Financial news

• Marks & Spencer chair to shareholders: 'We're on a burning platform'

  10-07-2018 19:57 via theguardian.com
  Archie Norman refuses to guarantee that no more than 100 stores will closeThe chairman of Marks & Spencer has given his starkest warning yet about existential threat faced by the high street giant as he refused to rule out further store closures and job losses. “This business is on a burning platform,” said Archie Norman, who took over as M&S’s chairman last year. “We don’t have a God-given right to exist and unless we change and develop this company the way
  
  Read more

• City of London's third tallest skyscraper, The Diamond, revealed

  10-07-2018 18:38 via theguardian.com
  Tower will be able to accommodate more than 6,000 workers with free public viewing galleryA 56-storey tower called The Diamond is set to join the growing cluster of skyscrapers in the City of London and will be the financial district’s third-tallest building when completed.The planned 263.4m tower at 100 Leadenhall Street will rank behind 1 Undershaft at 290m, nicknamed the Trellis, where work is yet to start, and 22 Bishopsgate, the reworked Pinnacle at 278m, which is under construction.
  
  Read more

• First Poundworld store closures to claim 242 jobs by end of week

  10-07-2018 16:41 via theguardian.com
  Discounter caught in retail gloom shutting 25 of 335 shops after failing to find buyer Poundworld, the discount retailer that went into administration last month, is to begin closing stores, with 25 shops due to shut by the weekend with the loss of nearly 250 jobs. The closures come after administrators at Deloitte failed to find a buyer for the whole business, which employs more than 5,000 people in 335 stores across the UK. Continue reading...
  
  Read more

• UK economic growth rises to 0.3% in May thanks to service sector – business live

  10-07-2018 15:38 via theguardian.com
  All the day’s economic and financial news, as Britain publishes monthly estimates of economic growth for the first timeLatest: Growth picked up in May after March stagnationGDP rose 0.3% in May, from 0.2% in AprilBut UK also flatlined in February-AprilService sector grew, but manufacturing struggledIntroduction: Britain’s first ever monthly growth figure are being released 2.38pm BST Over in the US, markets have got off to a positive start, helped by better than expected results from
  
  Read more

• Advertisement

• B&Q spend £100m on lowering prices and cuts back on discounts

  10-07-2018 15:32 via feedproxy.google.com
  B&Q is investing £100 million in bringing down overall shop prices as the DIY chain looks to cut back on promotions and discounts.
  
  Read more

• Matalan bucks trend

  10-07-2018 14:36 via feedproxy.google.com
  IMPROVED clothing ranges and tight stock management helped Matalan defy high street gloom with higher quarterly sales. The retailer lifted revenue 4.9 per cent to £265.9million after 39 per cent online growth and sales rose at its 227 UK outlets.
  
  Read more

• Co-op bank turns to Lloyds

  10-07-2018 14:07 via feedproxy.google.com
  THE Co-operative Bank has named Lloyds Banking Group's former commercial boss Andrew Bester as its fifth chief executive in seven years. Mr Bester jointed the board yesterday taking over from Liam Coleman, who said last month that he would step down after just 18 months in the role.
  
  Read more

• Bitcoin price LIVE: BTC drops $300 - 'philosopher' claims price will hit $100m by 2030

  10-07-2018 13:44 via feedproxy.google.com
  BITCOIN has shed over $300 so far today as the weekend's positivity sours. However, a leading cryptocurrency 'philosopher' has claimed that bitcoin's rise as the world’s dominant money form in underway and prices will hit a staggering $100m by 2030.
  
  Read more

• Advertisement

• Poundworld to close 25 stores as administrators fail to find buyer - 242 jobs lost

  10-07-2018 13:33 via feedproxy.google.com
  Poundworld is to close 25 stores, resulting in the loss of 242 jobs, as administrators Deloitte continue to desperately search for a buyer for the high street retailer.
  
  Read more

• Has CHINA burst the bitcoin BUBBLE? Trading in RMB drops from 90% to 1%

  10-07-2018 13:33 via feedproxy.google.com
  BITCOIN’S demise from its high of $19,118 on December 19, has run alongside the massive withdrawal of cryptocurrency trading in China’s renminbi currency.
  
  Read more

• Stobart’s former chief hits out

  10-07-2018 13:30 via feedproxy.google.com
  STOBART Group has defended dismissing former boss Andrew Tinkler despite shareholders voting to re-elect him to the board. Tinkler, who failed to oust Iain Ferguson as chairman of the Southend Airport owner at Stobart’s annual meeting, accused the board of “arrogance bordering on contempt for shareholders and employees” and claimed the vote had been “gerrymandered”.
  
