Financial news

• UBS rogue trader denied appeal against deportation

  28-06-2018 20:20 via theguardian.com
  Kweku Adoboli refused chance to challenge decision that he can be deported to GhanaThe disgraced former UBS trader Kweku Adoboli has had an application to overturn a deportation order against him rejected in the court of appeal.Thursday’s ruling is the latest development in the convicted fraudster’s four-year battle to overturn the order to deport him from the UK to Ghana, the country of his birth, which was issued by the Home Office on 8 July 2014 on the grounds that he is a foreign
  
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• Stagecoach game for rail franchises despite east coast line debacle

  28-06-2018 20:16 via theguardian.com
  Not even a shareholder dividend cut of 35% can dissuade Martin Griffiths and co from re-biddingIf you’ve just written off the thick end of £200m on a single job, a sum equivalent to 25% of your company’s now-reduced stock market value, you might prefer to run away from more work in the same line of business. Not Stagecoach.The first set of annual figures since the east coast mainline debacle delivered a thumping 35% dividend cut to shareholders but chief executive Martin Griffi
  
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• Deliveroo couriers win six-figure payout in employment rights case

  28-06-2018 20:15 via theguardian.com
  Riders claimed they had been unlawfully denied minimum wage and paid holidayA group of 50 Deliveroo couriers will share a six-figure payout from the takeaway delivery firm in a settlement of an employment rights claim.The riders, who were represented by the law firm Leigh Day, argued that they had been unlawfully denied rights, including the legal minimum wage and paid holiday, after being labelled self-employed contractors. Continue reading...
  
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• CO2 shortage spreads to crumpets as Warburtons hit by crisis

  28-06-2018 19:45 via theguardian.com
  Production suspended at two of its four bakeries because of lack of gas for use in packagingCrumpets are the latest victims of a shortage of carbon dioxide that has affected food and drink production across the UK.Warburtons said it had been forced to suspend crumpet production at two of its four bakeries, in Enfield in London and Burnley in Lancashire, because it did not have enough gas for use in packaging designed to keep the products fresh. Continue reading...
  
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• London property prices blamed for record exodus

  28-06-2018 19:44 via theguardian.com
  Number of people leaving capital to move elsewhere in UK is at its highest levelThe number of people leaving London for a new life elsewhere in the UK has reached its highest level, according to an analysis of official data.More than 330,000 people made the move during the year to June 2017. Newham was the London borough that experienced the biggest exodus, figures from the Office for National Statistics (ONS) show.Continue reading...
  
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• Tesco trials 'shop and go' app in till-free store

  28-06-2018 19:34 via theguardian.com
  Retailer says it will consider expanding scheme – but some shoppers may simply not payTesco is trialling new “shop and go” technology that allows customers to scan and pay for their groceries on their smartphone and then walk out of the store without visiting a till.The retailer is using staff at its Welwyn Garden City headquarters as guinea pigs for the service in a purpose-built Express convenience store on the site. Tesco has installed the app, Scan Pay Go, on the mobiles of
  
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• UK restaurant numbers drop for first time in eight years

  28-06-2018 19:30 via theguardian.com
  Sector is suffering due to rising costs and economic uncertainty, say analystsThe number of restaurants in the UK has fallen for the first time in eight years as sales stagnate and costs rise.On average, two restaurants a week closed in the year to the end of March, including casual dining chains, as well as upmarket and independent establishments, according to the latest data from analysts CGA and corporate advisory firm AlixPartners. Continue reading...
  
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• Student loans: use of RPI costs graduates up to £16,000

  28-06-2018 19:05
  House of Commons analysis leads Labour to accuse Tories of ‘rigging’ interest ratesGraduates with student loans in England are saddled with up to £16,000 more debt because of the government’s use of an unreliable inflation measure to set interest rates, according to research from the House of Commons library.The analysis, provided to Labour’s shadow Treasury team, shows that the use of the retail prices index (RPI), a measure criticised by the Bank of England and th
  
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• Bank of England expert: World Cup feelgood factor backs case for rate rise

  28-06-2018 18:43 via theguardian.com
  Chief economist Andy Haldane says England’s displays have boosted consumer spendingThe performances of Harry Kane and his team-mates in the World Cup are helping the economy bounce back from its weather-beaten start to the year and supporting the need for an interest rate rise, the Bank of England’s chief economist has said. Andy Haldane – who last week raised eyebrows by joining dissenters on the Monetary Policy Committee (MPC) to vote for an increase from 0.5% to 0.75% &ndash
  
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• UK firms more pessimistic about Brexit, Bank of England says - as it happened

  28-06-2018 18:40 via theguardian.com
  New survey by Bank of England regional agents finds more firms expect Brexit to hurt their salesUK consumer confidence helped by World Cup - BoE’s HaldaneMore UK companies expect Brexit to hurt businessBank agents: Firms are struggling to find workersBank of England worried about household debts
  Chart: How debt could trigger financial crisis (again) 5.40pm BST Despite Wall Street making a partial recovery by the time European markets closed, this did little to help them.Trade war tensions
  
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• UN: spend an extra £5tn by 2030 to tackle global 'care crisis'

  28-06-2018 16:52 via theguardian.com
  Report highlights risk of rising inequality against women worldwideThe world economy faces a looming “care crisis” risking further division between men and women across the planet, according to a UN report calling for governments and companies worldwide to spend at least an extra $7tn (£5.3tn) on care by 2030.Making the case for spending on support for children, old people and the neediest in society to double by the end of the next decade, the UN’s International Labour O
  
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• 'Two-child policy' cuts benefits of more than 70,000 families

  28-06-2018 16:24
  Campaigners warn poverty will rise as low-income families lose financial supportMore than 70,000 low-income families lost up to £2,800 each last year after having their entitlement to benefits taken away as a result of the government’s “two-child policy”, official figures show.The statistics reveal that during the first year of operation, 59% of the 73,500 families who lost financial support for a third child were in work. Nine per cent of UK claimant households with thre
  
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• Homebase cuts 300 jobs as more store closures loom

  28-06-2018 14:25 via theguardian.com
  Third of head office roles axed as new owners reportedly consider closing up to 80 storesHomebase is cutting 300 jobs at its Milton Keynes head office amid speculation that up to 80 stores will close after its takeover by the restructuring specialist Hilco. The loss-making DIY chain was bought by the owner of HMV for £1 in a deal agreed in May after its previous Australian owner, Wesfarmers, pulled the plug on a “disastrous” venture into the UK. Continue reading...
  
