Financial news

• Justice department to appeal against AT&T's $81bn takeover of Time Warner

  12-07-2018 23:49 via theguardian.com
  Government to challenge blockbuster deal despite federal judge’s ruling that opposition to merger rested on ‘improper notions’ The US justice department announced on Thursday that it will appeal against a federal judge’s decision to allow AT&T’s landmark takeover of Time Warner. Related: AT&T-Time Warner is Godzilla v Rodan: citizens will get squashedContinue reading...
  
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• Bargain teddy bear offer sparks violent scenes across Britain

  12-07-2018 22:49 via theguardian.com
  Chaos breaks out after Build-A-Bear Workshop closes doors when supplies run outA marketing ploy to get more shoppers into a toy store had to be abandoned after it caused huge queues and outbreaks of violence across Britain, with would-be consumers battling to get their hands on a bargain teddy bear.Build-A-Bear Workshop was offering UK customers the chance to buy any bear, which can cost up to £52, for the price of their child’s age.Continue reading...
  
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• Walmart patents tech that would allow it to eavesdrop on cashiers

  12-07-2018 21:40 via theguardian.com
  Checkout counter sensors, if implemented, could let chain monitor customer interactions and track employee performanceWalmart has patented surveillance technology that would allow it to spy on employees’ conversations with customers and use the audio to measure workplace performance.The patent for “sound sensors” that could be installed at checkout is the latest example of controversial workplace surveillance technology and automated systems that purport to quantify and increas
  
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• Women were failed by Presidents Club trustees, says regulator

  12-07-2018 21:36 via theguardian.com
  Critical report by Charity Commission finds protection of female staff was inadequateTrustees of the Presidents Club charity, which hosted a gala dinner where female staff were allegedly groped and propositioned for sex, gave little thought to the women’s welfare while they took “careful steps” to protect the identity of male guests, according to a report by the Charity Commission.The regulator said trustees breached their legal duties by failing to address the risk to the char
  
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• Call for apprentice scheme revamp as training places fall

  12-07-2018 20:39 via theguardian.com
  Number of people starting an apprenticeship fell by 34% in first three terms of 2017-18 The government has come under pressure to revamp its apprenticeship scheme after figures showed the number of training places slumped by a third over the last nine months.In the first three terms of the 2017-18 academic year, the number of people starting an apprenticeship fell to 290,500, a 34% reduction on the 440,300 during the same nine-month period in the previous year. It is also nearly 25% down on the
  
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• A new approach for UK financial services after Brexit - Financial Times

  12-07-2018 20:25
  Financial Times
  A new approach for UK financial services after Brexit
  Financial Times
  Last Friday, prime minister Theresa May set out to the cabinet her Brexit plan for Britain: a principled, practical approach that can deliver a good deal for the UK. We must now bring the country together behind this clear vision. This is a unique ...
  Financial Services Industry Slams Latest UK Proposal for Post-Brexit EU Trade ...Insurance Journal
  UK likely to sign up for EU financial rule changesCitywire.co.
  
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• Business hails Brexit white paper as a 'massive step forward'

  12-07-2018 19:55 via theguardian.com
  Industry leaders welcome greater clarity but say there are worrying gaps in May’s plansBusiness leaders have said that the government’s Brexit white paper is a “massive step forward” for the UK and have called on the EU to be pragmatic in its response. However, the financial services industry attacked the government, describing the white paper as a “real blow” for the sector. While the document was hailed for its clarity on the UK’s negotiating position,
  
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• First-time buyers on the rise as buy-to-let mortgage market falls

  12-07-2018 19:26 via theguardian.com
  Number of new homeowners rose 8% in May as mortgages for landlords dropped 10%The number of first-time buyers rose in May while the number taking on new buy-to-let mortgages fell, in a sign that government policies and tax changes are rebalancing the housing market.There were 32,200 new mortgages completed for first-time buyers over the month, 8.1% more than in May last year. The £5.4bn of new lending was up 12.5%, according to figures from UK Finance, a lobby group for the financial servi
  
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• Threat of trade war blamed for fall in UK, EU growth forecasts

  12-07-2018 19:22 via theguardian.com
  ‘No winners, only casualties’ if US imposes further tariffs, European commission warnsThe European commission has cut its growth forecasts for the UK and Europe this year, blaming the threat of a trade war with the US, which it warned would produce “no winners, only casualties”. Britain will slump to the bottom of the EU league table for growth in 2018, the commission said, as it is “particularly exposed” to an escalation of trade tensions and while Brexit unc
  
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• UK to pass 1,000 hours without coal as energy shift accelerates

  12-07-2018 19:16 via theguardian.com
  Revival of last eight plants when ‘beast from the east’ hit Britain proved to be briefBritain will soon have been powered for more than a thousand hours without coal this year, in a new milestone underscoring how the polluting fuel’s decline is accelerating.The UK’s last eight coal power plants staged a brief revival when the “beast from the east” pushed up gas prices earlier this year, causing coal plants to fire up. Continue reading...
  