  Read more

• Warm weather and royal wedding help UK return to GDP growth

  10-07-2018 12:57 via theguardian.com
  Shoppers returned to high street in May but factory output continued to shrinkThe start of the summer heatwave has helped the British economy recover ground after grinding to a halt earlier this year, despite a severe downturn for the manufacturing industry in the three months to May.
  Presenting its first ever estimates for gross domestic product (GDP) on a monthly basis, the Office for National Statistics said warmer weather and the royal wedding in May helped Britain bounce back from zero grow
  
  Read more

• Tesco UK chief steps down after cancer treatment

  10-07-2018 12:33 via theguardian.com
  Charles Wilson will remain on executive committee and continue to lead BookerThe chief executive of Tesco’s UK and Ireland business, Charles Wilson, is stepping down following treatment for throat cancer.Wilson is the former boss of cash-and-carry group Booker and widely viewed as the likely successor to Tesco’s group chief executive, Dave Lewis. He took on the role at Tesco UK when the supermarket chain bought the wholesaler for £3.7bn earlier this year. Continue reading...
  
  Read more

• Starbucks introduces 'latte levy' of 5p on single-use paper cups

  10-07-2018 12:32 via theguardian.com
  Coffee giant first in UK to add charge in bid to cut overuse of 2.5bn disposable cups a yearStarbucks is the first UK coffee chain to introduce a national “latte levy” - a 5p charge on single-use paper coffee cups - in a bid to reduce the overuse and waste of 2.5bn disposable cups every year.Following the success of a three-month trial in London, the chain said it would roll out the charge to all of its 950 stores in the UK from 26 July. Continue reading...
  
  Read more

• Bitcoin price LIVE: BTC drops $220 - 'philosopher' claims price will hit $100m by 2030

  10-07-2018 12:24 via feedproxy.google.com
  BITCOIN has fallen from its high point on Monday of $6,782 but hopes of a return to $7,000 this week remain high. A leading cryptocurrency 'philosopher' has claimed that bitcoin's rise as the world’s dominant money form in underway and prices will hit a staggering $100m by 2030.
  
  Read more

• Pound euro exchange rate: GBP rises as growth fears ease

  10-07-2018 11:55 via feedproxy.google.com
  THE pound has risen by 0.3 per cent against the euro today, largely erasing yesterday’s losses caused by David Davis’ and Boris Johnson’s resignations.
  
  Read more

• Pound US dollar exchange rate: GBP stalls in wake of Brexit turmoil

  10-07-2018 11:40 via feedproxy.google.com
  THE pound US dollar exchange rate is currently at around $1.326, holding close to this morning’s opening levels.
  
  Read more

• Bitcoin price LIVE: BTC slips - crypto 'philosopher' claims price will hit $100m by 2030

  10-07-2018 11:02 via feedproxy.google.com
  BITCOIN has fallen from its high point on Monday of $6,782 but hopes of a return to $7,000 this week remain high. A leading cryptocurrency 'philosopher' has claimed that bitcoin's rise as the world’s dominant money form in underway and prices will hit a staggering $100m by 2030.
  
  Read more

• Bitcoin EXTREME weather warning - 'miners' hit by China floods

  10-07-2018 10:56 via feedproxy.google.com
  BITCOIN has been hit by an extreme weather warning with the floods in China affecting how crypto ‘miners’ create new coins and process transactions.
  
  Read more

• Martin Sorrell beats WPP to £266m MediaMonks deal

  10-07-2018 09:29 via theguardian.com
  Takeover marks mogul’s first acquisition since he was forced out of media group he founded Sir Martin Sorrell has bought Dutch firm MediaMonks for €300m (£266m) in a deal that marks his return to the forefront of the advertising industry and an escalation of hostilities with his former employer, WPP.Sorrell pursued the deal despite receiving a legal letter from WPP alleging that he was being “unlawful” and in breach of his confidentiality agreement on the basis that
  
  Read more

• Bitcoin THEFT to hit $1.5 BILLION in 2018 - 'risks from digital currencies are huge'

  10-07-2018 09:27 via feedproxy.google.com
  BITCOIN is being stolen from cryptocurrency exchanges at an alarming rate with a massive £570 million taken through hacks so far in 2018, compared with $266 million for the whole of 2017.
  
  Read more

• Why won’t LNER send me the code to pick up my train tickets?

