerns about the cross-border movement of workers following Brexit. The study also found that the number of British workers willin
  
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• Sir Philip Green came close to acquiring M&S in 2004, book claims

  25-06-2018 01:03 via theguardian.com
  Former BHS owner had no idea how near he came to winning before he withdrewSir Philip Green, whose role in the demise of BHS was characterised by parliamentarians as the “unacceptable face of capitalism”, came much closer than previously thought to acquiring Marks & Spencer in 2004, a book on the controversial billionaire claims.The news that the abrasive tycoon almost won the takeover battle for what many considered to be the jewel in the British high street will be regarded as
  
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• UK-focused firms have struggled since Brexit vote, analysis finds

  25-06-2018 01:01 via theguardian.com
  KPMG finds companies earning profits mostly abroad have benefited since EU referendumBusinesses that earn most of their profits abroad have benefited since the Brexit vote from an inflow of funds from investors at the expense of domestic companies that rely on sales in the UK, according to two separate analyses of the London stock market.In the two years since the EU referendum, the disparity between the share performances of companies that operate largely inside the UK and ones that repatriate
  
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• Single first-time buyer in London needs 17 years to find 15% deposit – report

  25-06-2018 01:01 via theguardian.com
  In England and Wales, average single first-time purchaser would need just over 10 yearsA typical single first-time buyer in London will have to save for 17 years – until 2035 – to raise enough cash for a 15% deposit on a home. That is up from the 15 years recorded in both 2008 and 2013, despite steep house price falls in parts of London since the Brexit vote two years ago.Continue reading...
  
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• Ofgem appoints economist Martin Cave as chairman

  25-06-2018 01:01 via theguardian.com
  Decision comes as regulator prepares to impose price cap on energy billsA champion of price caps and a critic of suppliers’ behaviour has been chosen to lead the UK’s energy regulator, Ofgem. In an effort to toughen up the watchdog, which has been criticised for being soft on energy firms, regulatory economist Martin Cave has been selected as the regulator’s new chair just months before it is due to impose a price cap on energy bills. Continue reading...
  
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• Ministers shake up contract bidding rules

  25-06-2018 01:01 via theguardian.com
  Government moves to rebuild trust and address criticism following Carillion collapseMeasures to make it easier for small businesses, charities, co-operatives and social enterprises to bid for government contracts will be unveiled by ministers on Monday in an attempt to rebuild trust, following the collapse of Carillion.In the wake of criticism of the government’s handling of the outsourcing company, ministers plan to change the rules so that when companies are bidding for contracts, their
  
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• Buy-to-let has skewed housing market and must be curbed, says thinktank

  25-06-2018 01:01
  Tory MP says tax breaks for landlords have helped price younger people out of the market and calls for stronger role for councilsPrivate landlords have put home ownership beyond the reach of at least 2 million families, research shows, while Britain has built only half as many new homes as France over the same period.The radical report from the new Conservative thinktank Onward recommends ending or severely curtailing tax breaks for buy-to-let and private landlords, a stronger role for local cou
  
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• Birmingham and Hyndburn ranked as UK areas with worst food hygiene

  25-06-2018 01:01
  Analysis by Which? also shows standards enforcement regime is under strain Birmingham city council and Hyndburn borough council have been ranked as the worst areas in the UK for poor standards of hygiene in their cafes and restaurants, for the second year running, a new analysis has revealed. Consumer group Which? said the enforcement regime was buckling under “huge strain”, with under-resourced local authorities struggling to cope with soaring complaints from the public – abou
  
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