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• Want to share in Elon Musk's billions? Just tweet him

  12-07-2018 19:13 via theguardian.com
  He sent a useless mini-sub to the trapped Thai children and pledged clean water for Flint residents. Here’s how you get him to empty his deep pocketsThe story goes that, during the 1960s space race, Nasa threw millions of dollars at developing pens that would work in zero gravity, while their Soviet counterparts just used a pencil. A delicious tale of bureaucracy gone wild, and one too irresistible for your aunt not to share on her Facebook wall eight years ago.Sadly, it was, indeed, just
  
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• Wimbledon catering workers paid day rate for night shifts

  12-07-2018 18:16
  Some night workers at tennis tournament earn £8 an hour, far below London living wageCasual workers in the Wimbledon catering operation are being paid the same hourly rate for night shifts as day ones and earning well below the London living wage.The Guardian has learned that Compass, whose subsidiary FMC is the official caterer, is paying some night workers at the tennis championships in south-west London £8 an hour, the same as their colleagues working during the day. Continue read
  
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• BT loses UK broadcast rights for Italian Serie A football matches ... - Financial Times

  12-07-2018 18:16
  BT loses UK broadcast rights for Italian Serie A football matches ...
  Financial Times
  BT has lost the rights to broadcast Italian Serie A football matches in the UK to ambitious rival Eleven Sports, representing a further blow to its sports strategy.en meer »
  
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• Sky's independent directors should learn valuation is art, not science | Nils Pratley

  12-07-2018 17:42 via theguardian.com
  Rupert Murdoch versus Comcast battle shows board rolled over too cheaply previouslyCan it be only 19 months since outside shareholders in Sky were supposed to be grateful for a bid from the Murdochs at £10.75 a share? It is. In December 2016, the independent directors, led by Martin Gilbert, declared they had given “full consideration to the fundamental value and prospects” for Sky and, while they remained supremely confident in those prospects, £10.75 in cash was too goo
  
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• EC cuts growth forecasts as trade war looms; US inflation hits six year high - as it happened

  12-07-2018 17:32 via theguardian.com
  All the day’s economic and financial news, as escalating trade tensions between China and Washington worry investors Latest: US inflation rises to 2.9%, outpacing wagesEU trims growth forecastsMoscovici: Trade wars produce casualties, not winnersIntroduction: South Korea fears trade war damage
  Full story: Markets rattled by $200bn tariff threat 4.32pm BST Fitch could also downgrade some US companies if they are hurt by the trade dispute with China.It already has a negative outlook on the A
  
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• Bitcoin price LIVE: BTC slumps AGAIN - prices expected to 'die' at $43, says expert

  12-07-2018 16:46 via feedproxy.google.com
  BITCOIN is suffering this week after having slumped from $6,743 on Sunday to a low of $6,214 this morning. With the major cryptocurrency in continuous decline, one expert has warned that prices could fall as low as "$43" as mining costs rise beyond profitability.
  
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• Fortnite Battle Royale BEATS bitcoin in EPIC battle of business buzzwords

  12-07-2018 16:29 via feedproxy.google.com
  BITCOIN has been dealt a bitter blow as it emerged top executives are more likely to mention “Fortnite” than “bitcoin” while crunching the numbers.
  
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• Rupert Murdoch wins government clearance for Sky takeover

  12-07-2018 12:48 via theguardian.com
  21st Century Fox gets go-ahead to buy the 61% of the business it does not already own The government has finally given Rupert Murdoch clearance to take over Sky as the media mogul mulls a £26bn-plus bid to try to see off rival Comcast.The new culture secretary, Jeremy Wright, has given Murdoch’s 21st Century Fox the green light to buy the 61% of Sky he does not already own after a final consultation on plans to make him sell Sky News to reduce his control of UK news media. Continue r
  
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• Martin slams Brexit deal

  12-07-2018 12:28 via feedproxy.google.com
  WETHERSPOON founder Tim Martin has attacked the Government over the Brexit strategy.
  
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• BT revolt over boss payoff

  12-07-2018 12:05 via feedproxy.google.com
  BT suffered a shareholder revolt over outgoing chief executive Gavin Patterson's £2.3million pay package.
  
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• Risky business: China's snake farmers cash in on global venom market

  12-07-2018 12:00 via theguardian.com
  In ‘snake village’, entrepreneurs have overcome their fears as poison fetches a high priceCreepy. Crawly. Slithery. Gross. Lots of people are afraid of snakes and would rather not go near the things. But for those willing to put those fears aside, there’s money to be made in the snake business. How much? How about $12m a year?
  That’s the amount of revenue generated by a few entrepreneurial snake farmers in the tiny village of Zisiqiao in China’s Zhejiang province. F
  
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• Pound euro exchange rate: GBP static ahead of Brexit blueprint reveal

  12-07-2018 11:41 via feedproxy.google.com
  THE pound has held close to opening levels against the euro today, trading at an exchange rate of €1.130. The lack of strong Sterling movement today is down to a scarcity of UK economic data and uncertainty surrounding today’s reveal of the government’s ‘Brexit blueprint’.
  