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• BP buys UK's biggest electric car charger network for £130m

  28-06-2018 13:34 via theguardian.com
  Acquisition of Chargemaster, with 6,500 charging points, praised as milestone towards cleaner motoringBP has bought the UK’s biggest electric car charging network, in the latest sign of major oil producers addressing the threat that low-carbon vehicles pose to their core business.The acquisition of Chargemaster, which has more than 6,500 charging points across the country, will begin to result in the deployment of fast chargers at BP’s 1,200 forecourts over the next year. Continue re
  
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• Hotel booking sites could be forced to stop claiming 'one room left'

  28-06-2018 13:12 via theguardian.com
  Competition watchdog finds several areas of concern after eight-month investigationHotel booking websites could be forced to stop claiming “one room is left at this price” and giving more promotion to hotels that pay the most commission, the UK’s competition regulator has said.The Competition and Markets Authority has been investigating whether sites are misleading consumers since October and identified a number of areas of concern. Continue reading...
  
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• Greene King sells more beer through England's World Cup cheer

  28-06-2018 12:36 via theguardian.com
  Chief executive says team’s progress to knockout stages should bolster pub firm’s profitGreene King sold half a million extra pints during England’s World Cup thrashing of Panama, and the team’s progress to the knockout stages is likely to provide an unexpected boost to the bottom line of Britain’s biggest pub and brewing company.Rooney Anand, the chief executive of the Suffolk-based business, said warm weather and the World Cup had brought more people to its pubs.C
  
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• Housing and car industries should be ‘ashamed’ of climate record

  28-06-2018 10:08 via theguardian.com
  Failure to build energy-efficient homes and clean cars risks UK missing its carbon targets, says government’s climate adviserThe homebuilding and carmaking industries “should be ashamed” of their efforts to tackle global warming, according to the UK government’s official climate change adviser.Lord Deben, chair of the Committee on Climate Change (CCC), said housebuilders were “cheating” buyers with energy-inefficient homes and that motor companies were holding
  
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• Virgin Money made an error – and now it won’t send me a new card

  28-06-2018 08:00 via theguardian.com
  I’ve been a customer for 15 years, but the bank got tough when it claimed I hadn’t made a paymentFor the last 15 years I have had a credit card with Virgin Money, and paid the full balance each month by direct debit. Last month, three days after the debit is usually taken, I received a text from Virgin Money reminding me that a payment was due. I checked and the direct debit had been taken that morning. I then discovered I had been charged £30 interest because I had allegedly m
  
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• How to get away with financial fraud

  28-06-2018 07:00 via theguardian.com
  Some of the world’s biggest scandals have gone unspotted for years. The nature of fraud is that it works outside our field of vision. By Dan Davies‘Guys, you’ve got to hear this,” I said. I was sitting in front of my computer one day in July 2012, with one eye on a screen of share prices and the other on a live stream of the House of Commons Treasury select committee hearings. As the Barclays share price took a graceful swan dive, I pulled my headphones out of t
  
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• Brexit Britain’s dash for growth will be a disaster for the environment | Owen Jones

  28-06-2018 07:00 via theguardian.com
  MPs showed a Trumpian disregard for the planet by voting en masse for Heathrow expansionMany of those MPs who marched through the lobbies to vote in favour of expanding Heathrow this week – Labour parliamentarians among them – will speak eloquently, if pushed, about the threat of climate change. Unfortunately their words have been rendered meaningless by their vote. You cannot truly fear the impact of climate change and then opt to raise aviation emissions by 7.3m tonnes of carbon di
  
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• Optus Sport chaos: SBS to broadcast rest of World Cup in Australia

  28-06-2018 05:53 via theguardian.com
  SBS says it will simulcast all remaining matches with the telco after customers’ complaints about serviceSBS will screen the remainder of the World Cup games live on free-to-air TV after a deal with Optus whose initial streaming offering was plagued by technical glitches.Australia’s second biggest telco came under fire for its coverage of the World Cup, which has been marred by technical problems to its streaming service and left fans angry. Continue reading...
  
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• Ticketmaster hack: Australian customers urged to check bank accounts

  28-06-2018 05:37 via theguardian.com
  Ticketing group says advice is a ‘precaution’ as it does not believe Australia and New Zealand have been affectedThousands of Ticketmaster customers across Australia and New Zealand are being warned to check their bank accounts following a cyber attack on the ticket seller’s operations in Britain.Data belonging to 40,000 people who bought tickets to events using Ticketmasters’ UK website may have been accessed as a result of malicious software used in a customer support p
  
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• Google Home and Chromecast outage hits millions of users worldwide

  28-06-2018 04:43
  Users frustrated by length of the outage and lack of updates from Google about glitchGoogle devices and apps have experienced serious outages that lasted for more than 12 hours and affected millions of users. Related: What is Google doing with AI? Chips with Everything podcastContinue reading...
  
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