  10-07-2018 09:21 via theguardian.com
  When I booked the east coast line was operated by Virgin – and LNER claims it can’t helpIt seems pretty straightforward but Virgin East Coast call centres and staff have failed to provide a solution (or to phone back or respond to emails and complaints). On 13 June I booked tickets on my phone for my wife and her friend to travel from London to Skipton on 15 July, returning on 20 July. I have booked thousands of pounds worth of tickets in this way over the years. I later realised I h
  
  Read more

• UK retailers benefit from England World Cup run and heatwave

  10-07-2018 07:01 via theguardian.com
  Sales rose by 2.3% in June, with boost from exceptional sales of drinks in final weekBritain’s retailers are benefiting from England’s continuing World Cup run and the warm weather boosting beer, barbecue and big-screen TV sales, despite the severe underlying challenges facing the high street. Suggesting deep problems remain for retailers as they close hundreds of stores across the country, the British Retail Consortium (BRC) and KPMG said World Cup fever sweeping the nation along wi
  
  Read more

• Bank of England should aim to freeze house prices for five years – report

  10-07-2018 07:01 via theguardian.com
  Mortgage restrictions could end reliance on property investment to drive economyMortgage restrictions should be imposed on UK homebuyers by the Bank of England to prevent house prices rising for at least the next five years, a prominent left-of-centre thinktank has argued.In a move designed to end Britain’s reliance on property investment to drive the economy, the the Institute for Public Policy Research (IPPR) said the central bank should be given new powers to target zero house price inf
  
  Read more

• The staggering rise of India’s super-rich

  10-07-2018 07:00 via theguardian.com
  India’s new billionaires have accumulated more money, more quickly, than plutocrats in almost any country in history. By James CrabtreeOn 3 May, at around 4.45pm, a short, trim Indian man walked quickly down London’s Old Compton Street, his head bowed as if trying not to be seen. From his seat by the window of a nearby noodle bar, Anuvab Pal recognised him instantly. “He is tiny, and his face had been all over every newspaper in India,” Pal recalled. &ldquo
  
  Read more

• Founder’s fears for Poundworld

  10-07-2018 05:00 via feedproxy.google.com
  THE founder of Poundworld fears it will close after failing with a bid to rescue part of the discount chain. The 335-store group collapsed into administration last month, putting over 5,000 jobs at risk.
  
  Read more

• Monsanto 'bullied scientists' and hid weedkiller cancer risk, lawyer tells court

  10-07-2018 04:17 via theguardian.com
  As ill California man’s landmark case begins, attorney attacks Roundup maker’s response to researchers’ findingsMonsanto has long worked to “bully scientists” and suppress evidence of the cancer risks of its popular weedkiller, a lawyer argued on Monday in a landmark lawsuit against the global chemical corporation.
  “Monsanto has specifically gone out of its way to bully ... and to fight independent researchers,” said the attorney Brent Wisner, who presen
  
  Read more

• UK slips to 35th in global table of broadband speeds

  10-07-2018 01:01 via theguardian.com
  Result puts Britain in bottom third of EU countries and below MadagascarThe UK has slipped to 35th place in an annual league table of global broadband speeds, putting it in the bottom third of EU countries and below the likes of Madagascar and Bulgaria.An analysis of more than 160m broadband speed tests conducted across 200 countries revealed Singapore was once again the world’s fastest country, followed by Sweden, Denmark and Norway, while Yemen came last.Continue reading...
  
  Read more

• Government needs U-turn over mania for nuclear plants

  10-07-2018 01:01 via theguardian.com
  Its own infrastructure adviser says more renewables is the low-cost optionHere’s a report that must not be lost in the noise of Brexit. The National Infrastructure Assessment is a once-a-parliament affair from a body that was created to save us from the deadly combination of politicians’ machismo and the electoral cycle. More prosaically, the National Infrastructure Commission’s job is to inject long-term strategic thinking into the critical business of building important stuff
  
  Read more

• Cool down nuclear plan because renewables are better bet, ministers told

  10-07-2018 01:01 via theguardian.com
  Government advisers say UK should back just one more new nuclear power station in the next few yearsGovernment advisers have told ministers to back only a single new nuclear power station after Hinkley Point C in the next few years, because renewable energy sources could prove a safer investment.The National Infrastructure Commission (NIC) said the government should cool down plans for a nuclear new build programme that envisage as many as six plants being built.Continue reading...
  
  Read more

Follow @financialnwsUK on Twitter!