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• DFS and Dunelm blame hot weather for shock profit downgrades

  12-07-2018 11:26 via theguardian.com
  Furniture retailers buck a trend that boosted sales for many high street outletsBritain’s heatwave has hit sales at the homeware retailers DFS Furniture and Dunelm, compounding difficult conditions on the high street and forcing both companies to warn profits this year would be below expectations.Shares in DFS tumbled 10% in early trading after it blamed the long hot spell for a big fall in orders and told the City that earnings in the current financial year would be lower than in 2017 &nd
  
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• Pound US dollar exchange rate: GBP muted as markets await Brexit white paper

  12-07-2018 11:24 via feedproxy.google.com
  THE pound US dollar exchange rate is currently at around $1.326, holding close to this morning’s opening levels. But the pairing is still down over half a cent from yesterday, following a surge in the US dollar.
  
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• Barratt’s £835m record profit

  12-07-2018 10:28 via feedproxy.google.com
  BARRATT Developments is on track for a record profit after selling its highest number of homes in ten years. The FTSE 100 firm, launched in Newcastle 60 years ago, expects annual pre-tax profit of about £835million, up from £765.1million last time.
  
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• Burberry sales head off east

  12-07-2018 10:15 via feedproxy.google.com
  BURBERRY bagged a rise in quarterly sales despite falling numbers of tourists hitting demand for its fashions in the UK.
  
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• Ministers urged to up public spending on rail, green energy and digital

  12-07-2018 10:00 via theguardian.com
  OECD says UK’s lack of investment since 2008 is drag on economic growthThe Organisation for Economic Cooperation and Development (OECD) has urged the British government to dramatically increase public spending on rail, green energy and digital infrastructure to support the economy’s long-term future, saying that ministers could treble their investment over the longer term.The Paris-based thinktank, which has 34 of the richest countries as members, said the UK’s lack of public i
  
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• Why am I under pressure to buy my new-build home despite legal snags?

  12-07-2018 08:00
  Solicitors failed to spot a clause that affects the value of the house, and I need it removedI am about to complete on the purchase of a house on a new Charles Church development in Northiam, East Sussex. My solicitor has identified an issue which negatively affects the value of seven of the properties. Because a certain form was never submitted to the Land Registry by the developer, each one has an “overage” on its deeds in favour of Charles Church.Continue reading...
  
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• Nevis: how the world’s most secretive offshore haven refuses to clean up

  12-07-2018 07:00 via theguardian.com
  The years since 2008 have seen a global crackdown on offshore finance. Yet a few places have doubled down on offering secrecy to the super-rich. Among these, one tiny Caribbean island might be the worst offender.
  By Oliver BulloughTax havens hate attention. Places such as Jersey, Switzerland and the British Virgin Islands made a handsome living from helping their clients break other countries’ laws for decades, without anyone really noticing. And they liked it that way. Then came the 2007-
  
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• It’s not wage rises that are a problem for the economy – it’s the lack of them | Thomas Frank

  12-07-2018 07:00
  Business chiefs moan about vacant jobs going unfilled and how it threatens the economy – so why don’t they just pay more?In recent weeks media outlets in the US have been fretting over what would ordinarily be considered good news – the roaring American economy, which has brought low unemployment and, in some places, a labour shortage. Owners and managers have complained about their problems in finding people to fill low-wage positions. “Nobody wants to do manual lab
  
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• Fox’s Sky bid rises to £24bn

  12-07-2018 05:30 via feedproxy.google.com
  THE takeover battle for Sky intensified yesterday as Rupert Murdoch’s 21st Century Fox increased its offer to value the satellite broadcaster at £24.5billion. Fox, which already owns 39.1 per cent of the FTSE 100 company, has agreed to buy out the other shareholders at a price of £14-a-share.
  
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• One in six high street firms taken to court as business rates bite

  12-07-2018 03:25 via feedproxy.google.com
  OWNERS of almost one in six properties liable for business rates have been taken to court for non-payment over sky-high taxes in the past year, research has revealed. Rocketing rates have been blamed by scores of struggling retailers as shopkeepers fight to compete for custom with online sellers who do not have to pay the property tax.
  
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• Comcast parries Rupert Murdoch's Sky bid with £26bn offer

  12-07-2018 01:14 via theguardian.com
  Murdoch raised his initial offer to £24.5bn one day before bid clearance by UK governmentComcast has moved swiftly to table a £26bn offer to buy Sky, trumping Rupert Murdoch within hours of the media mogul tabling a new £24.5bn offer.Comcast’s £14.75p a share offer followed Murdoch’s new £14 a share offer valuing Sky at £24.5bn. Continue reading...
  
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